xbrli:pureiso4217:DKK404828222023-01-012023-12-31cmn:ConsolidatedMember404828222023-01-012023-12-311cmn:ConsolidatedMember404828222023-01-012023-12-31fsa:LiquidationAccountMembercmn:ConsolidatedMember404828222023-01-012023-12-311cmn:ConsolidatedMember404828222023-01-012023-12-311404828222023-01-012023-12-312404828222023-01-012023-12-313404828222023-01-012023-12-314404828222023-01-012023-12-315404828222023-01-012023-12-312cmn:ConsolidatedMember404828222023-01-012023-12-31404828222022-01-012022-12-31cmn:ConsolidatedMember404828222022-01-012022-12-31404828222023-01-012023-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember404828222023-01-012023-12-31fsa:EquityAttributableToParentMembercmn:ConsolidatedMember404828222023-01-012023-12-31fsa:MinorityInterestsMembercmn:ConsolidatedMember404828222023-01-012023-12-31fsa:RetainedEarningsMember404828222023-12-31cmn:ConsolidatedMember404828222022-12-31cmn:ConsolidatedMember404828222023-12-31404828222022-12-31404828222023-01-01cmn:ConsolidatedMember404828222022-01-01cmn:ConsolidatedMember404828222023-01-01fsa:ContributedCapitalMembercmn:ConsolidatedMember404828222023-01-01fsa:RetainedEarningsMembercmn:ConsolidatedMember404828222023-01-01fsa:EquityAttributableToParentMembercmn:ConsolidatedMember404828222023-01-01fsa:MinorityInterestsMembercmn:ConsolidatedMember404828222023-12-31fsa:ContributedCapitalMembercmn:ConsolidatedMember404828222023-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember404828222023-12-31fsa:EquityAttributableToParentMembercmn:ConsolidatedMember404828222023-12-31fsa:MinorityInterestsMembercmn:ConsolidatedMember404828222023-01-01fsa:ContributedCapitalMember404828222023-01-01fsa:RetainedEarningsMember404828222023-01-01404828222023-12-31fsa:ContributedCapitalMember404828222023-12-31fsa:RetainedEarningsMember404828222023-01-012023-12-31fsa:ShorttermDeferredIncomeMembercmn:ConsolidatedMemberGrundlag for konklusionKonklusion2024-06-302024-06-3033963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegningRegnskabsklasse C, mellemstor virksomhed2022-12-312022-01-0133963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2023-12-312023-01-01Superstruct Denmark Holdings ApS40482822ÅrsrapportKøbenhavn S23006WeidekampsgadeAarhusAarhus C8000st<br /><br />35Studsgade0The Board of Directors and the Executive Board have today considered and approved the annual report of Superstruct Denmark Holdings ApS for the financial year 01.01.2023 - 31.12.2023.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2023 and of the results of their operations and the consolidated cash flows for the financial year
01.01.2023 - 31.12.2023.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.AarhusFlemming MyllerupBrian Barbagallo NielsenJames Peter BartonFlemming MyllerupRebecca Clemency Rose Newton-TaylorRoderik August SchlösserChairmanTo the shareholders of Superstruct Denmark Holdings ApSWe have audited the consolidated financial statements and the parent financial statements of Superstruct Denmark Holdings ApS for the financial year 01.01.2023 - 31.12.2023, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a
summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements
are prepared in accordance with the
Danish Financial Statements Act.
In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2023 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2023 - 31.12.2023 in accordance
with the Danish Financial Statements Act.We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional
requirements
applicable in Denmark. Our responsibilities under those standards and requirements are further
described in the "Auditor’s responsibilities for the audit of the consolidated financial statements and the parent financial statements" section of this auditor’s
report. We are independent of the Group in accordance
with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional
Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled
our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.Management is responsible for the preparation of consolidated financial statements and parent financial statements that give a true and fair view in
accordance
with the Danish Financial Statements Act, and for such internal control as Management determines
is necessary to enable the preparation of consolidated financial statements and parent financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and the Entity’s ability to continue
as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the consolidated financial statements and the parent financial statements unless Management either intends to liquidate
the Entity or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these consolidated financial statements and parent financial statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark,
we exercise professional judgement and maintain professional scepticism throughout the audit. We also:<br />Identify and assess the risks of material misstatement of the consolidated financial statements and the parent financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
<br />Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group's and the Entity’s internal control.
