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border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s Statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Executive Board and Board of Directors have today considered and adopted the Annual Report of Carrington ApS for the financial year 1 January ‑ 31 December 2019.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Annual Report is prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 31 December 2019 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2019.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, Management’s Review includes a true and fair account of the matters addressed in the Review.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the Annual Report be adopted at the Annual General Meeting.</td></tr></table> Copenhagen 2020-09-08 2019-01-01 2019-12-31 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent Auditor’s Report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the Shareholders of Carrington ApS</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2019 and of the results of the Group’s and the Parent Company’s operations and of consolidated cash flows for the financial year 1 January ‑ 31 December 2019 in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Carrington ApS for the financial year 1 January ‑ 31 December 2019, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (”the Financial Statements”).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We 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 Financial Statements” section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for 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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on Management’s Review</td></tr><tr><td colspan="1">Management is responsible for Management’s Review.</td></tr><tr><td colspan="1">Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financials Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s responsibilities for the Financial Statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of consolidated financial statements and parent company 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.</td></tr><tr><td colspan="1">In preparing the 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 Financial Statements unless Management either intends to liquidate the Group or the Company or to cease operations, or has no realistic alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor’s responsibilities for the audit of the Financial Statements</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">• 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.</td></tr><tr><td colspan="1">• 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 Company’s and the Group’s internal control.</td></tr><tr><td colspan="1">• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">• 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 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 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.</td></tr><tr><td colspan="1">• Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="1">• 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.</td></tr><tr><td colspan="1">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.</td></tr></table> Hellerup 2020-09-08 Carrington ApS Nørrebrogade 106, 2 bgh. 2200 DK +4535356264 HELLO@WOODWOOD.COM WOODWOOD.COM 21416134 Copenhagen 2020-09-08 Mikael Lunøe 34937054 7558002 -836000 4291400 -9377674 -9647340 17284003 66.000 -0.182 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s Review</td></tr><tr><td colspan="1">Key activities</td></tr><tr><td colspan="1">The Group’s main activity is to engage in service, consulting and trading, in the fashion industry and businesses related thereto.</td></tr><tr><td colspan="1">Development in the year</td></tr><tr><td colspan="1">The income statement of the Group for 2019 shows a profit of DKK 4,291,400, and at 31 December 2019 the balance sheet of the Group shows negative equity of DKK 10,595,070.</td></tr><tr><td colspan="1">The Result of 2019 is slightly below prior year but continues to underline the strong position of the company. The results are considered satisfactory, and as expected, as the year including strategic changes to distribution, as well as significant investments in retail, e‑commerce, ERP systems and sustainability.</td></tr><tr><td colspan="1">Our goals continue to focus on operational improvements, growth, EBITDA, brand health and consumer satisfaction, with a strong focus on CSR</td></tr><tr><td colspan="1">Subsequent events</td></tr><tr><td colspan="1">The implications of COVID‑19 with many governments across the world deciding to” close down their countries” will have great impact on the global economy. Management considers the implications of COVID‑19 a subsequent event occurred after the balance sheet date (31 December 2019), which is therefore a non‑adjusting event to the Company.</td></tr><tr><td colspan="1">To date, the Company has been negatively impacted by the effects of COVID‑19 as several customers, and also company owned retail stores, have been closed for a period. We are though continuing our planned investments in future projects and despite the mentioned implications of COVID‑19, Management still considers the cash resources reasonable.</td></tr></table> 25808294 1570759 0 1096585 1932307 6722280 2430880 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="4" align="left" valign="middle" >Statement of Changes in Equity</td></tr><tr><td colspan="4"></td></tr><tr><td width="38%" ></td><td width="18%" colspan="1" align="right" valign="middle" >Share capital</td><td width="24%" colspan="1" align="right" valign="middle" >Retained earning</td><td width="20%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="38%" ></td><td width="18%" colspan="1" align="right" valign="middle" >DKK</td><td width="24%" colspan="1" align="right" valign="middle" >DKK</td><td width="20%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td width="38%" align="left" valign="middle" >2019</td><td width="18%" ></td><td width="24%" ></td><td width="20%" ></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Equity at 1 January</td><td width="18%" align="right" valign="middle" >156.250</td><td width="24%" align="right" valign="middle" >-15.049.857</td><td width="20%" align="right" valign="middle" >-14.893.607</td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Exchange rate differences subsideries</td><td width="18%" align="right" valign="middle" >0</td><td width="24%" align="right" valign="middle" >7.137</td><td width="20%" align="right" valign="middle" >7.137</td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Net profit/loss for the year</td><td width="18%" align="right" valign="middle" >0</td><td width="24%" align="right" valign="middle" >4.291.400</td><td width="20%" align="right" valign="middle" >4.291.400</td></tr><tr><td colspan="4"></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Equity at 31 December</td><td width="18%" align="right" valign="middle" >156.250</td><td width="24%" align="right" valign="middle" >-10.751.320</td><td width="20%" align="right" valign="middle" >-10.595.070</td></tr><tr><td colspan="4"></td></tr><tr><td width="38%" align="left" valign="middle" >2018</td><td width="18%" ></td><td width="24%" ></td><td width="20%" ></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Equity 1 January</td><td width="18%" align="right" valign="middle" >156.250</td><td width="24%" align="right" valign="middle" >-29.241.628</td><td width="20%" align="right" valign="middle" >-29.085.378</td></tr><tr><td width="56%" colspan="2" align="left" valign="middle" >Equity instruments</td><td width="24%" align="right" valign="middle" >4.968.750</td><td width="20%" align="right" valign="middle" >4.968.750</td></tr><tr><td width="56%" colspan="2" align="left" valign="middle" >Exchange rate differences subsideries</td><td