18296799 2023-02-01 2024-01-31 18296799 2024-01-31 18296799 2023-02-01 2024-01-31 1 18296799 2023-02-01 2024-01-31 2 18296799 2023-02-01 2024-01-31 1 18296799 2023-02-01 2024-01-31 101 18296799 2023-02-01 2024-01-31 102 18296799 2022-02-01 2023-01-31 18296799 2022-02-01 2023-01-31 1 18296799 2023-01-31 18296799 2022-02-01 2023-01-31 101 18296799 2022-02-01 2023-01-31 102 18296799 2021-02-01 2022-01-31 18296799 2021-02-01 2022-01-31 1 18296799 2022-01-31 18296799 2021-02-01 2022-01-31 101 18296799 2021-02-01 2022-01-31 102 18296799 2020-02-01 2021-01-31 18296799 2020-02-01 2021-01-31 1 18296799 2021-01-31 18296799 2020-02-01 2021-01-31 101 18296799 2020-02-01 2021-01-31 102 18296799 2019-02-01 2020-01-31 18296799 2019-02-01 2020-01-31 1 18296799 2020-01-31 18296799 2019-02-01 2020-01-31 101 18296799 2019-02-01 2020-01-31 102 18296799 2023-01-31 fsa:ContributedCapitalMember 18296799 2023-02-01 2024-01-31 fsa:ContributedCapitalMember 18296799 2024-01-31 fsa:ContributedCapitalMember 18296799 2023-01-31 fsa:RetainedEarningsMember 18296799 2023-02-01 2024-01-31 fsa:RetainedEarningsMember 18296799 2024-01-31 fsa:RetainedEarningsMember 18296799 2023-01-31 fsa:ProposedDividendRecognisedInEquityMember 18296799 2023-02-01 2024-01-31 fsa:ProposedDividendRecognisedInEquityMember 18296799 2024-01-31 fsa:ProposedDividendRecognisedInEquityMember 18296799 2023-01-31 fsa:OtherReservesMember 18296799 2023-02-01 2024-01-31 fsa:OtherReservesMember 18296799 2024-01-31 fsa:OtherReservesMember 18296799 2023-02-01 2024-01-31 1 18296799 2023-02-01 2024-01-31 1 18296799 2023-02-01 2024-01-31 2 18296799 2023-02-01 2024-01-31 3 iso4217:DKK xbrli:pure Tina Øster Larsen Management’s Statement on the Annual ReportThe Board of Directors and Executive Board have today considered and adopted the annual report of Dell A/S for the Financial Year 1 February 2023 - 31 January 2024.The Annual Report was prepared in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the financial position at 31 January 2024 of the Company and of the results of the Company’s operations for the Financial Year 1 February 2023 - 31 January 2024.In our opinion, Management’s review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. Copenhagen Heidi Have Jakob Vesterheden Chairman Heidi Have Karina Visholm Andersen Independent Auditor’s Report To the Shareholders of Dell A/S OpinionIn our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 January 2024, and of the results of the Company’s operations for the financial year 1 February 2023 - 31 January 2024 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of Dell A/S for the financial year 1 February 2023 – 31 January 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 OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Statement on Management’s ReviewManagement 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 StatementsManagement 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 StatementsOur 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. Copenhagen Martin Lunden Lone Vindbjerg Larsen State Authorised Public Accountant State Authorised Public Accountant Dell A/S Arne Jacobsens Allé 17 DK 2300 København S Denmark +45 32 87 50 00 +45 32 87 50 01 www.dell.dk Copenhagen Bech-Bruun Gdanskgade 18 2150 Nordhavn Denmark PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 DK 2900 Hellerup Denmark CitibankSEB 2026173000 1708116000 1605130000 327895000 333348000 337484000 35569000 14333000 28503000 10153000 -23092000 -1821000 14701000 -2704000 Profit/(loss) before tax Profit/(loss) before tax Profit/(loss) before tax Profit/(loss) before tax Profit/(loss) before tax 41427000 72524000 33747000 29034000 25799000 26121000 21089000 18175000 1196172000 1147811000 888891000 187293000 143184000 110330000 4507000 4477000 815000 833000 2308000 205 223 225 248 265 0.166 0.162 0.162 0.195 0.2100 Profit margin Profit margin Profit margin Profit margin Profit margin 0.017 0.038 0.018 0.008 0.018 Return on net assets Return on net assets Return on net assets Return on net assets Return on net assets 0.026 0.076 0.0300 0.012 0.032 0.084 0.093 0.157 0.125 0.124 0.273 0.375 0.158 0.166 0.184 The ratios have been prepared in accordance with the recommendations and guidelines issued by the Danish Society of Financial Analysis. For definitions, see under accounting policies. Management’s Review Development in the financial yearThe company has a profit after tax of DKK 30,046,920 compared to a result of DKK 57,102,094 last year. Revenue expectations from previous year to be recorded in FY24 was within the range of DKK 2,118M to DKK 2,591M and ended up at DKK 1,890M which is below our expectations. The lower point was primarily due to recent VMware carve-out which prevented the Company from selling some storage platforms with VMware software. Another driver for decrease in YoY revenue was followed by Public License in Business Unit Infrastructure Solutions Group (ISG) which was published until May 2023 only which brought YoY decline by 46% for ISG. The license has been published again in February 2024 which recorded an increase by 100% in Q1 of FY25. During FY24 the Company