18722399 2024-01-01 2024-12-31 18722399 2024-01-01 2024-12-31 1 18722399 2024-01-01 2024-12-31 1 18722399 2024-01-01 2024-12-31 2 18722399 2024-01-01 2024-12-31 3 18722399 2024-01-01 2024-12-31 4 18722399 2024-01-01 2024-12-31 5 18722399 2024-01-01 2024-12-31 1 18722399 2024-12-31 18722399 2023-12-31 fsa:ContributedCapitalMember 18722399 2023-12-31 fsa:ReserveForCurrentValueOfHedgingMember 18722399 2023-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 18722399 2023-12-31 fsa:RetainedEarningsMember 18722399 2023-12-31 fsa:ProposedExtraordinaryDividendRecognisedInEquityMember 18722399 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 18722399 2024-01-01 2024-12-31 fsa:ProposedExtraordinaryDividendRecognisedInEquityMember 18722399 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 18722399 2024-01-01 2024-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 18722399 2024-01-01 2024-12-31 fsa:ReserveForCurrentValueOfHedgingMember 18722399 2024-12-31 fsa:ContributedCapitalMember 18722399 2024-12-31 fsa:ReserveForCurrentValueOfHedgingMember 18722399 2024-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 18722399 2024-12-31 fsa:RetainedEarningsMember 18722399 2024-12-31 fsa:ProposedExtraordinaryDividendRecognisedInEquityMember 18722399 2023-12-31 18722399 2023-01-01 2023-12-31 iso4217:DKK xbrli:pure The Board of Directors and the Executive Board have today considered and approved the annual report of Maki A/S for the financial year 01.01.2024 - 31.12.2024. 108713900 117807221 The annual report is presented in accordance with the Danish Financial Statements Act. 41830545 39524222 In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2024 and of the results of its operations for the financial year 01.01.2024 - 31.12.2024. 1457096 1531079 We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. 65426259 76751920 We recommend the annual report for adoption at the Annual General Meeting. 851628 837516 Hørning 1141515 572159 Michael Jensen 5546293 8673408 John Thomas 61873109 69488187 Chairman 13478440 15367158 Ulrik Nicolai Jungersen 48394669 54121029 Vice-chairman 4476793 5104588 Lars Gjørup 511541 606393 Niels Backman Dahl-Nielsen 4988334 5710981 Susanne Schustin 1247885 1537002 To the shareholders of Maki A/S 1273 1273 We have audited the financial statements of Maki A/S for the financial year 01.01.2024 - 31.12.2024, which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. ​ ​In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2024 and of the results of its operations for the financial year 01.01.2024 - 31.12.2024 in accordance with the Danish Financial Statements Act. 1249158 1538275 We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 6237492 7249256 Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so. 76515965 74223124 Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are ​free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes ​our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted ​in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material ​misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, ​individually or in the aggregate, they could reasonably be expected to influence the economic decisions of ​users taken on the basis of these financial statements.​​As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, ​we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the financial statements, whether due to ​fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence ​that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a ​material misstatement resulting from fraud is higher than for one resulting from error, as fraud may ​involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.​Obtain an understanding of internal control relevant to the audit in order to design audit procedures ​that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the ​effectiveness of the Entity’s internal control.​Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates ​and related disclosures made by Management.​Conclude on the appropriateness of Management’s use of the going concern basis of accounting in ​preparing the financial statements, and, based on the audit evidence obtained, whether a material ​uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to ​draw attention in our auditor’s report to the related disclosures in the financial statements or, if such ​disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence ​obtained up to the date of our auditor’s report. However, future events or conditions may cause the ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the financial statements, including the disclosures ​in the notes, and whether the financial statements represent the underlying transactions and ​events in a manner that gives a true and fair view.Plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope ​and timing of the audit and significant audit findings, including any significant deficiencies in internal control ​that we identify during our audit. 3127513 3387262 79643478 77610386 Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with ​the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary.​ 21857851 15043440 0 1135000 Aarhus 19157963 2763956 Jonas Thøstesen Svensson 163514 378979 mne47824 892225 1288809 State Authorised Public Accountant 42071553 20610184 Financial highlights2024 DKK'0002023 DKK'0002022 DKK'0002021 DKK'0002020 DKK'000Key figuresGross profit/loss108,714117,807119,898119,22598,534Operating profit/loss65,42676,75281,24284,84668,669Net financials(4,405)(8,101)(2,513)(658)(1,533)Profit/loss for the year48,39554,12162,55265,99052,930Total assets151,108131,449140,526132,190139,813Investments in property, plant and equipment7345,0649701,0121,191Equity96,86472,95395,18381,31945,976RatiosReturn on equity (%)57.0064.3870.88103.68148.75Equity ratio (%)64.1055.5067.7361.5232.88Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Return on equity (%) :Profit/loss for the year * 100 Average equityEquity ratio (%) :Equity * 100 Total assets 23155079 25979261 Primary activitiesMaki, headquartered in Denmark and with subsidiaries in Norway, Sweden, and Finland, is a leading distributor in​the Nordic market for toys. ​​Working primarily with well-established and often global brand owners, we market high-quality toys that not only bring joy but also foster learning, development, imagination, and creativity in kids. ​​Kids aged up to eight years, their parents, and gift-givers remain our primary customers and in strong partnerships with brand owners and retailers, we have offered exciting ranges of toys for more than 25 years. ​Our annual assortment features some 2,500-3,000 different products that we reach kids through a network of more than 5,000 Nordic stores and webshops. ​​We always strive to build strong and value-adding ties with our brand owners and customers, many of whom have been with us since our early years. In the years to come we will continue to bring new toys to market, while providing even more value to our business partners through innovative services and solutions, utilizing new technologies, digitization, and integration. 144870110 124199831 Development in activities and financesDuring 2024, many retailers still struggled with sales and inventory levels, which inevitably led to lower order volumes, payment delays or even bankruptcies. Currency rates and sea freight rates were also adversely impacting our earnings. Against such turbulent market conditions, we are pleased to report a financial performance only marginally lower than in the year before. In achieving this, we owe greatly to a strong assortment, close cooperation with both brand owners and customers, and not to forget our dedicated employees. 151107602 131449087 Profit/loss for the year in relation to expected developmentsNet profit for the year ended within management's expectations, although somewhat lower than last year. 1010100 1010100 OutlookFor 2025, we expect only modest sales development and a net profit of DKK 40-50m. The Nordic toy markets are still fragile and subject to consumer sentiment, inflation, interest rates, etc. Other risks: The company is affected by changes in exchange rates, as purchases of goods and part of revenue are invoiced in foreign currencies. The company's currency risks in USD, SEK and NOK are hedged primarily using forward exchange contracts and by matching deposits and withdrawals per currency. The hedge period is normally 0-12 months . 3570684 -2002501 Statutory report on corporate social responsibilityMaki has opted for greater responsibility in terms of a more sustainable world and has signed up to the UN Global Compact related to human rights, working life principles, environment, and prevention of corruption. ​​Earlier this month, Maki filed its fourth annual report to the Communication on Progress (CoP) platform: https://unglobalcompact.org/what-is-gc/participants/152168. ​​During 2024, we saw positive effects in our carbon emission from relocating to our new energy efficient domicile and as well as increased electrification of our car fleet. Diversity at board and management level are still trailing our targets (2027) and we aim to improve that over the coming years. ​Employee turnover and sickness measures developed positively, and the latter was in fact better than our targets.​You can find further details in our Sustainability Report 2024. 1167932 1457048 91115705 72488584 Events after the balance sheet dateIn April 2025, an extraordinary dividend was distributed cf. note 5. Except for that, no other events have occurred after the balance sheet date that would influence the evaluation of this annual report 96864421 72953231 This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).The accounting policies applied to these financial statements are consistent with those applied last year. 548000 0 Consolidated financial statementsReferring to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. 548000 0 Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year. 38965 2267578 Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses. Inventories and other non-monetary assets that have been purchased in foreign currencies are translated using historical rates.​​When recognising foreign subsidiaries and associates that are independent entities, the income statements ​are translated at average exchange rates for the months that do not significantly deviate from the rates at the transaction date. Balance sheet items are translated using the exchange rates at the balance sheet date. Goodwill​is considered belonging to the independent foreign entity and is translated using the exchange rate at the balance sheet date. Exchange differences arising out of the translation of foreign subsidiaries’ equity at the beginning of the year at the balance sheet date exchange rates and out of the translation of income statements from average rates to the exchange rates at the balance sheet date are classified directly as equity.​Exchange adjustments of outstanding accounts with independent foreign subsidiaries, which are considered ​part of the total investment in the subsidiary in question, are classified directly as equity.When recognising foreign subsidiaries that are integral entities, monetary assets and liabilities are translated using the exchange rates at the balance sheet date. Non-monetary assets and liabilities are translated at the exchange rate at the time of acquisition or the time of any subsequent revaluation or writedown. The items of the​income statement are translated at the average rates of the months; however, items deriving from non-monetary​assets and liabilities are translated using the historical rates applicable to the relevant non-monetary items. 