Årsrapport34209936Grant Thornton, Godkendt RevisionspartnerselskabLautrupsgade, 112100, København Ø2023-01-012023-12-312024-01-012024-12-3113397597C&C Denmark A/SC/O HUMAC Borupvang 2C,1.2750Ballerup1989-08-01Grant Thornton, Godkendt Revisionspartnerselskab34209936Michael Beuchertstatsautoriseret revisormne32794Lautrupsgade112100København ØDanmark+45 33 110 220info@dk.gt.com2025-05-28Michele GigliRegnskabsklasse C, mellemstor virksomhedRevisionspåtegningCaseWare fra Revisorgruppen DanmarkkapitalejerenKøbenhavn2025-05-28Ballerup2025-05-28Grundlag for konklusionKonklusion370710003351500047094000553410002828000457200015450004302000-14396000-307000001930008200068430005123000-21046000-357410000-6195000-21046000-29546000-21046000-295460005420001405000542000140500023900003926000239000039260006219000835400062190008354000915100013685000590370007673600059037000767360002528100029566000182560001825600011538000861700099400014340005606900057873000136240001345000128730000135954000137881000149639000033000003300000-20589000-7919000-17289000-461900001400000046560000998400050570001464000019057000930700005445600026027000206900024490005063600054461000240620005226400014053000013520100015517000015425800013788100014963900043577000514810002949000328500056800057500047094000553410002231000306200096114166830004540003598000135390001527800010840003365000129970005420001372200071100037100001072300097960001743000320600083330002390000835400084000221900062190006219000930700003300000330000033000003300000-319300021627000-47260000-21046000-2954600083760000-20589000-7919000Today, the Board of Directors and the Managing Director have approved the annual report of C&C Denmark A/S for the financial year 1 January - 31 December 2024. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and in our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2024 and of the results of the Company's operations for the financial year 1 January – 31 December 2024. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Christian Kvistgaard ToftMichele GigliLuca GigliUmberto PuriWe have audited the financial statements of C&C Denmark A/S for the financial year 1 January - 31 December 2024, which comprise income statement, balance sheet, statement of changes in equity, notes and a summary of significant accounting policies, for the Company. The financial statements are prepared under the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2024, and of the results of the Company's operations for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act. Basis for conclusion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Material Uncertainty Related to Going Concern Væsentlig usikkerhed vedrørende fortsat drift beskrives her - engelsk. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on Management’s Review Management is responsible for Management’s Review. Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that Management’s Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of Management’s Review. 664650006256600069740000-23465000-5315000228700066500005041000-3574000-2974000-3025000-18374000-7963000-7380001426630001404640001162030007110002080000366300034600002158000249280001560008119000Ansvarlig lånekapitalAnsvarlig lånekapitalAnsvarlig lånekapitalAnsvarlig lånekapitalAnsvarlig lånekapital014000000000148154151LikviditetsgradLikviditetsgradLikviditetsgradLikviditetsgradLikviditetsgrad91.6100.6127.785.60-12.5-3.117.50.170-291-146.5-192.5-8.7The key figures appearing from the survey have been calculated as follows: Acid test ratio Current assets x 100 / Short term liabilities other than provisions Solvency ratio Equity, closing balance x 100 / Total assets, closing balance Return on equity Net profit or loss for the year x 100 / Average equityDescription of key activities of the company Humac is Denmark's leading and only Apple Premium Retail Partner in the sale of Apple products. Humac is in the market to ensure that both business customers and end customers have the opportunity to access the widest range within Apple's universe while receiving competent and professional guidance from Apple-trained employees. Our strong foundation is the starting point for Humac to continue spreading the message in the coming years that Apple products are best purchased at Humac. Development in activities and financial matters The gross profit for the year totals DKK 37.071thousand against DKK 33.515thousand last year. The operating profit has increased with DKK 16,304 thousand due to improvement in the operating business in the year. Income or loss from ordinary activities after tax totals DKK -21.046thousand against DKK -29.546thousand last year. Management considers the result unsatisfactory. The company has lost its equity, but expect to reestablish it, both though improvement in result and support from C & C Group who have given a letter of support. Humac has in December 2024 been sold to the Italian company C&C S.p.A. The acquisition marks the beginning of a new phase for Humac, where the focus is on growth and innovation. Strategic acquisition with European ambitions C&C Group, one of Europe's most successful Apple Premium Resellers, sees the acquisition of Humac as an important part of their growth strategy. Humac has a strong position in the Danish market and there will be great