maintained the market share growth as expected from previous year of +3%. Despite continued near-term challenges, we expect the demand environment to improve in Fiscal 2025 which will enable us to achieve net revenue growth +11%. During Fiscal 2024 in Business Unit Client Solutions Group (CSG) the Company reported a decline in all its segments apart from Medium Business (MB) which increased +1% YoY.Expectations to Profit Before Tax from previous year FY24 was within the range of DKK 35M to 50M and ended up at DKK 40M which is in line with expectations. Throughout the year, we remained focused on our key strategic priorities, building long-term value creation for our stakeholders, and addressing our customers’ needs while continuing to make prudent decisions in response to the environment. We continued to execute cost management measures, including limiting external hiring, employee reorganizations, and other actions to align our investments with our strategic priorities and customer needs. These actions resulted in a reduction in our overall headcount.As a result, the Management finds the results satisfactory.The Company’s impact on external environmentIn its overall operations, the company takes into account laws relating to the protection of the environment (environmental laws). The Company considers that it meets the requirements of such laws and that it carries out procedures designed to encourage compliance and ensure that such requirements are met.The company has adopted the necessary measures with respect to the protection and improvement of the environment and the minimisation, if applicable, of environmental impact, meeting the requirements of current environmental legislation. Research and DevelopmentDuring the year ended 31 January 2024, the company has not carried out any Research & Development activity. Those R&D activities are carried out at international manufacturing facilities of Dell Technologies Group. Knowledge resourcesPeople and teams and talent management are an integral part of the company's business and are key to continuing progress. Competition for talent is significant both within the industry and beyond it. The company attracts and retains its people through provision of on-going opportunity for career progression, training initiatives and continually identifying emerging managers and leaders within the company including talent management and graduate recruitment programs.Principal risks and uncertaintiesThere are number of risks and uncertainties that can impact the performance of the company, some of which are beyond the control of the company and its directors. Market risk – Risks are resulting from the competitive nature of the IT hardware business, the shift from desktops and notebooks to tablets and smartphones as well as the continuing adoption of public cloud offerings. The development towards an IT solution company with the expansion of the product portfolio especially in the area of storage, services and software will address those market developments.Currency risk – The objective of company in managing its exposures to foreign currency exchange rate fluctuations is to reduce the impact of adverse fluctuations associated with foreign currency exchange rate changes on earnings and cash flows. The company closely monitors its foreign currency exchange exposures to ensure the overall effectiveness of its foreign currency hedge positions. Compliance risk – The Company has implemented a comprehensive compliance management system to ensure regulatory compliance. Credit risk – It is the Company’s policy that all the customers who wish to trade on credit terms are subject to credit verification procedures. The company only offers these terms to recognized, creditworthy third parties. In addition, receivables balances are monitored on an ongoing basis with the result that the Company’s history of bad debt losses is not significant.The company uses a range of information technology and decision support systems for provision of key services, control procedures and financial management. These systems are constantly reviewed and updated to meet the needs of the company. The expected developmentThe company’s vision is to become the most essential technology company for the data era. We seek to address our customers’ evolving needs and their broader digital transformation objectives as they embrace today’s hybrid multi-cloud environment. We intend to execute on our vision by focusing on two overarching strategic priorities: • Grow and modernize our core offerings in the markets in which we predominantly compete • Pursue attractive new growth opportunities such as Edge, Telecom, data management, and as-a-Service consumption modelsWe believe that we are uniquely positioned in the data and multi-cloud era and that our results will benefit from our competitive advantages. We intend to continue to execute our business model to position our company for long-term success while balancing liquidity, profitability, and growth.We expect ISG net revenue to grow, driven by our AI-optimization, improving demand for our traditional servers, and