The supervisory board and executive board have today discussed and approved the annual report of Bauer Media ApS for the financial year 1 January - 31 December 2024.The annual report is 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 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 our opinion, management's review includes a fair review of the matters dealt with in the management's review.Management recommends that the annual report should be approved by the company in general meeting.James William ReceveurJesper Tobias NielsenJames William ReceveurTo the shareholder of Bauer Media ApSQualified OpinionWe have audited the financial statements of Bauer Media ApS for the financial year 1 January - 31 December 2024, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity, cash flow statement and notes. The financial statements are prepared under the Danish Financial Statements Act. In our opinion, except for the potential effects of the matter(s) described in the “Basis for Qualified Opinion” paragraph, the financial statements give a true and fair view of the company's 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 Qualified OpinionOther payables, for the comparative figures The auditor's report issued on the financial statements for 2023 was qualified as to the recognition of provisions. Consequently, we qualify our opinion of the comparative figures for the financial year 2023, where the company has other payables of total 31.5 million DKK as per 31 December 2023. We are unable to obtain sufficient appropriate audit evidence of about 10.6 million DKK of the total amount. Consequently, we are unable to determine whether this amount could be recognized or if any adjustments to this amount was necessary. We have also been unable to obtain sufficient and appropriate audit evidence as to how much of the DKK 10.6 million also relates to previous financial years. Our opinion on the financial statements for the current period 2024 is modified as well due to the potential effect of the matter on the comparability between the current period's figures and the comparative figures. It has not been possible to quantify the potential effect of the matter on the financial statements. 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' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.Emphasis of matter We draw attention to note 13, which the accounting item other payables, which include provisions that are subject to significant uncertainty regarding contractual disagreements regarding prices. As no contract has been signed for the financial year, payments have been made according to the previous, expired agreement. It is currently not possible for management or their advisors to assess the outcome of this disagreement.The Company has entered negotiations with some customers regarding pricing of deliveries during the year. At the time of approval of the financial statements, these negotiations are not yet final, which is why there is uncertainty about the outcome, and thus also an uncertainty associated with the recognized provisions, as these cannot be reliably determined at this time.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 the 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 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 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 management's review Management is responsible for management's review. Our opinion on the financial statements does not cover 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 management's review and, in doing so, consider whether 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 management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that management's review is in accordance with the 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 management's review.Copenhagen2025-06-23Rödl & Partner Danmark A/SClaus D. Bishaw-WittState Authorized Public Accountantmne10028Bjarne Flyvbjerg ErichsenState Authorized Public Accountantmne47907Seen over a 5-year period, the development of the Company may be described by means of the following financial highlights: The financial ratios are calculated in accordance with the Danish Finance Society's recommendations and guidelines. For definitions, see the summary of significant accounting policies.. 9812000010162400097032000567830005860600053688000427210004544800041511000100464000110372000118335000015520007010001567000181200060901000641800006824200045.654.660.658.157.7Business review Bauer Media ApS' principal activities have consisted of production and broadcasting of radio programmes and podcasts as well as sale of radio commercials to these media.Recognition and measurement uncertainties The recognition and measurement of items in the annual report is not associated with any uncertainty, except for some provisions booked in the accounting item other payables, which are subject to significant uncertainty regarding contractual disagreements regarding prices. As no contract has been signed for the financial year, payments have been made according to the previous, expired agreement. It is currently not possible for management or their advisors to assess the outcome of this disagreement. Furthermore the Company has entered negotiations with some customers regarding pricing of deliveries during the year. At the time of approval of the financial statements, these negotiations are not yet final, which is why there is uncertainty about the outcome, and thus also an uncertainty associated with the recognized provisions, as these cannot be reliably determined at this time.Unusual matters The company's financial position at 31 December 2024 and the results of its operations and cash flows for the financial year ended 31 December 2024 are not affected by any unusual matters.Financial review The company's income statement for the year ended 31 December 2024 shows a profit of DKK 43.458.539, and the balance sheet at 31 December 2024 shows equity of DKK 61.638.193. Management expects the revenue in 2025 to be at the same level as in 2024, and the net result for 2025 is expected to be positive, at the same level as 2024.Significant events occurring after the end of the financial year No events have occurred after the balance sheet date which could significantly affect the company's financial position.The annual report of Bauer Media ApS for 2024 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C. The accounting policies applied are consistent with those of last year. The annual report for 2024 is presented in DKKIncome is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, 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 the asset 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 the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item. On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date.In pursuance of section 32 of the Danish Financial Statements Act, the company does not disclose its revenue. Gross profit reflects an aggregation of revenue, changes in inventories of finished goods and work in progress and other operating income less costs of raw materials and consumables and other external expenses.Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably, and it is probable that the economic benefits relating to the sale will flow to the Company. Revenue is measured at the value of the received fee and recognised excluding VAT and deducted rebates given in relation to the sale.Cost of sales comprises costs incurred to generate revenue for the year. This item also comprises direct costs for goods for resale and changes to inventory of goods for resale.Other operating income comprises items secondary to the activities of the entity, including gains on the disposal of property, plant and equipment.Other external costs comprise distribution costs and costs related to sales, sales campaigns, administration, office premises, operating leases, etcStaff costs include wages and salaries, including compensated absence and pensions, as well as other social security contributions, etc. made to the entity's employees.Financial income and expenses are recognised in the income statement at the amounts that relate to the financial year. Net financials include interest income and expenses, financial expenses relating to finance leases, realised and unrealised capital/exchange gains and losses on securities, liabilities and foreign currency transactions, amortisation of financial assets and liabilities and surcharges and allowances under the Danish Tax Prepayment Scheme, etc.Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity.Intangible rights Intangible rights include costs for the right of use of antennas. Intangible rights are measured at cost less accumulated amortisation and impairment losses. Intangible rights are amortised on a straight-line basis over a 9 year period.Items of plant and machinery and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. The depreciable amount is cost less the expected residual value at the end of the useful life. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers and wages. Straight-line depreciation is provided on the basis of the following estimated useful lives of the assets: Useful life Other fixtures and fittings, tools and equipment 3-5 years Leasehold improvements 7 years The useful life and residual value are re-assessed annually. A change is accounted for as an accounting estimate, and the impact on amortisation/depreciation is recognised going forward. Gains and losses on the sale of items of property, plant and equipment are calculated as the difference between the selling price, less costs to sell, and the carrying amount at the time of sale. Gains or losses on the sale of items of property, plant and equipment are recognised in the income statement under other operating income or other operating expenses, respectively.The carrying amount of intangible assets, items of property, plant and equipment and investments in subsidiaries, associates and participating interests is tested annually for impairment, other than what is reflected through normal amortisation and depreciation. Where there is evidence of impairment, an impairment test is performed for each individual asset or group of assets. Write-down is made to the lower of the recoverable amount and the carrying amount. The recoverable amount is the higher of the net present value and the value in use less expected costs to sell. The net present value is determined as the present value of the anticipated net cash flows from the use of the asset or group of assets and the anticipated net cash flows from the disposal of the asset or group of assets after the end of their useful life.Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Provisionsfor bad debts are determined on the basis of an individual assessment of each receivablePrepayments recognised under 'Current assets' comprises expenses incurred concerning subsequent financial years.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.Dividends Proposed dividends are disclosed as a separate item under equity. Dividends are recognised as a liability when declared by the annual general meeting of shareholders.Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account. Deferred tax is measured according to the liability method in respect of temporary differences between the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use of the asset and settlement of the liability, respectively. Deferred tax is measured at net realisable value. Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax adjustments resulting from changes in tax rates are recognised in the income statement, with the exception of items taken directly to equity. Deferred tax assets, including the tax base of tax losses allowed for carry forward, are measured at the value to which the asset is expected to be realised, either as a set-off against tax on future income or as a set-off against deferred tax liabilities within the same legal tax entity. Any deferred net tax assets are measured at net realisable value.Liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value.On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as financial income or financial expenses. If foreign currency instruments are considered cash flow hedges, any unrealised value adjustments are taken directly to a fair value reserve under ‘Equity’. Receivables and 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. The cash flow statement shows the company's cash flows for the year, broken down under cash flows from operating, investing and financing activities, the year's changes in cash and cash equivalents and the company's cash and cash equivalents at the beginning and at the end of the year. The cash flow effect of additions and disposals of entities is shown separately under cash flows from investing activities. The cash flow statement includes cash flows from acquired entities from the time of acquisition, and cash flows from sold entities are included until the date of sale. Cash flows from operating activities Cash flows from operating activities are stated as the company's profit or loss for the year, adjusted for non-cash operating items, changes in working capital and paid income taxes. Dividend income from investments is recognised under ‘Interest income and dividend received’. Cash flows from investing activities Cash flows from investing activities comprise payments related to the acquisition and sale of entities and activities as well as intangible assets, property, plant and equipment and investments. Cash flows from financing activities Cash flows from financing activities comprise changes in the size or composition of the company's share capital and related costs, as well as the raising of loans, repayment of interest-bearing debt and payment of dividends to shareholders. Cash and cash equivalents Cash and cash equivalents comprise cash and short-term securities whose remaining life is less than three months and which are readily convertible into cash and which are subject only to insignificant risks of changes in value.948537849609970138971140414095851316994168861754565650530014991622688942605178297543235601004153889781125515021206208943458539418276922804123200002804123200002224311282201829366430564721827010470067631276653520338338267535203383382675850142668303402517933518549386234480719869531359556653453118535312726633988483015202409529244298285167029729153174480916126535829102997618135037255109827958128000128000615101931805165404182769261638193600073468430220728711814359614682019405411215772225111705231488500733990624982061273399062498206121350372551098279581280001805165441827692-418276924345853901280006151019304345853941827692116187261284387223132240556228178209505602338451622688942605-178297-543237965389661122127-12832888-1057450966821008505476180-360000-2182701-15524880-360000-2182701-2272488-41827692-42721280-41827692-4272128022810615555385074480916689270669729153174480916972915317448091637346727399854601245662117723435682302192824689138971140414095855861According to section 98 B(3) of the Danish Financial Statements Act, renumeration to the executive board has not been disclosed.161434688453967407668580661622688942605104531625185756741492695202417829754323124641921196984887310988850-6644041827692434585390360000360000-40000-39588-795882804122655607727169440599966677502182701-1500000271410432784694218270123734059241129701197673797330-1500000-2491673224910300222431129366421827013382675236663-99000352033835203381359551353453053000001359556653453Provision for deferred tax asset at 1 January 2024 1.272.663 1.371.548 Deferred tax recognised in income statement -87.310 -98.885 Provision for deferred tax asset at 31 December 2024 1.185.353 1.272.663 Provisions for deferred tax on: Intangible assets -5.119 -2.514 Leasehold improvements 196.110 228.642 Property, plant and equipment 603.545 638.736 