630878 773416 42703313 42229792 Derivative financial instrumentsOn initial recognition in the balance sheet, derivative financial instruments are measured at cost and subsequently at fair value, which has been calculated as the discounted value of expected future net cash flows by using an approximate risk-free interest rate adjusted for any factors that a potential market participant would attribute value to when acquiring the instrument. Derivative financial instruments are recognised under other receivables or other payables. Changes in the fair value of derivative financial instruments classified as and complying with the requirements for hedging the fair value of a recognised asset or a recognised liability are recorded in the income statement together with changes in the value of the hedged asset or the hedged liability. Changes in the fair value of derivative financial instruments classified as and complying with the requirements for hedging future transactions are recognised directly in reserve for fair value adjustments of hedging instruments in equity. When the hedged transactions are realised, the accumulated changes are recognised as part of cost of the relevant financial statement items. 5895788 5941829 Gross profit or lossGross profit or loss comprises revenue, other operating income, cost of sales, cost of raw materiales and consumables, and other external expenses. 4426237 7283241 RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement when delivery is made and risk has passed to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed. 53695181 58495856 Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary activities, including profit from the sale of intangible assets and property, plant and equipment, and salary refunds. 53695181 58495856 Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory writedowns. 151107602 131449087 Costs of raw materials and consumablesCosts of raw materials and consumables comprise the consumption of raw materials and consumables for the financial year after adjustment for changes in inventories of these goods from the beginning to the end of the year. This item includes shrinkage, if any, and normal writedowns of the relevant inventories. 1010100 68 Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for ​premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of ​receivables recognised in current assets. -2002501 1944523 Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff. 1457048 35000000 Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment comprise depreciation, amortisation and impairment losses for the financial year. 72488584 19121029 Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of intra-group profits or losses. 0 Other financial incomeOther financial income comprises interest income, net capital or exchange gains on securities, payables and transactions in foreign currencies etc. 0 30,000,000 Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies and tax surcharge under the Danish Tax Prepayment Scheme etc. 30000000 Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.The Entity is jointly taxed with all Danish group enterprises. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses). 0 Property, plant and equipmentOther fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.​​Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. ​​The basis of depreciation is cost less estimated residual value after the end of useful life. ​​​​​Straight line depreciation is made on the basis of the following estimated useful lives of the assets:Useful life Other fixtures and fittings, tools and equipment3-10 yearsLeasehold improvements5 yearsFor leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed ​the contract period. ​​Estimated useful lives and residual values are reassessed annually. ​​Items of property, plant and equipment are written down to the lower of recoverable amount and carrying ​amount. 56664 0 Investments in group enterprisesInvestments in group enterprises are recognised and measured according to the equity method. This means that investments are measured at the pro rata share of the enterprises’ equity value. Group enterprises with negative equity value are measured at DKK 0. Any receivables from these enterprises are written down to net realisable value based on a specific assessment. If the Parent has a legal or constructive obligation to cover the liabilities of the relevant enterprise, and it is probable that such obligation will involve a loss, a provision is recognised that is measured at present value of the costs necessary to settle the obligations at the balance sheet date. Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to reserve for net revaluation according to the equity method in equity. Investments in group enterprises are written down to the lower of recoverable amount and carrying amount. 0 InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value. Cost consists of purchase price plus delivery costs. Indirect production costs comprise indirect materials and labour costs, costs of maintenance of, depreciation of machinery, factory buildings and equipment used in the manufacturing process, and costs of factory administration and management. Finance costs are not included in cost. The net realisable value of inventories is calculated as the estimated selling price less completion costs and costs incurred to execute sale. 7145185 ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts. 0 Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset. ​Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at ​their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets. 0 0 Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax. 1572000 PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost. 0 CashCash comprises cash in hand and bank deposits. 0 DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial year is recognised directly in equity when distributed and disclosed as a separate item in Management's proposal for distribution of profit/loss. 0 Operating leasesLease payments on operating leases are recognised on a straight-line basis in the income statement over the term of the lease. -1084080 Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. 1084080 Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the goods agreed or completion of the service agreed. 0 Cash flow statementThe Company has omitted to prepare a cash flow statement as this is included in the consolidated cash flow statement of TopCo M ApS cf. 'Group relations'. 851628 true 17543041 Grundlag for konklusion 30000000 Konklusion 1010100 2025-06-27 3570684 2025-06-27 1167932 Regnskabsklasse C, mellemstor virksomhed 91115705 33963556 0 2023-01-01 2023-12-31 30000000 Aarhus C 56664 8000 7145185 2 1572000 City Tower, Værkmestergade 0 Deloitte Statsautoriseret Revisionspartnerselskab Skanderborg Hørning 1 Events after the balance sheet dateAn extraordinary dividend was distributed cf. note 5. Other than this, no events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 8362 2 Staff costs2024 DKK2023 DKKWages and salaries38,265,59736,218,180Pension costs2,996,8362,748,735Other social security costs568,112557,30741,830,54539,524,222Average number of full-time employees7168Remuneration of Management2024 DKKRemuneration of Management 2023 DKKTotal amount for management categories2,123,5491,944,5232,123,5491,944,523 Revisionspåtegning 71 2024-12-31 Remuneration of Management2024 DKKRemuneration of Management 2023 DKKTotal amount for management categories2,123,5491,944,5232,123,5491,944,523 2024-01-01 2123549 3 Other financial expenses2024 DKK2023 DKKFinancial expenses from group enterprises323,316335,782Other interest expenses4,337,4734,558,615Exchange rate adjustments885,5043,779,0115,546,2938,673,408 4 Tax on profit/loss for the year2024 DKK2023 DKKCurrent tax13,336,48615,121,021Change in deferred tax105,000(5,000)Adjustment concerning previous years36,954251,13713,478,44015,367,158 21 5 Proposed distribution of profit and loss2024​DKK2023​DKKExtraordinary dividend distributed in the financial year30,000,00035,000,000Retained earnings18,394,66919,121,029 48,394,66954,121,029Dividend distributed after the balance sheet dateExtraordinary dividend25,000,00030,000,000 Nydamsvej 30000000 Maki A/S 18394669 18722399 33963556 25,000,000 2300 København S 6 Property, plant and equipmentOther fixtures and fittings, tools and equipment DKKLeasehold improvements DKKCost beginning of year11,531,361616,671Additions702,80431,646Cost end of year12,234,165648,317Depreciation and impairment losses beginning of year(6,426,773)(10,278)Depreciation for the year(1,330,599)(126,498)Depreciation and impairment losses end of year(7,757,372)(136,776)Carrying amount end of year4,476,793511,541 Weidekampsgade 6 7 Financial assetsInvestments in group enterprises​DKKDeposits​DKKCost beginning of year79,9531,273Cost end of year79,9531,273Revaluations beginning of year1,457,0490Exchange rate adjustments(56,665)0Share of profit/loss for the year851,6280Dividend(1,084,080)0Revaluations end of year1,167,9320Carrying amount end of year1,247,8851,273Investments in subsidiariesRegistered inCorporate formEquity​interest​%Maki Norge ASNorgeAS100Making Kidplay ABSverigeAB100Maki Finland OYFinlandOY100 Deloitte Statsautoriseret Revisionspartnerselskab Årsrapport 8 Deferred tax Changes during the year2024 DKK2023 DKKBeginning of year1,135,000(673,000)Recognised in the income statement(105,000)5,000Recognised directly in equity(1,572,000)1,803,000Adjustment concering previous years(6,000)0End of year(548,000)1,135,000 2025-06-27 9 Other receivablesOther receivables include financial instruments, in the form of forward exchange contracts such as the company has entered into a hedge of future cash flows in USD, EUR, SEK and NOK. The value of the forward exchange contracts per 31.12.2024 amounts to DKK 4,577k. Henrik Rennison Hansen 10 PrepaymentsPrepayments cover substantially prepaid insurance, prepaid product development costs, etc. 11 Share capitalNumberPar value DKKNominal value DKKOrdinary shares10,1001001,010,00010,1001,010,000 12 Unrecognised rental and lease commitments2024 DKK2023 DKKLiabilities under rental or lease agreements until maturity in total74,830,21180,399,384 13 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where TopCo M ApS served as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements. 14 Assets charged and collateralBank loans are secured by way of a deposited floating charge of DKK 10,000k nominal on unsecured claims/trade receivables, inventories, intellectual property rights and operating equipment. The carrying amount of assets charged is:​ - Unsecured claims/trade receivables: DKK 21,858k ​ - Inventories: DKK 73,153k​ - Intellectual property rights: DKK 0k​ - Operating equipment: DKK 4,988k 15 Related parties with controlling interestCapHold M ApS, Grønningen 25, st., 1270 Copenhagen K, CVR No 42106534, TopCo M ApS, Grønningen 25, st., 1270 Copenhagen K, CVR No 42106275 and Capidea Kapital III K/S, Grønningen 25, st., 1270 Copenhagen K, CVR No 39184168 wholly owns the shares of the Entity and thus has control over the Entity. 16 Non-arm’s length related party transactionsOnly related party transactions not conducted on an arm’s length basis are disclosed in the annual report.​ No such transactions have been conducted in the financial year. 17 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group: TopCo M ApS, Grønningen 25, st., 1270 Copenhagen K, CVR No. 42106275.Name and registered office of the Parent preparing consolidated financial statements for the smallest group: TopCo M ApS, Grønningen 25, st., 1270 Copenhagen K, CVR No. 42106275.