87573613 2024-01-01 2024-12-31 87573613 2024-01-01 2024-12-31 1 87573613 2024-01-01 2024-12-31 1 87573613 2024-01-01 2024-12-31 2 87573613 2024-01-01 2024-12-31 3 87573613 2024-01-01 2024-12-31 1 87573613 2024-01-01 2024-12-31 2 87573613 2023-01-01 2023-12-31 87573613 2024-12-31 87573613 2023-12-31 87573613 2022-12-31 fsa:ContributedCapitalMember 87573613 2022-12-31 fsa:SharePremiumMember 87573613 2022-12-31 fsa:ReserveForDevelopmentExpenditureMember 87573613 2022-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 87573613 2022-12-31 fsa:RetainedEarningsMember 87573613 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 87573613 2022-12-31 87573613 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 87573613 2023-01-01 2023-12-31 fsa:SharePremiumMember 87573613 2023-01-01 2023-12-31 fsa:ReserveForDevelopmentExpenditureMember 87573613 2023-01-01 2023-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 87573613 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 87573613 2023-01-01 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 87573613 2023-12-31 fsa:ContributedCapitalMember 87573613 2023-12-31 fsa:SharePremiumMember 87573613 2023-12-31 fsa:ReserveForDevelopmentExpenditureMember 87573613 2023-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 87573613 2023-12-31 fsa:RetainedEarningsMember 87573613 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 87573613 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 87573613 2024-01-01 2024-12-31 fsa:SharePremiumMember 87573613 2024-01-01 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 87573613 2024-01-01 2024-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 87573613 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 87573613 2024-01-01 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 87573613 2024-12-31 fsa:ContributedCapitalMember 87573613 2024-12-31 fsa:SharePremiumMember 87573613 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 87573613 2024-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 87573613 2024-12-31 fsa:RetainedEarningsMember 87573613 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember iso4217:DKK xbrli:pure Samer Muhsin Statement by the Board of Directors and the Executive Board The Board of Directors and the Executive Board have today discussed and approved the annual report of Ayvens Danmark A/S for the financial year 1 January – 31 December 2024. The annual report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2024 and of the results of the Company's operations for the financial year 1 January – 31 December 2024. Further, in our opinion, the Management's review gives a fair review of the development in the Company's activities and financial matters, of the results for the year and of the Company's financial position. We recommend that the annual report be approved at the annual general meeting. Taastrup Frank Alofs Managing Director Miel Horsten Pekka Kivinen John Saffrett Chairman To the shareholders of Ayvens Danmark A/S Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2024, and of the results of the Company’s operations for the financial year 1 January – 31 December 2024 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Ayvens Danmark A/S for the financial year 1 January – 31 December 2024, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“the Financial Statements”). 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. 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, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Management’s responsibilities for the Financial Statements 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. Auditor’s responsibilities for the audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. • Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. • Plan and perform the audit to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the Financial Statements. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion. 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. Taastrup PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Benny Voss Lone Vindbjerg Larsen State Authorised Public Accountant State Authorised Public Accountant mne15009 mne34548 Ayvens Danmark A/S Helgeshøj Allé 34 2630 +45 3355 8000 www.ayvens.com/en-dk/ 87573613 Taastrup, Denmark Strandvejen 44 2900 Hellerup Management's review Financial highlights DKKm 2024 2023 2022 2021 2020 Revenue 1,808 1,618 1,457 1,469 1,247 Gross profit 300 263 236 244 194 Operating profit 190 149 130 139 101 Profit/loss from financial income and expenses 76 35 30 36 32 Profit for the year 225 151 136 151 112 Total assets 4,936 3,843 3,387 3,374 3,398 Investments in property, plant and equipment 1,960 1,784 1,264 1,128 1,306 Equity 1,065 415 394 775 774 Gross margin 16.6% 16.3% 16.2% 16.6% 15.6% Operating margin 10.5% 9.2% 9.0% 9.4% 8.1% Return on equity 30.4% 37.3% 23.3% 19.5% 14.6% Solvency ratio 21.6% 10.8% 11.6% 23.0% 22.8% Average number of full-time employees 239 153 141 135 135 The financial ratios have been calculated as follows: Gross profit x 100Gross margin RevenueOperating profit x 100Operating margin RevenueProfit from ordinary activities after tax x 100Return on equity Average equityEquity ex. non-controlling interests year end x 100Solvency ratio Total equity and liabilities at year endOperating review Principal activities Under its primary product offering, Full Service Leasing, the Company purchases vehicles with a view to leasing them to its customers. During the lease period, it earns a financing spread (Leasing margin) equal to the difference between, on the one hand, the leasing contract revenue it receives from customers, equal to the expected depreciation of the leased vehicle plus the interest charge for funding the vehicle as well as other associated costs, and, on the other hand, the leasing contract costs, which are comprised of the costs for the expected depreciation of the leased vehicle and the costs of funds the Company incurs to fund the vehicles. The Company also