<br />Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by Management.
<br />Conclude on the appropriateness of Management’s use of the going concern basis of accounting in
preparing the consolidated financial statements and the parent financial statements, and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Entity’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related disclosures in the consolidated financial statements and the parent financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or conditions may cause the
Group and the Entity to cease to continue as a going concern.
<br />Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures
in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and
events in a manner that gives a true and fair view.<br />We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.Management is responsible for the management commentary.
Our opinion on the consolidated financial statements and the parent financial statements does not cover the management commentary, and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
Moreover, it is our responsibility to consider whether the management commentary provides the information
required by relevant law and regulations.<br />Based on the work we have performed, we conclude that the management commentary is in accordance with
the consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary.AarhusMads FauerskovSune Pagh Sølvsteenmne35428mne47819State Authorised Public AccountantState Authorised Public AccountantFinancial highlights2023
DKK'0002022
DKK'0002021
DKK'0002020
DKK'0002019
DKK'000Key figuresGross profit/loss52,69576,85918,50321,91918,974Operating profit/loss(6,433)17,560(24,753)(24,069)(20,598)Net financials(7,707)(9,164)(8,182)(7,375)(5,361)Profit/loss for the year(11,579)9,630(36,161)(28,771)(22,404)Profit for the year excl
.
minority interests(12,017)9,187(35,622)(28,569)(22,297)Balance sheet total230,372198,804242,497256,261263,627Investments in property, plant and equipment2,3804,754457378829Equity(12,110)1,469(8,162)28,08755,483Equity excl. minority interests(10,676)3,340(5,847)29,77656,970Cash flows from operating activities67,61719,489(7,631)(30,105)(23,059)Cash flows from investing activities(2,426)(4,554)(488)(902)(94,057)Cash flows from financing activities(11,086)8,7018,0906,909145,638Average number of
employees4638273241RatiosEquity ratio (%)(4.63)1.68(2.41)11.6221.61The financial year 2019 includes the period 24.04.2019 - 31.12.2019, which was the Groups first financial year.Financial highlights are defined and calculated in accordance with the current version of "Recommendations &
Ratios" issued by the CFA Society Denmark.Equity ratio (%)
:Equity excl. minority interests * 100
Balance sheet totalPrimary activitiesThe parent company's main activity is to hold equity shares in other companies and the Group's main activity is to opporate within the music industryDevelopment in activities and financesThe income statement of the Group for 2023 shows a loss of DKK 11.6m, and at 31st December 2023 the balance sheet of the Group shows equity of DKK -12.1m.
The parent company has lost more than 50 % of the contributed capital and the company is therefore subject to the Capital losses rules of the Danish companies Act § 119. Management expects to re-establish equity through future operations in 2024.Profit/loss for the year in relation to expected developmentsThe EBITDA and proft befores tax for the Group was line with expectations.
Uncertainty relating to recognition and measurementAccounting estimates relates to the recognition of deferred tax assets. The Group has recognized tax assets
which are expected to be utilized within 1 year.
Unusual circumstances affecting recognition and measurementNo unusual circumstances have affected recognition and measurement in 2023.OutlookTicket sales for the festival in 2024 have been good and meets the expectations. The Group's budget shows
enough liquidity for the Group's future operations. For further information on this and our liquidity, please see
note 1.
The management expects the EBITDA in 2024 will be DKK 30-35m. Profit before tax will be DKK 5-10m.
Use of financial instrumentsThe Group has no financial instruments in 2023. The Group's financial risks constitute exposures in connection
with its financial position and its ability to provide liquidity and cash flows for its future operations. The Group has
material costs in foreign currencies, which are primarily for foreign artists. The costs are typically settled in DKK, USD or EUR which is why the Group is exposed to the general exchange rate trend. The Group has a loan from its parent company with a fixed rate.
