63129216 2025-01-01 2025-12-31 63129216 2025-01-01 2025-12-31 1 63129216 2025-01-01 2025-12-31 1 63129216 2025-01-01 2025-12-31 2 63129216 2025-01-01 2025-12-31 3 63129216 2025-01-01 2025-12-31 1 63129216 2024-01-01 2024-12-31 63129216 2025-12-31 63129216 2024-12-31 63129216 2024-12-31 fsa:ContributedCapitalMember 63129216 2024-12-31 fsa:RetainedEarningsMember 63129216 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 63129216 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 63129216 2025-01-01 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 63129216 2025-12-31 fsa:ContributedCapitalMember 63129216 2025-12-31 fsa:RetainedEarningsMember 63129216 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember iso4217:DKK xbrli:pure Annual report 2026-04-27 Manoela Pereira Fry The Board of Directors and the Executive Board have today considered and approved the annual report of Novadan ApS for the financial year 01.01.2025 - 31.12.2025. The annual report is presented 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 31.12.2025 and of the results of its operations for the financial year 01.01.2025 - 31.12.2025. 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. Kolding Jens Lauritz Bramsen Gail Elizabeth Sherwood chair Manoela Pereira Fry Monique Martins To the shareholder of Novadan ApS We have audited the financial statements of Novadan ApS for the financial year 01.01.2025 - ​31.12.2025, 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 31.12.2025 and of the results of its operations for the financial year 01.01.2025 - 31.12.2025 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 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. 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. 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.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 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. Aarhus Deloitte Statsautoriseret Revisionspartnerselskab 33963556 Mikael Møller State Authorised Public Accountant mne47835 Financial highlights2025​DKK'0002024​DKK'0002023​DKK'0002022​DKK'0002021​DKK'000Key figuresGross profit/loss106,405109,083106,65699,33986,506Operating profit/loss43,14143,78643,53338,88627,969Net financials932391132(1,044)456Profit/loss for the year34,36534,43134,04829,50422,134Total assets109,211130,861125,271118,848101,918Investments in property, ​plant and equipment6062,8451,8639471,234Equity87,493103,127103,69689,64875,145RatiosReturn on equity (%)36.0633.3035.2235.8128.90Equity ratio (%)80.1178.8182.7875.4373.73Financial 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 Primary activitiesThe main activity of the company is production and marketing of cleaning and disinfecting agents together with chemicals, accessories and equipment for industrial and professional use. Development in activities and financesThe financial result of the period was a profit before tax of DKK 44,072k compared to a profit before tax of DKK 44,177k in 2024. The result in 2025 is considered to be satisfactory. Profit/loss for the year in relation to expected developmentsThe profit of DKK 34,365k in 2025 is in line with expectations communicated in last year's financial statement. OutlookFor the financial year 2026, the activity and earnings are expected to be stable compared to 2025.​Management's expectation for the profit in 2026 is approx. DKK 33 - 38m. Research and development activitiesDuring the year, the development activites have been focused on increasing the efficiency and the enviormental performance of our concepts and products. 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. 106404788 109082617 40865001 41110379 22399283 24186240 43140504 43785998 1422954 1656491 491336 1265257 44072122 44177232 9706703 9746113 34365419 34431119 1971264 1732815 1971264 1732815 4131160 5135335 186914 168161 4318074 5303496 2566730 2740546 2566730 2740546 8856068 9776857 11038946 10822552 13897565 10867844 24936511 21690396 35323029 41308624 39178116 56658705 52643 92055 397649 629026 467095 705684 75418532 99394094 100355043 121084490 109211111 130861347 6000000 6000000 51492530 47127111 30000000 50000000 87492530 103127111 624898 420546 624898 420546 13475423 13909750 0 6085699 7618260 7318241 21093683 27313690 21093683 27313690 109211111 130861347 6000000 47127111 50000000 103127111 0 50000000 50000000 4365419 30000000 34365419 6000000 51492530 30000000 87492530 1 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. 2 Staff costs2025​DKK2024​DKKWages and salaries37,499,50635,373,807Pension costs3,436,5513,217,497Other social security costs948,238809,16941,884,29539,400,473Average number of full-time employees6565Management remuneration for 2025 is omitted in accordance with ÅRL § 98 b, subsection 3. 65 65 3 Depreciation, amortisation and impairment losses2025​DKK2024​DKKAmortisation of intangible assets769,016878,154Depreciation of property, plant and equipment1,591,8971,439,4252,360,9132,317,579 4 Other financial income2025​DKK2024​DKKFinancial income from group enterprises697,3391,477,020Other interest income089Exchange rate adjustments725,615179,3821,422,9541,656,491 5 Other financial expenses2025​DKK2024​DKKFinancial expenses from group enterprises2,8630Other interest expenses3,79915,876Exchange rate adjustments484,6741,249,381491,3361,265,257 6 Tax on profit/loss for the year2025​DKK2024​DKKCurrent tax9,502,3519,570,974Change in deferred tax204,352175,1399,706,7039,746,113 7 Proposed distribution of profit and loss2025​DKK2024​DKKOrdinary dividend for the financial year30,000,00050,000,000Retained earnings4,365,419(15,568,881)34,365,41934,431,119 30000000 50000000 4365419 -15568881 34365419 34431119 8 Intangible assetsAcquired licences​DKKCost beginning of year9,019,236Additions1,007,465Cost end of year10,026,701Amortisation and impairment losses beginning of year(7,286,421)Amortisation for the year(769,016)Amortisation and impairment losses end of year(8,055,437)Carrying amount end of year1,971,264 9 Property, plant and equipmentPlant and machinery​DKKOther fixtures and fittings, tools and equipment​DKKCost beginning of year50,923,11218,673,491Additions510,02996,446Disposals(1,237,593)0Cost end of year50,195,54818,769,937Depreciation and impairment losses beginning of year(45,787,777)(18,505,330)Depreciation for the year(1,514,204)(77,693)Reversal regarding disposals1,237,5930Depreciation and impairment losses end of year(46,064,388)(18,583,023)Carrying amount end of year4,131,160186,914 10 Financial assetsDeposits​DKKCost beginning of year2,740,546Disposals(173,816)Cost end of year2,566,730Carrying amount end of year2,566,730 11 Receivables from group enterprisesTogether with other Danish Group companies, the company has entered into a cash pool arrangement, according​to which another company is liable as sole contractor towards the bank. The balance of the cash pool arrangement DKK 32,481k is included in “Receiveables from group enterprises”. 