generates income from the wide range of services that it offers under both its Full Service Leasing and Fleet Management products, such as maintenance and repairs, insurance, tyres and replacement vehicles. This income is referred to as the Services margin, representing the difference between the fixed costs invoiced in the monthly rental and the costs incurred by the Company in providing these services. Lastly, the Company generates income from the remarketing of its used vehicles at the termination of a lease contract, referred to as the Used Car Sales result. The Company markets and sells used vehicles at the end of their lease through various channels: professional dealers or traders, directly to the users of the vehicles or sales to individual customers, respectively through its global auction platforms dedicated to traders and dealers (Ayvens Carmarket) and through online vehicle sales to retail customers (under the Ayvens brand). Ayvens Carmarket is the main channel used to market and resell its used vehicles. Via this website, the Company can also remarket, on behalf of its customers and partners, used cars which it does not own, earning a fee from the proceeds of the sale. Events after the balance sheet date As part of the continued integration of the Danish activities the portfolio of LPDK A/S (formerly LeasePlan Danmark A/S) has been migrated to the it-platform of Ayvens Danmark A/S in March 2025. Following this virtually all activities previously carried out in LPDK A/S has been carved out and merged into Ayvens Danmark A/S in March 2025 with retrospective effect from 1 January 2025. The net assets received amounts to DKK 454 million which will reduce the carrying value of equity investments in subsidiaries and be allocated to the relevant assets and liabilities. Development in activities and financial position During 2024 the Company experienced growth, mainly due to the strong increase in volumes from 2023. Despite the continued normalisation of the used-car-market, we have again in 2024 experienced a solid performance from our remarketing activities. Profit for the year Profit for 2024 ended at DKK 225 million, which is DKK 74 million higher than the result for 2023, and also better than the expectations announced in the annual report for 2023. The main driver behind the stronger result is mainly impact from acquisition of LPDK A/S which is recognised since 1 April 2024, but also a stronger than anticipated performance of the used car market. Outlook After a few years with strong growth, 2025 is expected to be a year of stabilisation, also considering the upcoming integration of the activities from LPDK A/S. After factoring in the continued normalisation of the used car market a financial result for 2025 in the range of 150 to 175 MDKK is expected. Risk Management Ayvens considers controlled and balanced risk taking, accommodated by a strong risk management organisation and risk governance supported by a clear tone at the top, as key elements in driving its strategy. Risk management and control are closely linked to Ayvens’ strategic aims. The risk management cycle comprises repetitive iterations of risk identification, risk assessment, responding to risks and monitoring and reporting. Risk management and control are closely linked to our strategic objectives and compliance with applicable regulation. Ayvens is committed to ensuring regulatory compliance and maintaining a risk profile within the set risk appetite. As part of our risk universe, the Company recognises different categories of risk, of which asset risk, treasury risk and credit risk are considered to be primary risks. Asset risk Asset risk definition The Company defines asset risk as the combination of residual value risks and risks on RMT services. Residual value risk is considered the main risk and is defined as the Company’s exposure to potential losses due to the resale value of assets declining below the estimates made at lease inception minus risk mitigation. For residual value risk the Company also makes the distinction between market risks that are related to developments in the used car market and non-market risks that do not directly relate to market development. The risk related to RMT is the Company’s exposure to potential loss due to the actual costs of the services, repair and maintenance and tyres (over the entire contractual period) exceeding the estimates made at lease inception. Asset risk management policy The Company has a policy in place with respect to asset risk management, based on principles developed under the Group's Risk Charter. The policy describes, inter alia, the roles and responsibilities of the first and second lines of defence with respect to asset risk management, the minimum standards for the management and mitigation of both risks related to the RV market and non-market related risks, and the mandatory frequency of asset risk measurement and reporting. The asset risk management policy focuses on all leases (finance or operating) that may expose the Company to market risk of used vehicles and/or repair, maintenance and tyre risk. Treasury risk Treasury risk definition Treasury risk consists of two individual risks, being liquidity risk and interest rate risk. Liquidity risk is the risk that the Company is not able to meet its obligations for (re)payments. Interest rate risk is the risk that the profitability and shareholders’ equity of the Company are affected by movements in interest rates. Treasury risk management policy As liquidity risk is not perceived by the Company as a driver for profit, the liquidity risk policy aims at matched funding and diversification of funding sources. Liquidity risk is managed by seeking to conclude funding that matches on average to the estimated run-off profile of the leased assets. This matched funding principle is applied considering specific mismatch tolerance levels depending on the total of interest-bearing assets (including vehicles under operating lease) of