width="24%" align="right" valign="middle" >-11.536</td><td width="20%" align="right" valign="middle" >-11.536</td></tr><tr><td width="56%" colspan="2" align="left" valign="middle" >Net profit/loss for the year</td><td width="24%" align="right" valign="middle" >9.234.557</td><td width="20%" align="right" valign="middle" >9.234.557</td></tr><tr><td colspan="4"></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Equity at 31 December</td><td width="18%" align="right" valign="middle" >156.250</td><td width="24%" align="right" valign="middle" >-15.049.857</td><td width="20%" align="right" valign="middle" >-14.893.607</td></tr><tr><td colspan="4"></td></tr></table> 4837250 -17762709 -8634059 1096585 1840200 9647340 -1741001 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Staff expenses</td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" ></td><td width="15%" align="right" valign="middle" >2019</td><td width="15%" align="right" valign="middle" >2018</td><td width="16%" ></td><td width="16%" ></td></tr><tr><td width="38%" ></td><td width="15%" colspan="1" align="right" valign="middle" >DKK</td><td width="15%" colspan="1" align="right" valign="middle" >DKK</td><td width="16%" colspan="1" align="right" valign="middle" ></td><td width="16%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Wages and salaries</td><td width="15%" align="right" valign="middle" >22.500.887</td><td width="15%" align="right" valign="middle" >22.586.463</td><td width="16%" ></td><td width="16%" ></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Pensions</td><td width="15%" align="right" valign="middle" >1.398.224</td><td width="15%" align="right" valign="middle" >1.444.008</td><td width="16%" ></td><td width="16%" ></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Other social security expenses</td><td width="15%" align="right" valign="middle" >812.207</td><td width="15%" align="right" valign="middle" >564.088</td><td width="16%" ></td><td width="16%" ></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Other staff expenses</td><td width="15%" align="right" valign="middle" >1.096.975</td><td width="15%" align="right" valign="middle" >1.141.405</td><td width="16%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" ></td><td width="15%" align="right" valign="middle" >25.808.294</td><td width="15%" align="right" valign="middle" >25.735.964</td><td width="16%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Average number of employees</td><td width="15%" align="right" valign="middle" >66</td><td width="15%" align="right" valign="middle" >55</td><td width="16%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Depreciation, amortisation and impairment of intangible assets and property, plant and equipment</td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Amortisation of intangible assets</td><td width="15%" align="right" valign="middle" >70.848</td><td width="15%" align="right" valign="middle" >249.419</td><td width="16%" ></td><td width="16%" ></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Depreciation of property, plant and equipment</td><td width="15%" align="right" valign="middle" >1.499.911</td><td width="15%" align="right" valign="middle" >1.057.129</td><td width="16%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" ></td><td width="15%" align="right" valign="middle" >1.570.759</td><td width="15%" align="right" valign="middle" >1.306.549</td><td width="16%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Financial income</td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" ></td><td width="15%" align="right" valign="middle" >2019</td><td width="15%" align="right" valign="middle" >2018</td><td width="16%" ></td><td width="16%" ></td></tr><tr><td width="38%" ></td><td width="15%" colspan="1" align="right" valign="middle" >DKK</td><td width="15%" colspan="1" align="right" valign="middle" >DKK</td><td width="16%" colspan="1" align="right" valign="middle" ></td><td width="16%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Other financial income</td><td width="15%" align="right" valign="middle" >20.105</td><td width="15%" align="right" valign="middle" >163.245</td><td width="16%" ></td><td width="16%" ></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Exchange adjustments</td><td width="15%" align="right" valign="middle" >1.076.480</td><td width="15%" align="right" valign="middle" >325.286</td><td width="16%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" ></td><td width="15%" align="right" valign="middle" >1.096.585</td><td width="15%" align="right" valign="middle" >488.531</td><td width="16%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Financial expenses</td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Interest paid to group enterprises</td><td width="15%" align="right" valign="middle" >770.938</td><td width="15%" align="right" valign="middle" >762.149</td><td width="16%" ></td><td width="16%" ></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Other financial expenses</td><td width="15%" align="right" valign="middle" >745.160</td><td width="15%" align="right" valign="middle" >670.592</td><td width="16%" ></td><td width="16%" ></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Exchange loss</td><td width="15%" align="right" valign="middle" >416.208</td><td width="15%" align="right" valign="middle" >440.234</td><td width="16%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" ></td><td width="15%" align="right" valign="middle" >1.932.307</td><td width="15%" align="right" valign="middle" >1.872.976</td><td width="16%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Tax on profit/loss for the year</td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Current tax for the year</td><td width="15%" align="right" valign="middle" >2.402.048</td><td width="15%" align="right" valign="middle" >1.539.644</td><td width="16%" ></td><td width="16%" ></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Deferred tax for the year</td><td width="15%" align="right" valign="middle" >28.832</td><td width="15%" align="right" valign="middle" >1.342.940</td><td width="16%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" ></td><td width="15%" align="right" valign="middle" >2.430.880</td><td width="15%" align="right" valign="middle" >2.882.584</td><td width="16%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Intangible assets</td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" ></td><td width="15%" ></td><td width="15%" ></td><td width="16%" ></td><td width="16%" colspan="1" align="right" valign="middle" >Ac­quired other similar rights</td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" ></td><td width="15%" ></td><td width="15%" ></td><td width="16%" ></td><td width="16%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td colspan="5"></td></tr><tr><td width="84%" colspan="4" align="left" valign="middle" >Cost at 1 January</td><td width="16%" align="right" valign="middle" >3.133.476</td></tr><tr><td colspan="5"></td></tr><tr><td width="84%" colspan="4" align="left" valign="middle" >Cost at 31 December</td><td width="16%" align="right" valign="middle" >3.133.476</td></tr><tr><td colspan="5"></td></tr><tr><td width="84%" colspan="4" align="left" valign="middle" >Impairment losses and amortisation at 1 January</td><td width="16%" align="right" valign="middle" >2.720.601</td></tr><tr><td width="84%" colspan="4" align="left" valign="middle" >Amortisation for the year</td><td width="16%" align="right" valign="middle" >70.848</td></tr><tr><td colspan="5"></td></tr><tr><td width="84%" colspan="4" align="left" valign="middle" >Impairment losses and amortisation at 31 December</td><td width="16%" align="right" valign="middle" >2.791.448</td></tr><tr><td colspan="5"></td></tr><tr><td width="84%" colspan="4" align="left" valign="middle" >Carrying amount at 31 December</td><td width="16%" align="right" valign="middle" >342.027</td></tr><tr><td