27355943 2024-01-01 2024-12-31 27355943 2024-01-01 2024-12-31 auditor_1 27355943 2024-01-01 2024-12-31 memberOfBoardIdentifier_1 27355943 2024-01-01 2024-12-31 memberOfBoardIdentifier_1 27355943 2024-01-01 2024-12-31 memberOfBoardIdentifier_2 27355943 2024-01-01 2024-12-31 memberOfBoardIdentifier_3 27355943 2023-01-01 2023-12-31 27355943 2022-01-01 2022-12-31 27355943 2021-01-01 2021-12-31 27355943 2020-01-01 2020-12-31 27355943 2024-12-31 27355943 2023-12-31 27355943 2022-12-31 27355943 2021-12-31 27355943 2020-12-31 27355943 2023-12-31 fsa:ContributedCapitalMember 27355943 2023-12-31 fsa:RetainedEarningsMember 27355943 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 27355943 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 27355943 2024-12-31 fsa:ContributedCapitalMember 27355943 2024-12-31 fsa:RetainedEarningsMember 27355943 2023-12-31 fsa:AcquiredIntangibleAssetsMember 27355943 2024-01-01 2024-12-31 fsa:AcquiredIntangibleAssetsMember 27355943 2024-12-31 fsa:AcquiredIntangibleAssetsMember 27355943 2023-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 27355943 2023-12-31 fsa:LeaseholdImprovementsMember 27355943 2023-12-31 fsa:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember 27355943 2024-01-01 2024-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 27355943 2024-01-01 2024-12-31 fsa:LeaseholdImprovementsMember 27355943 2024-01-01 2024-12-31 fsa:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember 27355943 2024-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 27355943 2024-12-31 fsa:LeaseholdImprovementsMember 27355943 2024-12-31 fsa:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember 27355943 2024-12-31 fsa:DepositsLongtermLiabilitiesOtherThanProvisionsMember 27355943 2023-12-31 fsa:DepositsLongtermLiabilitiesOtherThanProvisionsMember iso4217:DKK pure Årsrapport 2024-01-01 2023-01-01 2024-12-31 2023-12-31 2025-04-16 27355943 2025-04-16 2003-09-24 Reporting class C, medium-size enterprise KPMG 2100 København Ø Dampfærgevej 28 25578198 Auditor's report on audited financial statements Copenhagen 2025-04-16 KPMG 25578198 true Tobias Vieth The Board of Directors and the Executive Board have today discussed and approved the annual report for ILLUM A/S for the financial year 1 January - 31 December 2024. The annual report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities, cash flows and financial position at 31 December 2024 and of the results of the Company's operations for the financial year 1 January - 31 December 2024.Further, in our opinion, the Management's review gives a fair review of the development in the Company's activities and financial matters, of the results for the year and of the Company's financial position. We recommend that the annual report be approved at the annual general meeting. Jeanette Aaen CEO Sean Christopher Hill Chairman Vittorio Radice Jeanette Aaen Independent auditor's report To the shareholder of ILLUM A/S Opinion We have audited the financial statements of ILLUM A/S for the financial year 1 January - 31 December 2024, comprising income statement, balance sheet, statement of changes in equity, cash flows and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2024 and of the results of the Company's operations and cash flows for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report.We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management's responsibility for the financial statementsManagement is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control that Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements in Denmark will always detect a material misstatement when it exists. Misstatements may arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of financial statement users made on the basis of these financial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We alsoidentify and assess the risks of material misstatement of the company financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on the Management's reviewManagement is responsible for the Management's review.Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. Henrik Y. Jensen mne35442 ILLUM A/S Østergade 52 DK-1100 København K 33 14 40 02 www.illum.dk Copenhagen 58354000 14595000 882000 -13902000 -36702000 -61334000 -93753000 -101206000 -114265000 -140423000 749000 491000 -7165000 -7625000 -5916000 -45478000 -74371000 -88339000 -99973000 -120838000 475255000 415427000 406917000 450344000 450162000 16649000 14354000 15728000 7846000 14840000 12573000 58051000 132422000 -217979000 -118006000 -49016000 -53158000 -92443000 -26127000 -165458000 -21809000 -26113000 -18342000 -9417000 -16015000 97887000 77628000 74666000 64861000 160657000 27062000 -1643000 -36119000 29317000 -20816000 503 450 540 269 279 26 140 325 -484 -262 The financial ratios have been calculated as follows:Current ratioCurrent assets x 100 / Current liabilitiesSolvency ratioEquity at year end x 100 / Total equity and liabilities at year end Principal activities ILLUM A/S operates the department store ILLUM from the address Østergade 52, Copenhagen. Development in activities and financial position Loss for the year (including comparison with forecasts previously announced) The Company's income statement for 2024 shows a loss of DKK 45,478 thousand as against a loss of DKK 74,371 thousand in 2023. Equity in the Company's balance sheet at 31 December 2024 stood at DKK 12,573 thousand as against DKK 58,051 thousand at 31 December 2023. The financial year was in line with forecast, and planned strategy. Outlook It is expected that the Company's activities in 2025 will match the level of 2024. Events after the balance sheet date No events have occurred after the balance sheet date of material importance to the annual report for 2024. 