the Company. The Company accepts and offers lease contracts to clients at both fixed and floating interest rates and for various durations. The interest rate risk policy is to match the interest rate risk profile of the lease contract portfolio with a corresponding interest rate funding profile to minimise the interest rate risk. The Company carries interest-bearing assets on the balance sheet, funded by interest-bearing liabilities (loans and other indebtedness). Where interest-bearing liabilities fall short to cover interest-bearing assets, non-interest-bearing working capital and equity can cover interest-bearing assets, as part of the matched funding policy. Credit risk Credit risk definition As a result of its normal business activities, the Company is exposed to credit risk, which is the risk that a counterparty will not be able to fulfil its financial obligations when due. In the Company’s core business, this credit risk mainly relates to lease receivables from clients. Lease receivables from clients consist of trade receivables and amounts receivable under finance lease contracts. For amounts receivable under finance lease contracts credit risk is mitigated materially by the underlying value of the available collateral (i.e. leased object). Credit risk management policy The Company has defined its credit acceptance criteria and set its limits on counterparty and concentration risks as well as the types of business and conditions thereof. For its credit risk management, the Company distinguishes between corporate clients, retail clients, governments, banks and others. In this respect, retail clients are from a regulatory point of view defined as small and medium entities (SMEs) and private households. Except for retail clients, which are assessed whenever a credit application is received, the credit risk of all counterparties is assessed at least once a year. Corporate social responsibility Pursuant to section 99 a(7) of the Danish Financial Statements Act, no separate reporting on Corporate social responsibility have been prepared. Reference is made to the Annual Report of Société Générale S.A. for 2025, which includes said reporting, and can be found at https://www.societegenerale.com/sites/default/files/documents/2025-03/universal-registration-document-2025.pdf. Reporting on data ethics Pursuant to section 99 d(3) of the Danish Financial Statements Act, no separate reporting on data ethics have been prepared. Reference is made to the Annual Report of Société Générale S.A. for 2025, which includes said reporting, and can be found at https://www.societegenerale.com/sites/default/files/documents/2025-03/universal-registration-document-2025.pdf. 1808000000 1618000000 1508000000 1355000000 300000000 263000000 110000000 114000000 190000000 149000000 76000000 35000000 266000000 184000000 41000000 33000000 225000000 151000000 39000000 37000000 3847000000 3278000000 5000000 52000000 12000000 2000000 3864000000 3332000000 545000000 85000000 545000000 85000000 4448000000 3454000000 145000000 82000000 144000000 166000000 78000000 63000000 83000000 63000000 13000000 5000000 318000000 297000000 25000000 10000000 488000000 389000000 4936000000 3843000000 190000000 190000000 425000000 0 39000000 34000000 104000000 27000000 57000000 164000000 250000000 0 1065000000 415000000 146000000 72000000 146000000 72000000 0 30000000 2474000000 2511000000 2474000000 2541000000 38000000 30000000 5000000 21000000 40000000 38000000 31000000 32000000 866000000 449000000 144000000 120000000 127000000 125000000 1251000000 815000000 3725000000 3356000000 4936000000 3843000000 190000000 0 43000000 27000000 4000000 130000000 394000000 0 0 0 0 0 130000000 130000000 0 0 -9000000 0 160000000 0 151000000 190000000 0 34000000 27000000 164000000 0 415000000 0 425000000 0 0 0 0 425000000 0 0 5000000 77000000 -107000000 250000000 225000000 190000000 425000000 39000000 104000000 57000000 250000000 1065000000 1 Finance cost Finance cost included in Direct cost of revenue 88 47 2 Intangible assets and Property, plant and equipment Fixtures and fittings, Operating Right of tools and lease use equip-DKKm Software assets assets ment Total Cost at 1 January 2024 62 4,882 76 20 5,040 Merger of activities 0 0 0 20 20 Additions 14 1,954 5 1 1,974 Disposals 0 -1,361 -59 0 -1,420 Cost at 31 December 2024 76 5,475 22 41 5,614 Depreciation and impairment losses at 1 January 2024 25 1,604 24 18 1,671 Merger of activities 0 0 0 5 5 Depreciation 12 759 5 6 782 Depreciation on disposals 0 -735 -12 0 -747 Depreciation and impairment losses at 31 December 2024 37 1,628 17 29 1,711 Carrying amount at 31 December 2024 39 3,847 5 12 3,903 Depreciation can be specified as follows: Direct cost of revenue 0 759 0 0 759 Selling, general and administrative expenses 12 0 5 6 23 12 759 5 6 782 3 Staff costs Wages and salaries 168 94 Pensions 16 8 Other social security costs 3 2 187 104 239 153 Pursuant to section 98 b(3) of the Danish Financial Statements Act, information on remuneration of the Company's Executive Board is omitted. Following the acquisition of LPDK A/S by the Company, the administrative activities of LPDK A/S incl. all employees has in May 2024 been merged into Ayvens Danmark A/S. After this restructuring, costs attributable to staff etc. servicing the customers of LPDK A/S has been passed on from the Company. The Company's Board of Directors, who are not part of the Company's Executive Board, are representatives of the Group. As representatives of the Group, no remuneration are paid in their capacity as members of the Board of Directors. In case an allocation of remuneration would be made, this proportion would be immaterial. Staff costs are recognised in the financial statements as Selling, general and administrative expenses. 4 Fees to auditor appointed at the general meeting Pursuant to section 96(3) of the Danish Financial Statements Act, fee information is omitted. 