Knowledge resourcesThe Group’s primary knowledge resources are employees and the historically developed know-how within
festivals and music events. The Group’s future earnings are therefore conditional on the knowledge resources
within festivals and music events but in particular also on market knowledge.
Environmental performanceThe Group has no activities directly affecting the environment. It is the Group’s interest to conduct environmentally sound operations.
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. The Group expects all festivals and other operations to be held in 2024.5269504976858687-650023-2570003341342030419890257150762549693703381737-6433447175601231409621292739026220489116884919321590821618676647-141407108396181-187471287228110-2561431-1234211-2696446-1958896-115792799630392-140169022000000-12016902437623-160506829187006-18050682200000000300936212004314823091839774215485318545109746468270797117767122073650291533617767127638016648327638016648321076328591364252958899768211218801210763285913642529511436279568637527643080721896391126493514662892183812755603000501900019940000158836901453867309035874303587433356003816826395055853911451734405084458869999723424623624246236242226510202161337179465141374318866156945601845463833423037200019880370611323470414106362940001400014000140001-107164263300476-160415162009166-106764253340477-1434001-1871624-12110426146885340001330047603340477-1871624146885340001-107164260-10676425-1434001-1600151520491674000120091660204916740001-16041516065914426365766591442636576128079657137091131128079657137091131128079657137091131128079657137091131977684523690337243762875720056104124367374125001300007654031245532567375098900007800011374362557607146115656219233312418232821946982771292362191390144622303720001988037061132347041410636290-2000000-20000000-20000000-2000000-2000000257150762887867455946444-15337257600790752881523110154071808829259-8748145-9142233358742-250000067616837194885660-248448-2425777-42967940-8311-2425777-4553553651910601493501308701141-90862210-20000000-1108622187011415410483923636154-368739-5093299972342462362421 Going concernThe Group has sufficient liquidty for future operations. The Group owns DTD Concerts and the festivals Tinderbox and Northside.
In 2023 The Group's activities has led to a profit and positive cash flows. In 2024 the management expect to
generate profit in the group and have sufficient funds from own operations. It is the management's assessment
that the Group is sufficiently secured for the future, which is why the management presents the consolidated
financial statements on the assumption of continued operations. Furthermore, the Group's parent company
intends to support the group financially if necessary. 1 Going concernThe Company has sufficient liquidty for future operations. The company is parent of the Superstruct Denmark
Group, which also owns DTD Concerts and the festivals Tinderbox and Northside.
In 2023 the Group's activities has led to a profit and positive cash flows. In 2024 the management expect to
generate profit in the group and have sufficient funds from own operations. It is the management's assessment
that the Group is sufficiently secured for the future, which is why the management presents the consolidated
financial statements on the assumption of continued operations. Furthermore, the Group's parent company
intends to support the group financially if necessary. 2 Staff costs2023
DKK2022
DKKWages and salaries30,391,04427,789,332Pension costs2,634,1632,325,554Other social security costs388,213305,00433,413,42030,419,890Average number of full-time employees46389 EmployeesThe Entity has no employees other than the Executive Board. The Executive Officer has not received any
remuneration.46383 Depreciation, amortisation and impairment losses2023
DKK2022
DKKAmortisation of intangible assets24,427,92324,516,488Depreciation on property, plant and equipment1,287,153980,44925,715,07625,496,9374 Other financial expenses2023
DKK2022
DKKFinancial expenses from group enterprises8,661,5788,668,526Other interest expenses18,179470,515Exchange rate adjustments368,73950,494Other financial expenses68,3883,6809,116,8849,193,2152023
DKK2022
