16821977 2025-01-01 2025-12-31 16821977 2025-01-01 2025-12-31 2 16821977 2025-01-01 2025-12-31 1 16821977 2025-01-01 2025-12-31 1 16821977 2025-01-01 2025-12-31 1 16821977 2025-01-01 2025-12-31 2 16821977 2025-01-01 2025-12-31 3 16821977 2024-01-01 2024-12-31 16821977 2025-12-31 16821977 2024-12-31 16821977 2024-01-01 d:ContributedCapitalMember 16821977 2024-01-01 d:RetainedEarningsMember 16821977 2024-01-01 2024-12-31 d:RetainedEarningsMember 16821977 2024-12-31 d:ContributedCapitalMember 16821977 2024-12-31 d:RetainedEarningsMember 16821977 2025-01-01 2025-12-31 d:RetainedEarningsMember 16821977 2025-12-31 d:ContributedCapitalMember 16821977 2025-12-31 d:RetainedEarningsMember iso4217:DKK xbrli:pure Årsrapport Revisionspåtegning Sortimo A/S Regnskabsklasse B Beierholm Langagervej 1 Wolfgang Zimmer 9220 Aalborg Ø 2026-02-27 Opinion Handelsskolevej Basis for Opinion 1 2026-02-27 2024-01-01 2024-12-31 16821977 2025-01-01 2025-12-31 Greve Main Næstved 24 2670 Greve Greve Beierholm 32895468 Handelsskolevej 4700 Næstved Danmark Beierholm 32895468 1 4700 Danmark true We have on this day presented the annual report for the financial year 01.01.25 - 31.12.25 for Sortimo A/S. 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 company's assets, liabilities and financial position as at 31.12.25 and of the results of the company's activities for the financial year 01.01.25 - 31.12.25. The annual report is submitted for adoption by the general meeting. Mikael Bondo Meyer Wolfgang Zimmer Chairman Matthias Ferdinand Klupsch Thomas Georg Unger To the Shareholder of Sortimo A/S In our opinion the fi­nan­cial sta­te­ments give a true and fair view of the company's finan­cial posi­tion at 31.12.25 and of the results of the company's ope­ra­tions for the finan­cial year 01.01.25 - 31.12.25 in ac­cor­dan­ce with the Danish Finan­cial Sta­te­ments Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s responsibilities for the audit of the fi­nan­cial sta­te­ments” section of our report. We are independent of the company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management 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 company's ability to continue as a going concern, dis­closing, as applicable, mat­ters related to going con­cern and using the going concern basis of ac­counting in pre­paring the fi­nan­cial sta­te­ments unless mana­ge­ment either intends to liquidate the company or to cease operations, or has no rea­listic alternative but to do so. 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 judgment 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 company's inter­nal control.Evaluate the appropriateness of accoun­ting policies used and the reason­able­ness of accounting estimates and related disclosures made by management.Conclude on the appropriateness of manage­ment’s use of the going concern basis of accoun­ting in preparing the fi­nan­cial sta­te­ments and, based on the audit evidence obtained, whether a mate­rial uncertainty exists related to events or conditions that may cast signi­ficant doubt on the company's ability to con­tinue as a going concern. If we con­clude that a material uncertainty exists, we are required to draw attention in our audi­tor’s report to the related disclosures in the fi­nan­cial sta­te­ments or, if such dis­closures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the fi­nan­cial sta­te­ments, including the disclosures, and whether the fi­nan­cial sta­te­ments repre­sent the underlying transactions and events in a manner that gives a true and fair view.We communicate with those charged with gover­nance regarding, among other mat­ters, the planned scope and timing of the audit and significant audit findings, inclu­ding any significant deficiencies in internal control that we identify during our audit. Næstved Jørgen Stegmann Rickard Halfdan Patel State Authorised Public Accountant mne11738 State Authorised Public Accountant mne33780 18984268 26911597 16583115 16701713 822116 517132 0 54338 1579037 9638414 612 130223 0 10000000 117585 528005 1462064 -759368 337256 2061578 1124808 -2820946 1124808 -2820946 292540 339578 2936384 2667020 3228924 3006598 151430 151430 1414265 1342893 1565695 1494323 4794619 4500921 7478822 8900742 7478822 8900742 8309464 7509375 4707414 4707414 320574 0 66 0 578666 636543 13916184 12853332 7777185 7401631 29172191 29155705 33966810 33656626 550000 550000 29911496 28786688 30461496 29336688 152495 120665 152495 120665 46026 50820 23593 0 1293591 1054219 494743 851246 0 26156 1494866 2216832 3352819 4199273 3352819 4199273 33966810 33656626 Figures in DKKShare capitalRetained earningsTotal equityStatement of changes in equity for 01.01.24 - 31.12.24Balance as at 01.01.24550,00031,607,63432,157,634Net profit/loss for the year0-2,820,946-2,820,946Balance as at 31.12.24550,00028,786,68829,336,688Statement of changes in equity for 01.01.25 - 31.12.25Balance as at 01.01.25550,00028,786,68829,336,688Net profit/loss for the year01,124,8081,124,808Balance as at 31.12.25550,00029,911,49630,461,496 550000 31607634 -2820946 550000 28786688 1124808 550000 29911496 1.Special itemsSpecial items are income and expenses that are special due to their size and nature. The following special items were recorded in the financial year:Special items:Recognised in the income statement in:2025 DKK2024 DKKImpairment losses of equity investments in group entreprisesImpairment losses on financial assets0-10,000,000The company has given group subsidies of DKK 10.000k to a subsidiary during last year. As a result of the subsidiary's results and financial position, the investment in the subsidiary was written down with DKK 10.000k. 2.Primary activitiesThe company's main activity consists in sale of interior solutions for vans. 14448168 14868133 1300960 1009503 386432 351552 447555 472525 27 27 0 113830 612 16393 5.Contingent liabilitiesRecourse guarantee commitmentsThe company has provided a guarantee for subsidiary's debt to credit institutions. The guarantee is maximised at NOK 150k. The group enterprises' debt to the credit institutions concerned amounts to NOK 0 at the balance sheet date. 6.Other commitmentsThe company has concluded lease agreements with terms to maturity of 5-44 months and monthly lease payments of DKK 3-9k, a total of DKK 580k. This includes lease agreements concluded with group enterprises, but the agreements are also specified separately below.The company has concluded lease agreements with group enterprises with terms to maturity of 12 months and average lease payments of DKK 8k, a total of DKK 95k.The company has concluded rent agreements with terms to maturity of 6-88 months and monthly rent payments of DKK 61-120k, a total of DKK 7.256k. 7.Charges and securityAs security for debt to credit institutions of DKK 46k, a company charge of DKK 1.000k has been provided comprising intellectual property rights, other plant, fixtures and fittings, tools and equipment, inventories and trade receivables. The total carrying amount of the company's comprised assets is DKK 19.017. 8.Related partiesThe company is included in the consolidated finan­cial statements of the parent Sortimo International GmbH, Zusmarshausen, Germany. The annual report is presen­ted in ac­cord­ance with the provisions of the Danish Fi­nan­cial Statements Act (Årsregn­skabs­lov­en) for enterprises in re­port­ing class B with application of pro­vi­sions for a higher reporting class. In accordance with section 112 of the Danish Financial Statements Act, the company has not prepared consolidated financial statements. The company is a subsidiary of Sortimo International GmbH, Zusmarshausen, Germany, CVR no. HRB 10424, which prepares consolidated financial statements. Basis of recognition and measurementIncome is recognised in the income state­ment as earned, including value adjust­ments of fin­an­cial assets and liabilities. All ex­penses, including depreciation, amortisa­tion, impair­ment losses and write-downs, are also recognised in the in­come state­ment.Assets are recognised in the balance sheet when it is probable that future economic bene­fits will flow to the company, and the value of such assets can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company, and the value of such liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below.On recognition and measurement, account is taken of foreseeable losses and risks arising before the date at which the annual report is presented and proving or disproving matters arising on or before the balance sheet date. CURRENCYThe annual report is presen­ted in Danish kroner (DKK).On initial recognition, transactions den­ominated in foreign currencies are trans­lated using the exchange rates applicable at the transaction date. Exchange rate differences between the exchange rate applicable at the transaction date and the exchange rate at the date of payment are recognised in the income statement as a financial item. Receivables, payables and other monetary items denominated in foreign currencies are translated using the exchange rates applicable at the balance sheet date. The difference between the ex­change rate applicable at the balance sheet date and at the date at which the receivable or payable arose or was recognised in the latest annual report is recognised under financial income or ex­penses in the income statement. Fixed assets, inventories and other non-monetary assets acquired in foreign currencies are translated using historical exchange rates. LEASESLease payments relating to operating and finance leases are recognised in the income statement on a straight-line basis over the lease term. Gross profitGross profit comprises rev­enue, other operating income and cost of sales and other external ex­penses. RevenueIncome from the sale of goods is recognised in the income statement if delivery has taken place and the risk has passed to the buyer before the end of the financial year and where the selling price can be determined reliably and is expected to be paid. Revenue is measured at fair value and is determined exclusive of VAT and other taxes collected on behalf of third parties and less discounts.Income from the sale of services is recognised in the income statement as delivery takes place (delivery method). Revenue is measured at the selling value of the agreed consideration exclusive of VAT and other taxes collected on behalf of third parties and less discounts. Other operating incomeOther operating income comprises income of a secondary nature in relation to the enterprise’s activities, including rental income, salary supplements and refunds, negative goodwill and gains on the sale of intangible assets and property, plant and equipment. Cost of salesCost of sales comprises cost of sales for the year measured at cost plus any changes in inventories, including write-downs to the extent that these do not exceed normal write-downs. Other external expensesOther external expenses comprise costs re­lating to distribution, sales and advertising and administration, premises and bad debts to the extent that these do not exceed normal write-downs. Staff costsStaff costs comprise wages and salaries as well as other staff-related costs. De­pre­ci­a­tion and impair­ment lossesThe de­pre­ci­a­tion of prop­er­ty, plant and equip­ment aim at systematic de­pre­ci­a­tion over the expected useful lives of the assets. Assets are de­pre­ci­ated according to the straight-line method based on the following ex­pected useful lives and residual values:The basis of de­pre­ci­a­tion is the cost of the asset less the expected residual value at the end of the useful life. Moreover, the basis of de­pre­ci­a­tion is reduced by any impairment losses. The useful life and residual value are determined when the asset is ready for use and reassessed annually.Prop­er­ty, plant and equip­ment are impaired in accordance with the accounting policies referred to in the ‘Impairment losses on fixed assets’ section. Other operating expensesOther operating expenses comprise costs of a secondary nature in relation to the enterprise’s activities, including costs relating to rental activities and losses on the sale of intangible assets and property, plant and equipment. Impairment losses on financial assetsImpairment losses on financial assets comprise impairment of investments at a lower recoverable amount and write-downs of financial current assets at a lower net realisable value. Other net financialsInterest income and interest expenses, for­eign exchange gains and losses on trans­ac­tions denominated in foreign currencies etc. are recognised in other net financials. Tax on profit/loss for the yearThe current and deferred tax for the year is recognised in the income statement as tax on the profit/loss for the year with the portion attributable to the profit/loss for the year, and directly in equity with the portion attributable to amounts recognised directly in equity. Property, plant and equipmentProperty, plant and equipment comprise leasehold improvements as well as other fixtures and fittings, tools and equipment.Property, plant and equipment are meas­ured in the balance sheet at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and expenses resulting directly from the purchase until the asset is ready for use. Interest on loans arranged to finance production is not included in the cost.Property, plant and equipment are depreci­ated using the straight-line method based on useful lives and residual values, which are stated in the ‘De­pre­ci­a­tion and impair­ment losses' section.Gains and losses on the disposal of property, plant and equipment are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal less any costs of disposal. Equity investments in group en­tre­prisesEquity investments in subsidiaries are measured in the balance sheet at cost less any impairment losses. Transaction costs directly attributable to the acquisition are recognised in the cost of equity investments. Gains or losses on disposal of equity investments are determined as the difference between the disposal consideration and the carrying amount of net assets at the time of sale, including non-amortised goodwill, as well as the expected costs of divestment or discontinuation. Gains and losses are recognised in the income statement under income from equity investments. Impairment losses on fixed assetsThe carrying amount of fixed assets which are not measured at fair value is assessed annually for indications of impairment over and above what is reflected in de­pre­ci­a­tion.If the company's realised return on an asset or a group of assets is lower than expected, this is considered an indication of impairment.If there are indications of impairment, an impairment test is conducted of individual assets or groups of assets.If dividends are distributed on equity investments in sub­si­di­ar­ies exceeding the year earnings from the enterprise in question, this is considered an indication of impairment.The assets or groups of assets are impaired to the lower of recoverable amount and carrying amount.The higher of net selling price and value in use is used as the recoverable amount. The value in use is determined as the present value of expected net cash flows from the use of the asset or group of assets as well as expected net cash flows from the sale of the asset or group of assets after the expiry of their useful lives.Impairment losses are reversed when the reasons for the impairment no longer exist. InventoriesInventories are measured at cost calculated according to weighted average prices. Inventories are written down to the lower of cost and net realisable value.The cost of raw materials and consumables as well as goods for resale is determined as purchase prices plus expenses resulting directly from the purchase.The net realisable value of inventories is determined as the selling price less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and the expected development in the selling price. ReceivablesReceivables are measured at amortised cost, which usually corresponds to the nom­inal value, less write-downs for bad debts.Write-downs for bad debts are determined based on an individual assessment of each receivable if there is no objective evidence of individual impairment of a receivable.Deposits recognised under assets comprise deposits paid to the lessor under leases entered into by the company. PrepaymentsPrepayments recognised under assets com­prise costs incurred in respect of subse­quent financial years. CashCash includes deposits in bank accounts as well as operating cash. Current and deferred taxCurrent tax payable and receivable is recognised in the balance sheet as tax computed on the basis of the taxable income for the year, adjusted for tax paid on account.Deferred tax liabilities and tax assets are recognised on the basis of all temporary differences between the carrying amounts and tax bases of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is non-amortisable for tax purposes and other items where temporary differ­ences, except for acquisitions, have arisen at the date of acquisition without affecting the net profit or loss for the year or the tax­able income. In cases where the tax value can be determined according to different taxation rules, deferred tax is measured on the basis of management’s intended use of the asset or settlement of the liability.Deferred tax assets are recognised, following an assessment, at the expected realisable value through offsetting against deferred tax liabilities or elimination in tax on future earnings.Deferred tax is measured on the basis of the tax rules and at the tax rates which, according to the legislation in force at the balance sheet date, will be applicable when the deferred tax is expected to crystallise as current tax. PayablesShort-term financial payables are measured at amortised cost, normally corresponding to the nominal value of such payables. Other short-term payables are measured at net realisable value. Prepayments received from customersPrepayments received from customers com­prise amounts received from customers prior to the time and date of delivery of the agreed product or completion of the agreed service.