Trade receivables 137.817 138.300 Other taxable temporary differences 253.000 269.500 Transferred to deferred tax asset -1.185.353 -1.272.663 0 0 The deferred tax asset has arisen solely on the basis of the temporary differences resulting from the respective different depreciation periods, accounting vs. tax purposes. Deferred tax asset Calculated tax asset 1.185.353 1.272.663 Carrying amount 1.185.353 1.272.663 -5119-2514196110228642603545638736137817138300253000269500Prepayments comprise prepaid expenses regarding rent, insurance premiums, subscriptions and interest as well as fair value adjustments of derivative financial instruments with a positive fair value.The share capital consists of 128.000 shares of a nominal value of DKK 1. No shares carry any special rights.1280001We draw attention to the accounting item other payables, which include provisions that are subject to significant uncertainty regarding contractual disagreements regarding prices. As no contract has been signed for the financial year, payments have been made according to the previous, expired agreement. It is currently not possible for management or their advisors to assess the outcome of this disagreement. Furthermore the Company has entered negotiations with some customers regarding pricing of deliveries during the year. At the time of approval of the financial statements, these negotiations are not yet final, which is why there is uncertainty about the outcome, and thus also an uncertainty associated with the recognized provisions, as these cannot be reliably determined at this time.Bauer Radio Limited holds the majority of the contributed capital in the Company. Bauer Media ApS is part ofthe consolidated financial statements of Bauer Radio Limited, Peterborough, which is the smallest Company, and Bauer Media Group GmbH, which is the largest Company, respectively, in which the Company is includedas a subsidiary. The consolidated financial statements of Bauer Radio Limited can be obtained by contacting the Company at the address above.Related party transactions are for: Sale of services - 2,737,618 DKK for 2024 (2023: 3,442,470 DKK) Purchase of services - 17,096,983 DKK for 2024 (2023: 11,313,011 DKK) Other contingent liabilities not recognised in balance sheet Total other contingent liabilities Within 1 year 70.790.468 90.428.060 Between 1 and 5 years 63.519.389 44.301.499 134.309.857 134.729.559 -1622688-94260517829754323131699416886171255150212062089-805379-18552-446210-46953652357845010257646231322405562281Årsrapport39188678Rödl & Partner DanmarkStore Kongensgade 40H, 2.1264 København K2024-01-012024-12-312023-01-012023-12-3132473903Bauer Media ApSMileparken20A2740SkovlundeDKDanmark2009-09-22Ballerup+ 45 33 11 90 00www.bauermedia.dkRödl & Partner Danmark A/S39188678Claus D. Bishaw-WittState Authorized Public AccountantStore Kongensgade40H, 2.1264København KDKDanmark+45 70 20 00 742025-06-23Christian ScherfigRegnskabsklasse C, mellemstor virksomhedRevisionspåtegningCaseWare-FSRfalsefalsefalsefalseSolvency ratio Equity at year end x 100Total assets324739032024-01-012024-12-31324739032024-01-012024-12-311324739032024-01-012024-12-312324739032023-01-012023-12-31324739032022-01-012022-12-31324739032022-12-31324739032021-01-012021-12-31324739032021-12-31324739032020-01-012020-12-31324739032020-12-31324739032023-12-31324739032024-12-31324739032024-01-012024-12-311324739032024-01-012024-12-312324739032024-01-012024-12-311324739032024-01-01g:ContributedCapitalMember324739032024-12-31g:ContributedCapitalMember324739032024-01-01g:RetainedEarningsMember324739032024-01-012024-12-31g:RetainedEarningsMember324739032024-12-31g:RetainedEarningsMember324739032024-01-01g:ProposedDividendRecognisedInEquityMember324739032024-01-012024-12-31g:ProposedDividendRecognisedInEquityMember324739032024-12-31g:ProposedDividendRecognisedInEquityMember324739032024-01-01g:PrepaymentsForIntangibleAssetsMember324739032024-01-012024-12-31g:PrepaymentsForIntangibleAssetsMember324739032024-12-31g:PrepaymentsForIntangibleAssetsMember324739032024-01-01g:FixturesFittingsToolsAndEquipmentMember324739032024-01-012024-12-31g:FixturesFittingsToolsAndEquipmentMember324739032024-12-31g:FixturesFittingsToolsAndEquipmentMember324739032024-01-01g:LeaseholdImprovementsMember324739032024-01-012024-12-31g:LeaseholdImprovementsMember324739032024-12-31g:LeaseholdImprovementsMember324739032024-01-01g:PropertyPlantAndEquipmentInProgressMember324739032024-01-012024-12-31g:PropertyPlantAndEquipmentInProgressMember324739032024-12-31g:PropertyPlantAndEquipmentInProgressMember324739032024-12-311324739032024-01-01324739032023-01-01324739032024-12-31g:IntangibleAssetsMember324739032023-12-31g:IntangibleAssetsMember324739032024-12-31g:PropertyPlantAndEquipmentMember324739032023-12-31g:PropertyPlantAndEquipmentMember324739032024-12-31g:LongtermInvestmentsAndReceivablesMember324739032023-12-31g:LongtermInvestmentsAndReceivablesMember324739032024-12-31g:ReceivablesMember324739032023-12-31g:ReceivablesMember324739032024-12-31g:InvestmentsMember324739032023-12-31g:InvestmentsMember324739032024-01-01g:DepositsLongtermInvestmentsAndReceivablesMember324739032024-01-012024-12-31g:DepositsLongtermInvestmentsAndReceivablesMember324739032024-12-31g:DepositsLongtermInvestmentsAndReceivablesMemberxbrli:sharesiso4217:DKKxbrli:pure