xbrli:pureiso4217:DKK288538662022-01-012022-12-31cmn:ConsolidatedMember288538662022-01-012022-12-311cmn:ConsolidatedMember288538662022-01-012022-12-311cmn:ConsolidatedMember288538662022-01-012022-12-311288538662022-01-012022-12-312288538662022-01-012022-12-313288538662022-01-012022-12-312cmn:ConsolidatedMember288538662022-01-012022-12-31288538662021-01-012021-12-31cmn:ConsolidatedMember288538662021-01-012021-12-31288538662022-01-012022-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMembercmn:ConsolidatedMember288538662022-01-012022-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember288538662022-01-012022-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember288538662021-01-012021-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember288538662022-01-012022-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember288538662022-01-012022-12-31fsa:RetainedEarningsMember288538662022-01-012022-12-31fsa:RetainedEarningsMember288538662021-01-012021-12-31fsa:RetainedEarningsMember288538662022-12-31cmn:ConsolidatedMember288538662021-12-31cmn:ConsolidatedMember288538662022-12-31288538662021-12-31288538662022-01-01cmn:ConsolidatedMember288538662021-01-01cmn:ConsolidatedMember288538662022-01-01fsa:ContributedCapitalMembercmn:ConsolidatedMember288538662022-01-01fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMembercmn:ConsolidatedMember288538662022-01-01fsa:RetainedEarningsMembercmn:ConsolidatedMember288538662022-12-31fsa:ContributedCapitalMembercmn:ConsolidatedMember288538662022-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMembercmn:ConsolidatedMember288538662022-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember288538662022-01-01fsa:ContributedCapitalMember288538662022-01-01fsa:ReserveForNetRevaluationAccordingToEquityMethodMember288538662022-01-01fsa:RetainedEarningsMember288538662022-01-01288538662022-12-31fsa:ContributedCapitalMember288538662022-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember288538662022-12-31fsa:RetainedEarningsMember288538662022-01-012022-12-31fsa:ContributedCapitalMembercmn:ConsolidatedMember288538662022-01-012022-12-31fsa:ContributedCapitalMember288538662022-01-012022-12-311cmn:ConsolidatedMember288538662022-01-012022-12-312cmn:ConsolidatedMember288538662021-01-012021-12-311cmn:ConsolidatedMember288538662021-01-012021-12-312cmn:ConsolidatedMember288538662022-01-012022-12-31fsa:ManagementMembercmn:ConsolidatedMember288538662021-01-012021-12-31fsa:ManagementMembercmn:ConsolidatedMember288538662022-01-012022-12-31fsa:BoardOfDirectorsMembercmn:ConsolidatedMember288538662021-01-012021-12-31fsa:BoardOfDirectorsMembercmn:ConsolidatedMember288538662022-01-012022-12-31fsa:ManagementMember288538662021-01-012021-12-31fsa:ManagementMember288538662022-01-012022-12-31fsa:BoardOfDirectorsMember288538662021-01-012021-12-31fsa:BoardOfDirectorsMember288538662022-01-012022-12-31fsa:OtherShorttermPayablesMembercmn:ConsolidatedMember288538662022-01-012022-12-31fsa:OtherShorttermPayablesMemberGrundlag for konklusionKonklusion2023-06-302023-06-3033963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegningRegnskabsklasse C, stor virksomhed2021-12-312021-01-0133963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2022-12-312022-01-01Skatepro ApS28853866ÅrsrapportAarhus C80002City Tower, VærkmestergadeFavrskovHinnerup8382<br /><br />6OmegaThe Board of Directors and the Executive Board have today considered and approved the annual report of Skatepro ApS for the financial year 01.01.2022 - 31.12.2022.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2022 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2022 - 31.12.2022.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting.AarhusCarsten SchmidtCEO / PresidentJakob Høy BiegelCarsten SchmidtJesper RasmussenChairman of the boardTo the shareholders of Skatepro ApSWe have audited the consolidated financial statements and the parent financial statements of Skatepro ApS for the financial year 01.01.2022 - 31.12.2022, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements are prepared in accordance with the Danish Financial Statements Act. ​ ​In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2022 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2022 - 31.12.2022 in accordance with the Danish Financial Statements Act.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 consolidated financial statements and the parent financial statements" section of this auditor’s report. We are independent of the Group 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 is responsible for the preparation of consolidated financial statements and parent financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines ​is necessary to enable the preparation of consolidated financial statements and parent financial statements that are free from material misstatement, ​whether due to fraud or error. ​ ​In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and 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 consolidated financial statements and the parent financial statements unless Management either intends to liquidate ​the Entity or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent financial statements as a whole are ​free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes ​our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted ​in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material ​misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, ​individually or in the aggregate, they could reasonably be expected to influence the economic decisions of ​users taken on the basis of these consolidated financial statements and parent 