falsefalseMarcel BergmannÅrsrapport25578198KPMGFrederiks Plads 42DK-8000 Aarhus C2023-01-012023-12-312022-01-012022-12-312024-07-052024-07-0538978217Schades ApSGyrovej 37800SkiveDKDenmark1916-07-11Gyrovej 3, 7800 SkiveKPMG25578198Katrine Gybelmne45848statsaut. revisorFrederiks Plads138210AarhusDKDenmark4570707760KPMG25578198Dennis V. Hansenmne49092statsaut. revisorFrederiks Plads138210AarhusDKDenmark45707077602024-07-05Regnskabsklasse BfalsefalseRevisionspåtegningThe Executive Board has today discussed and approved the annual report of Schades ApS for the financial year 1 January – 31 December 2023.The annual report has been prepared in accordance with the Danish Financial Statements Act.I recommend that the annual report be approved at the annual general meeting.Skive,Marcel BergmannTo the shareholders of Schades ApSOpinionBasis 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.Aarhus,3516000336000-3516000-33600021000330000-3537000-66600048689000056300046700044589000-1133000-497000-53900045086000-594000273730004869900017713000-4929300047000680001719490001719490008258000825800018020700018020700018025400018027500056570000053000215400031780007811000323100090003000782000032340001880740001835090006000000060000000591790004146600027373000486990001465520001501650005000800017860000179100080003500073000396960003326300039731000333360003973100033336000188074000183509000600000004146600048699000004869900001771300027373000600000005917900027373000Liabilities other than provisions The accounting policies used in the preparation of the financial statements are consistent with those of last year besides the change reflected in the section Change in accounting policies. Financial liabilities are recognised at the date of borrowing at cost, corresponding to the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost. Other liabilities are measured at amortised cost, which usually corresponds to nominal value.Tax on profit for the yearControl Schades ApS is part of the consolidated financial statements of Harbour Investment GmbH Unternehmensberatungs- und Beteiligungsgesellschaft, Theaterstr. 1, 30159 Hannover, Niedersachsen, Germany, which is the smallest and largest group, respectively, in which the Company is included as a subsidiary. The consolidated financial statements of Harbour Investment GmbH Unternehmensberatungs- und Beteiligungsgesellschaft can be obtained by contacting the company at the address above.In my opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2023 and of the results of the Company's operations for the financial year 1 January – 31 December 2023. Further, in my opinion, the Management's review gives a fair review of the matters discussed in the Management's review.We have audited the financial statements of Schades ApS for the financial year 1 January – 31 December 2023 comprising income statement, balance sheet, statement of changes in equity and notes, including 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 Company's assets, liabilities and financial position at 31 December 2023 and of the results of the Company's operations for the financial year 1 January – 31 December 2023 in accordance with the Danish Financial Statements Act.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 that 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 as to 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 in Denmark will always detect a material misstatement when it exists. Misstatements may 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 financial statement users made 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 company 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 the Management's review. Our opinion on the financial statements does not cover the 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 the Management's review and, in doing so, consider whether the 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 the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the 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 of the Management's review. The Company's principal activity is to own investments in the Group's subsidiaries and act as the holding and management company of these entities.The Company's income statement for 2023 shows a profit of DKK 45,086 thousand as against loss of DKK 594 thousand in 2022. Equity in the Company's balance sheet at 31 December 2023 stood at DKK 146,552 thousand as against DKK 150,165 thousand at 31 December 2022.The annual report of Schades ApS for 2023 has been prepared in accordance with the provisions applying to reporting class B entities under the Danish Financial Statements Act with opt-in from higher reporting classes.Pursuant to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. The financial statements of Schades ApS are included in the consolidated financial statements of Harbour Investment GmbH Unternehmensberatungs- und Beteiligungsgesellschaft.The Company has changed its accounting policies regarding change of presentation of profit and loss by nature. Previously, the Company applied the function method. The change in accounting policies does not affect the result for the year. The changes in accounting policies were made in order to give a more true and fair view of the Company's activities, results and financial position. The comparative figures have been restated to reflect the changed accounting policies.Other external costs comprise distribution costs and costs related to sales, sales campaigns, administration, office premises, operating leases, etc.Income from equity investments in group entities comprises dividends from investments in group entities.Financial income and expenses comprise interest income and expense, financial costs regarding gains and losses on payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc. Dividends from equity investments in group entities and participating interests (including associates) measured at cost are recognised as income in the Parent Company's income statement in the financial year when the dividends are declared. In case of indication of impairment, an impairment test is conducted. Indication of impairment exists if distributed dividends exceed profit for the year or if the carrying amount of equity investments exceeds the consolidated carrying amounts of the net assets in the subsidiary.Tax for the year comprises current corporation tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement. Schades ApS is jointly taxed with Schades Nordic ApS. Full allocation of computed taxes is made on these companies.Software is measured at cost less accumulated amortisation. Amortisation is provided on a straight-line basis over the expected useful lives of the assets of 2-10 years. Equity investments in group entities and participating interests are measured at cost. In case of indication of impairment, an impairment test is conducted. When cost exceeds recoverable amount, write-down is made to this lower value. The cost is reduced by dividends received exceeding accumulated earnings after the acquisition date.Other securities and equity investments included in investments comprise unlisted shares that Management considers investment securities. The equity investments are measured at cost.The carrying amount of intangible assets, equity investments in group entities and other securities and equity investments are subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount. The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as the present value of the forecast net cash flows from the use of the asset or the group of assets, including forecast net cash flows from the disposal of the asset or the group of assets after the end of the useful life.Receivables are measured at amortised cost. Write-down is made for bad debt losses where there is an objective indication that a receivable or a portfolio of receivables has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis. Receivables with no objective indication of individual impairment are assessed for objective indication of impairment on a portfolio basis. The portfolios are primarily based on the debtors' registered offices and credit rating in accordance with the Company's credit risk management policy. The objective indicators used in relation to portfolios are determined on the basis of historical loss experience. Write-downs are calculated as the difference between the carrying amount of receivables and the present value of forecast cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate.Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured on all temporary differences between the carrying amount and the tax value of assets and liabilities and is recognised as a provision. In the cases where deferred tax crystallises a tax asset, the item is recognised as current assets at the value at which the tax asset is expected to be realised. Deferred tax is measured in accordance with the tax rules and at the tax rates applicable in the relevant countries at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement.Provisions are recognised when, as a result of past events, the Company has a legal, and it is probable that there may be outflow of resources embodying economic benefits to settle the obligation. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation.DKK'000 2023 2022 Interest paid to group entities 459 459 Other financial costs 104 8 563 467 Current tax for the year -494 -178 Deferred tax for the year -3 -70 Adjustment of tax concerning previous years 0 423 Adjustment of deferred tax concerning previous years 0 -714 -497 -539DKK'000 Equity investments in group entities Cost at 1 January 2023 264,479 Cost at 31 December 2023 264,479 Impairment losses at 1 January 2023 -92,530 Impairment losses at 31 December 2023 -92,530 Adjusted cost at 31 December 2023 171,949 Name/legal form Registered office Voting rights and ownership interest Equity Profit/loss for the year Subsidiaries: DKK'000 DKK'000 Schades Ltd. England 100% 61,690,643 23,480,065 Schades Holding S.A.S. France 100% 69,199,085 19,675,660 Schades Nordic ApS Denmark 100% 29,813,706 5,451,075 Heipa Technische Papiere GmbH Germany 100% 80,599,579 15,798,513 Prontro AG Switzerland 100% 11,500,691 3,400,853 Schades Sweden AB* Sweden 100% 21,493,200 3,101,707 274,296,904 70,907,873*Indirect ownership by Schades ApS.The Group's Danish entities are jointly and severally liable for tax on the Group's jointly taxed income and for certain withholding taxes such as dividend tax and royalty tax as well as for the joint registration for VAT. Any subsequent corrections of the taxable income subject to joint taxation or withholding taxes on dividends, etc. may entail an increase in the entities' liability.389782172023-01-012023-12-31389782172023-01-012023-12-311389782172023-01-012023-12-312389782172022-01-012022-12-31389782172023-01-012023-12-31c:ProposedDividendRecognisedInEquityMember389782172022-01-012022-12-31c:ProposedDividendRecognisedInEquityMember389782172023-01-012023-12-31c:RetainedEarningsMember389782172022-01-012022-12-31c:RetainedEarningsMember389782172023-12-31389782172022-12-31389782172023-01-012023-12-311389782172023-01-012023-12-31c:ContributedCapitalMember389782172023-01-01c:ContributedCapitalMember389782172023-12-31c:ContributedCapitalMember389782172023-01-012023-12-31c:RetainedEarningsMember389782172023-01-01c:RetainedEarningsMember389782172023-12-31c:RetainedEarningsMember389782172023-01-012023-12-31c:ProposedDividendRecognisedInEquityMember389782172023-01-01c:ProposedDividendRecognisedInEquityMember389782172023-12-31c:ProposedDividendRecognisedInEquityMemberiso4217:DKK