DKKFinancial expenses from group enterprises8,661,5788,668,526Other interest expenses18,179470,515Exchange rate adjustments368,73950,494Other financial expenses68,3883,6809,116,8849,193,215<br />3 Other financial expenses2023
DKK2022
DKKFinancial expenses from group enterprises8,754,2358,668,526Other interest expenses9797,691Exchange rate adjustments326,9474309,082,1618,676,647<br />2023
DKK2022
DKKFinancial expenses from group enterprises8,754,2358,668,526Other interest expenses9797,691Exchange rate adjustments326,9474309,082,1618,676,6475 Tax on profit/loss for the year2023
DKK2022
DKKCurrent tax02,141,257Change in deferred tax(2,561,431)(3,375,432)Adjustment concerning previous years0(36)(2,561,431)(1,234,211)4 Tax on profit/loss for the year2023
DKK2022
DKKChange in deferred tax(1,994,000)0Adjustment concerning previous years0(36)Refund in joint taxation arrangement(702,446)(1,958,860)(2,696,446)(1,958,896)6 Proposed distribution of profit/loss2023
DKK2022
DKKExtraordinary dividend distributed in the financial year2,000,0000Retained earnings(14,016,902)9,187,006Minority interests' share of profit/loss437,623443,386(11,579,279)9,630,3925 Proposed distribution of profit and loss2023
DKK2022
DKKExtraordinary dividend distributed in the financial year2,000,0000Retained earnings(18,050,682)9,187,006(16,050,682)9,187,0062000000020000000-140169029187006-1805068291870064376234433867 Intangible assetsCompleted development projects
DKKAcquired intangible assets
DKKGoodwill
DKKCost beginning of year616,43545,145,303154,329,715Cost end of year616,43545,145,303154,329,715Amortisation and impairment losses beginning of year(616,435)(33,140,989)(56,587,561)Amortisation for the year0(8,994,952)(15,432,971)Amortisation and impairment losses end of year(616,435)(42,135,941)(72,020,532)Carrying amount end of year03,009,36282,309,183For the valuation of goodwill there have been made a impariment test by using a multiple methodic. The multiple
is compared with used multiples in similar transactions on the market. Management has not assessed a need for
writedowns.
Completed development projects
DKKAcquired intangible assets
DKKGoodwill
DKKCost beginning of year616,43545,145,303154,329,715Cost end of year616,43545,145,303154,329,715Amortisation and impairment losses beginning of year(616,435)(33,140,989)(56,587,561)Amortisation for the year0(8,994,952)(15,432,971)Amortisation and impairment losses end of year(616,435)(42,135,941)(72,020,532)Carrying amount end of year03,009,36282,309,1838 Property, plant and equipmentOther fixtures and fittings, tools and equipment
DKKLeasehold improvements
DKKCost beginning of year11,970,0700Additions2,172,661207,365Disposals(988,500)0Cost end of year13,154,231207,365Depreciation and impairment losses beginning of year(10,193,358)0Depreciation for the year(1,287,153)0Reversal regarding disposals1,034,2510Depreciation and impairment losses end of year(10,446,260)0Carrying amount end of year2,707,971207,3659 Financial assetsDeposits
DKKCost beginning of year664,832Additions142,969Disposals(44,000)Cost end of year763,801Carrying amount end of year763,8016 Financial assetsInvestments in group enterprises
DKKCost beginning of year187,582,231Cost end of year187,582,231Impairment losses beginning of year(51,156,936)Amortisation of goodwill(15,537,428)Share of profit/loss for the year6,744,992Dividend(20,000,000)Impairment losses end of year(79,949,372)Carrying amount end of year107,632,859Goodwill or negative goodwill recognised during the financial year76,399,154A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.10 Deferred tax2023
DKK2022
DKKIntangible assets35,00011,000Property, plant and equipment469,000522,000Receivables29,00043,000Other investments(659,144)(2,592,576)Liabilities other than provisions(23,000)0Tax losses carried forward5,093,0004,399,000Deferred tax4,943,8562,382,424
Changes during the year2023
DKK2022
DKKBeginning of year2,382,424(993,008)Recognised in the income statement2,561,4323,375,432End of year4,943,8562,382,424Deferred tax has been recognised in the balance sheet as follows2023
DKK2022
DKK
Deferred tax assets5,603,0005,019,000
Deferred tax liabilities(659,144)(2,636,576)4,943,8562,382,424Deferred tax assetsDeferred tax comprises tax loss carry-forwards expected to be utilised within the next year in the joint taxation
contribution.