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:<br />Identify and assess the risks of material misstatement of the consolidated financial statements and the parent 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. <br />Obtain an understanding of internal control relevant to the audit in order to design audit procedures ​that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the ​effectiveness of the Group's and the Entity’s internal control. <br />Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates ​and related disclosures made by Management. <br />Conclude on the appropriateness of Management’s use of the going concern basis of accounting in ​preparing the consolidated financial statements and the parent 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 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 consolidated financial statements and the parent 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 ​Entity to cease to continue as a going concern. <br />Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures ​in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and ​events in a manner that gives a true and fair view.<br />We communicate with those charged with governance regarding, among other matters, the planned scope ​and timing of the audit and significant audit findings, including any significant deficiencies in internal control ​that we identify during our audit.Management is responsible for the management commentary. ​ ​Our opinion on the consolidated financial statements and the parent 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 consolidated financial statements and the parent financial statements, our responsibility is to read the management ​commentary and, in doing so, consider whether the management commentary is materially inconsistent with ​the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. ​Moreover, it is our responsibility to consider whether the management commentary provides the information ​required under the Danish Financial Statements Act.<br />Based on the work we have performed, we conclude that the management commentary is in accordance with ​the consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements of the Danish Financial ​Statements Act. We did not identify any material misstatement of the management commentary.AarhusMorten Gade SteinmetzAnders Larsenmne34145mne47818State Authorised Public AccountantState Authorised Public AccountantFinancial highlights2022 DKK'0002021 DKK'0002020 DKK'0002019 DKK'0002018 DKK'000Key figuresRevenue421,466748,676631,912324,653205,830Gross profit/loss43,201175,414161,31375,02641,221Operating profit/loss(30,753)59,09374,18324,4712,766Net financials(5,160)(2,261)(155)(625)(398)Profit/loss for the year(28,172)45,18655,22518,4911,787Balance sheet total362,967462,795217,401113,14186,071Investments in property, plant and equipment1,1052,696597829558Equity94,614122,71897,08148,04629,555RatiosGross margin (%)10.2523.4325.5323.1120.03Net margin (%)(6.68)6.048.745.700.87Return on equity (%)(25.93)41.1276.1147.666.02Equity ratio (%)26.0726.5244.6642.4734.34Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Gross margin (%) :​Gross profit/loss * 100 ​RevenueNet margin (%) : Profit/loss for the year * 100 ​RevenueReturn on equity (%) :Profit/loss for the year * 100 ​​Average equityEquity ratio (%) :​Equity * 100 ​​Balance sheet totalPrimary activitiesThe primary activity consists of selling leisure equipment within action sport as well as related activities within B2B and B2C segments, mainly in Europe and North America. We are a significant player in the action sport market and want to provide a wide range of action sport products for both B2C and B2B.  We buy products from vendors/brands and focus on sale, distribution, and excellent customer service. We primarily sell through our websites. We have more than 100 full-time employees. We are located in Søften, Denmark.  We pick and pack from our own warehouse in Denmark as well as an additional warehouses outside Denmark. Our products are mainly manufactured in Asia and Europe. Development in activities and financesProfit for the year is not as expected. In all markets the demand for Action Sports products declined dramatically throughout 2022 and the revenue ended at 421 mill DKK. This is a drop of 43,8% compared to 2021. This low activity level is the main reason for the loss in 2022. The main reason for the low activity level was the impact of the war in Ukraine and the economic climate created by the war. This meant suddenly low consumer confidence, increasing energy prices, higher interest rates, and rising inflation. This has led to a dramatic decline in retail generally and especially in the leisure and action sports segments. E-commerce, which has had a significant growth under Covid-19, has been severely affected. As a result of the falling turnover, we decided to cancel certain purchase orders already placed, which resulted in the loss of advance payments. Besides this we experienced losses on customers going into bankruptcy. Furthermore, we closed down all sales to Russia, after the outbreak of the war. Besides this we lost all sales to Ukraine. The loss of these two markets contributed negatively on the revenue and costs. Freight costs went up for all markets, due to increased fuel prices. Besides this the post-covid effect resulted in overstock in many markets, so the action sport retail industry had a tough year with declining margins. Because of increased stock we have also been forced to rent extra warehouse spaces. Despite all the negative circumstances, resulting in a significant loss for the year, our equity was 94.6 mill