5 Equity investments in subsidiaries Cost at 1 January 23 23 Additions 422 0 Disposal through merger -4 0 Cost at 31 December 441 23 Revaluation at 1 January 62 59 Profit for the year 76 35 Dividends distributed -34 -32 Revaluation at 31 December 104 62 Carrying amount at 31 December 545 85 Registered Equity Profit for Name/legal form office interest Equity the year DKKm DKKm Subsidiaries: LPDK A/S Brøndby 100% 458 62 NewCo LP ApS Taastrup 100% 0 0 NF Fleet A/S Taastrup 80% 109 45 567 107 6 Tax on profit for the year DKKm 2024 2023 Current tax for the year 0 33 Deferred tax adjustment for the year 74 0 Tax adjustment for previous years -33 0 41 33 5000000 -9000000 77000000 0 250000000 0 -107000000 160000000 225000000 151000000 8 Prepayments Commissions for distribution of lease contracts 5 1 Other 8 4 13 5 9 Contributed capital The contributed capital consists of shares in DKK 1 denominations. All shares rank equally. Changes in the share capital are specified as follows: KDKK 2024 2023 2022 2021 2020 Share capital 1 January 190,000 190,000 190,000 190,000 190,000 Cash capital increase 1 0 0 0 0 190,001 190,000 190,000 190,000 190,000 DKKm 2024 2023 10 Deferred tax Deferred tax at 1 January 72 72 Deferred tax adjustment for the year in the income statement 74 0 146 72 11 Non-current liabilities other than provisions Liabilities other than provisions can be specified as follows: Payables to group entities: 0-1 years 866 449 1-5 years 2,474 2,511 3,340 2,960 Credit institutions: 0-1 years 38 30 1-5 years 0 0 38 30 Lease obligations: 0-1 years 5 21 1-5 years 0 30 5 51 Other payables, including taxes payable: 0-1 years 342 315 342 315 Total liabilities other than provisions 3,725 3,356 Total liabilities other than provisions are recognised in the balance sheet as follows: Non-current liabilities other than provisions 1,251 815 Current liabilities other than provisions 2,474 2,541 3,725 3,356 Amounts expensed on low value and short term leases 14 14 12 Contractual obligations, contingencies, etc. Contingent liabilities The Group’s Danish entities are jointly and severally liable for tax on the Group’s jointly taxed income and for certain withholding taxes such as dividend tax and royalty tax. Management is not aware of any lawsuits or arbitration cases which could have significant influence on the Company’s financial position or result. 13 Related party disclosures Ayvens Danmark A/S' related parties comprise the following: Control Ayvens S.A., 1-3 rue Eugène et Armand Peugeot, 92500 Rueil-Malmaison, France holds the entire contributed capital in the Company. Ayvens Danmark A/S is part of the consolidated financial statements of Ayvens S.A., 1-3 rue Eugène et Armand Peugeot, 92500 Rueil-Malmaison, France and the consolidated financial statements of Société Générale S.A., 29 Boulevard Haussmann, 75009 Paris, France, which are the smallest and largest groups, respectively, in which the Company is included as a subsidiary. The consolidated financial statements of Ayvens S.A. and the consolidated financial statements of Société Générale S.A. can be obtained by contacting the companies at the above addresses. Related party transactions DKKm 2024 2023 Bonus income in relation to international procurement agreements 14 12 Sale of administrative and ICT-services 148 89 Total income 162 101 Group contributions 11 14 Purchase of ICT-services 1 1 Interest expenses 87 47 Vehicle rental expenses 14 14 Total costs 113 76 Remuneration to the Parent Company's Executive Board and Board of Directors is disclosed in note 3. Accounting policies The annual report of Ayvens Danmark A/S for 2024 has been prepared in accordance with the provisions applying to reporting class C large entities under the Danish Financial Statements Act. Segment information The Company has assessed that there are no segments which mutually deviate significantly since the Company only operate in the Danish market with a view to leasing of car fleets to businesses and management of these fleets. Foreign currency translation On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. Income statement Revenue Revenue represent the fair value of the consideration received or receivable for the sale of goods and services in the Company’s ordinary course of business. IFRS 15 is used as basis for interpretation. Operating lease income On operating leases, lease rental revenue (depreciation and interest) is recognised in accordance with IFRS 16 on a straight‑line basis over the lease term based on the total of the contractual payments divided by the number of months of the lease term. Charges to customers may include passed on costs such as fuel, road taxes and other taxes which do not represent the inflow of economic benefits and/or are collected on behalf of third parties and are therefore not presented as revenues. Upfront payments from customers at the beginning of the lease agreement are recognised in the balance sheet and amortised on a straight‑line basis over the period of the lease agreement. Amounts paid or value provided to lessees as lease incentives are capitalised (e.g., upfront cash payments to the lessee, reimbursement or absorption of costs by the lessor or free or reduced rents given at the beginning of the lease term). Lease incentives are accounted for on a straight‑line basis over the term of the related lease as a reduction in revenue. Finance lease & other interest income Interest income from finance lease contracts is recognised using the effective interest method. Payments collected from the lease are allocated between reducing the net investment in the lease and recognising interest income. Other interest income mainly includes income from interest-bearing assets, which is recognised using the effective interest method. Additional services income Additional services include fees charged for fleet management services, repair & maintenance services, rental activities and damage & insurance services. Revenue from fleet management services is recognised on a straight-line basis over the term of the fleet management agreement. Income related