33036191 2023-08-01 2024-07-31 33036191 2022-08-01 2023-07-31 33036191 2023-08-01 2024-07-31 ifrs-full:SeparateMember 33036191 2022-08-01 2023-07-31 ifrs-full:SeparateMember 33036191 2024-07-31 33036191 2023-07-31 33036191 2024-07-31 ifrs-full:SeparateMember 33036191 2023-07-31 ifrs-full:SeparateMember 33036191 2023-08-01 2024-07-31 0 33036191 2022-08-01 2023-07-31 1 33036191 2023-08-01 2024-07-31 2 33036191 2022-08-01 2023-07-31 3 33036191 2023-08-01 2024-07-31 4 33036191 2022-08-01 2023-07-31 5 33036191 2023-08-01 2024-07-31 6 33036191 2022-08-01 2023-07-31 7 33036191 2023-08-01 2024-07-31 0 33036191 2022-08-01 2023-07-31 1 33036191 2023-08-01 2024-07-31 2 33036191 2022-08-01 2023-07-31 3 33036191 2023-08-01 2024-07-31 4 33036191 2022-08-01 2023-07-31 5 33036191 2023-08-01 2024-07-31 6 33036191 2022-08-01 2023-07-31 7 33036191 2023-08-01 2024-07-31 8 33036191 2022-08-01 2023-07-31 9 33036191 2023-08-01 2024-07-31 0 33036191 2022-08-01 2023-07-31 1 33036191 2023-08-01 33036191 2022-08-01 33036191 2023-08-01 2024-07-31 ifrs-full:SeparateMember 8 33036191 2022-08-01 2023-07-31 ifrs-full:SeparateMember 9 33036191 2023-08-01 2024-07-31 ifrs-full:SeparateMember 10 33036191 2022-08-01 2023-07-31 ifrs-full:SeparateMember 11 33036191 2023-08-01 2024-07-31 ifrs-full:SeparateMember 12 33036191 2022-08-01 2023-07-31 ifrs-full:SeparateMember 13 33036191 2023-08-01 2024-07-31 ifrs-full:SeparateMember 10 33036191 2022-08-01 2023-07-31 ifrs-full:SeparateMember 11 33036191 2023-08-01 2024-07-31 ifrs-full:SeparateMember 12 33036191 2022-08-01 2023-07-31 ifrs-full:SeparateMember 13 33036191 2023-08-01 2024-07-31 ifrs-full:SeparateMember 2 33036191 2022-08-01 2023-07-31 ifrs-full:SeparateMember 3 33036191 2023-08-01 ifrs-full:SeparateMember 33036191 2022-08-01 ifrs-full:SeparateMember 33036191 2023-08-01 2024-07-31 0 33036191 2023-08-01 2024-07-31 0 33036191 2023-08-01 2024-07-31 1 33036191 2023-08-01 2024-07-31 2 33036191 2023-08-01 2024-07-31 3 33036191 2023-08-01 2024-07-31 4 33036191 2023-08-01 2024-07-31 0 33036191 2023-08-01 2024-07-31 1 iso4217:DKK Regnskabsklasse D 2023-08-01 2024-07-31 Miinto Holding A/S Prags Boulevard 49B, st. 9 DK-2300 Copenhagen S 33036191 2025-01-27 Danni Winther <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">MANAGEMENT’S REVIEW.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">CORPORATE GOVERNANCE</td></tr><tr><td colspan="1">Miinto has prepared the statutory reporting on corpo- rate social responsibility in accordance with sections 99a, 99b, and 99d of the Danish Financial Statement Act. As a responsible corporate entity, we firmly believe in our broader social responsibilities and consistently assess our impact on the environment, society, and governance aspects of our operations. Our approach is guided by the UN Global Compact’s 10 principles within environment, human rights, labor, and anti-corruption.</td></tr><tr><td colspan="1">In the financial year 2024/25, Miinto will carry out its first double materiality assessment (DMA) across the entire value chain. This critical process will ensure Mi- into is fully prepared to meet the requirements of the Corporate Sustainability Reporting Directive (CSRD)</td></tr><tr><td colspan="1">for the financial year 2025/26, whih begins on August 1, 2025. The double materiality assessment is a key aspect of the CSRD, as it requires companies to eval- uate both how environmental, social, and governance (ESG) factors impact the business ("outside-in") and how the company’s operations affect society and the environment ("inside-out"). This comprehensive approach will help Miinto address the full scope of sustainability risks and opportunities.</td></tr><tr><td colspan="1">The CSRD significantly expands traditional ESG reporting by requiring detailed disclosures on these dual impacts, as well as the integration of sustainabili- ty into business strategy and risk management. As an e-commerce business, Miinto recognizes the impor- tance of this directive and is committed to aligning</td></tr><tr><td colspan="1">with these enhanced standards. By doing so, we aim to strengthen our dedication to responsible business practices, enhance accountability, and address the broader impacts of our operations on society and the environment.</td></tr><tr><td colspan="1">As an e-commerce business, Miinto recognizes the im- portance of this directive and is committed to aligning with these enhanced standards. By doing so, we aim to strengthen our dedication to responsible business practices, enhance accountability, and address the broader impacts of our operations on society and the environment.</td></tr><tr><td colspan="1">THIS SECTION CONSTITTUES THE STAT- UTORY REPORTING ON CORPORATE SO- CIAL RESPONSBILITY CF. SECTION 99A.</td></tr><tr><td colspan="1">Miinto’s business model</td></tr><tr><td colspan="1">For most of the 2023/24 financial year, Miinto oper- ated under the B2C (business-to-consumer) model, where Miinto acted as an intermediary between cus- tomers and partner boutiques. In this model, Miinto facilitated sales but did not take ownership of the products, which were shipped directly from boutiques to customers, allowing Miinto to avoid warehousing risks. Revenue in the B2C model was recognized on a net-commission basis, where Miinto earned a percent- age of each transaction.