DKK, corresponding to a solvency ratio of 25.9% per 31. December 2022. Profit/loss for the year in relation to expected developmentsThe result of 2022 was very unsatisfying. We expected a post-covid drop in revenue of around 20%, but due to all the circumstances set out above, the drop was more than 40%. Throughout the year we adapted our organization and operations to the falling turnover and earnings, but unfortunately - as is often the case in times of significant decline in consumer confidence and market demands - we were constantly behind the actual development. This resulted in an unexpected operating loss, which was not foreseeable in the beginning of year. Financial risks Our risk management program seeks to identify, assess, and elude risks in order to minimize potential unfavorable effects on our financial performance. Operational risk: The operational risks are in general related to the development of the different markets. Throughout 2022 and the first half of 2023 we are adapting to the lower demand. Currency risks: We work with 15 different currencies. Many of our purchases are settled in USD and there is a minor risk that currency rates change after placing the orders. The number of purchases for 2023 will be minor and deals are made in EUR and DKK, so the currency risk is considered minor. Credit risks: The majority of our sales are made through prepayment, credit cards or similar payment upfront methods. In 2022 we had some losses on customers with Credit or credit card fraud. We have limited the risks by not giving so many customers credit and changed our fraud algorithmic to minimize the loss. Liquidity risks: Our liquidity management's objective is to provide sufficient cash and cash equivalents to enable us to meet our payment obligations. We maintain a good bank relationship, and in a market with increasing interest rates, we focus on reducing our debt. The debt has been reduced with more than 20% since 31.12.2022. Our cashflow and financing is under control, and we expect positive cashflow throughout the year. Unusual circumstances affecting recognition and measurementThere have been no unusual circumstances.  Outlook2023 will be a year where everything is going more and more back to normal. After a very tough 2022, we have found the right activity level, matching the actual and for the remainder of the year expected markets and circumstances. We expect a positive EBITDA for the current financial year, with a revenue around 300 million DKK. The debt has been reduced with more than 20% since 31.12.2022. Our cashflow and financing is under control and we expect positive cashflow throughout the year. Environmental performanceWe strive to always run an economically responsible company with respect to the climate. We want to sell quality products with a long product lifetime and thereby limit our CO2 footprint. The most significant risks for us are: • Consumption of packing material. • The distribution of parcels to customers has CO2 impact. • Within the manufacturing of our products, where we have risk of negative impact on the environment. The goals for handling of packing material in 2023 are: • We will work on decreasing our return rate to avoid double packing material usage . • The boxes should be minimized and fit the product to avoid “air” shipment . • Necessary fill material should mainly consist of air. In 2022 we continued to develop sizing guides and worked more on data specifications to decrease the return rate and hereby limit the CO-2 Footprint. The goals for minimizing CO-2 impact for 2023 are: • We will work on decreasing our return rate and minimize CO2 impact. • We will minimize the distance the parcels are transported by running warehouse(s) closer to our customers. • The shipment boxes will be optimized to fit products, so the number of parcels pr. Pallet / cage will increase. In 2022 we continued with limited traveling to customers and partners and used online meetings. In 2022 Q3 we also invested in solar panels. In 2022 the energy produced summed up to 5,71 MWh. The expectations for 2023 is that > 40% of our energy consumptions will be generated from the solar panels. The goals for minimizing the impact on the environment at manufacturing in 2023: • Containers should be filled to an absolute maximum. • Manufacturers should minimize the use of plastic for packing. • The manufacturing should happen with respect to an economical and environmental impact. • We will have assessments for all major suppliers, including code of conducts We only use cardboard and other freight material made of recycled materials. Research and development activitiesThe Group does not participate in actual research and development activities. Statutory report on corporate social responsibilitySkatePro business model SkatePro consists of a strong ecommerce platform selling online to different markets in Europe and North America. We have more than 100 FTE’s loving and enjoying action sports. Our action sport categories are Skates, Skateboards, BMX, Scooters, Winter, and Surf products. Human Rights At SkatePro we follow the rules and guidelines set-out for Human-rights based on the Danish regulations. In 2022 we have not identified any breaches. We monitor on an ongoing basis any potential risks on human-rights. There’s a potential that a supplier / manufacturer doesn’t follow the human-rights. In 2023 we will perform a supplier conduct for our major suppliers, to make sure they also follow the human-rights. Identified Risks: There’s a that some suppliers don’t follow the human rights. Preventive actions: We will perform a supplier conduct on major suppliers. Assessment: We assess the risk to be minor. Social & Employee Relations Special needs We want to be inclusive and embrace people with special needs. Together with Job centers and employment agencies we facilitate this and have currently 4 employees with special needs.  