to repair, maintenance and tyres (RMT) is recognised over the term of the lease contract. The allocation of income over the term is based on the normal RMT cost profile supported by historical statistics and expected service costs. The difference between the amounts charged to customers and amounts recognised as income is accounted for as deferred leasing income. Cost profiles are reviewed periodically to ensure they remain a fair representation of historical RMT expenditures, adjusted for reasonable expectations of changes in cost profiles. Where an accurate or reliable estimate of the cost curve is not available, revenue is recognised based on an estimate of expected completion of the performance obligation using an alternative input method. If income related to services surrounding contracts is not certain until final settlement takes place, this income is not recognised until that time and is presented within the sales result. For all other contracts, expected losses are recognised as an expense immediately when it is probable that total contract costs will exceed total contract revenues. Rental revenues are recognised on a straight-line basis over the term of the rental agreement. rdThe revenue from damage & insurance services comprise commissions earned from 3 party insurance companies and is recognised based on the monthly charges to clients. This applies for third-party liability and own damage insurance products. Revenue recognition will cease when the contract is terminated by a client or at the end of the contractual term. Proceeds of used car sales and end of contract fees Revenues also include the proceeds of the sale of vehicles from terminated lease contracts and lease revenues from end of contract billing such as repair costs recharged to the customer. The proceeds from the sale of vehicles are recognised when the vehicles are sold and control of the vehicles is transferred. End of contract fees may consist of fees charged to customers for mileage variation adjustments and excessive wear and tear of the vehicle. Revenues also include charges arising from deviations from the contractual terms, where the fees are recognised upon termination of the lease contract. Direct cost of revenue Direct cost of revenue comprises the cost associated with providing the above-mentioned service components of the lease instalment. Any (volume related) bonuses related to these expenses are credited directly to expenses. Bonuses received on purchases of objects for operating lease contracts are deducted from the purchase consideration and as such result in lower depreciation. Bonuses received on purchases of objects for finance lease contracts are recognised immediately in the income statement. Cost of revenues also includes the carrying amount of the sold vehicles and the costs associated with the rental activities, finance costs for interest-bearing liabilities (cf. below), impairment charges on loans and receivables and unrealised (gains)/losses on financial instruments. Finance cost Finance cost consists of interest expenses and similar charges for interest-bearing liabilities (including interest expenses on lease liabilities) and is recognised in the income statement using the effective interest method. The effective interest rate is the rate that exactly discounts the estimated future cash payments and receipts through the expected life of the financial asset or liability to the carrying amount of the financial asset or liability. The calculation of the effective interest rate includes all fees and points, paid or received, transaction costs and discounts or premiums that are an integral part of the effective interest rate. The effective interest rate is established on initial recognition of the financial asset and liability and is not revised subsequently. Selling, general and administrative expenses Selling, general and administrative expenses comprise expenses incurred during the year for management and administration of the Company, including expenses for staff, management, sales campaigns, advertising, office premises, office expenses and depreciation. Financial income and expenses The proportionate share of the individual subsidiaries’ profit or loss after tax is recognised in the parent company’s income statement after the full elimination of intra-group profits and losses and amortisation of positive or negative goodwill. Tax on profit for the year Tax for the year comprises current tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit for the year is recognised in the income statement at the amount attributable to the profit for the year and directly in equity at the amount attributable to entries directly in equity. Intangible assets Software Software comprises purchases from third parties and/or internal software development costs during the application development stage. The costs capitalised relate to external direct costs of materials and services and employee costs related to the time spent on the project during the capitalisation period. Capitalised software is evaluated for impairment annually or when changing circumstances indicate that amounts capitalised may be impaired. Impaired items are written down to their estimated fair values at the date of evaluation. Software has no estimated residual value and is amortised on a straight-line basis over its expected useful life, generally 3 to 5 years. Amortisation is recognised in the income statement as part of “Selling, general and administrative expenses”. An amount matching the capitalised internal software development costs, net of tax, is reserved in “Reserve for development costs” under equity. Lease assets Lease classification As a lessor the Company is required to determine at the inception of each lease contract whether the lease arrangement is an operating lease or finance lease. This assessment considers the substance of the transaction rather than the form of the contract and classification is based on the extent to which the lease transfers the risks and rewards incidental to ownership of the underlying asset. A lease is classified as a finance lease if it transfers substantially all the risks and rewards from ownership of an asset. Conversely, an operating lease is a lease that does not transfer substantially all the risks and rewards from the ownership of an asset. Various criteria are used to determine the lease classification of which the three most important are: • whether the lease term is for the major part of the economic life of the asset; • whether the present value of minimum lease payments amounts to at least substantially all of the fair value of the asset; and • whether the lease transfers ownership of the vehicle to the lessee by the end of the lease term or if it is reasonably certain that the lessee will exercise the purchase option. Operating lease portfolio The Company as a lessor presents the assets subject to operating leases under “Operating lease assets” in the balance sheet and mainly includes vehicles under operating leases, vehicles under short term rental contracts (less than 1 year) and vehicles available for rental. The Company leases assets to its customers for durations that normally range between three to five years. In almost all cases, the leased assets are returned to the Company at the end of the contract term. In case of early termination in most of the cases there will be a settlement invoice considering amendments. Under the operating lease classification, the customers are offered various products that have different contractual terms, but where ultimately the risks and rewards incidental to ownership are retained by the Company. A customer may be entitled to receive a portion of the net positive result from factors that have resulted in the vehicle being above its expected residual value and/or better RMT results at the end of the lease. However, any negative result risk will still be borne by the Company. Measurement Assets under Operating lease assets are measured at cost less accumulated depreciation and impairment losses. The cost of the operating lease assets comprises their purchase price and any incremental and directly attributable costs of bringing the assets held for use in operating leases to working condition for its intended use. Import duties and non‑refundable purchase taxes are included in the purchase price and any trade discounts are deducted when calculating the purchase price. Incremental direct costs may include commissions, legal fees and delivery cost where material. Furthermore, lease incentives and volume bonuses are also taken into account and depreciated over the expected lease term. The carrying amount of the Operating lease portfolio is presented in the category “Operating lease assets” on the balance sheet. The operating lease and other leased car assets are depreciated on a straight‑line basis over the estimated useful life (normally the contract period for operating leases) to their estimated residual value. The residual value and the useful life of the leased assets are reviewed at least at each financial year‑end and, if expectations differ from previous estimates, the changes are accounted for prospectively as a change in accounting estimate (so‑called prospective depreciation). Depreciation is recognised in the income statement as part of “Direct costs of revenue”. Depreciation is not applied to new vehicles available for lease when these vehicles are not in the condition to be leased to customers. This often applies to vehicles bought for signed lease contracts or vehicles bought with the intention to lease that are temporarily stored and not ready to be used. For the impairment accounting policy please refer to section ‘Impairment of tangible assets’. Upon termination of the lease or rental contract the relevant assets are reclassified to the caption ‘Inventories’ at their carrying amount. Finance lease portfolio Finance leases are recognised in the balance sheet at an amount equal to the present value of the minimum lease payments and the unguaranteed residual value, after deduction of provisions deemed necessary in respect of bad and doubtful debts and any accumulated impairment losses. Initial direct costs and down‑payments that are not refundable security deposits are included in the initial measurement of the finance lease receivables. The assets are presented within the category “Finance lease assets” on the balance sheet. Right‑of‑use assets and lease liabilities Lease term The lease period to be applied in determining the rental payments to be discounted will match the non-cancellable period of the lease adjusted for: • options to extend the contract that the lessee is reasonably certain to exercise; and • early termination options that the lessee is reasonably certain to exercise. The measurement of the reasonable certainty of exercising or not exercising the extension or early termination options takes into account all the facts and circumstances that may create an economic incentive to exercise or not to exercise these options. Right‑of‑use assets The Company recognises right‑of‑use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right‑of‑use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right‑of‑use assets includes the amount of the corresponding lease liability recognised, adjusted for any lease payments made at or before the lease commencement date, plus any initial direct costs incurred and an estimate of costs for dismantling, removing, or restoring the underlying asset and less any lease incentives received. The right‑of‑use assets are depreciated over the lease term, defined as the non‑cancellable period for which the lessee has the right to use an underlying asset including optional periods when an entity is reasonably certain to exercise an option to extend (or not to terminate) a lease. Depreciation is recognised in the income statement as part of “Selling, general and administrative expenses”. Lease liabilities