</td></tr><tr><td colspan="1">In the latter part of 2023/24, Miinto began transi- tioning to the B2B2C (business-to-business-to-con- sumer) model, initially rolling it out in select markets outside of Europe. Under the B2B2C model, Miinto now acts as the principal seller to the end customer, taking ownership of the products for the purpose of sale, while the products are still shipped directly from partner boutiques. While Miinto continues to avoid warehousing risks, the B2B2C model funda- mentally changes revenue recognition, with Miinto now reporting revenue on a gross basis under IFRS 15, compared to the net-commission method used in the B2C model.</td></tr><tr><td colspan="1">A key advantage of the B2B2C model is that it signifi- cantly reduces administrative complexity for our bou- tique partners. This simplification will encourage our partners to place more business with Miinto, resulting in a broader and more diverse product assortment on our platform. Ultimately, this benefits our customers by offering them greater variety and access to exclu- sive items. The B2B2C model was fully implemented across all Miinto markets by 1 August 2024, marking an important step in Miinto’s strategic evolution and enhancing our ability to grow efficiently with the con- tinued support of our partners.</td></tr><tr><td colspan="1">Enviroment and climate impacts</td></tr><tr><td colspan="1">Results for the Financial Year</td></tr><tr><td colspan="1">During year, not specific actions aimed at reducing emissions or energy consumption. This was largely due to our focus on transitioning to a new business model and imple- menting new carrier services, which were essential for improving the customer journey and enhancing oper- ational efficiency. These changes took precedence as part of our overall strategic priorities. Nevertheless, actions related to reducing emissions and energy con- sumption remain on our agenda and will be addressed in the future.</td></tr><tr><td colspan="1">However, Miinto continues to prioritize environmental management and remains committed to responsible business practices. We recognize that resource con- sumption within the fashion e-commerce sector poses significant environmental risks. Although the dou- ble materiality assessment (DMA) has not yet been completed, we continuously assess the environmental impact across our value chain and seek opportunities to improve efficiency in areas such as energy use and operational practices.</td></tr><tr><td colspan="1">Expectations for the Future</td></tr><tr><td colspan="1">In the coming years, Miinto will continue to prioritize managing environmental and climate-related risks, particularly as we prepare for the Corporate Sus- tainability Reporting Directive (CSRD). During the financial year 2024/25, we will initiate our first double materiality assessment (DMA) to evaluate the sig- nificance of environmental impacts across our value chain. This assessment will guide us in determining where action is most needed to mitigate environmen- tal risks.</td></tr><tr><td colspan="1">Should the assessment reveal that environmental impacts are a significant concern, we will focus on specific areas such as reducing emissions, lowering energy consumption, and further minimizing our ecological footprint. These insights will be central to shaping our long-term environmental strategy and aligning with the CSRD requirements from August 1, 2025. Through these efforts, Miinto aims to embed sustainability more deeply into its governance frame- work, reinforcing our dedication to environmental responsibility and sustainable business practices.</td></tr><tr><td colspan="1">Social and employee relations</td></tr><tr><td colspan="1">Results for the Financial Year</td></tr><tr><td colspan="1">Miinto is committed to fostering a supportive and inclusive workplace that prioritizes employee well-be- ing, promotes equal opportunities, and encourages internal career development. During the financial year, we launched leadership development programs aimed at nurturing and empowering emerging talent within the organization. These programs promote internal career growth and succession planning, ensuring that our employees have the tools and opportunities to advance within the company. Additionally, we imple- mented a new career ladder framework, providing a clear path for career progression and development within Miinto, further empowering employees to take ownership of their professional growth.</td></tr><tr><td colspan="1">We also acknowledge the risk that a lack of focus on Diversity, Equity, and Inclusion (DEI) initiatives poses. Without sustained attention to DEI, there is a risk of hindering innovation, limiting diverse perspectives, and creating an environment where certain groups feel marginalized. This can negatively impact team - work, creativity, and employee satisfaction, ultimately affecting the company’s performance.