Deferred tax liabilities comprises deferred tax from other investments according to purchase price allocation and
will be reduced linearly in line with depreciation of other intangible rights.
7 Deferred tax
Changes during the year2023
DKKRecognised in the income statement1,994,000End of year1,994,000Deferred tax assetsDeferred tax comprises tax loss carry-forwards expected to be utilised within the next year in the joint taxation
contribution.
11 PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.12 Non-current liabilities other than provisionsDue after
more than 12
months
2023
DKKOutstanding
after 5 years
2023
DKKPayables to group enterprises128,079,657128,079,657128,079,657128,079,6578 Non-current liabilities other than provisionsDue after
more than 12
months
2023
DKKOutstanding
after 5 years
2023
DKKPayables to group enterprises128,079,657128,079,657128,079,657128,079,65713 Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income
is measured at cost.14 Changes in working capital2023
DKK2022
DKKIncrease/decrease in inventories0(334,722)Increase/decrease in receivables(264,780)45,045,201Increase/decrease in trade payables etc.56,211,224(60,047,736)55,946,444(15,337,257)15 Unrecognised rental and lease commitments2023
DKK2022
DKKTotal liabilities under rental or lease agreements until maturity 4,280,7572,480,010The future rental and lease payments pr. 31.12.2023 are within 1 year TDKK 2,102 (2022: TDKK 1,336) and
between 1 and 5 years TDKK 2,178 (2022: TDKK 1,144).
16 Contingent assetsThe Group has in addition to the recognized tax asset of TDKK 4,945, a deferred tax asset of TDKK 6,123 at the
balance sheet date. The asset is not recognized in the balance sheet because of uncertainty with respect to the
utilization of it.
10 Contingent assetsThe Entity has in addition to the recognized tax asset of TDKK 2,018, a deferred tax asset of TDKK 3,150 at the
balance sheet date. The asset is not recognized in the balance sheet because of uncertainty with respect to the
utilization of it.
17 Non-arm’s length related party transactionsAll related party transactions are carried out on an arm’s length basis. The Group’s intercompany loans,
however, carry interest at a fixed rate which is different from the return on loans to the Group’s foreign parent
company.
14 Non-arm’s length related party transactionsAll related party transactions are carried out on an arm’s length basis. The Group’s intercompany loans,
however, carry interest at a fixed rate which is different from the return on loans to the Group’s foreign parent
company.18
Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group:
Superstruct Entertainment Ltd., LondonName and registered office of the Parent preparing consolidated financial statements for the smallest group:
Superstruct Entertainment Ltd., London19 SubsidiariesRegistered inOwnership
%DTD Holding ApSDenmark100.00DTD Production ApS Denmark100.00DTD Rental ApSDenmark100.00DTD Concerts ApSDenmark90.00Northside Entertainment ApSDenmark100.00Tinderbox Entertainment ApS Denmark100.00DTD Projects ApS Denmark100.00DTD Crowd Safety ApS Denmark100.00Komos Festival ApSDenmark100.00Haven Festival ApSDenmark77.00DTD Production Crew ApS*Denmark50.00*Controlling interest
-90239701613970910763285913642529514465084100117017933317440620The company has lost more than 50 % of the contributed capital and the company is therefore subject to
the Capital losses rules of the Danish companies Act § 119. Management expects to re-establish equity through
future operations.2 Other financial income2023
DKK2022
DKKFinancial income from group enterprises022,048Other interest income9,02609,02622,04811 Contingent liabilitiesThe Entity serves as the administration company in a Danish jointtaxation arrangement. According to the joint
taxation provisions of the Danish Corporation Tax Act, the Entityis therefore liable for income taxes etc. for the
jointly taxed entities, and also for obligations, if any, relating tothe withholding of tax on interest, royalties and
dividends for these entities.
12 Assets charged and collateralCollateral provided for group enterprises
The company has submitted a declaration of commitment to ensure sufficient liquidity to DTD Holding ApS to
ensure sufficient liquidity for the coming financial year 2024.
13 Related parties with controlling interestSuperstruct Entertainment Ltd, London, United Kingdom owns all shares in the Entity, thus exercising control.