a recovery in demand for our storage offerings. We expect CSG net revenue growth, driven in part by the anticipated PC refresh cycle and also adoption of AI-offerings.We expect input costs to increase during Fiscal 2025, principally driven by anticipated inflation for component costs as the year progresses. Input cost trends are dependent on the strength or weakness of actual end-user demand and supply dynamics, which will continue to fluctuate and ultimately impact our costs, pricing, and operating results. We plan to mitigate the impact of these dynamics through continued disciplined cost management.In the financial year 2025, we need to stay focused on improving product margins and expense management. The course of sales for the next financial year we expect to be in a range from DKK 1,800M to DKK 2,000M. Profit Before Tax is estimated for the next fiscal year to be within the range from DKK 38M to DKK 50M.General risk assessmentNatural disasters, terrorism or armed hostilities, such as the war between Russia and Ukraine, the conflict in the Middle East, or tensions across the Taiwan Strait, or public health issues, such as those that have resulted from the coronavirus pandemic, could cause damage or disruption to us or our suppliers and customers, or could create political or economic instability, any of which impacts could harm our business. Any such events could cause a decrease in demand for our products, make it difficult or impossible to deliver products or for suppliers to deliver components, and create delays and inefficiencies in our supply chain.Future prospectsAdverse economic conditions may negatively affect customer demand, and could result in postponed or decreased spending amid customer concerns over unemployment or slowing demand for their products, reduced asset values,volatile energy costs, the availability and cost of credit, and the stability and solvency of financial institutions, financial markets, businesses, local and state governments, and sovereign nations. In Fiscal 2024, global economic uncertainty adversely affected the demand for our products and services as some of our larger customers exhibited increased caution in their IT spending. Factors contributing to weak or unstable global economic conditions, including those attributable to geopolitical volatility (such as ongoing military conflicts in Ukraine and the Middle East and tensions across the Taiwan Strait), international trade protection measures and disputes, such as those between the United States and China, or public health issues such as the coronavirus pandemic also could harm our business by contributing to product shortages or delays, supply chain disruptions, insolvency of key suppliers, customer and counterparty insolvencies, increased product costs and associated price increases, reduced global sales, and other adverse effects on our operations. Any such effects could have a negative impact on our net revenue and profitability. We will continue to monitor and assess the related restrictions and other effects and pursue prudent decisions for our team members, customers, and business.Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.Significant eventsThe company did not have during the financial year ended 31 January 2024 any events considered as significant by their substance.Uncertainty regarding measurement and recognitionRecognition and measurement in the Annual Report have not been subject to any uncertainty. The objects of the CompanyAs in previous year the business model is limited risk distributor since 2017. Environmental, Social, and Governance – sections 99a and 99d of Danish Financial Statement ActDell Technologies is committed to driving human progress by putting our technology and expertise to work where it can do the most good for both people and the planet. We recognize that all of our stakeholders — shareholders, customers, suppliers, employees, and communities — as well as the environment and society, are essential to our business.Dell Technologies is committed to progressing towards the goals set forth in our plan for 2030 and beyond (our “2030 Goals”). Our 2030 Goals represent an extension of our purpose as a company — to create technologies that drive human progress. We are using these goals to build our impact strategies over the next decade. Dell Technologies previous ESG Reports were organized by our four ESG pillars: Advancing Sustainability, Cultivating Inclusion, Transforming Lives and Upholding Trust. To better align our reporting efforts with the broader ESG conversation, we have organized this year’s report across six of our key ESG topics, which are the main focus areas of our 2030 goals:• Climate Action — We are committed to understanding the impact our business has on the environment. We are taking action to mitigate climate change, and we offer innovative products and solutions to customers to help them reduce their emissions, reach their reduction targets and operate more efficiently• Circular Economy - Our commitments to the circular economy power the creation of sustainable technology and solutions that drive business and society forward. Circularity as an economic system and product development process is integrated throughout our value chain. We embed it across the business and in deep collaboration with suppliers, customers and other stakeholders• Digital Inclusion - Through local engagements, global programs and partnerships and technology innovation, we are working toward equitable access to technology and connectivity for basic needs, programs and resources that build digital skills and community networks and support that advance digital equity. We provide solutions that improve quality of life like access to healthcare, education and job opportunities.