</td></tr><tr><td colspan="1">Expectations for the Future</td></tr><tr><td colspan="1">Looking ahead, Miinto will continue to strengthen its focus on social responsibility and employee relations. We will build on our existing initiatives to ensure a workplace that fosters employee development and engagement. By enhancing our leadership develop - ment programs and career ladder framework, Miinto aims to support employees in their professional growth and ensure their long-term satisfaction.</td></tr><tr><td colspan="1">Miinto remains dedicated to promoting employ - ee well-being, fostering a dynamic and supportive environment that drives both personal and profes - sional success. By focusing on these areas, we aim to contribute to organizational success and ensure that employee satisfaction continues to be a key priority.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Diversity</td></tr><tr><td colspan="1">Results for the Financial Year</td></tr><tr><td colspan="1">During the financial year, Miinto implemented a new career ladder framework that integrates diversity and inclusion as essential elements of leadership develop - ment. As part of this framework, leaders are required to actively demonstrate their commitment to promot - ing diversity and fostering an inclusive workplace. The acceptance and promotion of diversity are key criteria for leadership progression at Miinto, ensuring that our leaders contribute to an environment where individuals from diverse backgrounds feel respected and valued.</td></tr><tr><td colspan="1">Expectations for the Future</td></tr><tr><td colspan="1">Diversity will remain a key priority for Miinto as we further develop our social responsibility strategy. In preparation for the Corporate Sustainability Reporting Directive (CSRD), we will conduct a double materiality assessment (DMA) during the financial year 2024/25. This process will help us evaluate whether diversity, equity, and inclusion (DEI) represent significant risks or opportunities within our global operations. Based on the assessment's outcome, we will adjust our DEI initiatives to continue driving innovation and fostering - an inclusive, diverse workforce that aligns with Miin to’s business goals.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Human rights</td></tr><tr><td colspan="1">Results for the Financial Year</td></tr><tr><td colspan="1">During the financial year, Miinto took significant steps to address human rights by integrating them into the company’s new career ladder framework. This framework requires leaders to actively promote and uphold human rights within their teams and across operations, making human rights a foundational pillar</td></tr><tr><td colspan="1">for leadership progression. This ensures that human rights are embedded into the organization’s leader - ship development, reinforcing ethical behavior at all levels.</td></tr><tr><td colspan="1">Additionally, Miinto acted decisively on a reported whistleblower case concerning a violation of human - rights in the form of unethical behavior (sexual ha rassment) by a leader. After a thorough investigation, the leader was dismissed, reflecting Miinto’s strong commitment to creating a safe and respectful work - place. Miinto’s whistleblower system, provided by our ultimate parent entity, offers a confidential platform for reporting potential violations of human rights or other ethical breaches.</td></tr><tr><td colspan="1">Miinto continues to monitor human rights risks, partic - ularly within its supply chain, where third-party uneth - ical behavior poses potential risks. We remain vigilant in addressing these risks through the frameworks and policies we have in place.</td></tr><tr><td colspan="1">Expectations for the Future</td></tr><tr><td colspan="1">As part of our commitment to human rights and to meet evolving regulatory expectations under the Corporate Sustainability Reporting Directive (CSRD), Miinto will undertake its first double materiality as - sessment (DMA) in the financial year 2024/25. Should the assessment highlight human rights risks, we will use the findings to implement targeted measures that address those risks and further strengthen our human rights practices throughout the supply chain. This approach will help us remain proactive in promoting and safeguarding human rights within our business operations.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Combating anti-corruption and bribery</td></tr><tr><td colspan="1">Results for the Financial Year</td></tr><tr><td colspan="1">Miinto upholds a strict policy prohibiting any form of - compensation that could compromise the integri ty or fairness of business decisions. This policy is reinforced by compliance with relevant laws and regulations and is supported by our whistleblower system, which provides a confidential platform for reporting any potential violations. The policy covers various forms of financial crime, including bribery, corruption, money laundering, theft, fraud, and em - bezzlement.</td></tr><tr><td colspan="1">As an e-commerce platform that partners with a wide range of suppliers, Miinto recognizes the critical - importance of safeguarding against the risk of coun terfeit products entering our marketplace. Counterfeit goods could significantly damage Miinto’s reputation with both customers and partners, as well as expose the company to legal risks. To address this, Miinto implemented new processes during the financial year to mitigate these risks. We introduced a requirement for all partners to provide proof of purchase on de - mand, ensuring that products sold on the platform are genuine. Additionally, we implemented a Know Your Business (KYB) process for all partners, adding an</td></tr><tr><td colspan="1">extra layer of security and accountability to verify the legitimacy of their operations.</td></tr><tr><td colspan="1">These measures demonstrate Miinto’s proactive approach to preventing counterfeit products and maintaining trust with our customers and partners. No cases of counterfeit products or corruption were identified during the financial year, reflecting our commitment to ethical business practices.</td></tr><tr><td colspan="1">Expectations for the Future</td></tr><tr><td colspan="1">Looking ahead, Miinto will continue to prioritize - transparency and integrity in its dealings with part ners and suppliers. As part of our preparation for the Corporate Sustainability Reporting Directive (CSRD), we will conduct a double materiality assessment (DMA) during the financial year 2024/25 to determine whether corruption and bribery risks are significant within our value chain. If the assessment identifies these risks, we will take further actions to enhance our anti-corruption efforts, ensuring robust compliance with ethical standards and regulatory requirements.</td></tr><tr><td colspan="1">THIS SECTION CONSTITUTES THE STATUTORY REPORTING ON DATA ETHICS CF. SECTION 99D.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="4">Data ethics cf. section 99d</td></tr><tr><td colspan="4">Miinto prioritizes privacy and compliance with GDPR, having implemented a comprehensive internal data privacy policy and methodology framework since early 2018. Our security policies, including advanced security technologies, ensure effective protection of personal data and uphold customer privacy stan - dards. Miinto’s GDPR policies are fully aligned with the EU data protection framework and have been in place since May 25th, 2018.</td></tr><tr><td colspan="4">In addition to GDPR compliance, Miinto has estab - lished data ethics policies that promote responsi - ble data use and transparency both internally and externally. Administrative data, such as information for salary payments and creditor invoices, is collect - ed and managed with specific access controls to ensure privacy and security. Customer data handling is governed by personal data policies tailored to each subsidiary company, reinforcing our commitment to protecting personal information.</td></tr><tr><td colspan="4">Miinto remains dedicated to upholding the highest standards of data privacy and security, ensuring that our practices protect the rights of individuals and maintain trust across our operations.</td></tr><tr><td colspan="4">THIS SECTION CONSTITUTES THE STATUTORY REPORTING ON GENDER DISTRIBUTION CF. SECTION 99B.</td></tr><tr><td colspan="4">Gender distribution in management</td></tr><tr><td colspan="4">The Board of Directors of Miinto Holding A/S consists of 5 members, with the underrepresented gender account- ing for 40%. Therefore, there is an equal gender composition on the Board of Directors of Miinto Holding A/S.</td></tr><tr><td colspan="4">The other management in Miinto Holding A/S, as defined by section 99b of the Danish Companies Act, is the first management level: the Executive Board, which consists of 1 person. As a result, no policy has been estab- lished to increase the proportion of the underrepresented gender at this level.</td></tr><tr><td colspan="4">Since Miinto Holding A/S has fewer than 50 employees, no policy has been established to increase the propor- tion of the underrepresented gender among employees.</td></tr><tr><td /><td>Gender</td><td>2022/23</td><td>2023/24</td></tr><tr><td colspan="4">Top managerial position (Board of Directors)</td></tr><tr><td /><td>Total number of members</td><td>5</td><td>5</td></tr><tr><td /><td>Underrepresented gender (female) in pct. Target figure in pct. Years for fulfillment of target figure</td><td>40%</td><td>40%</td></tr><tr><td /><td>Target figure in pct.</td><td>N/A</td><td>N/A</td></tr><tr><td /><td>Years for fulfillment of traget figure</td><td>N/A</td><td>N/A</td></tr><tr><td colspan="4">Other Managerial positions</td></tr><tr><td /><td>Total number of members</td><td>1</td><td>1</td></tr><tr><td /><td>Underrepresented gender (female) in pct.</td><td>N/A</td><td>N/A</td></tr><tr><td /><td>Target figure in pct.</td><td>N/A</td><td>N/A</td></tr><tr><td /><td>Years for fulfillment of traget figure</td><td>N/A</td><td>N/A</td></tr></table> 466501000 175459000 226697000 90942000 30419000 6270000 382000 10037000 -72942000 -13408000 -59534000 -59534000 -1010000 0 0 -60544000 -60544000 -6537000 1489000 -35491000 -36503000 5238000 0 -10762000 -619000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">MANAGEMENT’S STATEMENT.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Board of Directors and the Executive Board have today discussed and approved the annual report of Miinto Holding A/S for the financial year 1 August 2023 - 31 July 2024.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report has been prepared in accordance with International Financial Reporting Standards as adopt- ed by the EU and additional requirements of the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 July 2023 and of the results of their operations and cash flows for the financial year 1 August 2023 31 July 2024. -</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Further. in our opinion. the Management’s review gives a fair review of the development in the Group’s and the Parent Company’s activities and financial matters. results for the year. cash flows and financial position as well as a description of material risks and uncertainties that the Group and the Parent Company face.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the annual report be approved at the annual general meeting.</td></tr><tr><td colspan="1">27-jan-25</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of Miinto Holding A/S</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">We have audited the consolidated financial state- ments and the parent company financial statements of Miinto Holding A/S for the financial year 1 August 2022 - 31 July 2023. which comprise income state- ment. statement of comprehensive income. balance sheet. statement of changes in equity. cash flow state- ment and notes. including accounting policies. for the Group and the Parent Company. The consolidated financial statements and the parent company financial statements are prepared in accordance with Inter- national Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 July 2023 and of the results of the Group’s and the Parent Compa- ny’s operations and cash flows for the financial year 1 August 2022 - 31 July 2023 in accordance with In- ternational Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with Interna- tional Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsi- bilities under those standards and requirements are further described in the “Auditor’s responsibilities for the audit of the consolidated financial statements and the parent company financial statements” (hereinafter collectively referred to as “the financial statements”) section of our report.</td></tr><tr><td colspan="1">We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">We are independent of the Group in accordance with the International Ethics Standards Board for Accoun- tants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark. and we have ful- filled our other ethical responsibilities in accordance with these requirements and the IESBA Code.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on the Management’s review</td></tr><tr><td colspan="1">Management is responsible for the Management’s review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cov- er the Management’s review. and we do not express any assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial state-</td></tr><tr><td colspan="1">ments. our responsibility is to read the Manage- ment’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 material- ly misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Management’s review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on our procedures. we conclude that the Man- agement’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 the Management’s review.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s responsibilities for the financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of consolidated financial statements and parent compa- ny financial statements that give a true and fair view in accordance with International Financial Report- ing Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material mis- statement. whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the financial statements. Management is responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern. disclosing. as applicable. matters related to going concern and using the going concern basis of ac- counting in preparing the financial statements unless Management either intends to liquidate theGroup or the Parent Company or to cease operations. or has no realistic alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor’s responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">Our 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 additional re- quirements 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 the financial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and additional requirements applicable in Den- mark. we exercise professional judgement and main- tain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">• Identify and assess the risks of material mis- statement of the financial statements. wheth- er 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 misstate- ment 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.</td></tr><tr><td colspan="1">• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circum- stances. but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent Company’s internal control.</td></tr><tr><td colspan="1">• Evaluate the appropriateness of account- ing policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">• Conclude on the appropriateness of Manage- ment’s use of the going concern basis of ac- counting 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 Group’s and the Parent Com- pany’s ability to continue as a going concern.</td></tr><tr><td colspan="1">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 Group and the Parent Company to cease to continue as a going concern.</td></tr><tr><td colspan="1">• Evaluate the overall presentation, structure and contents of the financial statements, in- cluding the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="1">• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated fi- nancial statements. We are responsible for the direction. supervision and performance of the group audit. We remain solely responsible for our audit opinion.</td></tr><tr><td colspan="1">We communicate with those charged with gover- nance regarding. among other matters. the planned scope and timing of the audit and significant audit findings. including any significant deficiencies in inter- nal control that we identify during our audit.</td></tr></table> 2025-01-27 Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1314.0, by EasyX Aps. www.easyx.eu 2022-08-01 2023-07-31 Revisionspåtegning Grundlag for konklusion Konklusion 385566000 153362000 229964000 106100000 28068000 4647000 3592000 9182000 -142166000 -23320000 -118846000 -118846000 587000 0 0 -118259000 -118259000 -43569000 534000 -30746000 76902000 3826000 -152686000 -2356000 787000 1662000 940000 -54229000 4943000 8379000 -60267000 -733000 -59534000 -59534000 -59534000 -1010000 0 0 -60544000 -60544000 -12628000 0 -12648000 0 20000 0 4084000 0 -122129000 15571000 7278000 -117920000 926000 -118846000 -118846000 -118846000 586000 0 0 -118667000 -189667000 4906000 -23500000 134093000 -152686000 0 0 46564000 15737000 85911000 148212000 995000 1472000 34000 2501000 13637000 8122000 172474000 415000 415000 18249000 35468000 30399000 1064000 3735000 2900000 92230000 264704000 4202000 -423000 -59076000 -55297000 19139000 11869000 31008000 129802000 9156000 130971000 1270000 1691000 1767000 14338000 288995000 264704000 46564000 21080000 76790000 144434000 1054000 725000 82000 1861000 14810000 8126000 169231000 455000 455000 14988000 18699000 64336000 1437000 3515000 14281000 117711000 286942000 4202000 587000 458000 5247000 16894000 13834000 30728000 85715000 9535000 113080000 7892000 2522000 977000 31246000 250967000 286942000 123876000 123876000 31191000 29865000 1158000 149000 31172000 20000 155068000 4202000 -423000 -59076000 -55297000 10933000 10933000 129802000 0 1270000 60238000 6465000 0 1657000 199432000 155068000 20000 115047000 115047000 18517000 9630000 7583000 1304000 18517000 0 133564000 4202000 587000 458000 5247000 10784000 10784000 85715000 1302000 7892000 14974000 6466000 457000 727000 117534000 133564000 0 Depreciation snd impairment of property, plant and equitment 30419000 Depreciation snd impairment of property, plant and equitment 28068000 Amortisation and impairment of intangible assets and impairment of goodwill 6270000 Amortisation and impairment of intangible assets and impairment of goodwill 4647000 Working capital changes 2819000 Working capital changes 881000 Total operating activities -33434000 Total operating activities -108569000 Joint taxation contribution received/Paid 26897000 Joint taxation contribution received/Paid 65000000 Acquisition of intangible assets 0 Acquisition of intangible assets 0 Investment in development cost -34025000 Investment in development cost -30426000 Disposal of PPE 23000 Disposal of PPE 7000 Other receivables (deposits) 0 Other receivables (deposits) 207000 Cash flows from financing activities 31267000 Cash flows from financing activities 71989000 14281000 15850000 Reversal of result from investments in subsidiaries 54229000 Reversal of result from investments in subsidiaries 122129000 Working capital changes -5707000 Working capital changes 228000 Total Operating activities -11745000 Total Operating activities 4437000 Joint taxation contribution received/paid -883000 Joint taxation contribution received/paid 469000 Acquisition of intangible assets 0 Acquisition of intangible assets -23500000 Cash flows from financing activities 12648000 Cash flows from financing activities 18594000 0 0 Konrad Artur Kierklo CEO Jeppe Østergaard Bredahl Chairman Carsten Stokholm Mikkelsen Konrad Artur Kierklo Jeanette Aaen Na’Tosha Jean Bard EY Godkendt Revisionspartnerselskab 30700228 MORTEN FRIIS State Authorised Public Accountant mne32732 JONAS BUSK State Authorised Public Accountant mne42771 30700228 EY Godkendt Revisionspartnerselskab