38978217 2025-01-01 2025-12-31 38978217 2025-01-01 2025-12-31 auditor_1 38978217 2025-01-01 2025-12-31 memberOfBoardIdentifier_1 38978217 2024-01-01 2024-12-31 38978217 2025-12-31 38978217 2024-12-31 38978217 2024-12-31 fsa:ContributedCapitalMember 38978217 2024-12-31 fsa:RetainedEarningsMember 38978217 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 38978217 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 38978217 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 38978217 2025-01-01 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 38978217 2025-12-31 fsa:ContributedCapitalMember 38978217 2025-12-31 fsa:RetainedEarningsMember 38978217 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 38978217 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 38978217 2024-12-31 fsa:OtherInvestmentsMember 38978217 2025-12-31 fsa:InvestmentsInGroupEnterprisesMember 38978217 2025-12-31 fsa:OtherInvestmentsMember 38978217 2025-01-01 2025-12-31 LongtermInvestmentsInGroupEnterprises_detail_1_LongtermInvestmentsInGroupEnterprises_Member 38978217 2025-12-31 LongtermInvestmentsInGroupEnterprises_detail_1_LongtermInvestmentsInGroupEnterprises_Member 38978217 2025-01-01 2025-12-31 LongtermInvestmentsInGroupEnterprises_detail_2_LongtermInvestmentsInGroupEnterprises_Member 38978217 2025-12-31 LongtermInvestmentsInGroupEnterprises_detail_2_LongtermInvestmentsInGroupEnterprises_Member 38978217 2025-01-01 2025-12-31 LongtermInvestmentsInGroupEnterprises_detail_3_LongtermInvestmentsInGroupEnterprises_Member 38978217 2025-12-31 LongtermInvestmentsInGroupEnterprises_detail_3_LongtermInvestmentsInGroupEnterprises_Member 38978217 2025-01-01 2025-12-31 LongtermInvestmentsInGroupEnterprises_detail_4_LongtermInvestmentsInGroupEnterprises_Member 38978217 2025-12-31 LongtermInvestmentsInGroupEnterprises_detail_4_LongtermInvestmentsInGroupEnterprises_Member 38978217 2025-01-01 2025-12-31 LongtermInvestmentsInGroupEnterprises_detail_5_LongtermInvestmentsInGroupEnterprises_Member 38978217 2025-12-31 LongtermInvestmentsInGroupEnterprises_detail_5_LongtermInvestmentsInGroupEnterprises_Member 38978217 2025-01-01 2025-12-31 LongtermInvestmentsInGroupEnterprises_detail_6_LongtermInvestmentsInGroupEnterprises_Member 38978217 2025-12-31 LongtermInvestmentsInGroupEnterprises_detail_6_LongtermInvestmentsInGroupEnterprises_Member 38978217 2025-01-01 2025-12-31 LongtermInvestmentsInGroupEnterprises_detail_7_LongtermInvestmentsInGroupEnterprises_Member 38978217 2025-12-31 LongtermInvestmentsInGroupEnterprises_detail_7_LongtermInvestmentsInGroupEnterprises_Member 38978217 2025-01-01 2025-12-31 LongtermInvestmentsInGroupEnterprises_detail_8_LongtermInvestmentsInGroupEnterprises_Member 38978217 2025-12-31 LongtermInvestmentsInGroupEnterprises_detail_8_LongtermInvestmentsInGroupEnterprises_Member iso4217:DKK pure xbrli:pure 2024-01-01 2024-12-31 2026-07-31 38978217 2026-07-31 Reporting class B KPMG 8000 Aarhus C Frederiks Plads 42 25578198 Auditor's report on audited financial statements KPMG 25578198 true Annual report Marcel Bergmann I have reviewed and approved the annual report for SCHADES ApS for the financial year 1 January - 31 December 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. In my opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2025 and of the results of the Company's operations for the financial year 1 January - 31 December 2025. Further, in my opinion, the Management's review gives a fair review of the matters discussed in the Management's review. I recommend that the annual report be approved at the annual general meeting. Skive 2026-07-31 Marcel Bergmann CEO Independent auditor's report To the shareholder of SCHADES ApS Opinion We have audited the financial statements of SCHADES ApS for the financial year 1 January - 31 December 2025, 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 2025 and of the results of the Company's operations for the financial year 1 January - 31 December 2025 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's responsibility 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 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. Auditor's responsibilities for the audit of the financial statementsOur 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 alsoidentify 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. Statement on the Management's reviewManagement 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 Statement Act. We did not identify any material misstatement of the Management's review. Aarhus 2026-07-31 KPMG 25578198 Dennis Valdeck Hansen State Authorised Public Accountant mne49092 SCHADES ApS Gyrovej 3 DK-7800 Skive 38978217 1916-07-11 Gyrovej 3, 7800 Skive 2025-01-01 2025-12-31 KPMG Statsautoriseret Revisionspartnerselskab Frederiks Plads 42 8000 Aarhus C 25578198 Principal activities 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. Development in activities and financial position The Company's income statement for 2025 shows a profit of DKK 13,686 thousand as against a profit of DKK 27,513 thousand in 2024. Equity in the Company's balance sheet at 31 December 2025 stood at DKK 146,281 thousand as against DKK 146,692 thousand at 31 December 2024. 169000 232000 -169000 -232000 0 18000 -169000 -250000 14093000 27370000 0 27000 527000 461000 13397000 26686000 -289000 -827000 13686000 27513000 11174000 14097000 2512000 13416000 31000 31000 171949000 171949000 8258000 8258000 180207000 180207000 180238000 180238000 8678000 7194000 2440000 984000 688000 544000 11806000 8722000 5000 13000 11811000 8735000 192049000 188973000 60000000 60000000 75107000 72595000 11174000 14097000 146281000 146692000 1786000 1786000 1786000 1786000 93000 34000 43889000 40461000 43982000 40495000 43982000 40495000 192049000 188973000 60000000 72595000 14097000 0 0 -14097000 0 2512000 11174000 60000000 75107000 11174000 The annual report of SCHADES ApS for 2025 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.The accounting policies used in the preparation of the financial statements are consistent with those of last year. Omission of presentation of consolidated financial statementsPursuant to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. The financial statements of SCHADES ApS and group entities are included in the consolidated financial statements of Harbour Investment GmbH Unternehmensberatungs- und Beteiligungsgesellschaft, Theaterstr. 1, 30159 Hannover, Niedersachsen, Germany. Other external costs Other external costs comprise distribution costs and costs related to sales, sales campaigns, administration, office premises, operating leases, etc. Income from equity investments in subsidiaries and participating interests (including associates) Income from equity investments in group entities comprises dividends from equity investments in group entities. Financial income and expenses 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 on profit for the year 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 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. Intangible assets 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. Financial assets 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. 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. Equity investments are measured at cost. Impairment of fixed assets 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. ReceivablesReceivables 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. Corporation tax and deferred tax 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 assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Any deferred net assets are measured at net realisable value. EquityDividends The expected dividend payment for the year is disclosed as a separate item under equity. Provisions 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. Liabilities other than provisionsFinancial 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. 0 0 459000 459000 68000 2000 -145000 -154000 -144000 -549000 0 -124000 171949000 8258000 171949000 8258000 171949000 8258000 Schades Ltd. England 100000 70556000 16389000 Schades Holding S.A.S. France 100000 14749000 -5632000 Schades Nordic ApS Denmark 100000 59955000 28829000 Heipa Technische Papiere GmbH Germany 100000 88501000 -434000 Prontro AG Switzerland 100000 16301000 1742000 Schades Sweden AB* Sweden 100000 12572000 2604000 Hamilton - Schades Labels Ltd.* England 100000 1880000 404000 Schades SNC* France 100000 76393000 20217000 *Indirect ownership by Schades ApS. Contingent liabilities, including guarantee commitments Schades ApS is party to a pending lawsuit. In Management's opinion, apart from the liabilities recognised in the balance sheet at 31 December 2025, the outcome of these lawsuits will not affect the Company's financial position. 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. 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.