Trainees and interns We want to have trainees and interns, because it is important to help build and coach young people for the future. We currently have 5 trainees and 2 interns. Social responsibility for action sport We want to take social responsibility through action sport in the different communities. We want to support, inspire, and grow action sports giving people an active lifestyle ensuring their wellbeing. In 2022, we sponsored over 40 SkatePro team riders, supported 420 events (combined with Centrano), and gave back 5% of revenue on Black Friday. In 2023, we are staying committed to the same path, with 45 sponsored riders and a goal of supporting 500 events. Our aim is to continue supporting riders and events, giving back to the rider communities, collaborating with charities and organizations, and doing everything we can to strengthen people and their wellbeing through action sports. Employment terms We want to ensure all contracts and contractual terms are compliant with the collective agreement for all our employees. We offer pension schemes and health insurance to all employees above 18 years. All employees have an employment contract, and all are informed about benefits and our collective agreement. We ensure all employees are hired under collective agreement including minimum wages, etc. and included in pension scheme and health insurance when eligible. Leadership skills We consider leadership as a vital skill set and want to educate and develop our leaders. All leaders have participated in our internal developed leader program. Development and skill set upgrade We want to ensure that employees have knowledge and information to provide their job function and understand our business. We emphasize job rotation and help people fulfill their career dreams, offering them trainee positions / other job functions within the company. Well-being We want our employees to be healthy and well. Goal for 2023 Sickness to be maximum 2%. We are currently at a Sickness percentage of 3,88% and we did not meet the goal for 2022. We will promote our health insurance services even more before and focus more on the dialogue between leaders and employees. Discrimination We want to ensure that our employment practices are ethically sound, and we want to avoid discrimination when hiring, promoting, and offboarding people. We treat all employees with respect and dignity. Our goal for 2023 is 0 cases. In 2022 we had no cases of discrimination reported. Harrasment We want to be preventive and stop any harassment from taking place. We had one minor issue in 2022. Our goal for 2023 is 0 cases. We encourage Leaders and HR to communicate to avoid any harassment. Safety and security We want to ensure that SkatePro is a safe workplace. Our goal for 2023 is 0 injuries. In 2022 we had 0 work related injuries. In 2022 we invested in storage machines which will lead to more correct ergonomic picking routines. In 2023 we are looking into a better and safer environment emptying container. Company values and culture We want to be true to our company values in everything we do. Our current company values are Passionate, User focus, Team, Smart and Trustworthy. Our goal for 2023 is that all employees live by our values. We aim to hire for values and then train people to have the correct skill set. Supplier code of conduct We want all our partners and suppliers to follow our ethical guidelines and the required certificates on the different products. In 2023 we want to develop a supplier conduct requiring our suppliers to commit to these, making sure they follow ethical guidelines regarding labor, human rights, and environment. Identified Risks: Attracting the right people could be a challenge. The salary level might increase, so we cannot afford to run our logistic operation in Denmark. High sickness rate in warehouse, hence work can be physically hard, temperature can vary a lot and the work can be monotonous. Preventive actions: We offer people to be hired with subsidies, internship for primary school student and other young people (either personal and/or social challenged). We focus on well-being including close dialogue between leaders and employees and we offer a health insurance scheme where employees can get any needed treatments including rehabilitation, chiropractor, physiotherapist, psychologist, stress counselling, etc. Assessment: We assess this area to be of low risk and will need to pay close attention to the balance between running a sound business and cost. Anti Corruption & Bribery SkatePro is located in Denmark. Corruption and bribery are illegal in Denmark, and corruption and bribery are therefore considered a minor risk within Denmark. All Employees and Company Representative of SkatePro are strictly forbidden to use their job position or job influence to gain any advantage for themselves or for those close to them. SkatePro is against any payment of bribes and all other illegal forms of payment to civil servants, government members or any other public officer, as well as any kind of private law entity. Any act of corruption will be sanctioned. SkatePro has a whistleblower scheme where it is possible to report anonymously any issues or concerns. Whistleblower scheme We want to prevent any unethical behavior and for employees to report any issues and feel safe in the process. Our goal for 2023 is to handle all whistleblower