12 PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at amortised cost which usually corresponds to the nominal value. 13 Deferred tax2025​DKK2024​DKKIntangible assets433,678381,219Property, plant and equipment(233,933)(224,620)Inventories402,235301,683Receivables22,918(37,736)Deferred tax624,898420,546​​Changes during the year2025​DKK2024​DKKBeginning of year420,546245,407Recognised in the income statement204,352175,139End of year624,898420,546 14 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where ITW Denmark ApS serves 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. ​ ​Rental Commitments ​The company has entered a rental agreement for the business areas Platinvej 21 and 29 which expire ​31.12.2026. The annual rent is DKK 4.770k. ​ ​The company has entered a rental agreement regarding cars and transport vehicles with an average period of rent for 3 years. The annual rent is 778k. 15 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. 16 Group relationsName and registered office of the Parent preparing consolidated financial statements for the smallest group:​• Illinois Tool Works Inc. ​• 155 Harlem Avenue ​• Glenview, IL 60025 ​• USA ​ 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. 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. 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. Property, plant and equipment, intangible assets, inventories and other non-monetary assets that have been purchased in foreign currencies are translated using historical rates. Gross profit or lossThe company has in relation to the Danish Financial Statements Act § 32 Chosen not to show the net revenues. RevenueRevenue from the sale of manufactured goods and good for resale is recognised in the income statement when delivery is made and risk passed to the buyer. Production costsCost of sales comprises direct and indirect costs incurred to earn revenue. In cost of sales, costs of raw materials, consumables, production staff and depreciation of production plant are included. ​​Cost of production also includes costs of development projects. Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory writedowns. Distribution costsDistribution costs comprise costs incurred for distribution of goods sold and also sales campaigns, including costs for sales and distribution staff, advertising costs as well as depreciation, amortisation and impairment losses. Administrative expensesAdministrative expenses comprise expenses incurred for management and administration of the Company, including expenses for the administrative staff and the Management, stationary and the office supplies as well as depreciation and amortisation. 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. Other financial incomeOther financial income comprises interest income, realised and unrealised capital gains on securities and transactions in foreign currencies and cash discounts, etc. Other financial expensesOther financial expenses comprise interest expenses, net capital or exchange losses on securities, payables and transactions in foreign. 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). Intellectual property rights etcIntellectual property rights etc comprise development projects completed and in progress with related intellectual property rights, acquired intellectual property rights and prepayments for intangible assets. 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 over the term of the agreement.​ ​Intellectual property rights etc are written down to the lower of recoverable amount and carrying amount.​​Estimated useful lives and residual values are reassessed annually. Property, plant and equipmentPlant and machinery as well as other fixtures and fittings, tools and equipment, cars and leasehold improvements are measured at cost less accumulated depreciation and impairment losses. ​​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 Plant and machinery3-15 yearsOther fixtures and fittings, tools and equipment1-5 yearsEstimated 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. InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value. ​​Cost of goods for resale, raw materials and consumables consist of purchase price plus landing costs. Cost of manufactured good and work in progress consist of costs of raw materials, consumables and direct labour costs as well as indirect production costs. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and ​doubtful debts. 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. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​cost. 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. 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. 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. Cash flow statementIn pursuance of section 86 of the Danish Financial Statements Act, the preparation of cash flow statement is ​exluded as it contained in the cash flow statement for the ultimate parent company Illinois Tool Works Inc., ​Illinois, USA. true Grundlag for konklusion Konklusion 2026-04-27 2026-04-27 Regnskabsklasse C, mellemstor virksomhed 2024-01-01 2024-12-31 Aarhus C 8000 2 City Tower, Værkmestergade Kolding Kolding 6000 Revisionspåtegning 2025-12-31 2025-01-01 21 Platinvej Novadan ApS 63129216 63129216 6000 Kolding Platinvej 21 Novadan ApS