At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of the expected future lease payments, calculated using the Company’s incremental borrowing rate, adjusted to reflect the length of the lease. Lease payments included in the lease liability consist of each of the following: • fixed payments, including in‑substance fixed payments; • payments whose variability is dependent only upon an index or a rate, measured initially using the index or rate at the lease commencement date. The lease liability is revalued when there is a change in future lease payments arising from a change in an index or rate; • any amounts expected to be payable under a guarantee of residual value; and • the exercise price of a purchase option that the Company is reasonably certain to exercise, the lease payments after the date of a renewal option if the Company is reasonably certain to exercise its option to renew the lease, and penalties for exiting a lease agreement unless the Company is reasonably certain not to exit the lease early. Variable leasing costs (other than those referred to above and including those linked to usage) and the costs of non‑lease components are not included in the lease liability and are expensed as incurred. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change to the forecast lease payments or change in lease term. When the lease liability is remeasured, an adjustment is made to the corresponding right‑of‑use asset. Property and Fixtures and fittings, tools and equipment Property and Fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. Subsequent expenditure on property and Fixtures and fittings, tools and equipment is recognised in the carrying amount of the item only when it increases the future economic benefits embodied in the specific asset to which it relates, and its costs can be measured reliably. All other expenditure, including repairs and maintenance costs, are charged to the income statement during the period in which they are incurred. Depreciation on assets is calculated using the straight‑line method to allocate their cost to their residual values over their estimated useful lives, as follows: IT equipment 3-5 years Furniture and fixtures and office equipment 3-10 years Company cars 3-5 years Leasehold improvement remaining lease term When parts of an item of property and Fixtures and fittings, tools and equipment have different useful lives, they are accounted for as separate items (major components). The carrying amount of a replaced part is derecognised when replaced. Residual values, method of depreciation and useful lives of the assets are reviewed annually and adjusted if appropriate. In case of an indicator that an impairment could exist, an asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Impairment of tangible assets Assets that are subject to amortisation or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s “fair value less costs of disposal” and “value in use”. In the annual assessment of whether there is any indication that an asset may be impaired, the Company considers both external as well as internal sources of information. If such indication for impairment exists, an analysis is performed to assess whether the carrying value of the asset or cash generating unit under an operating lease exceeds the recoverable amount, being the higher of the fair value less costs to sell and the value in use. The value in use is determined as the present value of the future cash flows expected to be derived from the cash generating unit. The recoverable amount of lease contracts is determined as the value in use at customer contract level (cash-generating unit). As debt funding and interest payments are considered to be an essential element of the Company operating lease business the assessment of the value in use is performed based on a discounted cash-flow-to-equity model. This valuation methodology is a commonly used methodology for valuation of financial institutions. To determine whether any right-of-use asset or assets categorised as other property and equipment should be impaired, the Company considers both external and internal impairment indicators. If such indicators exist, an analysis is performed to assess whether the carrying value of the cash generating unit exceeds the recoverable amount. The recoverable amount is determined as higher of the asset’s or cash-generating unit’s fair value less costs of disposals and its value in use. Reversal of impairment Any impairment loss on other non-financial assets is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent of the asset’s carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Financial assets Initially, investments in subsidiaries are recognised at cost. They are subsequently measured according to the equity method. Subsidiaries are measured at the proportionate share of the entities’ net asset value calculated according to the parent company’s accounting policies plus or minus unrealised intra-group gains or losses and plus or minus the residual value of positive and negative goodwill calculated according to the acquisition method. The proportionate share of the individual subsidiaries’ profit or loss after tax is recognised in the parent company’s income statement after the full elimination of intra-group gains/losses. Dividends are recognised as a reduction from the carrying amount of the investment in the entity. Upon distribution of profit or loss, net revaluation of investments in subsidiaries is transferred to reserve for net revaluation according to the equity method under equity. Equity investments in group entities with negative net asset values are measured at nil, and any receivables from these entities are written down by an amount equivalent to the negative net asset value. To the extent the negative net asset value exceeds the receivable, the residual amount is recognised under provisions if the Company has a legal or constructive obligation to cover the liabilities of the individual subsidiary. Other