colspan="5"></td></tr><tr><td width="84%" colspan="4" align="left" valign="middle" >Depreciated over</td><td width="16%" colspan="1" align="right" valign="middle" >7-10 years</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Property, plant and equipment</td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" ></td><td width="15%" ></td><td width="15%" colspan="1" align="right" valign="middle" >Other fixtures & fittings, tools and equipment</td><td width="16%" colspan="1" align="right" valign="middle" >Leasehold improvements</td><td width="16%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="38%" ></td><td width="15%" ></td><td width="15%" colspan="1" align="right" valign="middle" >DKK</td><td width="16%" colspan="1" align="right" valign="middle" >DKK</td><td width="16%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td colspan="5"></td></tr><tr><td width="53%" colspan="2" align="left" valign="middle" >Cost at 1 January</td><td width="15%" align="right" valign="middle" >2.050.860</td><td width="16%" align="right" valign="middle" >6.503.607</td><td width="16%" align="right" valign="middle" >8.554.467</td></tr><tr><td width="53%" colspan="2" align="left" valign="middle" >Additions for the year</td><td width="15%" align="right" valign="middle" >1.078.243</td><td width="16%" align="right" valign="middle" >8.569.097</td><td width="16%" align="right" valign="middle" >9.647.340</td></tr><tr><td colspan="5"></td></tr><tr><td width="53%" colspan="2" align="left" valign="middle" >Cost at 31 December</td><td width="15%" align="right" valign="middle" >3.129.103</td><td width="16%" align="right" valign="middle" >15.072.704</td><td width="16%" align="right" valign="middle" >18.201.807</td></tr><tr><td colspan="5"></td></tr><tr><td width="53%" colspan="2" align="left" valign="middle" >Impairment losses and depreciation at 1 January</td><td width="15%" align="right" valign="middle" >1.798.734</td><td width="16%" align="right" valign="middle" >3.567.830</td><td width="16%" align="right" valign="middle" >5.366.564</td></tr><tr><td width="53%" colspan="2" align="left" valign="middle" >Depreciation for the year</td><td width="15%" align="right" valign="middle" >136.709</td><td width="16%" align="right" valign="middle" >1.363.202</td><td width="16%" align="right" valign="middle" >1.499.911</td></tr><tr><td colspan="5"></td></tr><tr><td width="53%" colspan="2" align="left" valign="middle" >Impairment losses and depreciation at 31 December</td><td width="15%" align="right" valign="middle" >1.935.444</td><td width="16%" align="right" valign="middle" >4.931.032</td><td width="16%" align="right" valign="middle" >6.866.475</td></tr><tr><td colspan="5"></td></tr><tr><td width="53%" colspan="2" align="left" valign="middle" >Carrying amount at 31 December</td><td width="15%" align="right" valign="middle" >1.193.660</td><td width="16%" align="right" valign="middle" >10.141.672</td><td width="16%" align="right" valign="middle" >11.335.332</td></tr><tr><td colspan="5"></td></tr><tr><td width="53%" colspan="2" align="left" valign="middle" >Depreciated over</td><td width="15%" colspan="1" align="right" valign="middle" >3‑5 years</td><td width="16%" colspan="1" align="right" valign="middle" >3‑5 years</td><td width="16%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Inventory</td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" ></td><td width="15%" align="right" valign="middle" >2019</td><td width="15%" align="right" valign="middle" >2018</td><td width="16%" ></td><td width="16%" ></td></tr><tr><td width="38%" ></td><td width="15%" colspan="1" align="right" valign="middle" >DKK</td><td width="15%" colspan="1" align="right" valign="middle" >DKK</td><td width="16%" colspan="1" align="right" valign="middle" ></td><td width="16%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Finished goods and goods for resale</td><td width="15%" align="right" valign="middle" >25.128.508</td><td width="15%" align="right" valign="middle" >22.282.919</td><td width="16%" ></td><td width="16%" ></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Prepayments for goods</td><td width="15%" align="right" valign="middle" >670.298</td><td width="15%" align="right" valign="middle" >-278.015</td><td width="16%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" ></td><td width="15%" align="right" valign="middle" >25.798.806</td><td width="15%" align="right" valign="middle" >22.004.904</td><td width="16%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >Equity</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The share capital consists of 156,250 shares of a nominal value of DKK 1. No shares carry any special rights.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Cash flow statement ‑ adjustments</td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" ></td><td width="15%" ></td><td width="15%" ></td><td width="16%" align="right" valign="middle" >2019</td><td width="16%" align="right" valign="middle" >2018</td></tr><tr><td width="38%" ></td><td width="15%" ></td><td width="15%" ></td><td width="16%" colspan="1" align="right" valign="middle" >DKK</td><td width="16%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td colspan="5"></td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Financial income</td><td width="16%" align="right" valign="middle" >-1.096.585</td><td width="16%" align="right" valign="middle" >-488.531</td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Financial expenses</td><td width="16%" align="right" valign="middle" >1.932.307</td><td width="16%" align="right" valign="middle" >1.872.976</td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Depreciation, amortisation and impairment losses, including losses and gains on sales</td><td width="16%" align="right" valign="middle" >1.570.759</td><td width="16%" align="right" valign="middle" >1.306.549</td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Tax on profit/loss for the year</td><td width="16%" align="right" valign="middle" >2.430.880</td><td width="16%" align="right" valign="middle" >2.882.584</td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Other adjustments</td><td width="16%" align="right" valign="middle" >-111</td><td width="16%" align="right" valign="middle" >-7.722</td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" ></td><td width="15%" ></td><td width="15%" ></td><td width="16%" align="right" valign="middle" >4.837.250</td><td width="16%" align="right" valign="middle" >5.565.856</td></tr><tr><td colspan="5"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Cash flow statement ‑ change in working capital</td></tr><tr><td colspan="5"></td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Change in inventories</td><td width="16%" align="right" valign="middle" >-3.793.902</td><td width="16%" align="right" valign="middle" >-5.118.738</td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Change in receivables</td><td width="16%" align="right" valign="middle" >-8.315.263</td><td width="16%" align="right" valign="middle" >16.040</td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Change in other provisions</td><td width="16%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Change in trade payables, etc</td><td width="16%" align="right" valign="middle" >-5.653.545</td><td width="16%" align="right" valign="middle" >-603.246</td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" ></td><td width="15%" ></td><td width="15%" ></td><td width="16%" align="right" valign="middle" >-17.762.709</td><td width="16%" align="right" valign="middle" >-5.705.943</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Contingent assets, liabilities and other financial obligations</td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" ></td><td width="15%" align="right" valign="middle" >2019</td><td width="15%" align="right" valign="middle" >2018</td><td width="16%" ></td><td width="16%" ></td></tr><tr><td width="38%" ></td><td