11560776 2024-12-31 11560776 2023-12-31 11560776 2024-01-01 fsa:ContributedCapitalMember 11560776 2024-01-01 fsa:RetainedEarningsMember 11560776 2024-01-01 fsa:ProposedDividendRecognisedInEquityMember 11560776 2024-12-31 fsa:ContributedCapitalMember 11560776 2024-12-31 fsa:RetainedEarningsMember 11560776 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 11560776 2024-01-01 fsa:PlantAndMachineryMember 11560776 2024-01-01 fsa:FixturesFittingsToolsAndEquipmentMember 11560776 2024-01-01 fsa:LeaseholdImprovementsMember 11560776 2024-12-31 fsa:PlantAndMachineryMember 11560776 2024-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 11560776 2024-12-31 fsa:LeaseholdImprovementsMember 11560776 2024-01-01 fsa:DepositsLongtermInvestmentsAndReceivablesMember 11560776 2024-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 11560776 2024-01-01 2024-12-31 11560776 2024-01-01 2024-12-31 1 11560776 2024-01-01 2024-12-31 memberOfBoardIdentifier_executive_board_1 11560776 2024-01-01 2024-12-31 memberOfBoardIdentifier_board_of_director_1 11560776 2024-01-01 2024-12-31 memberOfBoardIdentifier_board_of_director_2 11560776 2024-01-01 2024-12-31 memberOfBoardIdentifier_board_of_director_3 11560776 2023-01-01 2023-12-31 11560776 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 11560776 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 11560776 2024-01-01 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 11560776 2024-01-01 2024-12-31 fsa:PlantAndMachineryMember 11560776 2024-01-01 2024-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 11560776 2024-01-01 2024-12-31 fsa:LeaseholdImprovementsMember 11560776 2024-01-01 2024-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2024-01-01 2023-01-01 2024-12-31 2023-12-31 11560776 JUVEL A/S Livøvej 22 8800 Viborg 36340288 Forvis Mazars 31061741 Midtermolen 1, 2.tv. 2100 København Ø Denmark 2025-04-23 Natalia Agustin Muñoz Regnskabsklasse B Revisionspåtegning The Executive Board and Board of Directors have today considered and adopted the Annual Report of JUVEL A/S for the financial year 1 January - 31 December 2024. The Annual Report is 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 December 2024 of the Company and of the results of the Company operations for 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. 2025-04-23 Viborg Natalia Agustin Muñoz CEO Pablo Vilaseca Muñoz Chairman Natalia Agustin Muñoz Juha Kalevi Salminen Samuelsson To the shareholder of JUVEL A/S Opinion We have audited the Financial Statements of JUVEL A/S for the financial year 1 January - 31 December 2024, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies. The Financial Statements are 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 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 Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, Management is responsible for assessing the Company´s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional 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. Management is responsible for Management’s Review. Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Copenhagen 2025-04-23 Forvis Mazars Kurt Christensen State Authorised Public Accountant mne26824 Key activities The key activities from the sale and logistics centre in Viborg is sale and distribution of stainless steel kitchen and bathroom sinks, sale of stainless steel sanitary products, mini kitches and other kitchen and bathroom sinks. Here, the products are completed and distributed to Denmark, Europe, and North America, primarily. Development in the year The income statement of the Company for 2024 shows a profit of DKK 1,472,614, and at 31 December 2024 the balance sheet of the Company shows a positive equity of DKK 20,821,613. Subsequent events No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 13279666 10468630 12538653 9647905 158912 20154 582101 800571 1306703 783603 0 156689 1888804 1427485 416190 315370 1472614 1112115 7460000 0 -5987386 1112115 51391 36950 0 0 691768 829922 743159 866872 1317650 317650 1317650 317650 2060809 1184522 2204800 2766156 14394978 14651140 16599778 17417296 7467594 13282235 31800494 23733497 25506 0 108453 294187 2285979 364657 41688026 37674576 58287804 55091872 60348613 56276394 6000000 6000000 7361613 13348999 7460000 0 20821613 19348999 59203 55711 109406 100000 168609 155711 0 136118 3726735 4676733 34169683 30024358 1461973 1934475 39358391 36771684 39358391 36771684 60348613 56276394 6000000 13348999 0 0 -5987386 7460000 6000000 7361613 7460000 11531031 8807739 732184 587252 275438 221931 0 30983 12538653 9647905 19 17 990679 0 293344 783603 22680 0 1306703 783603 0 156689 0 156689 412698 260964 3492 54406 416190 315370 3128926 381981 2280220 35199 0 0 3164125 381981 2280220 3091976 381981 1450298 20758 0 138154 3112734 381981 1588452 51391 0 691768 317650 1000000 1317650 1317650 Deferred tax liabilities at 1 January 55711 1305 Amounts recognised in the income statement for the year 3492 54406 Deferred tax liabilities at 31 December 59203 55711 Rental and lease obligations Lease obligations under operating leases. Total future lease payments: Within 1 year 357396 344447 Between 1 and 5 years 718584 450061 Total 1075980 794508 Other contingent liabilities Juvel A/S has entered into a leasy of the Company's premises with an agreed termination period of 18 months from the leaseholder. The obligations amount to TDKK 1.906. Consolidated Financial Statements The Company is included in the Group Annual Report of the Parent Company of the largest and smallest group: Name Place of registered office Teka Industrial S.A. Calle Cajo, 17SantanderSpain The Annual Report of JUVEL A/S for 2024 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C. The accounting policies applied remain unchanged from last year. The Financial Statements for 2024 are presented in DKK. true 1 Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised 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 recognised 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 repayments 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. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchangetransactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity. Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Company. Expenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve revenue for the year. Other external expenses comprise indirect production costs and expenses for premises, sales as well as office expenses, etc. In pursuance of section 32 of the Danish Financial Statements Act, the company does not disclose its revenue. Gross profit reflect an aggregation of revenue, changes in inventories of finished goods and work in progress and other operating income less costs of raw materials and consumables and other external expenses. Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. The item is net of refunds made by public authorities. Amortisation, depreciation and impairment losses comprise depreciation and impairment of property, plant and equipment. Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Company, including gains and losses on the sale of property, plant and equipment. Financial income and expenses comprise interest, financial expenses in respect of finance leases, realised and unrealised exchange adjustments, price adjustment of securities, amortisation of mortgage loans as well as extra payments and repayment under the on-account taxation scheme. Tax for the year consists of current tax for the year and changes in 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 transactions is recognised directly in equity. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. The cost of self-constructed assets comprises direct and indirect cost of materials, components, sub-suppliers and wages. 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: Plant and machinery 5-10 years Other fixtures and fittings, tools and equipment 3-6 years Leasehold improvements 5-10 years The residual values are estimated at the following percentage of the cost: Plant and machinery 0 % Other fixtures and fittings, tools and equipment 0 % Leasehold improvements 0 % The carrying amounts of property, plant and equipment and investments 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. Other fixed asset investments consist of deposits related to leasehold are measured at amortised cost Inventories are measured at the lower of cost under the 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 and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price. The cost of goods for resale, raw materials and consumables equals landed cost. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Dividend distribution proposed by Management for the year is disclosed as a separate Dividend item. Dividend distribution proposed by Management for the year is disclosed as a separate Dividend item. Provisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Company has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation. Other provisions include warranty obligations in respect of repair work within the warranty period of 1-5 years. Provisions are measured and recognised based on experience with guarantee work. Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and 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 within the same legal tax entity. 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 or in equity if the deferred tax relates to items recognised in equity. Current tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously. Debts are measured at amortised cost, substantially corresponding to nominal value.