cases within deadlines and take the necessary action immediately. If there are any cases, they will be reported to C-level and/or board. So far, the whistleblower scheme has not been used since the launch. Identified Risks: IT security, especially ransomware, is always a risk. There is a risk that some suppliers don’t follow the ethical and legal rules. Preventive actions: We are running internal Cybersecurity training for staffs. We have on a regular basis a security consultant analyzing and identifying risks in our IT infrastructure. We have invested in extensive and secure backup routines. During 2023 we will implement ESG analysis and code of conduct towards major suppliers and brands. Assessment: We acknowledge the increasing risks, but in our assessment we have a sufficient safety setup for our IT Security. Statutory report on the underrepresented genderThe board level is 100% male. The target is that we want to have a female in the board within the next 3 years. The C-level is 50% female and 50% male. The goal is 40% female and 60% male, so the goal is achieved. In the leader team we are 20% female and 80% male. The goal is 30% female and 70% male. To meet the goal, we will focus on our recruitment, and we have two candidates with equal competencies, we will give females preferences. The deadline is within the next 3 years. We are currently at 32% female and 68% male. The goal is still 40% female and 60% male and we managed to get a bit closer in 2023. To meet the goal, we will continue to focus on gender in our recruitment. Statutory report on diversityWe want to be an attractive company with an international work environment and the company language is English. We are currently 28 nationalities. We provide a relocation support setup including Skatepro apartments and communicate in English for everybody to feel included. We want to attract employees of all ages (junior and senior). Our average age is 32 years, and we have a split from 15 to 63 years. We cover all ages but also want to make sure to have a set of young people that match and understand our customers’ demands. Statutory report on data ethics policyWe have not bought or developed any AI, machine learning or similar technologies. We use analytics data from our partners to predict customers behavior. As we do not handle any data directly, we have not deemed it necessary to establish a data ethics policy.Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 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term bank debt raised or repaymentsDebt to owners and management raised or repayments44663651857272710121050414466365178332312-1778532546550356815902621529203386951 Revenue2022 DKK2021 DKKEU countries277,919,910556,325,147None-EU countries143,545,944192,350,597Total revenue by geographical market421,465,854748,675,7441 Revenue2022 DKK2021 DKKEU countries277,919,910556,325,147None-EU countries125,629,350181,992,905Total revenue by geographical market403,549,260738,318,0522 Fees to the auditor appointed by the Annual General Meeting2022 DKK2021 DKKStatutory audit services190,000220,000Tax services130,00077,000Other services663,131172,416983,131469,4162 Fees to the auditor appointed by the Annual General Meeting2022 DKK2021 DKKStatutory audit services190,000220,000Tax services130,00077,000Other services663,131172,416983,131469,4163 Staff costs2022 DKK2021 DKKWages and salaries61,994,014102,202,646Pension costs8,067,3669,993,155Other social security costs1,440,6601,029,758Other staff costs1,220,9282,116,29972,722,968115,341,858Average number of full-time employees157219Remuneration ​of ​manage- ment 2022 DKKRemuneration of manage- ment 2021 DKKExecutive Board754,1611,005,518Board of Directors2,641,3335,608,0423,395,4946,613,5603 Staff costs2022 DKK2021 DKKWages and salaries60,271,650101,035,285Pension costs8,067,3669,993,155Other social security costs1,440,6601,029,758Other staff costs1,220,9282,116,29971,000,604114,174,497Average number of full-time employees157219Remuneration ​of Manage- ment 2022 DKKRemuneration of Manage- ment 2021 DKKExecutive Board754,1611,005,518Board of Directors2,641,3335,608,0423,395,4946,613,560157219157219Remuneration ​of ​manage- ment 2022 DKKRemuneration of manage- ment 2021 DKKExecutive Board754,1611,005,518Board of Directors2,641,3335,608,0423,395,4946,613,560Remuneration ​of Manage- ment 2022 DKKRemuneration of Manage- ment 2021 DKKExecutive Board754,1611,005,518Board of Directors2,641,3335,608,0423,395,4946,613,5607541611005518264133356080427541611005518264133356080424 Other financial expenses2022 DKK2021 DKKFinancial expenses from group enterprises224,473180,107Other interest expenses4,990,6182,208,8375,215,0912,388,9442022 DKK2021 DKKFinancial expenses from group enterprises224,473180,107Other interest expenses4,990,6182,208,8375,215,0912,388,944<br />4 Other financial expenses2022 DKK2021 DKKFinancial expenses from group enterprises304,186197,018Other interest expenses4,991,8852,205,6415,296,0712,402,659<br />2022 DKK2021 DKKFinancial expenses from group enterprises304,186197,018Other interest expenses4,991,8852,205,6415,296,0712,402,6595 Tax on profit/loss for the year2022 DKK2021 DKKCurrent tax418,69112,340,298Change in deferred tax(8,160,000)45,000Adjustment concerning previous years426(739,642)(7,740,883)11,645,6565 Tax on profit/loss for the year2022 DKK2021 DKKCurrent tax012,340,298Change in deferred tax(8,160,000)45,000Adjustment concerning previous years426(739,642)(8,159,574)11,645,6566 Proposed distribution of profit/loss2022 DKK2021 DKKRetained earnings(28,171,895)45,186,245(28,171,895)45,186,2456 Proposed distribution of profit and loss2022 DKK2021 