Årsrapport29442789Redmark, Godkendt RevisionspartnerselskabDirch Passers Allé, 762000, Frederiksberg2021-01-012021-12-312022-01-012022-12-3131879981Interbrands Nordic ApSTornerosevej127A2730Herlev2008-12-11HerlevRedmark, Godkendt Revisionspartnerselskab29442789Henrik Juul Thomsenstatsautoriseret revisormne33734Dirch Passers Allé762000FrederiksbergDanmark39163636copenhagen@redmark.dk2023-06-26Jacob HertzRegnskabsklasse BRevisionspåtegningCaseWare fra Revisorgruppen DanmarkanpartshaverneKøbenhavn2023-06-26Herlev2023-06-26Grundlag for konklusionKonklusion36943777369437771901643504361377079227342821273428215859585924988224988225574125574125574125574132096323533209632353287837288094021000210002634962607632844962817636212000195050152477838563341633133416331287837288094585958595859585958595859Interbrands USA LLCLLCUSA8061142142172498822498822498822100021000210002100026076225794227342821263496260763Today, the Board of Directors and the Managing Director have approved the annual report of Interbrands Nordic ApS for the financial year 1 January - 31 December 2022. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and in our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2022 and of the results of the Company's operations for the financial year 1 January – 31 December 2022. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Jacob HertzJan Erik RäihaJacob HertzØyvind BergJohan Anders RehnMichael Bent Allan ZachrissonWe have audited the financial statements of Interbrands Nordic ApS for the financial year 1 January - 31 December 2022, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes, for the Company. The financial statements are prepared under the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2022, and of the results of the Company's operations for the financial year 1 January - 31 December 2022 in accordance with the Danish Financial Statements Act. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism 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 Statement Act. We did not identify any material misstatement of Management’s Review. Description of key activities of the company The company´s activity is to trade in wine and spirits. Uncertainties connected with recognition or measurement Measurement of the company's other financial investments contains estimates of future financial results/sales that can result in material positive or negative deviations compared to the applied booked value of EUR 249.882. Development in activities and financial matters The gross profit for the year totals EUR 3.694 against EUR 3.777 last year. Income from ordinary activities after tax totals EUR 2.734 against EUR 2.821 last year. Management considers the net profit for the year satisfactory. Events occurring after the end of the financial year No events have occurred subsequent to the balance sheet date, which would have material impact on the financial position of the company as of the year end date. 1. Uncertainties concerning recognition and measurement Measurement of the company's other financial investments contains estimates of future financial results/sales that can result in material positive or negative deviations compared to the applied booked value of EUR 249.882. 4. Charges and security There is none charges or securities as of 31 December 2022. 5. Contingencies Contingent liabilities There is none contingent liabilities as of 31 December 2022. The annual report for Interbrands Nordic ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. The accounting policies are unchanged from the previous year, and the annual report is presented in euro (EUR). Recognition and measurement in general Income is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, write-downs for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Gross profit Gross profit comprises the revenue and external costs. Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Revenue is measured at the fair value of the consideration promised exclusive of VAT and taxes and less any discounts relating directly to sales. Other external costs comprise costs incurred for administration. Financial income and expenses Financial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, realised and unrealised capital gains and losses relating to transactions in foreign currency and reimbursements under the advance tax scheme, etc. Results from investment in group enterprise Dividend from investment in group enterprise is recognised in the financial year in which the dividend is declared. Tax on net profit or loss for the year Tax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity. Impairment loss relating to non-current assets The carrying amount of both intangible and tangible fixed assets as well as equity investment in group enterprise are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. write-down for impairment is done to the recoverable amount if this value is lower than the carrying amount. The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life. Previously recognised impairment losses are reversed when conditions for impairment no longer exist. Impairment relating to goodwill is not reversed. Investments in group enterprise Investments in group enterprise is recognised and measured at cost. If the recoverable amount is lower than the cost price, it shall be written down for impairment to this lower value. Other financial instruments Other unlisted financial instruments are measured at cost. Write-down for impairment is done to the recoverable amount if this value is lower than the carrying amount. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand. Income tax and deferred tax Current tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. Liabilities other than provisions Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. 318799812022-01-012022-12-31318799812021-01-012021-12-31318799812021-12-31318799812022-12-31318799812022-01-012022-12-311318799812022-01-012022-12-312318799812022-01-012022-12-313318799812022-01-012022-12-314318799812022-01-012022-12-315318799812022-01-012022-12-311318799812022-01-012022-12-311318799812022-01-012022-12-31e:RetainedEarningsMember318799812021-01-012021-12-31e:RetainedEarningsMember318799812022-01-01e:OtherInvestmentsMember318799812022-12-31e:OtherInvestmentsMember318799812022-01-01e:InvestmentsInGroupEnterprisesMember318799812021-01-01e:InvestmentsInGroupEnterprisesMember318799812022-12-31e:InvestmentsInGroupEnterprisesMember318799812021-12-31e:InvestmentsInGroupEnterprisesMember318799812022-01-01e:ContributedCapitalMember318799812022-12-31e:ContributedCapitalMember318799812022-01-01e:RetainedEarningsMember318799812022-01-012022-12-31e:RetainedEarningsMember318799812022-12-31e:RetainedEarningsMember318799812022-01-012022-12-31e:SubsidiaryMember1318799812022-12-31e:SubsidiaryMember1318799812021-01-01e:ContributedCapitalMember318799812021-12-31e:ContributedCapitalMember318799812021-01-01e:RetainedEarningsMember318799812021-01-012021-12-31e:RetainedEarningsMember318799812021-12-31e:RetainedEarningsMemberiso4217:EURxbrli:pure