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 consolidated financial statements and parent financial statements are consistent with those applied last year.falseRecognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic
benefits will flow to the Entity, and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a
result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the
value of the liability can be measured reliably.
On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial
recognition is effected as described below for each financial statement item.
Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm
or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and
measurement.
Income is recognised in the income statement when earned, whereas costs are recognised by the amounts
attributable to this financial year. <br />Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are
controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of
the voting rights or in any other way possibly or actually exercising controlling influence.
<br />Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies.
Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements. Minority interests’ pro rata shares of the profit/loss and the net assets are disclosed as separate items in Management's proposal for the distribution of net profit/loss and equity, respectively.
Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the acquisition date, with net assets having been calculated at fair value.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.
When recognising foreign subsidiaries and associates that are independent entities, the income statements
are translated at average exchange rates for the months that do not significantly deviate from the rates at
the
transaction date. Balance sheet items are translated using the exchange rates at the balance sheet date. Goodwill is considered belonging to the independent foreign entity and is translated using the exchange
rate at the
balance sheet date. Exchange differences arising out of the translation of foreign subsidiaries’
equity at the
beginning of the year at the balance sheet date exchange rates and out of the translation of income statements
from average rates to the exchange rates at the balance sheet date are recognised directly in the translation reserve in equity.
Exchange adjustments of outstanding accounts with independent foreign subsidiaries, which are considered
part of the total investment in the subsidiary in question, are recognised directly in the translation reserve in equity.Gross profit or lossGross profit or loss comprises revenue, other operating income, costs of sales, costs of raw materialas and external expenses.RevenueRevenue from the sale of tickets and manufactured goods is recognised in the income statement when delivery
is made and risk has passed to the buyer. Revenue is recognised net of VAT, duties andsales discounts and is
measured at fair value of the consideration fixed.
Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary
activities, here compensation from Covid-19 restrictions.
Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory
writedowns.Costs of raw materials and consumablesCosts of raw materials and consumables comprise the consumption of raw materials and consumables for
the
financial year after adjustment for changes in inventories of these goods from the beginning to the end
of the
year. This item includes shrinkage, if any, and normal writedowns of the relevant inventories.Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for
premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of
receivables recognised in current assets.Staff costsStaff costs comprise wages and salaries, and social security contributions, pension contributions, etc . for entity
staff.
Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible
assets comprise depreciation, amortisation and impairment losses for the financial year, and gains and
losses from the sale of intangible assets and property, plant and equipment.Other operating expensesOther operating expenses comprise expenses of a secondary nature as viewed in relation to the Entity’s
primary
activities, including loss from the sale of intangible assets and property, plant and equipment.Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’
profit/loss after full elimination of intra-group profits or losses.
Other financial incomeOther financial income comprises interest income, including interest income on receivables from group
enterprises, net capital or exchange gains on securities, payables and transactions in foreign currencies,
amortisation of financial assets, and tax relief under the Danish Tax Prepayment Scheme etc.
Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group
enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies,
amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the
income statement by the portion attributable to the profit for the year and recognised directly in equity by
the
portion attributable to entries directly in equity.The Parent is jointly taxed with all of its Danish group enterprises. The current Danish income tax is allocated
among the jointly taxed entities proportionally to their taxable income (full allocation with a refundconcerning
tax losses).GoodwillGoodwill is the positive difference between cost and fair value of assets and liabilities arising fromacquisitions.
Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by
Management for each business area. Foramounts of goodwill, useful life has been determined based on an
assessment of whether the enterprisesare strategically acquired enterprises
with a strong market position and a long-term earnings profile and whether the amount of goodwill includes
intangible resources of a temporary nature that cannot beseparated and recognised as separate assets. Useful
lives are reassessed annually. The amortisation periodsused are 7 and 10 years.
Goodwill is written down to the lower of recoverable amount and carrying amount.
<br />Intellectual property rights etc.Intellectual property rights etc. comprise development projects completed and in progress with related
intellectual property rights, acquired intellectual property rights and prepayments for intangible assets.
Development projects on clearly defined and identifiable products and processes, for which the technical rate
of utilisation, adequate resources and a potential future market or development opportunity in the enterprise
can be established, and where the intention is to manufacture, market or apply the product or process in
question, are recognised as intangible assets. Other devopment costs are recognised as costs in the income
statement as incurred. When recognising development projects as intangible assets, an amount equalling
the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced
as the development projects are amortised and written down.
The cost of development projects comprises costs such as external expences that are directly attributable to
the development projects.
Completed development projects are amortised on a straight-line basis using their estimated useful lives
which are determined based on a specific assessment of each development project. If the useful life cannot
be estimated reliably, it is fixed at 10 years.
Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are
amortised
on a straight-line basis over their remaining duration, and licences are amortised on a straight-line basis over the term of the agreement.
Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentOther fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and
impairment losses.
Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs ofthe
asset until the time when it is ready to be put into operation.
The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line
depreciation is made on the basis of the following estimated useful lives of the assets:Useful life
Other fixtures and fittings, tools and equipment3-5 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.Investments in group enterprisesInvestments in group enterprises are recognised and measured in the parent financial statements according to
the equitymethod. This means that investments are measured at the pro rata share of the enterprises’ equity
value plus unamortised goodwill and plus or minus unrealised intra-group profits or losses. Reference is made to
the abovesection on business combinations for more details about the accounting policies applied to
acquisitions ofinvestments in group enterprises.
Group enterprises with negative equity value are measured at DKK 0. Any receivables from these enterprises
are written down to net realisable value based on a specific assessment. If the Parent has a legalor constructive
obligation to cover the liabilities of the relevant enterprise, and it is probable that suchobligation will involve a
loss, a provision is recognised that is measured at present value of the costsnecessary to settle the obligations at
the balance sheet date.
Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to
the reserve for net revaluation according to the equity method in equity.
Goodwill is the difference between cost of investments and fair value of the pro rata share of assets and
liabilities arising fromacquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed
based on the experience gained by Management for each business area. For one amount of goodwill, it has not
been possible to estimate useful life reliably, for which reason such useful life has been set at 10 years. For other
amounts of goodwill, useful life has been determined based on an assessment of whether the enterprisesare
strategically acquired enterprises with a strong market position and a long-term earnings profile and whether the
amount of goodwill includes intangible resources of a temporary nature that cannot beseparated and
recognised as separate assets. Useful lives are reassessed annually. The amortisation periodsused are 7 years.
Investments in group enterprises are written down to the lower of recoverable amount and carrying amount.
InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value.
Cost consists of purchase price plus delivery costs. Cost of manufactured goods and work in progress consists
of costs of raw materials, consumables, direct labour costs and indirect production costs.
Indirect production costs comprise indirect materials and labour costs, costs of maintenance of, depreciation
on machinery, factory buildings and equipment used in the manufacturing process, and costs of factory administration and management. Finance costs are not included in cost.
The net realisable value of inventories is calculated as the estimated selling price less completion costs and
costs incurred to execute sale.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and
doubtful debts.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-basedvalue of
assets and liabilities, for which the tax-based value is calculated based on the planned use of eachasset.
However, no deferred tax is recognised for amortisation of goodwill disallowed for tax purposes andtemporary differences arising at the date of acquisition that do not result from a business combination andthat do not have
any effect on profit or loss or on taxable income.
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.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.<br />Joint taxation contributions payable or receivable Current joint taxation contributions payable or receivable are recognised in the
balance sheet, stated as tax computed on this year's taxable income, adjusted for
prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are
expected to be used under the joint taxation arrangement.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.CashCash comprises cash in hand and bank deposits.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. Minority interestsOn initial recognition, minority interests are measured at the minority interests’ share of the acquiree’s net assets measured at fair value. No goodwill related to the minority interests’ equity interests in the acquiree is recognised.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the
goods agreed or completion of the service agreed.Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income
is measured at cost.Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial
expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities,
purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk lessshort-term bank loans. The cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial
expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities,
purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk lessshort-term bank loans. 2024-06-30Flemming Myllerup