DKKRetained earnings(28,171,895)45,186,245(28,171,895)45,186,2457 Intangible assetsAcquired patents DKKCost beginning of year763,163Cost end of year763,163Amortisation and impairment losses beginning of year(642,420)Amortisation for the year(44,963)Amortisation and impairment losses end of year(687,383)Carrying amount end of year75,780Acquired patents DKKCost beginning of year763,163Cost end of year763,163Amortisation and impairment losses beginning of year(642,420)Amortisation for the year(44,963)Amortisation and impairment losses end of year(687,383)Carrying amount end of year75,780<br />7 Intangible assetsAcquired patents DKKCost beginning of year763,163Cost end of year763,163Amortisation and impairment losses beginning of year(642,420)Amortisation for the year(44,963)Amortisation and impairment losses end of year(687,383)Carrying amount end of year75,780<br />Acquired patents DKKCost beginning of year763,163Cost end of year763,163Amortisation and impairment losses beginning of year(642,420)Amortisation for the year(44,963)Amortisation and impairment losses end of year(687,383)Carrying amount end of year75,7808 Property, plant and equipmentOther fixtures and fittings, tools and equipment DKKLeasehold improvements DKKCost beginning of year3,411,5992,782,615Additions914,400190,683Cost end of year4,325,9992,973,298Depreciation and impairment losses beginning of year(1,199,847)(1,829,965)Depreciation for the year(811,391)(374,634)Depreciation and impairment losses end of year(2,011,238)(2,204,599)Carrying amount end of year2,314,761768,6998 Property, plant and equipmentOther fixtures and fittings, tools and equipment DKKLeasehold improvements DKKCost beginning of year3,411,5992,782,615Additions914,400190,683Cost end of year4,325,9992,973,298Depreciation and impairment losses beginning of year(1,199,847)(1,829,965)Depreciation for the year(811,391)(374,634)Depreciation and impairment losses end of year(2,011,238)(2,204,599)Carrying amount end of year2,314,761768,6999 Financial assetsDeposits DKKCost beginning of year2,829,133Additions482,448Disposals(112,164)Cost end of year3,199,417Carrying amount end of year3,199,4179 Financial assetsInvestments in group enterprises DKKDeposits DKKCost beginning of year27,9632,829,133Additions6,561482,448Disposals0(112,164)Cost end of year34,5243,199,417Revaluations beginning of year557,0800Exchange rate adjustments68,1590Share of profit/loss for the year870,0280Revaluations end of year1,495,2670Carrying amount end of year1,529,7913,199,417A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.10 Deferred tax2022 DKK2021 DKKIntangible assets1,0002,000Property, plant and equipment(55,000)(90,000)Tax losses carried forward8,126,0000Deferred tax8,072,000(88,000) ​Changes during the year2022 DKK2021 DKKBeginning of year(88,000)(43,000)Recognised in the income statement8,160,000(45,000)End of year8,072,000(88,000)Deferred tax has been recognised in the balance sheet as follows2022 DKK2021 DKK Deferred tax assets8,072,0000 Deferred tax liabilities0(88,000)8,072,000(88,000)​Deferred tax assetsThe company's tax losses carried forward is recognized as a deferred tax asset, since this is expected to be used within the foreseeable future.10 Deferred tax2022 DKK2021 DKKIntangible assets1,0002,000Property, plant and equipment(55,000)(90,000)Tax losses carried forward8,126,0000Deferred tax8,072,000(88,000) ​Changes during the year2022 DKK2021 DKKBeginning of year(88,000)(43,000)Recognised in the income statement8,160,000(45,000)End of year8,072,000(88,000)​Deferred tax assetsThe company's tax losses carried forward is recognized as a deferred tax asset, since this is expected to be used within the foreseeable future.11 PrepaymentsPrepayments recognized as receivables comprises prepaid expenses.11 PrepaymentsPrepayments recognized as receivables comprises prepaid expenses.12 Other payables2022 DKK2021 DKKVAT and duties5,894,43015,436,249Wages and salaries, personal income taxes, social security costs, etc. payable4,366,62710,319,789Holiday pay obligation1,354,1803,238,037Other costs payable990,3221,423,49512,605,55930,417,57012 Other payables2022 DKK2021 DKKVAT and duties5,694,89315,286,323Wages and salaries, personal income taxes, social security costs, etc. payable4,366,62710,319,789Holiday pay obligation1,354,1803,238,037Other costs payable990,3221,423,49612,406,02230,267,64513 Changes in working capital2022 DKK2021 DKKIncrease/decrease in inventories86,422,942(244,153,831)Increase/decrease in receivables3,144,2606,310,285Increase/decrease in trade payables etc.(76,594,606)38,593,66912,972,596(199,249,877)14 Unrecognised rental and lease commitments2022 DKK2021 DKKTotal liabilities under rental or lease agreements until maturity 5,575,1627,979,02213 Unrecognised rental and lease commitments2022 DKK2021 DKKTotal liabilities under rental or lease agreements until maturity 5,575,1627,979,02215 Contingent liabilitiesThe Parent participate in a Danish joint taxation arrangement in which Bluemind Holding ApS serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Parent and the Danish subsidiaries are therefore secondarily liable for income taxes etc. for the jointly taxed entities, limited to the equity interest by which the Entity participates in the Group, and also secondarily liable for obligations, if any, relating to the withholding of tax on interest, royalties and dividends 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 Contingent liabilitiesThe Parent participate in a Danish joint taxation arrangement in which Bluemind Holding ApS serves as the ​administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Parent ​and the Danish subsidiaries are therefore secondarily liable for income taxes etc. for the jointly taxed entities, ​limited to the equity interest by which the Entity participates in the Group, and also secondarily liable for ​obligations, if any, relating to the withholding of tax on interest, royalties and dividends 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. 