opportunities in expanding the company's product range and improving services to customers in Denmark. In connection with the sale, the previous owners wrote down a part of a subordinated loan of DKK 8,375 thousand, which is booked as a capital contribution to equity. Correction of errors During the financial year 2024, management has identified significant expenses related to the financial year 2023. This affects the previously issued annual report for 2023. As a result, the error has been corrected as a prior period adjustment by restating the comparative figures and the opening equity in the financial statements for 2024. For further description of the effect of the correction, reference is made to the company’s accounting policies. Expected developments With the sale to C&C Group, the Company expects further growth and positive development of the business in 2025. Events occurring after the end of the financial year No events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 1. Capital resources The company is subject to the capital loss rules under the danish companis act. The capital is expected to be restored through the company’s own operations. The company has received a letter of support from its parent company, C&C S.P.A. The letter of support ensures the company’s liquidity until December 31, 2025. 2. Uncertainties concerning recognition and measurement The company has recognized a deferred tax asset of DKK 18.256 thousand in the balance sheet. The company’s management has prepared a financial forecast for the next five years, in which it is expected that the company’s deferred tax assets can be utilized. The recognition of deferred tax assets is always associated with some uncertainty regarding the fulfillment of expectations for future earnings, which form the basis for the valuation. Therefore, there is an inherent uncertainty in the valuation of the tax asset. 3. Special items Special items include significant income and expenses of a special nature relative to the enterprise's ordinary operating activities and includes adjustment relating to actual settlements of COVID-19 compensation. Special items for the year are specified below, indicating where they are recognised in the income statement. 2024 2023 Income: Fixed costs compensation 0 -2.139.292 Sallary compensation 607.705 0 607.705 -2.139.292 Special items are recognised in the following items in the financial statements: Other operating expenses 0 -2.139.292 Other operating income 607.705 0 Profit of special items, net 607.705 -2.139.292 9. Deferred tax assets Deferred tax assets 1 January 2024 18.256 12.061 Deferred tax of the net profit or loss for the year 0 6.195 18.256 18.256 13. Charges and security For bank loans, the company has provided security in company assets representing a nominal value of DKK 55.000 thousand. 14. Contingencies Contingent liabilities Lease liabilities The company has rent lease obligations for 2024 totaling DKK 12.492 thousand (2023: DKK 27,159 thousand). Of this, DKK 11.241 thousand (2023: DKK 17.126 thousand) is due within one year, and DKK 0 thousand (2023: DKK 0 thousand) is due after five years. The company has other operational lease obligations for 2024 totaling DKK 163 thousand (2023: DKK 769 thousand). Of this, DKK 152 thousand (2023: DKK 319 thousand) is due within one year, and DKK 0 thousand (2023: DKK 0 thousand) is due after five years. 15. Related parties Transactions All transactions with related parties are made on an arm's lengths basis. Consolidated financial statements The company is included in the consolidated financial statements of: C&C S.P.A. Viale Luigi Einaudi 10 70125 Bari BA Italy The annual report for C&C Denmark A/S has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class C enterprises (medium sized enterprises). The accounting policies are unchanged from last year, and the annual report is presented in DKK. Pursuant to section 86 (4) of the Danish Financial Statements Act, no statement of cash flows for the enterprise has been prepared, as the relevant information is included in the consolidated financial statements of C&C S.P.A.. Correction of errors concerning prior periods: During the financial year 2024, management has identified significant expenses related to the financial year 2023. This affects the previously issued annual report for 2023. The expenses impact trade payables, other payables, and inventories in the balance sheet, as well as other external expenses, other operating expenses, and cost of goods sold in the profit and loss for the financial year 2023. As a result, the error has been corrected as a prior period adjustment by restating the comparative figures and the opening equity in the financial statements for 2024. The correction has resulted in the following negative impacts: - Other external expenses and trade payables: DKK 2.071 thousand - Other operating expenses and other payables: DKK 2.139 thousand - Cost of goods sold and inventories: DKK 515 thousand The total effect on the 2023 income statement and opening equity amounts to DKK 4.725 thousand. Gross profit Gross profit comprises the revenue, changes in inventories of finished goods, and work in progress, own work capitalised, other operating income, and external costs. The enterprise will be applying IAS 18 as its basis of interpretation for the recognition of revenue. Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Revenue is measured at the fair value of the consideration promised exclusive of VAT and taxes and less any discounts relating directly to sales. Cost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories. Other operating income comprises items of a secondary nature as regards the principal activities of the enterprise, including profit from the disposal of intangible and tangible assets, operating loss and conflict compensation as well as salary reimbursements received. Compensation is recognized when it is overwhelmingly probable that the company will receive the compensation. Other external expenses comprise expenses incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs. Staff costs Staff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. Depreciation, amortisation, and write-down for impairment Depreciation, amortisation, and write-down for impairment comprise depreciation on, amortisation of, and write-down for impairment of intangible and tangible assets, respectively. Other operating expenses Other operating expenses comprise items of secondary nature as regards the principal activities of the enterprise, including losses on the disposal of intangible and tangible assets. Financial income and expenses Financial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, financial expenses from financial leasing, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the year Tax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity. Intangible assets Development projects, patents, and licences Development costs and internally generated rights are recognised in the income statement as costs in the acquisition year. Patents and licenses are measured at cost less accrued amortisation. Patents are amortised on a straightline basis over the remaining patent period and licenses are amortised over the contract period, however, for a maximum of 10 years. Profit and loss from the sale of development projects, patents, and licenses are measured as the difference between the sales price less sales costs and the carrying amount at the time of sale. Profit or loss are recognised in the income statement as other operating income or other operating expenses, respectively. Property, plant, and equipment Property, plant, and equipment are measured at cost less accrued depreciation and write-down for impairment. Land is not subject to depreciation. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. If the amortisation period or the residual value is changed, the effect on amortisation will, in future, be recognised as a change in the accounting estimates. The cost comprises acquisition cost and costs directly associated with the acquisition until the time when the asset is ready for use. The cost of a total asset is divided into separate components. These components are depreciated separately, the useful lives of each individual components differing, and the individual component representing a material part of the total cost. Depreciation is done on a straight-line basis according to an assessment of the expected useful life: Other fixtures and fittings, tools and equipment Useful life 3-5 years Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement as other operating income or other operating expenses. As regards self-constructed assets, the cost comprises direct costs for materials, components, deliveries from subsuppliers, payroll costs, and borrowing costs from specific and general borrowing concerning the construction of each individual asset. Leases The enterprise will be applying IAS 17 as its base of interpretation for recognition of classification and recognition of leases. At their initial recognition in the statement of financial position, leases concerning property, plant, and equipment where the company holds all essential risks and advantages associated with the proprietary right (finance lease) are measured either at fair value of the asset being leased or at the present value of the future lease payments, whichever value is lower. When calculating the present value, the discount rate used is the internal rate of return of the lease or, alternatively, the borrowing rate of the enterprise. Hereafter, assets held under a finance lease are treated in the same way as other similar property, plant, and equipment. The capitalised residual lease commitment is recognised in the statement of financial position as a liability other than provisions, and the interest part of the lease is recognised in the income statement for the term of the contract. All other leases are regarded as operating leases. Payments in connection with operating leases and other lease agreements are recognised in the income statement for the term of the contract. The company's total liabilities concerning operating leases and lease agreements are recognised under contingencies, etc. Deposits Deposits are measured at amortised cost and represent lease deposits, etc. Impairment loss relating to non-current assets The carrying amount of both intangible and tangible fixed assets are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. write-down for impairment is done to the recoverable amount if this