58354000 14595000 89687000 77615000 30001000 30733000 -61334000 -93753000 913000 646000 164000 155000 -60585000 -93262000 -15107000 -18891000 -45478000 -74371000 11741000 0 325000 0 222498000 0 9936000 0 109033000 0 24531000 0 15107000 0 3885000 0 27486000 0 50713000 23651000 475255000 415427000 922896000 922896000 -910323000 -864845000 12573000 58051000 3914000 5257000 122883000 107565000 319448000 221561000 6993000 12947000 9444000 10046000 458768000 352119000 462682000 357376000 475255000 415427000 922896000 -864845000 0 -45478000 922896000 -910323000 -45478000 -74371000 30001000 30733000 -68656000 -73662000 913000 646000 -164000 -155000 18891000 20013000 -49016000 -53158000 -5160000 -11759000 -16649000 -14354000 -21809000 -26113000 97887000 77261000 0 367000 97887000 77628000 27062000 -1643000 The annual report of ILLUM A/S for 2024 has been prepared in accordance with the provisions applying to reporting class C medium-sized under the Danish Financial Statements Act.The accounting policies used in the preparation of the financial statements are consistent with those of last year.Omission of executive remuneration on management categoriesIn accordance with section 98b(3)(II) of the Danish Financial Statements Act, remuneration of the Executive Board has not been presented, as the Board of Directors did not receive any emoluments. Foreign currency translation On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. Revenue ILLUM A/S' revenue consists of revenue from sales in ILLUM A/S' own stores, sale of services to concessions and commission from concession sales. Income from the sale of goods for resale, comprising direct sale of goods from ILLUM A/S' own stores, is recognised in revenue when transfer of the most significant rewards and risks to the buyer has taken place. Revenue from concession agreements: When selling goods and services delivered by concessionaries, the Company does not assume significant rewards and risks related to the sale, and revenue is thus presented on a net basis and measured at the fair value of the distribution fee agreed upon. Income is recognised in revenue when rewards and risks are transferred from the concessionary to a third party whereby the Company qualifies for the right to commission. Revenue from the sale of services to concessions is recognised as the services are provided. Cost of sales Costs of goods for resale comprise costs incurred in generating the revenue for the year from ILLUM A/S' own stores. Other external costs Other external costs comprise costs of distribution, sales and advertising, administrative expenses, costs of premises, bad debts, operating leases, etc. Staff costs Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs. Refunds from public authorities are deducted from staff costs. Tax on loss for the year Tax for the year comprises current tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement at the amount attributable to the profit/loss for the year and directly in equity at the amount attributable to entries directly in equity. Intangible assets Software Licences (software) are measured at cost less accumulated amortisation and impairment losses. Licences (software) are amortised on a straight-line basis over the period of contract, however, not exceeding 5 years. Property, plant and equipmentFixtures and fittings, tools and equipment as well as leasehold improvements are measured at cost less accumulated depreciation and impairment losses.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use. Indirect production overheads and borrowing costs are not recognised in cost.Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately.The basis of depreciation is cost less any projected residual value after the end of the useful life. Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful lives are as follows:Fixtures, fittings, tools and equipment1-15 yearsLeasehold improve­ments1-30 yearsThe useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively.Fixed assets under construction are recognised and measured at cost at the balance sheet date. Upon entry into service, the cost is transferred to the relevant group of property, plant and equipment. Gains and losses on the disposal of property, plant and equipment are stated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively. Leases The Company has no leases that transfer substantially all risks and rewards incident to ownership to the Company (finance leases). All the Company's leases are operating leases. Payments relating to operating leases and other leases are recognised in the income statement over the term of the lease. The Company's total obligation relating to operating leases and other leases is disclosed as contingent liabilities, etc. Financial assets Equity investments in subsidiaries and associates are measured at cost. In case of indication of impairment, an impairment test is conducted. When the cost exceeds the recoverable amount, write-down is made to this lower value. Other receivables and deposits are recognised at amortised cost. Impairment of fixed assets The carrying amount of intangible assets and property, plant and equipment is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount. The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as the present value of the forecast net cash flows from the use of the asset or the group of assets, including forecast net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Inventories Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value. Goods for resale and raw materials and consumables are measured at cost, comprising purchase price plus delivery costs. The net realisable value of inventories is calculated as the sales amount less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and development in expected selling price. Receivables Receivables are measured at amortised cost. Write-down is made for bad debt losses where there is an objective indication that a receivable has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis. Write-downs are calculated as the difference between the carrying amount of receivables and the present value of forecast cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Corporation tax and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities based on the planned use of the asset or settlement of the liability. However, deferred tax is not recognised on temporary differences relating to goodwill non-deductible for tax purposes and on office premises and other items where the temporary differences arise at the date of acquisition without affecting either profit/loss or taxable income. Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Any deferred net assets are measured at net realisable value. Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively. Prepayments Prepayments recognised under current assets comprise prepayments of costs incurred relating to subsequent financial years. Cash at bank and in hand Cash at bank and in hand comprise cash and bank deposits. Liabilities Financial liabilities are recognised at the date of borrowing at cost, corresponding to the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between cost and the nominal value is recognised in the income statement over the term of the loan together with interest expenses. Other liabilities are measured at amortised cost. Deferred income Deferred income recognised under liabilities comprises advance invoicing regarding income in subsequent years. The cash flow statement shows the Company's cash flows from operating, investing and financing activities for the year, the year's changes in cash and cash equivalents as well as the Company's cash and cash equivalents at the beginning and end of the year. Cash flows from operating activities Cash flows from operating activities are calculated as the Company's share of profit/loss for the year adjusted for non-cash operating items, changes in working capital and corporation tax paid. Cash flows from investing activities Cash flows from investing activities comprise payments in connection with acquisitions and disposals of intangible assets, property, plant and equipment and investments. Cash flows from financing activities Cash flows from financing activities comprise changes in size or composition of the Company's contributed capital and costs in this respect as well as raising of loans, installments on interest-bearing debt and distribution of dividends to owners. Cash and cash equivalents Cash and cash equivalents comprise cash and short-term marketable securities with a term of three months or less which are easily convertible into cash and which are subject to only an insignificant risk of changes in value. The Company has lost more than 50% of its contributed capital and is thus subject to the provisions on loss of capital under the Danish Companies Act. It is Management's expectation that the capital can be restored operations going forward. If, contrary to expectations, this will not take place, the Company's owners will contribute new capital to restore the contributed capital. 81269000 70496000 7148000 6010000 1270000 1109000 208000 188000 5453000 2799000 24548000 27934000 -15107000 -18891000 -45478000 -74371000 28064000 5160000 33224000 -16030000 -5453000 -21483000 11741000 4293000 473621000 7188000 251000 13650000 2748000 0 -20324000 0 4544000 466947000 9936000 -3969000 -236452000 0 -250000 -24298000 0 0 16301000 0 -4219000 -244449000 0 325000 222498000 9936000 Prepayments4,4092,558 Concessions23,0773,718 Contributed capital consists of:922,896,211 shares of a nominal value of DKK 1 each. 3914000 5257000 Deposits from concessionaries are repaid upon termination of the contract. Deferred income of DKK 9,443 thousand (2023: DKK 10,046 thousand) comprise payments received (giftcards/ Illum Key Point) from customers that cannot be recognised until the subsequent financial year. -913000 -646000 164000 155000 -15107000 -18891000 -1343000 -568000 3805000 0 -25354000 -2257000 -3114000 -13638000 -11317000 5821000 Contingent liabilitiesThe Group's Danish entities are jointly and severally liable for tax on the Group's jointly taxed income and for certain withholding taxes such as dividend tax and royalty tax as well as for the joint registration for VAT. Any subsequent corrections of the taxable income subject to joint taxation or withholding taxes on dividends, etc., may entail an increase in the entities' liability. The Group as a whole is not liable to any other parties.Operating lease obligationsTotal future lease payments:Within 1 year137,414152,441Between 1 and 5 years706,531781,340After 5 years2,328,4362,552,865Total per obligation typeMinimum rental obligation3,182,3813,486,581Other lease obligations, primarily cars065The above is based on the nominal remaining payments.The calculation of the lease obligation has been made from the balance sheet date until the date when the lease can be contractually terminated. In the event of vacation before expiry of the lease, costs for reestablishment, etc., may occur. No provision has been made in this respect. Control CRC Luxembourg S.á.r.l. 43, Avenue J. F. Kennedy 1855 Luxembourg CRC Luxembourg S.á.r.l. holds the majority of the contributed capital in the Company. ILLUM A/S is part of the consolidated financial statements of CRC Luxembourg S.á.r.l., 43, Avenue J. F. Kennedy 1855 Luxembourg, which is the smallest and largest group, in which the Company is included as a subsidiary. The consolidated financial statements of CRC Luxembourg S.á.r.l. can be obtained by contacting the Company at the above address.DKK'00020242023 Management fee to group entities-967-743 Rental fee to group entites-126,858-125,774 Payables to group entites are presented in the balance sheet.