16 Assets charged and collateralA floating charge of a maximum of DKK 125,000k secured on unsecured claims, inventories, operating equipment and intellectual property rights has been provided as security for the Group’s bank commitments. ​The carrying amount of unsecured claims provided as security at 31.12.2022 is DKK 4,001k. The carrying amount of inventories provided as security at 31.12.2022 is DKK 321,913k. ​ ​The carrying amount of operating equipment provided as security at 31.12.2022 is DKK 3,083k. ​ ​The carrying amount of intellectual property rights provided as security at 31.12.2022 is DKK 76k. ​ ​An unlimited guarantee has been provided as security for Carbie Omega A/S, Central Business Reg. No. ​34 89 35 86 and its bank commitment. The balance guaranteed at 31.12.2022 is a net deposit. ​ ​An unlimited gurantee has been provided as security for Nordic Sport Import ApS, Central Business Reg. No. ​32 32 68 70, and its bank commitment.15 Assets charged and collateralA floating charge of a maximum of DKK 125,000k secured on unsecured claims, inventories, operating equipment ​and intellectual property rights has been provided as security for the Group’s bank commitments. ​​ ​​The carrying amount of unsecured claims provided as security at 31.12.2022 is DKK 3,885k. ​​ ​​The carrying amount of inventories provided as security at 31.12.2022 is DKK 329,011k. ​ ​The carrying amount of operating equipment provided as security at 31.12.2022 is DKK 3,083k. ​​ ​​The carrying amount of intellectual property rights provided as security at 31.12.2022 is DKK 76k. ​​ ​​An unlimited guarantee has been provided as security for Carbie Omega A/S, Central Business Reg. No. ​​34 89 35 86 and its bank commitment. The balance guaranteed at 31.12.2022 is a net deposit. ​ ​An unlimited guarantee has been provided as security for Nordic Sport Import ApS, Central Business Reg. No. ​32 32 68 70, and its bank commitment.17 Transactions with related partiesRelated party transactions have been conducted on a normal arm's length basis.17 Transactions with related partiesRelated party transantions have been conducted on a normal arms's length basis18 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group: Bluemind Holding ApS, Hvidkildevej 60, Risskov, CVR-nr.: 43 77 12 2119 SubsidiariesRegistered inCorporate ​formOwnership ​​%Skatepro US Inc. USAInc.1008700286047501529791585043010184323149526755475516 Related parties with controlling interestBiegel Holding ApS, Risskov owns 60% of the shares in the Entity, thus exercising control. Biegel Holding ApS, Risskov is owned 20% by Bluemind Holding ApS, thus exercising control due to voting rights. Bluemind Holding ApS, Risskov is owned 100% by Jakob Høy Biegel, thus exercising control.This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act ​governing reporting class C enterprises (large).The accounting policies applied to these consolidated financial statements and parent financial statements are consistent with those applied last year, however with some reclassifications.falseRecognition 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. <br />Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence. <br />Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies. Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements. Minority interests’ pro rata shares of the profit/loss and the net assets are disclosed as separate items in Management's proposal for the distribution of net profit/loss and equity, respectively. Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the takeover date, with net assets having been calculated at fair value.Profit or loss from divestment of enterprisesProfits or losses from divestment or winding-up of enterprises are calculated as the difference between selling price or settlement price and the carrying amount of the net assets at the time of divestment and winding-up, respectively.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. ​ ​When recognising foreign subsidiaries and associates that are independent entities, the income statements ​are translated at average exchange rates for the months that do not significantly deviate from the rates at the transaction date. Balance sheet items are translated using the exchange rates at the balance sheet date. Goodwill ​is considered belonging to the independent foreign entity and is translated using the exchange rate at the balance sheet date. Exchange differences arising out of the translation of foreign subsidiaries’ equity at the beginning of the year at the balance sheet date exchange rates and out of the translation of income statements from average rates to the exchange rates at the balance sheet date are recognised directly in the translation reserve in equity. ​ ​Exchange adjustments of outstanding accounts with independent foreign subsidiaries, which are considered ​part of the total investment in the subsidiary in question, are recognised directly in the translation reserve in equity.When recognising foreign subsidiaries that are integral entities, monetary assets and liabilities are translated using the exchange rates at the balance sheet date. Non-monetary assets and liabilities are translated at the exchange rate at the time of acquisition or the time of any subsequent revaluation or writedown. The items of the ​income statement are translated at the average rates of the months; however, items deriving from non-monetary ​assets and liabilities are translated using the historical rates applicable to the relevant non-monetary items.