• Inclusive Workforce - We believe in building a diverse and inclusive workforce, made up of individuals with varying backgrounds and life experiences. Improving representation of underrepresented groups in tech is critical to meeting future talent needs and ensuring new perspectives that reflect our global customer base. We are committed to equal employment opportunity and upholding ethics and integrity in all we do, and we will continue to implement inclusive practices and policies that support diversity.• Human Rights - We respect and support the internationally recognized human rights of all people. This respect is core to our commitment to drive human progress. We have adopted and uphold expectations set out in the United Nations Guiding Principles on Business and Human Rights and the Principles of the United Nations Global Compact, to which Dell Technologies is a signatory. We align our policies and practices to these principles. Dell Technologies is committed to ensuring we are not complicit in human rights violations, and we hold our suppliers and other business partners to this same standard. • Trust — As an industry leader, it is important people trust what we build, trust who weare and trust how we do our work. That is why we are committed to driving trust in ourproducts and services, our internal processes and in our ecosystem across security,privacy and ethics.Privacy, security and ethics are especially important in building trustwhen it comes to the use and creation of new technologies, like Artificial intelligence(AI).Dell Technologies measures progress against our 2030 Goals. For the statement on social responsibility (ÅRL §99a and data ethics (ÅRL §99d), please refer to the Ultimate Parent company Dell Technologies Inc.’s FY24 ESG report : https://www.dell.com/en-us/dt/corporate/social-impact/esg-resources/reports/fy24-esg-report.htm?hve=read+report#pdf-overlay=//www.delltechnologies.com/asset/en-us/solutions/business-solutions/briefs-summaries/delltechnologies-fy24-esg-report.pdfIn its operations, the Company considers the legislative and regulatory framework of the country on all matters, including Environmental, Social and Governance. The Company considers that it meets the requirements of such laws and that it carries out procedures designed to encourage compliance and ensure that such requirements are met. Gender composition in management, both in the Board of Directors and in other management levels of The Danish Financial Statements Act § 99bIt is the Company's objective that the Board of Directors and management represent different educational backgrounds, and genders.The Company meets the requirement to have a balanced representation of men and women in the Board of Directors.Managerial positions were held by 44% women and 56% men at fiscal year ended on 31 January 2024.The representation of male and female, both in the Board of Directors and in other management levels, in absolute and percentage figures, are reflected in the below table:n/a*–NotrequiredtodiscloseduetobalancedgenderrepresentationThe Company’s Managerial position is defined as any employee in a job grade level of Executive or People Managers as defined within our Human Capital Management system. All members of Managerial positions have direct people management responsibilities.The Company meets the requirement to have a balanced representation of men and women in the Other management positions.Dell Technologies is dedicated to attracting and developing people who identify as women across our global operations – and especially in technical positions and leadership roles, where they remain underrepresented throughout our industry. We foster a place where people want to work, and team members feel they belong, and our inclusive values reflect those of our customers and our communities. By 2030, 50% of our global workforce and 40% of our global people leaders will be those who identify as women. 3 0.33 27 0.44 Accounting PoliciesBasis of accountingThe Annual Report of Dell A/S for 2023/2024 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting Class C.The Financial Statements for 2023/2024 are presented in DKK.Accounting policies, leasesA lease asset and a corresponding lease liability are recognised in the balance sheet when a lease has been concluded and the lease asset has been made available. The lease asset is initially measured at cost equivalent to the value of the lease liability added any prepaid lease payments. The lease liability is initially measured at the net present value of future lease payments discounted at the Company’s marginal borrowing rate. Subsequently, the asset is measured at cost less accumulated depreciation and impairment losses. The lease asset is depreciated over the lease term. Depreciation is recognised on a straight-line basis in the income statement.Short-term leases and leases of low-value assetsLeases with terms of less than 12 months are not recognised in the balance sheet. This also applies to leases of low-value assets. Lease payments are instead recognised in the income statement on a straight-line basis over the lease term.Stock compensation planThe Company’s ultimate holding corporation, Dell Technologies Inc. (“Dell Tech”), operates an equity-settled, share-based compensation plan and granted restricted stock units (“RSUs”) to the Company’s employees via the “Dell Technologies Inc. 2013 Stock Incentive Plan (As Amended and Restated as of July 9, 2019)”. The value of the employee services received in exchange for the grant RSUs is recognised on a graded acceleration basis net of estimated forfeitures as an expense with a corresponding increase in the share capital over the vesting period. The total amount to be recognised over the vesting period is determined by reference to the fair value of the RSUs granted on grant date. Non-market vesting conditions are included in the estimation of the number of RSUs that are expected to become exercisable on the vesting date.Variable paymentsLease contracts contain variable payment terms that are linked to expenses related to maintenance of the rented properties (electricity, heating, etc.) which are measured based on actual expenditure. Variable lease payments that depend on actual expenditure are recognized in profit or loss in the period in which the condition that triggers those payments occurs. Variable lease payment terms are used for a variety of reasons, and the primary reason is to reflect the actual usage of the underlying asset.Lease term and extensionWhen assessing the expected lease term, the non-cancellable lease term is identified. If the lease includes an extension option which Management is reasonably certain to exercise, this is added to the non-cancellable lease term.Management has assessed that the expected lease term equals the non-cancellable lease term and that no leases have been concluded in respect of which a potential extension option is expected to be exercised. Discount rateWhen discounting lease payments to net present value, Management has chosen to apply the alternative borrowing rate, which is the cost of raising external financing for a similar asset with terms and conditions similar to those applying to the lease asset. Recognition and measurementThe net turnover is recognised in the profit and loss account when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. The company allocates the contract value within the arrangement to the identified performance obligations based on its standalone selling price and recognizes revenue for the performance obligation when the customers obtains control of the promised asset at a point in time. Assets are recognized in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognized in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the maturity period. Amortised cost is calculated as original cost less any deductions and with addition/deduction of the cumulative amortisation of any difference between cost and the nominal amount. In this way, capital losses and gains are allocated over the maturity period.Recognition and measurement take into account predictable losses and risks occurring before the presentation of the Annual Report which confirm or invalidate affairs and conditions existing at the balance sheet date.Translation of foreign currenciesDuring the year transactions in foreign currencies are translated at the rate of exchange as at the transaction date. Realised and unrealised exchange rate adjustments are included in the income statement under financial items.Debtors, liabilities and other items in foreign currencies which are unsettled on the balance sheet date are translated at the exchange rate as at the balance sheet date. Realised and unrealised exchange rate adjustments are included in the income statement under financial items.Corporation tax and deferred taxTax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity entries is recognised directly in equity. Any share of the tax reported in the income statement arising from profit/loss on extraordinary activities for the year is attributed to such activities, whereas the remaining share is attributed to profit/loss on ordinary activities for the year.Current tax liabilities and current tax receivable are recognised in receivables in the balance sheet in the event of overpayment of tax on account, and in debt in the event of underpayment of tax on account.Deferred tax is measured under the balance sheet liability method in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised in respect of temporary differences concerning items where temporary differences have arisen at the time of acquisition without affecting the profit for the year or the taxable income. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured on the basis of the intended use of the asset or settlement of the liability, respectively. Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement.Income StatementRevenueThe net turnover is recognized in the profit and loss account when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services in accordance with IFRS 15 Revenue from Contracts with Customer. The following applies to the elements included in revenue.• Installation HW DeferralsInstallation hardware is recognized in accordance with IFRS 15 for those contracts where collection requirements or business practices are capable of being distinct and for which the control over the goods has been transferred to the customer. • Software and Peripherals (S&P)3rd party licenses and PCS are separate performance obligations and have separate values. 3rd party licenses are recognized at the point of sale. PCS (Post Contract Support) is recognized over time. • Returns ProvisionsReturns Provisions is recognized and presented in provisions. • Services – Extended Warranty Discount AllocationDiscounts are allocated across all performance obligations of the contract.• Costs to obtainIncremental costs of obtaining a contract, such as sales commissions, are capitalized if they are expected to be recovered and amortized over a period of time. For those obligations with revenue that are recognized over 12 months or more commissions are recognized as deferred costs. For those obligations with revenue that are recognized 12 months or less commissions are recognized upfront.• RebatesRebates attributable to revenue recognized over more than 12 months are recognized as deferred costs. Cost of goods soldCosts of goods sold comprise the procured products consumed to achieve the revenue for the year.Other external expensesOther external expenses comprise expenses for premises, marketing expenses, travel as well as office expenses, etc.Staff expensesStaff expenses comprise wages and salaries as well as payroll expenses.Depreciation and impairment lossesDepreciation and impairment losses comprise depreciation and impairment of tangible assets as well as gains and losses from current replacement of fixed assets.Financial income and expensesFinancial income and expenses comprise interest, realised and unrealised exchange adjustments, as well as extra payments and repayment under the on-account taxation scheme.Balance sheetTangible fixed assetsOther fixtures, fittings and equipment are valued at cost less accumulated depreciation. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use.Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:Other fixtures, fitting and equipment 2-5 yearsLeasehold improvements 5 yearsDepreciation period and residual value are reassessed annually.Gains and losses on current replacement of property, plant and equipment are recognised in “Depreciation and impairment loss”.Impairment of fixed assetsThe carrying amounts of tangible assets are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by depreciation. If so, the asset is written down to its lower recoverable amount. The recoverable amount of the asset is calculated as the higher of net selling price and value in use. InventoriesInventories are measured at the lower of cost under FIFO method and net realisable value.The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price.The cost of goods for resale equals landed cost.ReceivablesReceivables are recognised in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Provisions for bad debts are determined on the basis of an individual assessment of each receivable.PrepaymentsPrepayments include expenses incurred in respect of subsequent financial years. Such expenses are typically prepaid expenses concerning rent, insurance premiums, subscriptions and interest.EquityDividendDividend is recognised as a liability at the time of adoption at the Annual General Meeting. Dividend expected to be distributed for the year is disclosed as a separate equity item.DebtsDebts are measured at amortised cost, substantially corresponding to nominal value.Deferred incomeDeferred income comprises payments received in respect of income in subsequent years.Statement of changes in equityStatement of changes in equity details the change in owners’ equity over an accounting period by presenting the movement in reserves comprising the shareholders’ equity. Movement in shareholders’ equity comprises the following elements: - Net profit or loss during the accounting period attributable to shareholders- Increase or decrease in share capital reserves- Dividend payments to shareholders- Gains and losses recognized directly in equity- Effect of changes in accounting policies- Effect of correction of prior period errorFinancial highlights The financial highlights have been calculated as follows:Gross profit x 100Gross margin =RevenueProfit before financials x 100Profit margin =RevenueProfit before financials x 100Return on net assets =Total assetsEquity at year end x 100Solvency ratio =Total assetsNet profit for the year x 100Return on equity =Average equity true Cash flow statementWith reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial statements of Dell Technologies Inc., the Company has not prepared a cash flow statement. 1889680194 2491361341 1493529381 2014656095 82477884 73639591 313672929 403065655 275252405 300410347 7146789 7039612 31273735 95615696 16332104 49880082 6179252 72972190 41426587 72523588 11379667 15421494 30046920 57102094 7057198 4739757 593818 372603 3490095 7877057 360000000 250000000 235893518 233543262 607034629 496532679 124777 6618355 181546069 296560027 222273778 268464020 188014645 178315347 1390152 0 15062752 12374632 234646 232387 608522042 755946413 6348466 5229663 614995285 767794431 1222029914 1264327110 501000 501000 68307304 57503539 28000000 55000000 6161183 4114263 102969487 117118802 18639670 22505310 412138900 411020240 318758 2400363 412457658 413420603 24714962 22613196 180368678 182835437 0 6766907 66685080 82289614 413538219 411639084 2656160 5138157 687963099 711282395 1100420757 1124702998 1222029914 1264327110 501000 4114263 55000000 57503539 0 0 55000000 0 55000000 0 2046920 28000000 0 0 0 0 10803765 10803765 501000 6161183 28000000 68307304 1 RevenueThe distribution of revenue on activities with geographical segmentation is specified as follows:Sale to country 2023/2024 2022/2023DKK DKKSales of products Denmark 1,822,457,722 2,311,054,978 Norway 2,732,499 22,205,630 Sweden 11,615,662 105,710,725 Intra-group revenue from recharge costs Ireland 48,958,488 48,418,302 Norway 605,371 576,027 Sweden 3,298,211 2,729,578 United States 12,241 14,020 Services provided Denmark 0 652,081 1,889,680,194 2,491,361,341 2 Staff expenses 2023/2024 2022/2023 DKK DKKStaff expenses is specified as follows:Wages and salaries250,478,859 275,731,204Pensions21,973,767 23,272,100Other social security expenses2,799,779 1,407,043275,252,405 300,410,347Expenses related to compensation plan are included in "Staff expenses" by 10.8M DKK (2022/2023: 22.7M DKK). Under compensation plan are the employees, consultants, non-employee directors and other service providers to Dell or its affiliates eligible for share based payment awards in the form of stock options, restricted stock units (“RSUs”), restricted stock awards (“RSAs”), Performance stock units (“PSUs”), stock appreciation rights (“SARs”), Deferred Stock Units (“DSUs”) or dividend equivalents.Remuneration to the Executive Board and Board of Directors have not been disclosed in accordance with section 98 B(3) of the Danish Financial Statements Act.The Board of Directors are not remunerated for their function as Board of Directors.Number of unitsNumber of units2023/20242022/2023Non-vested restricted stock units at the beginning of the financial year186,239 199,893Transferred during the financial year 11,215 1,510Granted during the financial year 53,167 76,748Vested during the financial year 115,961 86,433Forfeited during the financial year 15,427 2,459Non-vested restricted stock units at the end of the financial year 96,803 186,239Close price at period end per 1 RSU: $86.32 $42.24At the end of the financial year, there were 96,803 (2022/2023: 186,239) Dell Tech non-vested restricted stock units. 3 Depreciation and impairment loss 2023/2024 2022/2023DKK DKKDepreciation and impairment loss is specified as follows:Depreciation on tangible fixed assets1,446,4521,973,334Depreciation on right-of-use assets5,593,1605,173,4557,146,789 7,039,612 4 Financial incomeFinancial income is specified as follows:2023/2024 2022/2023DKK DKKInterest received from group enterprises12,905,072 3,744,732Exchange rate differences2,729,236 13,017,363Other financial income697,796 33,117,98716,332,104 49,880,082 5 Financial expensesFinancial expenses are specified as follows:2023/2024 2022/2023DKK DKKOther financial expenses663,502 414,662Exchange rate differences5,515,750 72,557,5286,179,252 72,972,190 6 Tax on profit/(loss) for the yearThe corporation tax expensed is specified as follows:2023/2024 2022/2023DKK DKKCurrent tax for the year13,609,846 20,588,707Deferred tax for the year(2,688,120) (5,331,517) Current tax Adjustment concerning previous years457,941 164,304Total tax for the year 11,379,667 15,421,494During the year DKK 15,000,000 has been prepaid as tax on account related to current year. 2046920 2102094 8 Tangible fixed assetsInvestments in and depreciation of tangible fixed assets are specified as follows:Fixtures,fittings and Leasehold Totalequipment improvementsDKK DKK DKKCost at 1 February1,530,190 10,778,1599,247,969Additions for the year 4,171,033 336,121 4,507,154Disposals for the year (1,003,685) (1,003,685) 0Cost at 31 January 12,415,317 1,866,311 14,281,6284,508,212 1,157,587 5,665,799Depreciation and impairment loss at 1 February1,837,958 114,906 1,952,864Depreciation and impairment loss for the yearReversal of depreciation and impairment of disposed assets (1,003,685) 0 (1,003,685) Adjustments for the year (4,836) 0 (4,836) 20,470Retirements for the year0 20,470Depreciation and impairment loss at 31 January 5,358,119 1,272,493 6,630,6127,057,198 593,818 7,651,016Carrying amount at 31 January 2024 9 Deferred tax JANUARY 2024 JANUARY 2023DKK DKKBeginning of the year7,043,115 12,374,632 Amounts recognized in the income statement for the year2,688,120 5,331,517End of the year12,374,63215,062,752Deferred tax assets comprises of:Fixed Assets 124,791 284,729 Lease assets (767,821) (1,732,953) Prepayments (4,592,254) (4,655,563) Provisions 4,615,940 4,169,166 Lease liabilities 654,482 1,658,474 Share based payments 15,027,614 12,650,779Total 15,062,752 12,374,632There are no particular factors in relation to the utilization of the deferred tax asset exists. 