value is lower than the carrying amount. The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life. Previously recognised impairment losses are reversed when conditions for impairment no longer exist. Impairment relating to goodwill is not reversed. Inventories Inventories are measured at cost according to the FIFO method. In cases when the net realisable value of the inventories is lower than the cost, the latter is written down for impairment to this lower value. Costs of goods for resale comprise acquisition costs plus delivery costs. The net realisable value for inventories is recognised as the estimated selling price less costs of completion and selling costs. The net realisable value is determined with due consideration of negotiability, obsolescence, and the development of expected market prices. Receivables Receivables are measured at amortised cost, which usually corresponds to nominal value. In order to meet expected losses, impairment takes place at the net realisable value. The company has chosen to use IAS 39 as a basis for interpretation when recognising impairment of financial assets, which means that impairments must be made to offset losses where an objective indication is deemed to have occurred that an account receivable or a portfolio of accounts receivable is impaired. If an objective indication shows that an individual account receivable has been impaired, an impairment takes place at individual level. Accounts receivable for which there is no objective indication of impairment at the individual level are evaluated at portfolio level for objective indication of impairment. The portfolios are primarily based on the debtors' domicile and credit rating in accordance with the company's and the group's credit risk management policy. Determination of the objective indicators applied for portfolios are based on experience with historical losses. Impairment losses are calculated as the difference between the carrying amount of accounts receivable and the present value of the expected cash flows, including the realisable value of any securities received. The effective interest rate for the individual account receivable or portfolio is used as the discount rate. Prepayments Prepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand. Income tax and deferred tax Current tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Liabilities other than provisions Financial liabilities other than provisions related to borrowings are recognised at the received proceeds less transaction costs incurred. In subsequent periods, the financial liabilities are recognised at amortised cost, corresponding to the capitalised value when using the effective interest rate. The difference between the proceeds and the nominal value is recognised in the income statement during the term of the loan. Mortgage loans and bank loans are thus measured at amortised cost which, for cash loans, corresponds to the outstanding payables. For bond loans, the amortised cost corresponds to an outstanding payable calculated as the underlying cash value at the date of borrowing, adjusted by amortisation of the market value on the date of the borrowing effectuated over the repayment period. Also, capitalised residual leasing liabilities associated with financial leasing contracts are recognised in the financial liabilities. Liabilities other than provisions relating to investment properties are measured at amortised cost. Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. 133975972024-01-012024-12-31133975972023-01-012023-12-31133975972023-12-31133975972024-12-31133975972024-01-012024-12-311133975972024-01-012024-12-312133975972024-01-012024-12-313133975972024-01-012024-12-312133975972024-01-012024-12-311133975972024-01-012024-12-313133975972024-01-012024-12-311133975972024-01-01e:FixturesFittingsToolsAndEquipmentMember133975972024-01-012024-12-31e:FixturesFittingsToolsAndEquipmentMember133975972024-12-31e:FixturesFittingsToolsAndEquipmentMember133975972024-01-01e:ContributedCapitalMember133975972024-12-31e:ContributedCapitalMember133975972024-01-01e:RetainedEarningsMember133975972024-01-012024-12-31e:RetainedEarningsMember133975972024-12-31e:RetainedEarningsMember133975972022-01-012022-12-31133975972022-12-31133975972021-01-012021-12-31133975972021-12-31133975972020-01-012020-12-31133975972020-12-31133975972024-01-01e:AcquiredIntangibleAssetsMember133975972024-01-012024-12-31e:AcquiredIntangibleAssetsMember133975972024-12-31e:AcquiredIntangibleAssetsMember133975972024-12-31e:OtherLongtermPayablesMember133975972024-01-012024-12-312133975972023-01-012023-12-312133975972022-01-012022-12-312133975972021-01-012021-12-312133975972020-01-012020-12-312133975972023-01-01e:ContributedCapitalMember133975972023-12-31e:ContributedCapitalMember133975972023-01-01e:RetainedEarningsMember133975972023-01-012023-12-31e:RetainedEarningsMember133975972023-12-31e:RetainedEarningsMember133975972024-01-01e:DepositsLongtermInvestmentsAndReceivablesMember133975972024-01-012024-12-31e:DepositsLongtermInvestmentsAndReceivablesMember133975972024-12-31e:DepositsLongtermInvestmentsAndReceivablesMember133975972024-01-012024-12-3123133975972023-01-012023-12-3123133975972022-01-012022-12-3123133975972021-01-012021-12-3123133975972020-01-012020-12-3123iso4217:DKKxbrli:pure