32326684 2023-03-01 2024-02-29 32326684 2023-03-01 2024-02-29 auditor_1 32326684 2023-03-01 2024-02-29 memberOfBoardIdentifier_1 32326684 2023-03-01 2024-02-29 memberOfBoardIdentifier_1 32326684 2023-03-01 2024-02-29 memberOfBoardIdentifier_2 32326684 2023-03-01 2024-02-29 memberOfBoardIdentifier_3 32326684 2022-03-01 2023-02-28 32326684 2024-02-29 32326684 2023-02-28 32326684 2023-02-28 fsa:ContributedCapitalMember 32326684 2023-02-28 fsa:RetainedEarningsMember 32326684 2023-02-28 fsa:ProposedDividendRecognisedInEquityMember 32326684 2023-03-01 2024-02-29 fsa:ContributedCapitalMember 32326684 2023-03-01 2024-02-29 fsa:RetainedEarningsMember 32326684 2023-03-01 2024-02-29 fsa:ProposedDividendRecognisedInEquityMember 32326684 2024-02-29 fsa:ContributedCapitalMember 32326684 2024-02-29 fsa:RetainedEarningsMember 32326684 2024-02-29 fsa:ProposedDividendRecognisedInEquityMember 32326684 2024-02-29 fsa:LongtermPayablesToGroupEnterprisesMember 32326684 2023-02-28 fsa:LongtermPayablesToGroupEnterprisesMember iso4217:DKK pure Årsrapport 2023-03-01 2022-03-01 2024-02-29 2023-02-28 2024-05-01 32326684 2024-05-01 2013-12-01 Reporting class B KPMG 8000 Aarhus C Frederiks Plads 42 25578198 Auditor's report on audited financial statements Aarhus 2024-05-01 KPMG 25578198 Frederiks Plads 42 8000 true Sebastian Pollmer The Board of Directors and the Executive Board have today discussed and approved the annual report for EOS DANMARK A/S for the financial year 1 March 2023 - 29 February 2024. The annual report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 29 February 2024 and of the results of the Company's operations for the financial year 1 March 2023 - 29 February 2024.Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Peter Hägerstrand Jensen CEO Sebastian Pollmer Chairman Bent Mahnke Marwin Ramcke Independent auditor's report To the shareholder of EOS DANMARK A/S Opinion We have audited the financial statements of EOS DANMARK A/S for the financial year 1 March 2023 - 29 February 2024, comprising income statement, balance sheet, statement of changes in equity and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 29 February 2024 and of the results of the Company's operations for the financial year 1 March 2023 - 29 February 2024 in accordance with the Danish Financial Statements Act. Basis for Opinion 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 Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management's responsibility for the financial statementsManagement is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control that Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the 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 Company or to cease operations, or has no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance as to 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 in Denmark will always detect a material misstatement when it exists. Misstatements may 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 financial statement users made on the basis of these financial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We alsoidentify and assess the risks of material misstatement of the company financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the 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 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 Company to cease to continue as a going concern.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.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. Statement on the Management's reviewManagement is responsible for the Management's review.Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. Michael E. K. Rasmussen mne41364 EOS DANMARK A/S True Møllevej 9 DK-8381 Tilst 70 22 10 20 kontakt@eos-danmark.dk Aarhus Principal activities The objective of the Company's business is to engage in debt collection business, investment in claim portfolios including loans, credit advisory business, other administrative services related to credit-granting activities, including billing services, and any other business or actions related thereto and/or as appropriate to achieve the said objective. Development in activities and financial position The Company's income statement for 2023/24 shows a profit of DKK 11,815,039 as against a profit of DKK 8,408,166 in 2022/23. Equity in the Company's balance sheet at 29 February 2024 stood at DKK 57,723,212 as against DKK 38,908,172 at 28 February 2023. The financial year was in line with forecast, and results for the year are considered satisfactory. 