receivables and deposits are recognised at amortised cost. Demerger and subsequent merger During the fiscal year, an intragroup demerger and subsequent merger have been carried out. For intragroup business combinations, the pooling of interests method is applied. Under this approach, the two entities are combined at their carrying amounts, and no differences are identified. Any consideration exceeding the carrying amount of the acquired entity is recognized directly in equity. Inventories Inventories are vehicle assets held for sale from the ordinary course of business. Upon termination of the lease or rental contract the relevant assets are reclassified from the caption “Operating lease assets” to the caption “Inventories” at their carrying amount, subject to an impairment review. Inventories are measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. Valuation allowances on inventories are included in “Direct cost of revenue”. Receivables Receivables are measured at amortised cost. Impairment Lease receivables from clients, both finance lease receivables and operating lease receivables as included in trade receivables in scope of IFRS 16, are brought in scope of IFRS 9 impairments. An expected credit loss (ECL) provision is applied to all receivables from customers that are measured at amortised cost with the exception of those receivables deemed to be out of scope. The Company have applied this scope exemption when the receivable meets the low credit risk exemption criteria. The Company has applied this to receivables on used car sales and insurance receivables, where there is zero or almost no history of credit risk or the amounts due are from financial institutions with an investment grade credit rating. Overall, the Company segments the receivables from customers into sound and doubtful receivables that includes receivables that have met the definition of default, as defined in Article 178 of the ECB Capital Requirements Regulation (CRR). For sound receivables the Company applies a simplified approach in calculating ECLs from initial recognition of the receivable, which means the Company does not track changes in significant increase in credit risk but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix for the sound receivables that is based on its historical credit loss experience by ageing categories, adjusted for forward‑looking factors specific to the debtors and the economic environment when the impact of those factors is material to the financial statements. To establish the forward‑looking element of IFRS 9 provision, the Company uses macroeconomic data and analysis through local uplifts to probability of default and loss given default rates. For purposes of assessing, recognising and reporting defaults, a customer shall be considered to be in default when either one or both of the following events occur: • the customer is considered unlikely to pay (“UTP”); and/or • the customer is past due more than 90 consecutive days on any material credit obligation. The application of the above guidance is only to the extent of identifying the customers that are in default. There is no change in the method of determining the value of impairment. Where the customer is in default, the whole of the customer balance is classified as doubtful, and impairment is based upon the full outstanding amount, except where it is adjudged there are mitigating circumstances. Expected credit losses are reassessed at each reporting date and reflect all reasonable information that is available at the reporting date. Judgement is required from management for applying appropriate models and setting assumptions for the measurement of ECL. The methodology, assumptions and data, including any forecasts of future economic conditions, macroeconomic impacts and the Company’s provision matrix are reviewed regularly by management in determining the expected credit losses and the write‑off of receivables. Prepayments Prepayments comprise prepayment of costs incurred relating to subsequent financial years. Equity Dividends The expected dividend payment for the year is disclosed as a separate item under equity. Corporation tax and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities measured on the planned use of the asset or settlement of the liability, respectively. Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Any deferred net assets are measured at net realisable value. Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively. Liabilities other than provisions Financial liabilities are recognised at the date of borrowing at cost, corresponding to the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between cost and the nominal value is recognised in the income statement over the term of the loan together with interest expenses. Prepayments received from customers comprises payments received at the beginning of the lease agreement and is amortised on a straight-line basis over the period of the lease agreement. Other liabilities are measured at amortised cost, which usually corresponds to nominal value. Deferred income Deferred income relates to maintenance and tyre revenue which is profiled in line with historical maintenance expenditure in order to match revenue and costs. true Omission of consolidated financial statements Pursuant to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. The financial statements of Ayvens Danmark A/S and group entities are included in the consolidated financial statements of Société Générale S.A., 29 Boulevard Haussmann, 75009 Paris, France. Cash flow statement Pursuant to section 86(4) of the Danish Financial Statements Act, no cash flow statement have been prepared. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2024-01-01 2024-12-31 2023-01-01 2023-12-31 2025-05-17 Reporting class C, large enterprise Taastrup 1978-05-28 2025-07-17 87573613 Ayvens Danmark A/S Helgeshøj Allé 34 2630 Taastrup Opinion Basis for Opinion 2025-07-17 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup