18296799 2024-02-01 2025-01-31 18296799 2024-02-01 2025-01-31 1 18296799 2024-02-01 2025-01-31 1 18296799 2024-02-01 2025-01-31 2 18296799 2024-02-01 2025-01-31 3 18296799 2024-02-01 2025-01-31 1 18296799 2024-02-01 2025-01-31 2 18296799 2023-02-01 2024-01-31 18296799 2022-02-01 2023-01-31 18296799 2021-02-01 2022-01-31 18296799 2020-02-01 2021-01-31 18296799 2020-02-01 2021-01-31 1 18296799 2021-02-01 2022-01-31 1 18296799 2022-02-01 2023-01-31 1 18296799 2023-02-01 2024-01-31 1 18296799 2024-02-01 2025-01-31 1 18296799 2020-02-01 2021-01-31 2 18296799 2021-02-01 2022-01-31 2 18296799 2022-02-01 2023-01-31 2 18296799 2023-02-01 2024-01-31 2 18296799 2024-02-01 2025-01-31 2 18296799 2020-02-01 2021-01-31 3 18296799 2021-02-01 2022-01-31 3 18296799 2022-02-01 2023-01-31 3 18296799 2023-02-01 2024-01-31 3 18296799 2024-02-01 2025-01-31 3 18296799 2020-02-01 2021-01-31 4 18296799 2021-02-01 2022-01-31 4 18296799 2022-02-01 2023-01-31 4 18296799 2023-02-01 2024-01-31 4 18296799 2024-02-01 2025-01-31 4 18296799 2020-02-01 2021-01-31 101 18296799 2021-02-01 2022-01-31 101 18296799 2022-02-01 2023-01-31 101 18296799 2023-02-01 2024-01-31 101 18296799 2024-02-01 2025-01-31 101 18296799 2020-02-01 2021-01-31 102 18296799 2021-02-01 2022-01-31 102 18296799 2022-02-01 2023-01-31 102 18296799 2023-02-01 2024-01-31 102 18296799 2024-02-01 2025-01-31 102 18296799 2025-01-31 18296799 2024-01-31 18296799 2024-01-31 fsa:ContributedCapitalMember 18296799 2024-01-31 fsa:RetainedEarningsMember 18296799 2024-01-31 fsa:ProposedDividendRecognisedInEquityMember 18296799 2024-01-31 fsa:OtherReservesMember 18296799 2024-02-01 2025-01-31 fsa:ContributedCapitalMember 18296799 2024-02-01 2025-01-31 fsa:RetainedEarningsMember 18296799 2024-02-01 2025-01-31 fsa:ProposedDividendRecognisedInEquityMember 18296799 2024-02-01 2025-01-31 fsa:OtherReservesMember 18296799 2025-01-31 fsa:ContributedCapitalMember 18296799 2025-01-31 fsa:RetainedEarningsMember 18296799 2025-01-31 fsa:ProposedDividendRecognisedInEquityMember 18296799 2025-01-31 fsa:OtherReservesMember iso4217:DKK xbrli:pure Jakob Vesterheden 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 2024 - 31 January 2025.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 2025 of the Company and of the results of the Company’s operations for the Financial Year 1 February 2024 - 31 January 2025.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 2025, and of the results of the Company’s operations for the financial year 1 February 2024 - 31 January 2025 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of Dell A/S for the financial year 1 February 2024 – 31 January 2025, 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’ 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 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 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.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 Deloitte Legal City Tower Værkmestergade 2 8000 Aarhus C Denmark PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 DK -2900 Hellerup Denmark CitibankSEB 1922860000 1889680000 2491361000 2026173000 1708116000 293274000 313673000 403066000 327895000 333348000 41810000 31274000 95616000 35569000 14333000 7832000 10153000 -23092000 -1821000 14701000 Profit/(loss) before tax Profit/(loss) before tax Profit/(loss) before tax Profit/(loss) before tax Profit/(loss) before tax 49642000 41427000 72524000 33747000 29034000 Profit/(loss) for the year Profit/(loss) for the year Profit/(loss) for the year Profit/(loss) for the year Profit/(loss) for the year 19621000 30047000 57102000 26121000 21089000 Balance sheet total Balance sheet total Balance sheet total Balance sheet total Balance sheet total 1214293000 1222030000 1264327000 1196172000 1147811000 Equity Equity Equity Equity Equity 98849000 102969000 117119000 187293000 143184000 7508000 4507000 4477000 815000 833000 160 205 223 225 248 0.153 0.166 0.162 0.162 0.195 Profit margin Profit margin Profit margin Profit margin Profit margin 0.022 0.017 0.038 0.018 0.008 Return on net assets Return on net assets Return on net assets Return on net assets Return on net assets 0.034 0.026 0.076 0.03 0.012 0.081 0.084 0.093 0.157 0.125 0.194 0.273 0.375 0.158 0.166 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 19,621,052 compared to a result of DKK 30,046,920 last year. The forecasted revenue for fiscal year 2025 was expected to be between DKK 1,800M and DKK 2,000M. The final result was DKK 1,923M, which is in line with expectations.The Company achieved growth across all segments driven by renewed interest from large clients and new AI-related projects.Expectations to Profit Before Tax from previous year FY24 was within the range of DKK 38M to 50M and ended up at DKK 50M which is in line with expectations.Throughout the year, we stayed focused on our main goals to deliver on customer needs and drive efficiency across the Company. 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 2025, 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.In Fiscal Year 2026, we expect higher demand for our server and networking products, and some growth in storage.Revenue from client solutions should grow slightly, supported by a planned PC upgrade cycle later in the year.In the financial year 2026, we need to keep strong focus on data-driven artificial intelligence, importance of AI at the edge. The course of sales for the next financial year we expect to be in a range from DKK 2,000M to DKK 2,250M. Profit Before Tax is estimated for the next fiscal year to be within the range from DKK 45M to DKK 55M.General risk assessmentAdverse 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 2025, 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.Future prospectsFactors contributing to weak or unstable global or regional economic conditions, including those attributable to geopolitical volatility (such as ongoing military conflicts and terrorism), extreme weather events (such as wildfires or flooding), international trade protection measures and disputes, or public health issues also could harm our business by contributing to product shortages or delays, supply chain disruptions, insolvency of key suppliers, customers and counterparties, 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.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 2025 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 of Danish Financial Statement ActAt Dell Technologies, we are committed to driving human progress by putting our technology and expertise to work where we believe 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 — are essential to our business.Dell Technologies environmental, social, and governance (“ESG”) commitments focus on six key areas:• Circular Economy - We embed circularity principles throughout our value chain. By integrating sustainable practices with suppliers, customers, and stakeholders, we advance a circular economy that improves resource efficiency and environmental benefits, reinforcing our leadership in sustainability.• 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. We are actively addressing climate change by managing greenhouse gas emissions across our operations, supply chain, and product lifecycle.• Digital Inclusion - We endeavor to harness the power of technology, our scale, and our expertise to create a digital future that works for all. We are working to close the digital divide by providing access to connectivity and technology solutions that improve quality of life such as access to healthcare, education, and job opportunities.• Human Rights - We respect the fundamental human rights of all people. This respect is core to our commitment to drive human progress. Dell endeavors to ensure we are not complicit in human rights violations, and we seek to hold our suppliers and other business partners to this same standard.• Inclusive Workforce - We believe our people are key to our success. We are committed to creating an inclusive culture and fostering a strong pipeline of skilled talent. By focusing on equal opportunities, ethical practices, and integrity, we implement inclusive practices and policies that support diversity.• Trust - We work to ensure that trust underpins all we do. We prioritize security, privacy, and ethics in all aspects of business. From the integrity of our products to transparency in our processes, we are dedicated to fostering trust with our stakeholders. For the statement on social responsibility (ÅRL §99a), please refer to the Ultimate Parent company Dell Technologies Inc.’s FY25 Impact By the Numbers: https://www.delltechnologies.com/asset/en-us/solutions/business-solutions/briefs-summaries/dell-technologies-fy25-impact-by-the-numbers.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. Data Ethics (ÅRL §99d)We are committed to managing cybersecurity risk, maintaining compliance and appropriately securing our environment to ensure we are protecting customer and company data. We set standards for, implement and maintain security programs and technology to help Dell manage and mitigate cybersecurity risk.We work diligently to guard sensitive information against exposure and exploitation and to protect the operational resiliency of our digital systems and networks. For example, we secure our internal network environment and associated assets through controls such as anti-malware protection, strong modern authentication methods, advanced email security, system and application vulnerability management, intrusion prevention and modern firewalls.Dell also employs the National Institute of Standards and Technology (NIST) principles of “separation of duties” and “least privilege” to guide key controls throughout the supply chain, which help prevent misuse of data access across the business. These principles help us work to appropriately manage access to sensitive information in line with the degree needed to perform assigned duties. Accounting PoliciesBasis of accountingThe Annual Report of Dell A/S for 2024/2025 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 2024/2025 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. • Segment information on revenueInformation on business segments and geographical segments is based on the Company's risks and returns and its internal financial reporting system. Business segments are regarded as the primary segments.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.Receivables and Other 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. Deferred costs primarily consist of costs incurred to fulfill or obtain a contract and are included within Other receivables and Long-term Other receivables in the balance sheet based on when the expense is expected to be recognized. Costs incurred to fulfill revenue-generating contracts are mainly associated with third-party software support and maintenance offerings.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. 1922859943 1889680194 1534497548 1493529381 95088843 82477884 293273552 313672929 244691476 275252405 6772326 7146789 41809750 31273735 24019263 16332104 16187187 6179252 49641826 41426587 30020774 11379667 19621052 30046920 11154035 7057198 459358 593818 351266 3490095 110000000 360000000 179432886 235893518 301397545 607034629 80882 124777 137242472 181546069 607370077 222273778 154601908 188014645 0 1390152 2521745 15062752 122284 234646 901858486 608522042 10955937 6348466 912895305 614995285 1214292850 1222029914 501000 501000 72566141 68307304 18000000 28000000 7782235 6161183 98849376 102969487 21818755 18639670 439612122 412138900 103539 318758 439715661 412457658 22910563 24714962 262394836 180368678 65661012 66685080 1457374 0 301202689 413538219 282584 2656160 653909058 687963099 1093624719 1100420757 1214292850 1222029914 501000 6161183 28000000 68307304 102969487 0 0 28000000 0 28000000 0 1621052 18000000 0 19621052 0 0 0 4258837 4258837 501000 7782235 18000000 72566141 98849376 1 RevenueThe following table presents the disaggregation of net revenue by reportable segment and by major product categories within the segments for the periods indicated:2024/2025 2023/2024DKK DKKNet revenue:Infrastructure Solutions Group:Servers and networking 480,523,033 354,834,490 Storage 537,140,793 428,572,243 Total ISG net revenue 1,017,663,826 783,406,733 Client Solutions Group:Commercial 875,130,751 1,068,104,738 Consumer 30,065,366 38,168,723 Total CSG net revenue 905,196,117 1,106,273,461 1,922,859,943 1,889,680,194 The following table presents net revenue allocated between Denmark and foreign countries for the periods indicated:Net revenue:Denmark 1,871,444,005 1,822,457,722 Foreign countries 51,415,938 67,222,472 Total net revenue 1,922,859,943 1,889,680,194 2 Staff expenses 2024/2025 2023/2024 DKK DKKStaff expenses is specified as follows:Wages and salaries223,227,030 250,478,859Pensions17,721,308 21,973,767Other social security expenses3,743,138 2,799,779244,691,476 275,252,405Expenses related to compensation plan are included in "Staff expenses" by 4.3M DKK (2023/2024: 10.8M 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.Including remuneration to the Executive Board:Executive Board 7,405,857Remuneration to the Executive Board have not been disclosed in the financial year 2023/24 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 units2024/20252023/2024Non-vested restricted stock units at the beginning of the financial year96,803 186,239Transferred during the financial year 546 11,215Granted during the financial year 16,309 53,167Vested during the financial year 46,681 115,961Forfeited during the financial year 29,794 15,427Non-vested restricted stock units at the end of the financial year 37,183 96,803Close price at period end per 1 RSU: $103.60 $86.32At the end of the financial year, there were 37,183 (2023/2024: 96,803) Dell Tech non-vested restricted stock units. 160 205 3 Depreciation and impairment loss 2024/2025 2023/2024DKK DKKDepreciation and impairment loss is specified as follows:Depreciation on tangible fixed assets1,973,3343,545,210Depreciation on right-of-use assets5,173,4553,227,1166,772,326 7,146,789 4 Financial incomeFinancial income is specified as follows:2024/2025 2023/2024DKK DKKInterest received from group enterprises20,983,192 12,905,072Exchange rate differences2,978,087 2,729,236Other financial income57,984 697,79624,019,263 16,332,104 5 Financial expensesFinancial expenses are specified as follows:2024/2025 2023/2024DKK DKKOther financial expenses268,893 663,502Exchange rate differences15,888,482 5,515,750Interest paid to group enterprises 29,812 016,187,187 6,179,252 6 Tax on profit/(loss) for the yearThe corporation tax expensed is specified as follows:2024/2025 2023/2024DKK DKKCurrent tax for the year17,393,180 13,609,846Deferred tax for the year (2,486,607) (2,688,120) Current tax Adjustment concerning previous years86,587 457,941Deferred tax adjustment concerning previous years15,027,614 0Total tax for the year 30,020,774 11,379,667During the year DKK 16,000,000 has been prepaid as tax on account related to current year. 1621052 2046920 18000000 28000000 19621052 30046920 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 February1,866,311 14,281,62812,415,317Additions for the year 7,507,587 0 7,507,587Disposals for the year (559,249) (559,249) 0Cost at 31 January 19,363,655 1,866,311 21,229,9665,358,119 1,272,493 6,630,612Depreciation and impairment loss at 1 February3,380,059 134,460 3,514,519Depreciation and impairment loss for the yearReversal of depreciation and impairment of disposed assets (559,249) 0 (559,249) 30,691Retirements for the year0 30,691Depreciation and impairment loss at 31 January 8,209,620 1,406,953 9,616,57311,154,035 459,358 11,613,393Carrying amount at 31 January 2025 9 Deferred tax JANUARY 2025 JANUARY 2024DKK DKKBeginning of the year12,374,632 15,062,752 Amounts recognized in the income statement for the year2,486,607 2,688,120Prior year deferred tax adjustment (15,027,614) 0End of the year15,062,7522,521,745Deferred tax assets comprises of:Fixed Assets 84,332 124,791 Lease assets (77,279) (767,821) Prepayments (4,090,407) (4,592,254) Provisions 6,520,152 4,615,940 Lease liabilities 84,947 654,482 Share based payments 0 15,027,614Total 2,521,745 15,062,752There 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 2025 JANUARY 2024DKK DKKRebates11,016,337 9,471,528Warranty Provision - Non-Current6,398,082 5,439,286Warranty Provision - Current4,404,336 3,728,85621,818,755 18,639,670The 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 2025 JANUARY 2024DKK DKKDue after 5 years2,880,294 1,525,336Due between 1 and 5 years436,731,828 410,613,564Deferred revenue - Non Current439,612,122 412,138,900Deferred revenue - Current301,202,689 413,538,219740,814,811 825,677,119Deferred 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 2024/2025 2023/2024TDKK TDKKAudit fee to PricewaterhouseCoopers747 634Other Services16 15763 649 14 LeasingThe balance sheet shows the following amounts relating to IFRS 16IFRS 16leases: 31 January 2025 31 January 2024Amounts recognized in the balance sheet: right-of-use assetsDKK DKKProperties0 2,458,923Vehicles 351,266 1,031,172Total right-of-use assets 351,266 3,490,095Vehicles and Buildingsmachinery TotalOpening amount as at 31 January 2024 2,458,923 1,031,172 3,490,095Modifications in lease contracts00 0Other adjustments0 88,287 88,287 Depreciation for the year (2,458,923) (768,193) (3,227,116) Closing balance as at 31 January 2025 0 351,266 351,266IFRS 16IFRS 16 31 January 2025 31 January 2024Amounts recognized in the balance sheet: lease liabilities DKK DKK318,758Non-current 103,539Current 282,584 2,656,160 Total 386,123 2,974,918The statement of profit or loss shows the following amounts relating to leases:IFRS 16IFRS 16 31 January 2025 31 January 2024Amounts recognized in the statement of profit or loss DKK DKKDepreciation of right-of-use assetsProperties 2,458,923 3,798,925Vehicles 768,193 1,374,530Total depreciation of right-of-use assets 3,227,116 5,173,455Interest expense (included in Finance costs) 59,862 92,346Expense relating to variable lease payments not included in lease liabilities (included in Administrative expenses)2,635,721 2,175,263Total expenses related to leases 5,922,699 7,441,064 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(6) 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 2024-02-01 2025-01-31 2023-02-01 2024-01-31 2025-07-31 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 2025-07-31 18296799 Dell A/S Arne Jacobsens Allé 17 2300 København S Opinion Basis for Opinion 2025-07-31 mne32209 33771231 mne34548 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup Denmark DK