width="15%" colspan="1" align="right" valign="middle" >DKK</td><td width="15%" colspan="1" align="right" valign="middle" >DKK</td><td width="16%" colspan="1" align="right" valign="middle" ></td><td width="16%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Charges and security</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The following assets have been placed as security with bankers</td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Intangible and tangible assets, stocks and trade receivables with a net book value amounting to DKK</td><td width="15%" align="right" valign="middle" >49.542.911</td><td width="15%" align="right" valign="middle" >30.674.761</td><td width="16%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The following assets have been placed as security with letters</td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Bank guarantee for rent</td><td width="15%" align="right" valign="middle" >491.658</td><td width="15%" align="right" valign="middle" >491.635</td><td width="16%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Rental and lease obligations</td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Tenancy commitments</td><td width="15%" align="right" valign="middle" >3.994.306</td><td width="15%" align="right" valign="middle" >4.799.110</td><td width="16%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Other contingent liabilities</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The Group is jointly and severally liable for tax on the jointly taxed income with A/S af 24. juli 1995 and its Danish subsidiaries. Moreover, the Danish group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, royalty tax and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Group's liability.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The parent company has issued a letter of support for Carrington Retail ApS for the financial year 2017.</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The parent company has given suretyship for Carrington Retail ApS's credit institutions.</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >Related parties</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Ownership</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The following shareholders are recorded in the Company's register of shareholders as holding at least 5% of the votes or at least 5% of the share capital</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >A/S Codanova, Copenhagen</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >EVR 1 A ApS</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >EVR 1 B ApS</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >.12. JUNI 1976 ApS</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >Subsequent events</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The implications of COVID-19 with many governments across the world deciding to” close down their countries” will have great impact on the global economy. Management considers the implications of COVID-19 a subsequent event occurred after the balance sheet date (31 December 2019), which is therefore a non-adjusting event to the Company.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >To date, the Company has been negatively impacted by the effects of COVID-19 as several customers, and also company owned retail stores, have been closed for a period.  We are though continuing our planned investments in future projects and despite the mentioned implications of COVID-19, Management still considers the cash resources reasonable.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Annual Report of Carrington ApS for 2019 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C.</td></tr></table> true <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Consolidated and Parent Company Financial Statements for 2019 are presented in DKK.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Recognition and measurement</td></tr><tr><td colspan="1">Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciations, impairment losses and provisions as well as write backs as a consequence of changes in the amounts of accounting estimates previously recognised in the income statement.</td></tr><tr><td colspan="1">Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.</td></tr><tr><td colspan="1">Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.</td></tr><tr><td colspan="1">Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis of consolidation</td></tr><tr><td colspan="1">The Consolidated Financial Statements comprise the Parent Company, Carrington ApS, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates.</td></tr><tr><td colspan="1">On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises.</td></tr><tr><td colspan="1">The Parent Company’s investments in the consolidated subsidiaries are set off against the Parent Company’s share of the net asset value of subsidiaries stated at the time of consolidation.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Translation policies</td></tr><tr><td colspan="1">Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity.</td></tr><tr><td colspan="1">Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement.</td></tr><tr><td colspan="1">Fixed assets acquired in foreign currencies are measured at the transaction date rates.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Gross profit/loss</td></tr><tr><td colspan="1">With reference to section 32 of the Danish Financial Statements Act, revenue has not been disclosed in the Annual Report.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Revenue</td></tr><tr><td colspan="1">Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Group. Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Expenses for raw materials and consumables</td></tr><tr><td colspan="1">Expenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve revenue for the year.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other external expenses</td></tr><tr><td colspan="1">Other external expenses comprise indirect production costs and expenses for premises, sales and distribution as well as office expenses, etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Staff expenses</td></tr><tr><td colspan="1">Staff expenses comprise wages and salaries as well as payroll expenses.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Amortisation, depreciation and impairment losses</td></tr><tr><td colspan="1">Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other operating income and expenses</td></tr><tr><td colspan="1">Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Group, including gains and losses on the sale of intangible assets and property, plant and equipment.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Income from investments in subsidiaries</td></tr><tr><td colspan="1">The item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial income and expenses</td></tr><tr><td colspan="1">Financial income and expenses are recognised in the income statement at the amounts relating to the financial year.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Tax on profit/loss for the year</td></tr><tr><td colspan="1">Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. The Company is jointly taxed with A/S af 24. juli 1995 and its Danish subsidiaries. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Intangible assets</td></tr><tr><td colspan="1">Other acquired rights relate to the right to assign according to the tenancy agreement and are measured at cost less accumulated amortisation. Other acquired rights are amortised on a straight line basis over its useful life, which is assessed at 7‑10 years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Property, plant and equipment</td></tr><tr><td colspan="2">Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost reduced by any residual value is calculated on a straight‑line basis over the expected useful lives of the assets, which are</td></tr><tr><td>Other fixtures and fittings, tools and equipment</td><td>3‑5 years</td></tr><tr><td>Leasehold improvements</td><td>3‑5 years</td></tr><tr><td colspan="2">Depreciation period and residual value are reassessed annually.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Impairment of fixed assets</td></tr><tr><td colspan="1">The carrying amounts of intangible assets and property, plant and equipment are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. If so, the asset is written down to its lower recoverable amount.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Investments in subsidiaries</td></tr><tr><td colspan="1">Investments in subsidiaries are recognised and measured under the equity method. The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises.</td></tr><tr><td colspan="1">The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries.</td></tr><tr><td colspan="1">Subsidiaries with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Inventory</td></tr><tr><td colspan="1">Inventory are measured at the lower of cost under the FIFO method and net realisable value.</td></tr><tr><td colspan="1">The net realisable value of inventory is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price.</td></tr><tr><td colspan="1">The cost of goods for resale, raw materials and consumables equals landed cost.</td></tr><tr><td colspan="1">The cost of finished goods and work in progress comprises the cost of raw materials, consumables and direct labour.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other fixed asset investments</td></tr><tr><td colspan="1">Other fixed asset investments consist of deposits.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Receivables</td></tr><tr><td colspan="1">Receivables are recognised in the balance sheet at amortised cost, which substantially corresponds to nominal value. Provisions for estimated bad debts are made.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Prepayments</td></tr><tr><td colspan="1">Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Deferred tax assets and liabilities</td></tr><tr><td colspan="1">Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively.</td></tr><tr><td colspan="1">Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set‑off against deferred tax liabilities within the same legal tax entity.</td></tr><tr><td colspan="1">Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial debts</td></tr><tr><td colspan="1">Debts are measured at amortised cost, substantially corresponding to nominal value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash Flow Statement</td></tr><tr><td colspan="1">The cash flow statement shows the Group´s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group´s cash and cash equivalents at the beginning and end of the year.</td></tr><tr><td colspan="1">Cash flows from operating activities</td></tr><tr><td colspan="1">Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non‑cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short‑term debt excluding items included in cash and cash equivalents.</td></tr><tr><td colspan="1">Cash flows from investing activities</td></tr><tr><td colspan="1">Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments.</td></tr><tr><td colspan="1">Cash flows from financing activities</td></tr><tr><td colspan="1">Cash flows from financing activities comprise cash flows from the raising and repayment of long‑term debt as well as payments to and from shareholders.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash and cash equivalents</td></tr><tr><td colspan="1">Cash and cash equivalents comprise ”Cash at bank and in hand”.</td></tr><tr><td colspan="1">The cash flow statement cannot be immediately derived from the published financial records.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial Highlights</td></tr><tr><td colspan="1">Explanation of financial ratios</td></tr><tr><td colspan="1">Return on assets = Profit before financials x 100 / Total assets</td></tr><tr><td colspan="1">Solvency ratio = Equity at year end x 100 / Total assets at year end</td></tr><tr><td colspan="1">Operating profit/loss = Profit/loss before financial income and expenses - Other operating income</td></tr></table> Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisorpartnerselskab Strandvejen 44 2900 Hellerup 2018-01-01 2018-12-31 Revisionspåtegning Per Gasseholm Mikael Lunøe Chairman Mads Lunøe Claus Kongsted Nielsen <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Seen over a five‑year period, the development of the Group is described by the following financial highlights</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The ratios have been prepared in accordance with the recommendations and guidelines issued by the Danish Society of Financial Analysts. For definitions, see under accounting policies.</td></tr></table> 28155974 15168551 664788 12322635 -4743583 943867 1621685 6901234 2609834 4291400 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="4" align="left" valign="middle" >Statement of Changes in Equity</td></tr><tr><td colspan="4"></td></tr><tr><td width="38%" ></td><td width="18%" colspan="1" align="right" valign="middle" >Share capital</td><td width="24%" colspan="1" align="right" valign="middle" >Retained earning</td><td width="20%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="38%" ></td><td width="18%" colspan="1" align="right" valign="middle" >DKK</td><td width="24%" colspan="1" align="right" valign="middle" >DKK</td><td width="20%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td colspan="4"></td></tr><tr><td width="38%" align="left" valign="middle" >2019</td><td width="18%" ></td><td width="24%" ></td><td width="20%" ></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Equity at 1 January</td><td width="18%" align="right" valign="middle" >156.250</td><td width="24%" align="right" valign="middle" >-15.049.857</td><td width="20%" align="right" valign="middle" >-14.893.607</td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Net profit/loss for the year</td><td width="18%" align="right" valign="middle" >0</td><td width="24%" align="right" valign="middle" >4.291.400</td><td width="20%" align="right" valign="middle" >4.291.400</td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Exchange rate differences subsideries</td><td width="18%" align="right" valign="middle" >0</td><td width="24%" align="right" valign="middle" >7.137</td><td width="20%" align="right" valign="middle" >7.137</td></tr><tr><td colspan="4"></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Equity at 31 December</td><td width="18%" align="right" valign="middle" >156.250</td><td width="24%" align="right" valign="middle" >-10.751.320</td><td width="20%" align="right" valign="middle" >-10.595.070</td></tr><tr><td colspan="4"></td></tr><tr><td width="38%" align="left" valign="middle" >2018</td><td width="18%" ></td><td width="24%" ></td><td width="20%" ></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Equity at 1 January</td><td width="18%" align="right" valign="middle" >156.250</td><td width="24%" align="right" valign="middle" >-24.284.414</td><td width="20%" align="right" valign="middle" >-24.128.164</td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Net profit/loss for the year</td><td width="18%" align="right" valign="middle" >0</td><td width="24%" align="right" valign="middle" >9.234.557</td><td width="20%" align="right" valign="middle" >9.234.557</td></tr><tr><td colspan="4"></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Equity at 31 December</td><td width="18%" align="right" valign="middle" >156.250</td><td width="24%" align="right" valign="middle" >-15.049.857</td><td width="20%" align="right" valign="middle" >-14.893.607</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >Notes to the Financial Statements</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Going concern</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Maintenance of the funding of the Company and group enterprises is assessed and discussed regularly with the Company’s banker. It is essential to the Company as a going concern that funding is maintained, and that the Company maintains the profitable position on a long term basis.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >In Management’s opinion, it will be possible to maintain funding in the coming financial year, and the Company will remain profitable on a long term basis; therefore, Management presents the Annual Report under a going concern assumption.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Staff expenses</td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" ></td><td width="15%" ></td><td width="15%" ></td><td width="16%" align="right" valign="middle" >2019</td><td width="16%" align="right" valign="middle" >2018</td></tr><tr><td width="38%" ></td><td width="15%" ></td><td width="15%" ></td><td width="16%" colspan="1" align="right" valign="middle" >DKK</td><td width="16%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Wages and salaries</td><td width="16%" align="right" valign="middle" >13.271.543</td><td width="16%" align="right" valign="middle" >14.841.827</td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Pensions</td><td width="16%" align="right" valign="middle" >1.059.675</td><td width="16%" align="right" valign="middle" >1.184.264</td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Other social security expenses</td><td width="16%" align="right" valign="middle" >194.153</td><td width="16%" align="right" valign="middle" >172.374</td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Other staff expenses</td><td width="16%" align="right" valign="middle" >643.180</td><td width="16%" align="right" valign="middle" >786.375</td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" ></td><td width="15%" ></td><td width="15%" ></td><td width="16%" align="right" valign="middle" >15.168.551</td><td width="16%" align="right" valign="middle" >16.984.840</td></tr><tr><td colspan="5"></td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Average number of employees</td><td width="16%" align="right" valign="middle" >26</td><td width="16%" align="right" valign="middle" >27</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Depreciation, amortisation and impairment of intangible assets and property, plant and equipment</td></tr><tr><td colspan="5"></td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Amortisation of intangible assets</td><td width="16%" align="right" valign="middle" >55.848</td><td width="16%" align="right" valign="middle" >55.848</td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Depreciation of property, plant and equipment</td><td width="16%" align="right" valign="middle" >608.940</td><td width="16%" align="right" valign="middle" >531.390</td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" ></td><td width="15%" ></td><td width="15%" ></td><td width="16%" align="right" valign="middle" >664.788</td><td width="16%" align="right" valign="middle" >587.237</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Income from investments in subsidiaries</td></tr><tr><td colspan="5"></td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Share of profits of subsidiaries</td><td width="16%" align="right" valign="middle" >-4.245.666</td><td width="16%" align="right" valign="middle" >189.696</td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Change in intercompany profit on inventories purchased within the Group</td><td width="16%" align="right" valign="middle" >-497.917</td><td width="16%" align="right" valign="middle" >-924.314</td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" ></td><td width="15%" ></td><td width="15%" ></td><td width="16%" align="right" valign="middle" >-4.743.583</td><td width="16%" align="right" valign="middle" >-734.618</td></tr><tr><td colspan="5"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Investments in subsidiaries</td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" ></td><td width="15%" ></td><td width="15%" ></td><td width="16%" align="right" valign="middle" >2019</td><td width="16%" align="right" valign="middle" >2018</td></tr><tr><td width="38%" ></td><td width="15%" ></td><td width="15%" ></td><td width="16%" colspan="1" align="right" valign="middle" >DKK</td><td width="16%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Cost at 1 January</td><td width="16%" align="right" valign="middle" >5.835.900</td><td width="16%" align="right" valign="middle" >5.835.900</td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Additions for the year</td><td width="16%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Cost at 31 December</td><td width="16%" align="right" valign="middle" >5.835.900</td><td width="16%" align="right" valign="middle" >5.835.900</td></tr><tr><td colspan="5"></td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Value adjustments at 1 January</td><td width="16%" align="right" valign="middle" >-9.799.462</td><td width="16%" align="right" valign="middle" >-9.053.309</td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Curerncy ajustment</td><td width="16%" align="right" valign="middle" >7.137</td><td width="16%" align="right" valign="middle" >189.696</td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Net profit/loss for the year</td><td width="16%" align="right" valign="middle" >-4.245.666</td><td width="16%" align="right" valign="middle" >11.536</td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Change in intercompany profit on inventories</td><td width="16%" align="right" valign="middle" >-497.917</td><td width="16%" align="right" valign="middle" >-924.314</td></tr><tr><td colspan="5"></td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Value adjustments at 31 December</td><td width="16%" align="right" valign="middle" >-14.535.909</td><td width="16%" align="right" valign="middle" >-9.799.463</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Equity investments with negative net asset value amortised over</td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >receivables</td><td width="16%" align="right" valign="middle" >8.700.008</td><td width="16%" align="right" valign="middle" >4.102.868</td></tr><tr><td colspan="5"></td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Equity investments with negative net asset value transferred to provisions</td><td width="16%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Carrying amount at 31 December</td><td width="16%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >139.305</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Investments in subsidiaries are specified as follows</td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Name</td><td width="15%" colspan="1" align="right" valign="middle" >Place of registered office</td><td width="15%" colspan="1" align="right" valign="middle" ></td><td width="16%" colspan="1" align="right" valign="middle" >Share capital</td><td width="16%" colspan="1" align="right" valign="middle" >Votes and ownership</td></tr><tr><td width="38%" ></td><td width="15%" ></td><td width="15%" ></td><td width="16%" colspan="1" align="right" valign="middle" >DKK</td><td width="16%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Wood Wood Rockstrasse 4 GmbH</td><td width="30%" colspan="2" align="left" valign="middle" >Berlin, Germany</td><td width="16%" align="right" valign="middle" >186.400</td><td width="16%" align="right" valign="middle" >100%</td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Carrington Retail ApS</td><td width="30%" colspan="2" align="left" valign="middle" >Copenhagen, Denmark</td><td width="16%" align="right" valign="middle" >80.000</td><td width="16%" align="right" valign="middle" >100%</td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Carrington Enterprises Ltd.</td><td width="30%" colspan="2" align="left" valign="middle" >London, UK</td><td width="16%" align="right" valign="middle" >47.575</td><td width="16%" align="right" valign="middle" >100%</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Financial income</td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" ></td><td width="15%" ></td><td width="15%" ></td><td width="16%" align="right" valign="middle" >2019</td><td width="16%" align="right" valign="middle" >2018</td></tr><tr><td width="38%" ></td><td width="15%" ></td><td width="15%" ></td><td width="16%" colspan="1" align="right" valign="middle" >DKK</td><td width="16%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Other financial income</td><td width="16%" align="right" valign="middle" >20.105</td><td width="16%" align="right" valign="middle" >56.460</td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Exchange adjustments</td><td width="16%" align="right" valign="middle" >923.762</td><td width="16%" align="right" valign="middle" >274.546</td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" ></td><td width="15%" ></td><td width="15%" ></td><td width="16%" align="right" valign="middle" >943.867</td><td width="16%" align="right" valign="middle" >331.006</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Financial expenses</td></tr><tr><td colspan="5"></td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Interest paid to group enterprises</td><td width="16%" align="right" valign="middle" >621.128</td><td width="16%" align="right" valign="middle" >616.702</td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Other financial expenses</td><td width="16%" align="right" valign="middle" >652.265</td><td width="16%" align="right" valign="middle" >595.990</td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Exchange loss</td><td width="16%" align="right" valign="middle" >348.292</td><td width="16%" align="right" valign="middle" >385.800</td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" ></td><td width="15%" ></td><td width="15%" ></td><td width="16%" align="right" valign="middle" >1.621.685</td><td width="16%" align="right" valign="middle" >1.598.492</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Tax on profit/loss for the year</td></tr><tr><td colspan="5"></td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Current tax for the year</td><td width="16%" align="right" valign="middle" >2.558.531</td><td width="16%" align="right" valign="middle" >1.532.011</td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Deferred tax for the year</td><td width="16%" align="right" valign="middle" >51.303</td><td width="16%" align="right" valign="middle" >1.338.987</td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" ></td><td width="15%" ></td><td width="15%" ></td><td width="16%" align="right" valign="middle" >2.609.834</td><td width="16%" align="right" valign="middle" >2.870.998</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Intangible assets</td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" ></td><td width="15%" ></td><td width="15%" ></td><td width="16%" ></td><td width="16%" colspan="1" align="right" valign="middle" >Ac­quired other similar rights</td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" ></td><td width="15%" ></td><td width="15%" ></td><td width="16%" ></td><td width="16%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td colspan="5"></td></tr><tr><td width="84%" colspan="4" align="left" valign="middle" >Cost at 1 January</td><td width="16%" align="right" valign="middle" >558.476</td></tr><tr><td colspan="5"></td></tr><tr><td width="84%" colspan="4" align="left" valign="middle" >Cost at 31 December</td><td width="16%" align="right" valign="middle" >558.476</td></tr><tr><td colspan="5"></td></tr><tr><td width="84%" colspan="4" align="left" valign="middle" >Impairment losses and amortisation at 1 January</td><td width="16%" align="right" valign="middle" >176.851</td></tr><tr><td width="84%" colspan="4" align="left" valign="middle" >Amortisation for the year</td><td width="16%" align="right" valign="middle" >55.848</td></tr><tr><td colspan="5"></td></tr><tr><td width="84%" colspan="4" align="left" valign="middle" >Impairment losses and amortisation at 31 December</td><td width="16%" align="right" valign="middle" >232.698</td></tr><tr><td colspan="5"></td></tr><tr><td width="84%" colspan="4" align="left" valign="middle" >Carrying amount at 31 December</td><td width="16%" align="right" valign="middle" >325.777</td></tr><tr><td colspan="5"></td></tr><tr><td width="84%" colspan="4" align="left" valign="middle" >Depreciated over</td><td width="16%" colspan="1" align="right" valign="middle" >10 years</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Property, plant and equipment</td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" ></td><td width="15%" ></td><td width="15%" colspan="1" align="right" valign="middle" >Other fixtures & fittings, tools and equipment</td><td width="16%" colspan="1" align="right" valign="middle" >Leasehold improvements</td><td width="16%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="38%" ></td><td width="15%" ></td><td width="15%" colspan="1" align="right" valign="middle" >DKK</td><td width="16%" colspan="1" align="right" valign="middle" >DKK</td><td width="16%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td colspan="5"></td></tr><tr><td width="53%" colspan="2" align="left" valign="middle" >Cost at 1 January</td><td width="15%" align="right" valign="middle" >1.328.915</td><td width="16%" align="right" valign="middle" >2.066.313</td><td width="16%" align="right" valign="middle" >3.395.229</td></tr><tr><td width="53%" colspan="2" align="left" valign="middle" >Additions for the year</td><td width="15%" align="right" valign="middle" >629.043</td><td width="16%" align="right" valign="middle" >294.603</td><td width="16%" align="right" valign="middle" >923.646</td></tr><tr><td colspan="5"></td></tr><tr><td width="53%" colspan="2" align="left" valign="middle" >Cost at 31 December</td><td width="15%" align="right" valign="middle" >1.957.958</td><td width="16%" align="right" valign="middle" >2.360.916</td><td width="16%" align="right" valign="middle" >4.318.875</td></tr><tr><td colspan="5"></td></tr><tr><td width="53%" colspan="2" align="left" valign="middle" >Impairment losses and depreciation at 1 January</td><td width="15%" align="right" valign="middle" >1.118.893</td><td width="16%" align="right" valign="middle" >1.089.559</td><td width="16%" align="right" valign="middle" >2.208.452</td></tr><tr><td width="53%" colspan="2" align="left" valign="middle" >Depreciation for the year</td><td width="15%" align="right" valign="middle" >103.422</td><td width="16%" align="right" valign="middle" >505.519</td><td width="16%" align="right" valign="middle" >608.940</td></tr><tr><td colspan="5"></td></tr><tr><td width="53%" colspan="2" align="left" valign="middle" >Impairment losses and depreciation at 31 December</td><td width="15%" align="right" valign="middle" >1.222.314</td><td width="16%" align="right" valign="middle" >1.595.078</td><td width="16%" align="right" valign="middle" >2.817.392</td></tr><tr><td colspan="5"></td></tr><tr><td width="53%" colspan="2" align="left" valign="middle" >Carrying amount at 31 December</td><td width="15%" align="right" valign="middle" >735.644</td><td width="16%" align="right" valign="middle" >765.839</td><td width="16%" align="right" valign="middle" >1.501.483</td></tr><tr><td colspan="5"></td></tr><tr><td width="53%" colspan="2" align="left" valign="middle" >Depreciated over</td><td width="15%" colspan="1" align="right" valign="middle" >3‑5 years</td><td width="16%" colspan="1" align="right" valign="middle" >3‑5 years</td><td width="16%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Inventory</td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" ></td><td width="15%" ></td><td width="15%" ></td><td width="16%" align="right" valign="middle" >2019</td><td width="16%" align="right" valign="middle" >2018</td></tr><tr><td width="38%" ></td><td width="15%" ></td><td width="15%" ></td><td width="16%" colspan="1" align="right" valign="middle" >DKK</td><td width="16%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Finished goods and goods for resale</td><td width="16%" align="right" valign="middle" >8.808.443</td><td width="16%" align="right" valign="middle" >12.329.461</td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Prepayments for goods</td><td width="16%" align="right" valign="middle" >797.520</td><td width="16%" align="right" valign="middle" >-38.197</td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" ></td><td width="15%" ></td><td width="15%" ></td><td width="16%" align="right" valign="middle" >9.605.963</td><td width="16%" align="right" valign="middle" >12.291.264</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >Equity</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The share capital consists of 156,250 shares of a nominal value of DKK 1. No shares carry any special rights.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Contingent assets, liabilities and other financial obligations</td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" ></td><td width="15%" ></td><td width="15%" ></td><td width="16%" align="right" valign="middle" >2019</td><td width="16%" align="right" valign="middle" >2018</td></tr><tr><td width="38%" ></td><td width="15%" ></td><td width="15%" ></td><td width="16%" colspan="1" align="right" valign="middle" >DKK</td><td width="16%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Charges and security</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The following assets have been placed as security with bankers</td></tr><tr><td colspan="5"></td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Intangible and tangible assets, stocks and trade receivables with a net book value amounting to DKK</td><td width="16%" align="right" valign="middle" >22.306.024</td><td width="16%" align="right" valign="middle" >17.593.192</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The following assets have been placed as security with letters</td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Bank guarantee for rent</td><td width="16%" align="right" valign="middle" >147.908</td><td width="16%" align="right" valign="middle" >147.885</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Rental and lease obligations</td></tr><tr><td width="68%" colspan="3" align="left" valign="middle" >Tenancy commitments</td><td width="16%" align="right" valign="middle" >1.567.783</td><td width="16%" align="right" valign="middle" >1.501.301</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Other contingent liabilities</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The Group is jointly and severally liable for tax on the jointly taxed income with A/S af 24. juli 1995 and its Danish subsidiaries. Moreover, the Danish group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, royalty tax and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Group's liability.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The parent company has issued a letter of support for Carrington Retail ApS for the financial year 2017.</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The parent company has given suretyship for Carrington Retail ApS's credit institutions.</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >Related parties</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Ownership</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The following shareholders are recorded in the Company's register of shareholders as holding at least 5% of the votes or at least 5% of the share capital</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >A/S Codanova, Copenhagen</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >EVR 1 A ApS</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >EVR 1 B ApS</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >.12. JUNI 1976 ApS</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >Subsequent events</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The implications of COVID-19 with many governments across the world deciding to” close down their countries” will have great impact on the global economy. Management considers the implications of COVID-19 a subsequent event occurred after the balance sheet date (31 December 2019), which is therefore a non-adjusting event to the Company.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >To date, the Company has been negatively impacted by the effects of COVID-19 as several customers, and also company owned retail stores, have been closed for a period.  We are though continuing our planned investments in future projects and despite the mentioned implications of COVID-19, Management still considers the cash resources reasonable.</td></tr><tr><td colspan="1"></td></tr></table> 40544000 13502000 -1384000 9235000 7710000 -2390000 -6766000 55.000 -0.375 35107000 10996000 -2370000 6764000 16331000 -963000 -11707000 47.000 -0.773 24865000 4992000 -3057000 1295000 2315000 -1307000 -2384000 44.000 -0.928 22020000 5092000 -3094000 1454000 5120000 -796000 -841000 41.000 -0.989 Operating profit/loss 5335000 Operating profit/loss 12291000 Operating profit/loss 10524000 Operating profit/loss 4287000 Operating profit/loss 4869000 58130551 -10595070 342027 342027 1193660 10141672 11335332 0 0 11677359 25798806 12066746 0 2478285 212965 1329301 16087297 4567089 46453192 156250 -10751320 4514 4514 23996873 0 544092 10860942 26468886 3132172 3718143 68721107 68725621 58130551 4567089 39737000 -14894000 37207000 -28745000 38280000 -35509000 37226000 -36804000 Cash flows from investing activities -9647000 Cash flows from investing activities -2390000 Cash flows from investing activities -963000 Cash flows from investing activities -1382000 Cash flows from investing activities -1354000 Change in cash and cash equivalents for the year -1741000 Change in cash and cash equivalents for the year -1446000 Change in cash and cash equivalents for the year 3661000 Change in cash and cash equivalents for the year -1451000 Change in cash and cash equivalents for the year 2925000 Return on assets 130 Return on assets 340 Return on assets 296 Return on assets 130 Return on assets 137 40544099 -25735964 1306549 13501586 0 488531 1872976 12117141 2882584 9234557 5565856 -5705943 9094469 488531 1872976 7710025 2389916 -2389916 -6766108 -1445999 31679736 16984840 587237 14107659 -734618 331006 1598492 12105555 2870998 9234557 412875 412875 252118 2935674 3187792 0 0 3600666 22004904 5069190 0 1734206 264268 755673 7823338 6308100 36136342 39737008 156250 -15049857 -14893607 26985 26985 7490944 0 654573 12793035 25697947 638017 7329114 54603630 54630615 39737008 6308100 325777 325777 735644 765839 1501483 0 0 1827260 9605963 10872801 28068661 9900 212965 403518 39567845 2198640 51372448 53199708 156250 -10751320 -10595070 0 0 21106526 0 11 6636048 30025386 4182649 1844159 63794779 63794779 53199708 381625 381625 210023 976755 1186777 139306 139306 1707708 12291264 3733526 9389276 9900 264268 550916 13947886 2547402 28786552 30494260 156250 -15049857 -14893607 0 0 7490944 0 11 7578043 24848813 1532011 3938044 45387867 45387867 30494260 Net profit/loss for the year 4291400 Net profit/loss for the year 9234557 Change in Equity 7137 Change in Equity 4616956 Change in loans from credit institutions 16505928 Change in loans from credit institutions -5608227 Change in payables to group enterprises 770938 Change in payables to group enterprises -62880 Change in convertible instruments of debt 0 Change in convertible instruments of debt -5711957 6308100 7754099 66.000 55.000 26.000 27.000 4291400 9234557 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Hans Jørgen Andersen State Authorised Public Accountant mne30211 Strandvejen 44