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.Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary ​activities.Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for ordinary inventory writedowns.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. Staff costsStaff costs comprise salaries and wages as well as social security contributions, pension contributions, etc for entity staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible assets comprise depreciation, amortisation and impairment losses for the financial year, as well as gains and losses from the sale of intangible assets as well as property, plant and equipment.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 internal profits or losses.Other financial incomeOther financial income comprises interest income, including interest income on receivables from group enterprises as well as tax relief under the Danish Tax Prepayment Scheme etc. Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises as well as tax surcharge under the Danish Tax Prepayment Scheme etc. 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 Parent is jointly taxed with Biegel Holding ApS and all of its 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).Intellectual property rights etc.Intellectual property rights etc. comprise acquired intellectual property rights and prepayments.Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are amortised on a straight-line basis over their remaining duration, and licences are amortised on a straight-line basis over the term of the agreement.​ ​Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.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 improvements3 years Estimated useful lives and residual values are reassessed annually. Items of property, plant and equipment are written down to the lower of recoverable amount and carrying amount. Investments in group enterprises​In the parent financial statements, investments 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 plus unamortised goodwill and plus or minus unrealised intra-group profits and losses. 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 under equity. Investments in group enterprises are written down to the lower of recoverable amount and carrying amount.InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value. ​ ​Cost consists of purchase price plus delivery costs. The net realisable value of inventories is calculated as the estimated selling price less completion costs and costs incurred to execute sale.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and ​doubtful debts.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.Joint taxation contributions payable or receivable Current joint taxation contributions payable or receivable are recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are expected to be used under the joint taxation arrangement.<br />Tax payable or receivable Current tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's ​taxable income, adjusted for prepaid tax.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​cost.CashCash comprises cash in hand and bank deposits.Operating leasesLease payments on operating leases are recognised on a straight-line basis in the income statement over the term of the lease.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.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.Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities as well as cash and cash equivalents at the beginning and the end of the financial year. Cash flows from operating activities are presented using the indirect method and calculated as the operating profit/loss adjusted for non-cash operating items, working capital changes and income taxes paid. Cash flows from investing activities comprise payments in connection with acquisition and divestment of enterprises, activities and fixed asset investments as well as purchase, development, improvement and sale, etc of intangible assets and property, plant and equipment, including acquisition of assets held under finance leases. Cash flows from financing activities comprise changes in the size or composition of the contributed capital and related costs as well as the raising of loans, inception of finance leases, instalments on interest-bearing debt, purchase of treasury shares and payment of dividend. Cash and cash equivalents comprise cash. The cash flow statement shows cash flows from operating, investing and financing activities as well as cash and cash equivalents at the beginning and the end of the financial year. Cash flows from operating activities are presented using the indirect method and calculated as the operating profit/loss adjusted for non-cash operating items, working capital changes and income taxes paid. Cash flows from investing activities comprise payments in connection with acquisition and divestment of enterprises, activities and fixed asset investments as well as purchase, development, improvement and sale, etc of intangible assets and property, plant and equipment, including acquisition of assets held under finance leases. Cash flows from financing activities comprise changes in the size or composition of the contributed capital and related costs as well as the raising of loans, inception of finance leases, instalments on interest-bearing debt, purchase of treasury shares and payment of dividend. Cash and cash equivalents comprise cash. 2023-06-30Jesper Rasmussen