34646513 22530211 11166538 7998857 23479975 14531354 49 6659 8334032 3759944 15145992 10778069 3330953 2369903 11815039 8408166 20223205 0 -8408166 8408166 264642203 181763631 457142 243707 265099345 182007338 265099345 182007338 186 0 668 2500136 42413 56550 235830 244442 320884 157631 599981 2958759 1636118 1250386 2236099 4209145 267335444 186216483 1000007 1000006 36500000 37908166 20223205 0 57723212 38908172 155610640 110092544 42955664 31403627 101830 173447 3316816 2376196 7627282 3262497 54001592 37215767 267335444 186216483 1000006 37908166 0 1 7000000 0 -8408166 20223205 1000007 36500000 20223205 The annual report of EOS DANMARK A/S for 2023/24 has been prepared in accordance with the provisions applying to reporting class B entities under the Danish Financial Statements Act with opt-in from higher reporting classes.The accounting policies used in the preparation of the financial statements are consistent with those of last year. Foreign currency translation On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. Revenue Revenue consists of debt collected from debtors and revenue from collection services provided for a third party. Revenue is recognised if the debt was effectively collected, or the services have been provided to a third party. Revenue from services provided is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts granted are deducted from revenue. Other operating income Other operating income comprises items secondary to the activities of the Company, including gains on the disposal of intangible assets and property, plant and equipment as well as payroll refunds. Other external costs Other external costs comprise distribution costs and costs related to sales, sales campaigns, administration, office premises, operating leases, etc. Staff costs Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs, etc., to the Company's employees, excluding reimbursements from public authorities. Financial income and expenses Financial income and expenses comprise interest income and expense, financial costs regarding finance leases, gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc. Tax on profit for the year EOS Danmark A/S is subject to the Danish rules on compulsory joint taxation of the Otto group's Danish subsidiaries. The subsidiaries are included in the joint taxation from the date when they are included in the consolidated financial statements and up to the date when they are excluded from the consolidation. Otto Denmark is the administrative company for the joint taxation and accordingly settles all payments of corporation tax to the tax authorities. On payment of joint taxation contributions, current Danish corporation tax is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have used the losses to reduce their own taxable profit. Tax for the year comprises current corporation tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement, and the tax expense relating to amounts directly recognised in equity is recognised directly in equity. Investments lnvestments in debt portfolios are measured at cost. Write-downs are made to the lower of cost and recoverable amount. The investments are amortised based on annuity of 15 years. Minor investments are amortised on a straight-line basis of 0-5 years. Impairment of fixed assets The carrying amount of investments in debt portfolios is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount. Receivables Receivables are measured at amortised cost. Write-down is made for bad debt losses where there is an objective indication that a receivable has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis. Write-downs are calculated as the difference between the carrying amount of receivables and the present value of forecast cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable is used as discount rate. Corporation tax and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities based on the planned use of the asset or settlement of the liability. However, deferred tax is not recognised on temporary differences relating to goodwill non-deductible for tax purposes and on office premises and other items where the temporary differences arise at the date of acquisition without affecting either profit/loss or taxable income. Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Any deferred net assets are measured at net realisable value. Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively. Prepayments Prepayments comprise prepayment of costs incurred relating to subsequent financial years. Liabilities Financial liabilities are recognised at cost at the date of borrowing, corresponding to the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost using the effective interest method. Accordingly, the difference between cost and the nominal value is recognised in the income statement over the term of the loan together with interest expenses. Other liabilities are measured at net realisable value. 10070048 7256329 1040004 701034 56486 41494 16 12 8330608 3737974 3424 21970 101830 173447 155610640 107687550 0 2404994 Contingent liabilitiesThe Group's Danish entities are jointly and severally liable for tax on the Group's jointly taxed income and for certain withholding taxes such as dividend tax and royalty tax as well as for the joint registration for VAT. Any subsequent corrections of the taxable income subject to joint taxation or withholding taxes on dividends, etc., may entail an increase in the entities' liability. The Group as a whole is not liable to any other parties.Operating lease obligations The Company has entered into operating leases. The total obligation of operating leases amounted to DKK 1,697 thousand as of 29 February 2024. Of the total obligation, DKK 594 thousand falls due within 1 year. EOS DANMARK A/S' related parties comprise the following:Control EOS DANMARK A/S is part of the consolidated financial statements of EOS International Beteiligungsverwaltungsgesellschaft Gmbh, Hamburg Germany, which is the smallest group in which the Company is included as a subsidiary.