10 EquityThe share capital consists of 501 shares of a nominal value of DKK 1,000. No shares carry any special rights. 11 Provisions JANUARY 2024 JANUARY 2023DKK DKKRebates9,471,528 12,938,051Warranty Provision - Non-Current5,439,286 5,400,522Warranty Provision - Current3,728,856 4,166,73718,639,670 22,505,310The company records warranty liabilities at the time of sale for the estimated costs that may be incurred under limited warranty. The specific warranty term and conditions vary depending upon the product sold, but generally includes technical support, parts and labor over a period ranging from one to three years. Factors that affect the company’s warranty liability include the number of installed units currently under warranty, historical and anticipated rate of warranty claim on these units, and costs per claim to satisfy the company’s warranty obligation. 12 Deferred revenue JANUARY 2024 JANUARY 2023DKK DKKDue after 5 years1,525,336 811,129Due between 1 and 5 years410,613,564 410,209,111Deferred revenue - Non Current412,138,900 411,020,240Deferred revenue - Current413,538,219 411,639,084825,677,119 822,659,324Deferred revenue is derived from sales of warranty contracts and amortised under the straight-line method based in contract lives. Revenue which will be recognized in the next year is stated under current liabilities. 13 Fee to auditors appointed at the general meeting 2023/2024 2022/2023TDKK TDKKAudit fee to PricewaterhouseCoopers634 616Other Services15 15649 631 14 LeasingThe balance sheet shows the following amounts relating to IFRS 16IFRS 16leases: 31 January 2024 31 January 2023Amounts recognized in the balance sheet: right-of-use assetsDKK DKKProperties2,458,923 6,257,848Vehicles 1,031,172 1,619,209Total right-of-use assets 3,490,095 7,877,057Vehicles and Buildingsmachinery TotalOpening amount as at 31 January 2023 6,257,848 1,619,209 7,877,057Modifications in lease contracts226,9070 226,907Other adjustments0 559,586 559,586 Depreciation for the year (3,798,925) (1,374,530) (5,173,455) Closing balance as at 31 January 2024 2,458,923 1,031,172 3,490,095IFRS 16IFRS 16 31 January 2024 31 January 2023Amounts recognized in the balance sheet: lease liabilities DKK DKK2,400,363Non-current 318,758Current 2,656,160 5,138,157 Total 2,974,918 7,538,520The statement of profit or loss shows the following amounts relating to leases:IFRS 16IFRS 16 31 January 2024 31 January 2023Amounts recognized in the statement of profit or loss DKK DKKDepreciation of right-of-use assetsProperties 3,798,925 3,871,981Vehicles 1,374,530 1,721,179Total depreciation of right-of-use assets 5,173,455 5,593,160Interest expense (included in Finance costs) 92,346 142,175Expense relating to variable lease payments not included in lease liabilities (included in Administrative expenses)2,175,263 1,155,731Total expenses related to leases 7,441,064 6,891,066 15 Related parties and ownershipControlling interest BasisEMC Ireland Holdings Unlimited Company Immediate ParentOvensCounty CorkIrelandDell Technologies Inc.Ultimate Parent Company251 Little Falls DriveWilmingtonDE 19808-1674USAGroup Annual ReportThe Company is included in the Group Annual Report of Dell Technologies Inc.A copy of the Group Annual Report can be obtained from 251 Little Falls Drive, Wilmington, DE 19808-1674, USA.Related parties transactionsWith reference to section 98C(7) of the Danish Financial Statements Act, the Company have only disclosed transactions which are not prepared in accordance with the arms-lenght princple. In the financial year there have not been transactions with related parties which have not been entered in accordance with the arms-lenght principle. 16 Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2023-02-01 2024-01-31 2022-02-01 2023-01-31 2024-07-18 Reporting class C, large enterprise 18296799 https://www.dell.com/en-us/dt/corporate/ social-impact/esg-resources/reports/fy24-esg-report.htm?hve=read+report#pdf-overlay=// www.delltechnologies.com/asset/en-us/solutions/business-solutions/briefs-summaries/delltechnologies-fy24-esg-report.pdf https://www.dell.com/en-us/dt/corporate/ social-impact/esg-resources/reports/fy24-esg-report.htm?hve=read+report#pdf-overlay=// www.delltechnologies.com/asset/en-us/solutions/business-solutions/briefs-summaries/delltechnologies-fy24-esg-report.pdf 2024-07-17 18296799 Dell A/S Arne Jacobsens Allé 17 2300 København S Opinion Basis for Opinion 2024-07-17 mne32209 33771231 mne34548 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab