20366532 2025-06-01 2026-05-31 20366532 2025-06-01 2026-05-31 1 20366532 2025-06-01 2026-05-31 1 20366532 2025-06-01 2026-05-31 1 20366532 2025-06-01 2026-05-31 2 20366532 2025-06-01 2026-05-31 3 20366532 2023-06-01 2024-05-31 20366532 2022-06-01 2023-05-31 20366532 2021-06-01 2022-05-31 20366532 2025-06-01 2026-05-31 2 20366532 2024-06-01 2025-05-31 2 20366532 2023-06-01 2024-05-31 2 20366532 2022-06-01 2023-05-31 2 20366532 2021-06-01 2022-05-31 2 20366532 2024-05-31 20366532 2023-05-31 20366532 2022-05-31 20366532 2024-06-01 2025-05-31 20366532 2025-06-01 2026-05-31 9 20366532 2024-06-01 2025-05-31 9 20366532 2023-06-01 2024-05-31 9 20366532 2022-06-01 2023-05-31 9 20366532 2021-06-01 2022-05-31 9 20366532 2026-05-31 20366532 2025-05-31 20366532 2025-06-01 2026-05-31 c:RetainedEarningsMember 20366532 2025-06-01 2026-05-31 c:ProposedDividendRecognisedInEquityMember 20366532 2026-05-31 c:ContributedCapitalMember 20366532 2026-05-31 c:RetainedEarningsMember 20366532 2026-05-31 c:ProposedDividendRecognisedInEquityMember 20366532 2025-06-01 20366532 2024-06-01 20366532 2025-06-01 c:AcquiredIntangibleAssetsMember 20366532 2025-06-01 c:GoodwillMember 20366532 2026-05-31 c:AcquiredIntangibleAssetsMember 20366532 2026-05-31 c:GoodwillMember 20366532 2025-06-01 2026-05-31 c:AcquiredIntangibleAssetsMember 20366532 2025-06-01 c:LeaseholdImprovementsMember 20366532 2025-06-01 c:FixturesFittingsToolsAndEquipmentMember 20366532 2025-06-01 2026-05-31 c:LeaseholdImprovementsMember 20366532 2025-06-01 2026-05-31 c:FixturesFittingsToolsAndEquipmentMember 20366532 2026-05-31 c:LeaseholdImprovementsMember 20366532 2026-05-31 c:FixturesFittingsToolsAndEquipmentMember 20366532 2026-05-31 c:LeaseholdImprovementsMember c:LeasedAssetsMember 20366532 2026-05-31 c:FixturesFittingsToolsAndEquipmentMember c:LeasedAssetsMember 20366532 2025-06-01 c:InvestmentsInGroupEnterprisesMember 20366532 2025-06-01 c:OtherInvestmentsMember 20366532 2026-05-31 c:InvestmentsInGroupEnterprisesMember 20366532 2026-05-31 c:OtherInvestmentsMember 20366532 2025-06-01 2026-05-31 c:SubsidiaryMember 1 20366532 2026-05-31 c:SubsidiaryMember 1 20366532 2025-06-01 2026-05-31 c:SubsidiaryMember 2 20366532 2026-05-31 c:SubsidiaryMember 2 20366532 2025-06-01 c:DepositsLongtermInvestmentsAndReceivablesMember 20366532 2025-06-01 2026-05-31 c:DepositsLongtermInvestmentsAndReceivablesMember 20366532 2026-05-31 c:DepositsLongtermInvestmentsAndReceivablesMember 20366532 2026-05-31 1 20366532 2026-05-31 c:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsLongtermMember 20366532 2025-05-31 c:LongtermBillsOfExchangePayableMember iso4217:DKK xbrli:pure xbrli:shares Årsrapport Regnskabsklasse C, mellemstor virksomhed CS-Online A/S Revisionspåtegning Beierholm Langagervej 1 Kim Rand 9220 Aalborg Ø 2026-09-25 Konklusion Opinion 50 Grundlag for konklusion 32895468 Basis for Opinion 2026-09-25 2024-06-01 2025-05-31 20366532 2025-06-01 2026-05-31 Tinvej Ringsted 7 4100 Ringsted Ringsted Beierholm Jættevej 4100 Danmark true Vi har dags dato aflagt års­rap­por­ten for regn­skabs­året 01.06.25 - 31.05.26 for CS-Online A/S. We have on this day presented the annual report for the financial year 01.06.25 - 31.05.26 for CS-Online A/S. Årsrapporten aflægges i over­ens­stem­mel­se med års­regn­skabs­loven. The annual report is presented in accordance with the Danish Finan­cial Sta­te­ments Act. Det er vores opfattelse, at års­regn­ska­bet giver et ret­vi­sen­de bil­lede af selskabets ak­ti­ver, pas­si­ver og fi­nan­siel­le stil­ling pr. 31.05.26 og re­sul­ta­tet af selskabets ak­ti­vi­te­ter og pen­ge­strøm­me for regn­skabs­året 01.06.25 - 31.05.26. In our opinion, the financial statements give a true and fair view of the company's assets, liabilities and financial position as at 31.05.26 and of the results of the company's activities and cash flows for the financial year 01.06.25 - 31.05.26. Ledelsesberetningen indeholder efter vores op­fat­telse en ret­vi­sende rede­gø­rel­se for de for­hold, be­ret­nin­gen om­hand­ler. We believe that the management's review includes a fair review of the matters dealt with in the management's review. Årsrapporten indstilles til general­for­sam­lin­gens god­ken­delse. The annual report is submitted for adoption by the general meeting. Ringsted 2026-09-25 Jan Erik Larsen Kim Rand Formand / Chairman Jan Erik Larsen Jens Thøgersen Til kapitalejerne i CS-Online A/S To the Shareholders of CS-Online A/S Det er vores opfattelse, at års­regn­ska­bet giver et ret­visende bil­le­de af selskabets akti­ver, pas­si­ver og finan­sielle stilling pr. 31.05.26 samt af resul­ta­tet af selskabets ak­ti­viteter og pen­ge­strøm­me for regn­skabs­året 01.06.25 - 31.05.26 i over­ens­stem­mel­se med års­regn­skabs­loven. In our opinion the fi­nan­cial sta­te­ments give a true and fair view of the company's finan­cial posi­tion at 31.05.26 and of the results of the company's ope­ra­tions and cash flows for the finan­cial year 01.06.25 - 31.05.26 in ac­cor­dan­ce with the Danish Finan­cial Sta­te­ments Act. Vi har udført vores revision i over­ens­stem­mel­se med internationale standarder om revi­sion og de yderligere krav, der er gæl­den­de i Danmark. Vores ansvar ifølge disse stan­dar­der og krav er nærmere beskrevet i revi­sions­på­teg­nin­gens afsnit ”Revisors ansvar for revisionen af års­regn­ska­bet”. Vi er uafhængige af selskabet i overensstemmelse med International Ethics Standards Board for Accountants’ internationale retningslinjer for revisorers etiske adfærd (IESBA Code) og de yderligere etiske krav, der er gældende i Danmark, ligesom vi har opfyldt vores øvrige etiske forpligtelser i henhold til disse krav og IESBA Code. Det er vores op­fat­tel­se, at det op­nå­ede revi­sions­bevis er til­stræk­ke­ligt og egnet som grund­lag for vores kon­klu­sion. 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. Ledelsen er ansvarlig for ledel­ses­be­ret­nin­gen.Vores konklusion om års­regn­ska­bet omfat­ter ikke ledelsesberetningen, og vi ud­tryk­ker ingen form for konklusion med sikker­hed om ledel­ses­beret­ningen.I tilknytning til vores revision af års­regn­ska­bet er det vores ansvar at læse ledel­ses­be­ret­nin­gen og i den forbindelse overveje, om ledel­ses­be­ret­nin­gen er væsentligt in­kon­sis­tent med års­regn­ska­bet eller vores viden opnået ved revisionen eller på anden måde synes at indeholde væsentlig fejl­in­for­ma­tion.Vores ansvar er derudover at overveje, om ledel­ses­be­ret­nin­gen indeholder krævede op­lys­ninger i henhold til års­regn­skabs­loven.Baseret på det udførte arbejde er det vores opfattelse, at ledelsesberetningen er i over­ens­stemmelse med års­regn­ska­bet og er ud­ar­bej­det i over­ens­stem­melse med års­regn­skabs­lovens krav. Vi har ikke fundet væ­sentlig fejlinformation i ledel­ses­be­ret­nin­gen. 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, it is 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 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. Ledelsen har ansvaret for udarbejdelsen af et års­regn­skab, der giver et ret­vis­ende bil­le­de i over­ens­stem­mel­se med års­regn­skabs­loven. Ledel­sen har end­vi­de­re an­sva­ret for den in­ter­ne kon­trol, som ledel­sen an­ser for nød­ven­dig for at ud­ar­bejde et års­regn­skab uden væsent­lig fejl­in­for­ma­tion, uanset om den­ne skyl­des besvi­gelser eller fejl.Ved udarbejdelsen af års­regn­ska­bet er ledel­sen ansvarlig for at vurdere selskabets evne til at fortsætte driften, at oplyse om for­hold ved­rø­ren­de fortsat drift, hvor dette er rele­vant, samt at udarbejde års­regn­ska­bet på grund­lag af regn­skabs­prin­cip­pet om fort­sat drift, medmindre le­del­sen enten har til hen­sigt at likvidere selskabet, indstille drif­ten eller ikke har andet rea­listisk alter­na­tiv end at gøre dette. 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. Vores mål er at opnå høj grad af sikkerhed for, om års­regn­ska­bet som helhed er uden væsent­lig fejlinformation, uanset om denne skyldes besvi­gel­ser eller fejl, og at afgive en revi­sions­på­teg­ning med en konklusion. Høj grad af sikkerhed er et højt niveau af sik­ker­hed, men er ikke en garanti for, at en revi­sion, der udføres i over­ens­stem­melse med inter­nationale stan­dar­der om revision og de yder­ligere krav, der er gæl­dende i Danmark, altid vil afdække væsentlig fejl­infor­mation, når sådan findes. Fejl­in­for­ma­ti­oner kan opstå som følge af be­svi­gel­ser eller fejl og kan betragtes som væ­sent­lige, hvis det med rime­lighed kan for­ven­tes, at de enkeltvis eller samlet har indflydelse på de økono­miske beslut­ninger, som regn­skabs­bru­ger­ne træffer på grund­lag af års­regn­ska­bet.Som led i en revision, der udføres i over­ens­stem­melse med inter­na­ti­ona­le stan­dar­der om revision og de yder­ligere krav, der er gæl­­dende i Dan­mark, foretager vi faglige vur­deringer og op­ret­holder pro­fes­sio­nel skep­sis under revi­sio­nen. Herudover: Identificerer og vurderer vi risikoen for væsentlig fejlinformation i års­regn­ska­bet, uanset om denne skyldes besvigelser eller fejl, udformer og udfører revisions­hand­linger som reak­tion på disse risici samt opnår revi­sions­bevis, der er til­stræk­keligt og egnet til at danne grund­lag for vores kon­klu­sion. Risi­koen for ikke at opdage væsent­lig fejl­infor­ma­tion forår­saget af besvi­gelser er højere end ved væ­sentlig fejl­information forårsaget af fejl, idet be­svi­gel­ser kan om­fatte sam­men­svær­gel­ser, dokumentfalsk, bevidste ude­la­del­ser, vild­led­ning eller til­side­sæt­tel­se af intern kontrol.Opnår vi forståelse af den interne kontrol med relevans for revisionen for at kunne ud­forme re­vi­si­ons­hand­lin­ger, der er pas­sen­de efter omstæn­dig­he­der­ne, men ikke for at kunne ud­trykke en kon­klu­sion om effek­tivi­teten af selskabets interne kon­trol.Tager vi stilling til, om den regn­skabs­prak­­sis, som er an­vendt af le­del­sen, er pas­sende, samt om de regn­skabs­mæs­sige skøn og til­knyt­tede op­lys­nin­ger, som ledelsen har ud­ar­bej­det, er rime­lige.• Konkluderer vi, om ledelsens udar­bej­del­se af års­regn­ska­bet på grundlag af regn­skabs­prin­cip­pet om fortsat drift er pas­sen­de, samt om der på grundlag af det op­nåede revisions­bevis er væsentlig usik­kerhed for­bun­det med begiven­heder eller forhold, der kan skabe betydelig tvivl om selskabets evne til at fort-sætte drif­ten. Hvis vi kon­klu­derer, at der er en væ­sentlig usikker­hed, skal vi i vores revi­sions­påtegning gøre opmærk­som på op­lys­nin­ger herom i års­regn­ska­bet eller, hvis sådanne oplys­ninger ikke er til­stræk­kelige, modi­fi­cere vores konklusion. Vores kon­klu­sio­ner er baseret på det revisions­bevis, der er opnået frem til datoen for vores revi­sions­påtegning. Frem­tidige begi­ven­heder eller for­hold kan dog med­føre, at selskabet ikke læn­gere kan fortsætte driften.Tager vi stilling til den samlede præ­sen­ta­tion, struktur og indhold af års­regn­ska­bet, her­under note­op­lys­nin­ger­ne, samt om års­regn­ska­bet afspejler de under­lig­gen­de trans­aktio­ner og begivenheder på en sådan måde, at der gives et ret­vi­sende billede heraf.Vi kommunikerer med den øverste ledelse om blandt andet det planlagte omfang og den tids­mæs­sige placering af revisionen samt betydelige revisions­mæssige obser­va­tio­ner, her­under even­tuelle betydelige mang­ler i intern kontrol, som vi iden­ti­fi­ce­rer under revisionen. 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 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'sability 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. Ringsted Kasper Green Jensen Statsaut. revisor mne33213 892812000 832371000 953022000 45522000 39662000 53021000 Resultat før af- og nedskrivninger 9598 -873 4619 3296 11912 1980000 702000 8245000 37419000 -342000 -77000 39147000 286000 6400000 160077000 124362000 133141000 896000 12138000 11908000 935000 2728000 69618000 30470000 30184000 -7563000 14862000 -22332000 17928000 -1192000 12000 -3035000 -17343000 24240000 -8 78 1 20 6 4 5 5 6 6 6 6 6 8 34 30 43 25 23 90 89 111 Definitioner af nøgletalRatios definitionsEgenkapitalens for­rent­ning:Årets resultat x 100Gennemsnitlig egen­kapitalReturn on equity:Profit/loss for the year x 100Average equityBruttomargin:Bruttoresultat x 100NettoomsætningGross margin:Gross result x 100RevenueAktivernes omsæt­nings­hastighed:NettoomsætningGennemsnitlige samlede aktiverAsset turnover:RevenueAvg. total assetsSoliditetsgrad:Egenkapital ultimo x 100Samlede aktiverSolvency ratio:Equity, end of year x 100Total assets Væsentligste aktiviteterSelskabets aktiviteter består primært i at drive virksomhed inden for e-handel og salg af produkter og services til både private og erhvervskunder. Selskabet står selv for udvikling, drift og vedligeholdelse af online handelsplat-forme, hvor salget foregår digitalt. Forretnings-modellen er baseret på en stærk online til-stedeværelse kombineret med effektiv logistik og automatiserede lagerløsninger, der sikrer hurtig og omkostningseffektiv ordrebehandling. Sel-skabet tilbyder et bredt sortiment af produkter til kunder i Danmark og øvrige nordiske markeder understøttet af løbende investeringer i robot-teknologi herunder autostoresystemer og pakke- og sorteringsanlæg.Selskabet opererer primært på det danske marked, men har også en betydelig tilstede-værelse i Sverige, Norge, Finland, Tyskland og Færøerne, hvilket understøtter strategien om at være en nordisk og europæisk aktør inden for e-handel. Primary activitiesThe company's activities primarily consist of operating within e-commerce and the sale of products and services to both private and business customers. The company is responsible for the development, operation, and main-tenance of online trading platforms, where sales take place digitally. The business model is based on a strong online presence combined with efficient logistics and automated warehouse solutions that ensure fast and cost-effective order processing. The company offers a wide range of products to customers in Denmark and other Nordic markets, supported by ongoing investments in robottechnology, including auto-storesystems and packaging and sorting facili-ties.The company operates primarily in the Danish market but also has a significant presence in Sweden, Norway, Finland, Germany, and the Faroe Islands, which supports its strategy of being a Nordic and European player in e-commerce. Udvikling i aktiviteter og økonomiske forholdResultatopgørelsen for tiden 01.06.25 - 31.05.26 udviser et resultat på DKK 3.953.811 mod DKK -4.762.990 for tiden 01.06.24 - 31.05.25. Ba­lan­cen vi­ser en egen­ka­pi­tal på DKK 60.808.574.Årets resultat er negativt påvirket af øget om-kostninger til øget bemanding samt øget om-kostninger til online markedsføring grundet navneskifte i primo 2026.Ledelsen finder årets re­sul­tat til­freds­stil­lende. Development in activities and financial affairsThe income statement for the period 01.06.25 - 31.05.26 shows a profit/loss of DKK 3,953,811 against DKK -4,762,990 for the period 01.06.24 - 31.05.25. The balance sheet shows equity of DKK 60,808,574.The year's result has been negatively affected by increased costs for additional staffing as well as higher online marketing expenses due to the name change in early 2026.The management considers the net profit for the year to be satisfactory. Resultatforventningen for regnskabsåret 01.06.25 - 31.05.26 var et resultat i intervallet t.DKK 8.000 - 10.000 før skat. Denne mål­sæt­nin­g blev ikke indfriet. Nettoomsætningen steg med 11,6%% i forhold til sidste år og oversteg den forventede stigning på 8,0%. Bemandingen måtte øges grundet øget aktivitetsniveau og væsentlige funktioner styrket og professionaliseret. Ved gennemførelsen af navneskiftet primo 2026 til CSMEGASTORE på de respektive online handelsplatforme var det nødvendigt at øge omkostningerne til online markedsføring for at stabilisere salget. Omkostning til øget markeds-føring har presset den samlede indtjening i den resterende del af regnskabsåret. Desuden har en verserende sag med Skatteverket vedrørende afregning af kemikalieskat i Sverige påvirket årets resultat før skat negativt med t.DKK 1.291. The earnings expectations for the financial year 01.06.25 - 31.05.26 were a net profit of t.DKK 8.000 - 10.000 profit before tax. This target was not achieved. Net revenue increased by 11.6% compared to last year and exceeded the expected growth of 8.0%. Staffing had to be increased due to higher activity levels, and key functions were strengthened and professiona-lised. In connection with the name change in early 2026 to CSMEGASTORE on the respective online trading platforms, it was necessary to increase online marketing expen-ses to stabilise sales. The increased marketing costs put pressure on overall earnings for the remainder of the financial year. In addition, an ongoing case with the Swedish Tax Agency regarding the settlement of chemical tax in Sweden negatively affected the year’s profit before tax by t.DKK 1.291. Forventet udviklingSelskabet forventer et positivt resultat før skat i ni­veau­et t.DKK 6.000 - 8.000 for det kom­men­de år. Selskabet oplevede i starten af 2026 et mindre fald i efterspørgslen i forbindelse med gennemførelse af navneskifte af de respektive online handelsplatforme til CSMEGASTORE. Ordreindgangen havde ved udgangen af regnskabsåret igen stabiliseret sig og salget til såvel eksisterende som nye kunder forventes i det kommende år at stige med 3 - 5%.Selskabet arbejder løbende med at automatisere og effektivisere driften og vil i det kommende år kigge ind i yderligere investering i robot-teknologi. Investeringerne vil kunne gennem-føres inden for eksisterende kreditrammer. OutlookThe company expects a profit before tax in the range of t.DKK 6,000 – 8,000 for the coming year. At the beginning of 2026, the company experienced a slight decline in demand in connection with the implementation of the name change of the respective online trading platforms to CSMEGASTORE. By the end of the financial year, order intake had stabilised again, and sales to both existing and new customers are expected to increase by 3 – 5% in the coming year.The company is continuously working to automate and streamline operations and will, in the coming year, consider further investments in robotics technology. These investments can be carried out within the existing credit facilities. Efterfølgende begivenhederEfter regn­skabs­årets afslutning er der ikke ind­truf­fet be­tyd­nings­ful­de hæn­del­ser. Subsequent eventsNo important events have occurred after the end of the financial year. 1082346283 969664544 2034747 1399328 1002947683 912039662 18933033 16369505 62500314 42654705 52902281 43527397 3519196 3853772 362310 1137908 5716527 -5864372 585206 939397 1119342 756783 5182391 -5681758 1228580 -918768 3953811 -4762990 452190 1011546 452190 1011546 6031515 6530164 20875019 23686255 26906534 30216419 349557 349557 38239 38239 9189424 8988617 9577220 9376413 36935944 40604378 95557843 94323079 95557843 94323079 16818905 22532711 5513996 6079705 71752 42408 7027839 6624484 2243274 2159367 31675766 37438675 15583738 19609653 142817347 151371407 179753291 191975785 524100 524100 58284474 56330663 2000000 0 60808574 56854763 10728596 13489748 0 1216327 10728596 14706075 2031394 2257874 3989299 5721576 74666538 84441486 4544576 0 217097 212840 1257924 70389 21509293 27710782 108216121 120414947 118944717 135121022 179753291 191975785 Beløb i DKKFigures in DKKSelskabs­kapitalShare capitalOverført resultatRetained earningsForslag til udbytte for regnskabsåretProposed dividend for the financial yearEgenkapital i altTotal equityEgenkapitalopgørelse for 01.06.25 - 31.05.26Statement of changes in equity for 01.06.25 - 31.05.26Saldo pr. 01.06.25524.10056.330.663056.854.763Balance as at 01.06.25Forslag til resultatdisponering01.953.8112.000.0003.953.811Net profit/loss for the yearSaldo pr. 31.05.26524.10058.284.4742.000.00060.808.574Balance as at 31.05.26 1953811 2000000 524100 58284474 2000000 5277720 2762849 -1234764 -7448001 5591446 -10236228 -9774946 28249995 -1652656 8522307 2160611 17087932 585206 939397 -1119342 -756783 -70389 0 1556086 17270546 -895765 -12138052 50000 502473 0 -163188 -845765 -11798767 0 -8000000 -1732277 -982415 -1787632 10350516 -1216327 -602268 -4736236 765833 -4025915 6237612 19609653 13372041 15583738 19609653 15583738 19609653 1.Særlige posterSpecial itemsSærlige poster er indtægter og om­kost­nin­ger, der er sær­li­ge på grund af de­res stør­rel­se og art. Der har i regn­skabs­året væ­ret føl­gen­de sær­li­ge pos­ter:Special items are income and expenses that are special due to their size and nature. The following special items were recorded in the financial year:Særlige poster:Special items:Indregnet i resultatopgørelsen under:Recognised in the income statement in:2025/26 DKK2024/25 DKKGevinst ved salg af materielle anlægsaktiverAndre driftsindtægter4.1920Gain on the disposal of property, plant and equipmentOther operating incomeTab ved salg af materielle anlægsaktiverAndre driftsomkostninger0-10.459Loss on the disposal of property, plant and equipmentOther operating expensesKemikalieskat merbetaling, Skatteverket SverigeVareforbrug-929.353-6.279.384Chemical tax surcharge, Swedish Tax AgencyCost of salesKemikalieskat tillæg, Skatteverket SverigeAndre driftsomkostninger-362.310-1.127.449Chemical tax non-deductible addition, Swedish Tax AgencyOther operating expensesI alt-1.287.471-7.417.292Total 43593379 36333200 5268590 4390206 1345497 833136 2694815 1970855 106 94 Vederlag til ledelsen:Remuneration for the management:Vederlag til direktion og bestyrelse1.956.000825.000Remuneration for the Executive Board and Board of Directors 1956000 825000 Med henvisning til års­regn­skabs­lovens § 98 b, stk. 3, nr. 1 er veder­lag til direktion og bestyrelse sammen­draget for 2025/26 og 2024/25, da op­lys­nin­ger ellers vil føre til, at der vises beløb for et enkelt ledelses­medlem.With reference to section 98b(3) no. 1 of the Dan­ish Fi­nan­cial Statements Act, re­mune­ration for the Executive Board and Board of Di­rectors are sum­marized for 2025/26 and 2024/25, as infor­ma­tion would other­wise lead to a­mounts be­ing shown for a single mem­ber of man­age­ment. 159735 110164 425471 829233 254828 0 838262 703583 26252 53200 2000000 0 1953811 -4762990 2796781 105000 2796781 105000 -1785235 -105000 -559356 -2344591 -105000 452190 0 7.Materielle anlægsaktiverProperty, plant and equipmentBeløb i DKKFigures in DKKInd­ret­ning af le­je­de loka­lerLeasehold improvementsAndre anlæg, drifts­ma­te­riel og in­ven­tarOther fixtures and fittings, tools and equipmentKostpris pr. 01.06.257.694.52233.263.623Cost as at 01.06.25Tilgang i året299.765596.000Additions during the yearAfgang i året0-1.416.514Disposals during the yearKostpris pr. 31.05.267.994.28732.443.109Cost as at 31.05.26Af- og nedskrivninger pr. 01.06.25-1.164.358-9.577.367Depreciation and impairment losses as at 01.06.25Afskrivninger i året-798.414-2.161.427Depreciation during the yearTilbageførsel af af- og ned­skriv­nin­ger på af­hæn­de­de ak­tiver0170.704Reversal of depreciation of and impairment losses on disposed assetsAf- og nedskrivninger pr. 31.05.26-1.962.772-11.568.090Depreciation and impairment losses as at 31.05.26Regnskabsmæssig værdi pr. 31.05.266.031.51520.875.019Carrying amount as at 31.05.26Regnskabsmæssig værdi af finansielt leasede aktiver pr. 31.05.26015.348.098Carrying amount of assets held under finance leases as at 31.05.26 7694522 33263623 299765 596000 -1416514 7994287 32443109 -1164358 -9577367 -798414 -2161427 170704 -1962772 -11568090 6031515 20875019 0 15348098 8.Værdipapirer og kapitalandeleInvestmentsBeløb i DKKFigures in DKKKa­pi­tal­an­de­le i tilknyt­tede virksom­he­derEquity invest­ments in group enter­pri­sesAndre vær­di­pa­pi­rer og kapi­tal­an­de­leOther invest­mentsKostpris pr. 01.06.25349.55738.239Cost as at 01.06.25Tilgang i året00Additions during the yearAfgang i året00Disposals during the yearKostpris pr. 31.05.26349.55738.239Cost as at 31.05.26Regnskabsmæssig værdi pr. 31.05.26349.55738.239Carrying amount as at 31.05.26Navn og hjemsted:Name and registered office:EjerandelOwnership interestDattervirksomheder:Subsidiaries:CS Online Grosshandel GmbH, Tyskland100%CS-Online-se AB, Sverige100% 349557 38239 349557 38239 349557 38239 CS Online Grosshandel GmbH Tyskland 100 CS-Online-se AB Sverige 100 8988617 200807 9189424 9189424 31.05.2631.05.25DKKDKK10.PeriodeafgrænsningsposterPrepaymentsForudbetalte forsikringer491.065464.711Prepaid insurance premiumsForudbetalte kontingenter og abonnementer1.640.8951.575.005Prepaid membership fees and subscriptionsForudbetalte leasingydelser49.15050.990Prepaid lease paymentsAndre periodeafgrænsningsposter62.16468.661Other prepaymentsI alt2.243.2742.159.367Total 31.05.2631.05.25DKKDKK11.TilgodehavenderReceivablesTilgodehavender, der forfalder til betaling mere end 1 år efter regnskabsårets udløb6.179.9555.650.889Receivables which fall due for payment more than 1 year after the end of the financial yearTilgodehavender, der forfalder til betaling mere end 1 år ef­ter regn­skabs­årets ud­løb, ind­går i regn­skabs­pos­ten "Andre tilgodehavender" består primært af udlån til associerede virksom-heder til moderselskabet.Receivables which fall due for payment more than one year after the end of the financial year are included under the balance sheet item “Other receivables” and consist primarily of loans to associated companies of the parent company. Kapitalandele 5241 524100 31.05.2631.05.25DKKDKK13.Udskudt skatDeferred taxUdskudt skatteaktiv pr. 01.06.2542.408-946.749Provisions for deferred tax as at 01.06.25Udskudt skat indregnet i resultatopgørelsen29.344989.157Deferred tax recognised in the income statementUdskudt skatteaktiv pr. 31.05.2671.75242.408Provisions for deferred tax as at 31.05.26Selskabet har pr. 31.05.26 indregnet et udskudt skat­te­ak­tiv på t.DKK 72, som pri­mært kan hen­føres til frem­før­te skat­te­mæs­si­ge un­der­skud. Det ud­skud­te skat­te­ak­tiv er ind­reg­net på bag­grund af for­vent­nin­ger om po­si­tive drifts­re­sul­ta­ter for de kom­men­de år.As at 31.05.26, the company has recognised a deferred tax asset of t.DKK 72, which can primarily be attributed to tax losses carried forward. The deferred tax asset is recognised on the basis of expectations of positive operating results for the coming years. 42408 -946749 29344 989157 Selskabet har pr. 31.05.26 indregnet et udskudt skat­te­ak­tiv på t.DKK 72, som pri­mært kan hen­føres til frem­før­te skat­te­mæs­si­ge un­der­skud. Det ud­skud­te skat­te­ak­tiv er ind­reg­net på bag­grund af for­vent­nin­ger om po­si­tive drifts­re­sul­ta­ter for de kom­men­de år.As at 31.05.26, the company has recognised a deferred tax asset of t.DKK 72, which can primarily be attributed to tax losses carried forward. The deferred tax asset is recognised on the basis of expectations of positive operating results for the coming years. 0 0 1216327 15.EventualforpligtelserContingent liabilitiesKautionsforpligtelserRecourse guarantee commitmentsSelskabet har stillet selv­skyld­ner­kau­tion for moderselskabets engagement med kre­dit­in­sti­tut. Kau­tio­nen er uli­mi­te­ret. Moderselskabet har ikke gæld til om­fat­te­de kre­dit­in­sti­tut­ter på ba­lan­ce­da­gen men har trækningsretter mv.The company has provided a guarantee as surety for the parent company’s commitments with the credit institution. The guarantee is unlimited. As of the balance sheet date, the parent company has no debt to the covered credit institutions but does have credit facilities and related rights.Andre eventualforpligtelserOther contingent liabilitiesSelskabet er sambeskattet med øv­rige dan­ske sel­ska­ber i kon­cer­nen og hæf­ter so­li­da­risk og ube­græn­set for sel­skabs­skat­ter og even­tu­el­le for­plig­tel­ser til at in­de­hol­de kil­de­skat på ren­ter, ro­yal­ties og ud­byt­ter for de sam­be­skat­te­de sel­ska­ber. Den sam­le­de kend­te skat­te­for­plig­tel­se for de sam­be­skat­te­de sel­ska­ber ud­gør t.DKK 0 på ba­lan­ce­da­gen. Hæf­tel­sen om­fat­ter der­ud­over even­tu­el­le se­ne­re kor­rek­tio­ner til den op­gjor­te skat­te­for­plig­tel­se som kon­se­kvens af æn­drin­ger til sam­be­skat­nings­ind­kom­sten m.v. The company is taxed jointly with the other Danish companies in the group and has joint, several and unlimited liability for income taxes and any obligations to withhold tax at source on interest, royalties and dividends for the jointly taxed companies. The total known tax liability for the jointly taxed companies is t.DKK 0 at the balance sheet date. The liability also includes any subsequent corrections to the calculated tax liability as a consequence of changes made to the jointly taxable income etc. 16.Andre forpligtelserOther commitmentsLeasingforpligtelserLease commitmentsSelskabet har indgået lea­sing­kon­trak­ter med en rest­lø­be­tid på mellem 1 - 11 må­ne­der og en sam­let for­plig­tel­se på t.DKK 74. The company has concluded lease agreements with terms to maturity of 1 - 11 months and total lease payments of t.DKK 74. Øvrige forpligtelserOther commitmentsSelskabet har indgået bindende aftale om køb af varer fra leverandører, som først le­ve­res i det kom­men­de regn­skabs­år. Af­ta­len om­fat­ter køb af va­rer for t.DKK 25.305.The company has entered into a binding agreement for the purchase of raw materials that will not be delivered until the next financial year. The agreement concerns the purchase of raw materials for t.DKK 25.305.16.Andre forpligtelser - fortsat -Other commitments - continued -Selskabet har indgået en huslejeaftale med uopsigelighed indtil den 01.02.2034 og en samlet forpligtelse på t.DKK 43.179.The company has entered into a lease agreement with non-terminability until 01.02.2034 and a total commitment of t.DKK 43.179. 17.Pantsætninger og sikkerhedsstillelserCharges and securityTil sikkerhed for engagement med kre­dit­in­sti­tut­ter er der af­gi­vet virk­som­heds­pant på t.DKK 12.000. Virk­som­heds­pan­tet om­fat­ter pr. 31.05.2026 føl­gende ak­ti­ver til regn­skabs­mæs­sig vær­di:The company has provided a company charge of t.DKK 12,000 as security for debt to cre­dit institutions. As at 31.05.2026. the com­pa­ny charge comprises the following as­sets with the following carrying amounts:Goodwill og immaterielle ret­tig­he­der, t.DKK 452Goodwill and intellectual property rights, t.DKK 452Indretning lejede lokaler og andre anlæg, driftsmateriel samt in­ven­tar, t.DKK 11.558Leasehold improvements and other plant, fixtures and fittings, tools and equipment, t.DKK 11.558Varebeholdninger, t.DKK 95.558Inventories, t.DKK 95,558Tilgodehavender fra salg og tje­nes­te­ydel­ser, t.DKK 16.819Trade receivables, t.DKK 16,819 18.Nærtstående parterRelated partiesDer oplyses ikke om trans­ak­tio­ner med nært­stå­ende par­ter, da alle trans­ak­tio­ner er gen­nem­ført på nor­male mar­keds­vil­kår.Related party transactions are not disclosed, as all transactions are entered into in the ordinary course of business at arms’ length.Vederlag til ledelsen fremgår af note 2. Personaleomkostninger.Remuneration for the management is specified in note 2. Staff costs.Selskabet indgår i koncern­regn­ska­bet for mo­der­virk­som­he­den Rand Invest ApS, Køge.The company is included in the consolidated finan­cial statements of the parent Rand Invest ApS, Køge. 3519196 3853772 -585206 -939397 1119342 756783 1228580 -918768 Årsrapporten er af­lagt i over­ens­stem­mel­se med års­regn­skabs­lo­ven for mel­lem­store virk­som­he­der i regn­skabs­klas­se C med til­valg af be­stem­mel­ser fra en hø­je­re regn­skabs­klas­se. The annual report is presen­ted in ac­cord­ance with the provisions of the Danish Fi­nan­cial Statements Act (Årsregn­skabs­lov­en) for medium-sized enterprises in re­port­ing class C with application of pro­vi­sions for a higher reporting class. Selskabet har i over­ens­stem­mel­se med års­regn­skabs­lo­vens § 112 und­ladt at ud­ar­bej­de kon­cern­regn­skab. Selskabet er en dat­ter­virk­som­hed af Rand Invest ApS, Køge, CVR-nr. 27 01 96 33, der ud­ar­bej­der kon­cern­regn­skab. In accordance with section 112 of the Danish Financial Statements Act, the company has not prepared consolidated financial statements. The company is a subsidiary of Rand Invest ApS, Køge, CVR no. 27 01 96 33, which prepares consolidated financial statements. Generelt om indregning og målingI resultatopgørelsen ind­reg­nes ind­tæg­ter i takt med, at de ind­tje­nes, her­un­der ind­reg­nes vær­di­re­gu­le­rin­ger af fi­nan­siel­le ak­ti­ver og for­plig­tel­ser. I re­sul­tat­op­gø­rel­sen ind­reg­nes lige­le­des alle om­kost­nin­ger, her­un­der af­skriv­nin­ger og ned­skriv­nin­ger.I balancen indregnes ak­ti­ver, når det er sand­syn­ligt, at frem­ti­di­ge øko­no­mis­ke for­de­le vil til­fly­de selskabet, og ak­ti­vets vær­di kan må­les på­lide­ligt. For­plig­tel­ser ind­reg­nes i ba­lan­cen, når det er sand­syn­ligt, at frem­ti­di­ge øko­no­mis­ke for­de­le vil fra­gå selskabet, og for­plig­tel­sens vær­di kan må­les på­li­de­ligt. Ved før­ste ind­reg­ning må­les ak­ti­ver og for­plig­tel­ser til kost­pris. Efter­føl­gen­de må­les ak­ti­ver og for­plig­tel­ser som be­skre­vet ne­den­for for hver en­kelt regn­skabs­post.Ved indregning og må­ling ta­ges hen­syn til for­ud­sige­li­ge tab og ri­si­ci, der frem­kom­mer in­den års­rap­por­ten af­læg­ges, og som be- eller af­kræf­ter for­hold, der ek­sis­te­re­de på ba­lan­ce­da­gen. Basis of recognition and measurementIncome is recognised in the income state­ment as earned, including value adjust­ments of fin­an­cial assets and liabilities. All ex­penses, including depreciation, amortisa­tion, impair­ment losses and write-downs, are also recognised in the in­come state­ment.Assets are recognised in the balance sheet when it is probable that future economic bene­fits will flow to the company, and the value of such assets can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company, and the value of such liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below.On recognition and measurement, account is taken of foreseeable losses and risks arising before the date at which the annual report is presented and proving or disproving matters arising on or before the balance sheet date. VALUTAÅrsrapporten er aflagt i danske kroner.Transaktioner i fremmed valuta om­reg­nes ved før­ste ind­reg­ning til trans­ak­tions­da­gens kurs. Va­lu­ta­kurs­dif­fe­ren­cer, der op­står mel­lem trans­ak­tions­da­gens kurs og kur­sen på be­ta­lings­da­gen, ind­reg­nes i re­sul­tat­op­gø­rel­sen som en fi­nan­siel post. Til­go­de­ha­ven­der, gælds­for­plig­tel­ser og an­dre mo­ne­tæ­re pos­ter i frem­med va­lu­ta om­reg­nes til ba­lan­ce­da­gens va­lu­ta­kurs. For­skel­len mel­lem ba­lan­ce­da­gens kurs og kur­sen på tids­punk­tet for til­go­de­ha­ven­dets el­ler gælds­for­plig­tel­sens op­stå­en el­ler ind­reg­ning i se­ne­ste års­rap­port ind­reg­nes i re­sul­tat­op­gø­rel­sen un­der fi­nan­siel­le ind­tæg­ter og om­kost­nin­ger. An­lægs­ak­ti­ver, vare­be­hold­nin­ger og an­dre ik­ke mo­ne­tæ­re ak­ti­ver, der er er­hver­vet i frem­med va­lu­ta, om­reg­nes til hi­sto­ris­ke va­lu­ta­kur­ser. CURRENCYThe annual report is presen­ted in Danish kroner (DKK).On initial recognition, transactions den­ominated in foreign currencies are trans­lated using the exchange rates applicable at the transaction date. Exchange rate differences between the exchange rate applicable at the transaction date and the exchange rate at the date of payment are recognised in the income statement as a financial item. Receivables, payables and other monetary items denominated in foreign currencies are translated using the exchange rates applicable at the balance sheet date. The difference between the ex­change rate applicable at the balance sheet date and at the date at which the receivable or payable arose or was recognised in the latest annual report is recognised under financial income or ex­penses in the income statement. Fixed assets, inventories and other non-monetary assets acquired in foreign currencies are translated using historical exchange rates. LEASINGKONTRAKTERLeasingkontrakter vedrørende ak­ti­ver, hvor selskabet har al­le væ­sent­li­ge for­de­le og ri­si­ci for­bun­det med ejen­doms­ret­ten over ak­ti­vet (fi­nan­siel­le lea­sing­kon­trak­ter), ind­reg­nes i ba­lan­cen. Fi­nan­sielt lea­se­de ak­ti­ver og der­til­hø­rende lea­sing­for­plig­tel­ser må­les ved før­ste ind­reg­ning tildags­vær­dien af det lea­se­de ak­tiv el­ler nu­tids­vær­dien af de frem­ti­di­ge lea­sing­ydel­ser, hvis den­ne er la­ve­re. Fi­nan­sielt lea­se­de ak­ti­ver beh­and­les ef­ter­føl­gende som øv­rige til­sva­ren­de ak­ti­ver.Leasingforpligtelser vedrørende fi­nan­sielt lea­se­de ak­ti­ver ind­reg­nes i ba­lan­cen som gælds­for­plig­tel­ser. Ef­ter før­ste ind­reg­ning må­les lea­sing­for­plig­tel­ser til amor­ti­se­ret kost­pris, hvor­ef­ter lea­sing­ydel­sens ren­te­del ind­reg­nes i re­sul­tat­op­gø­rel­sen over lea­sing­pe­rio­den.Leasingydelser vedrørende ope­ra­tio­nel­le lea­sing­kon­trak­ter ind­reg­nes line­ært i re­sul­tat­op­gø­rel­sen over lea­sing­pe­rio­den. LEASESLeases relating to assets where the company has substantially all the risks and benefits incidental to the ownership of the asset (finance leases) are recognised in the balance sheet. On initial recognition, assets held under finance leases and related lease commitments aremeasured at the lower of the fair value of the leased asset and the present value of future lease payments. Subsequently, assets held under finance leases are treated like other similar assets.Lease commitments relating to assets held under finance leases are recognised in the balance sheet as payables. Subsequent to initial recognition, lease commitments are measured at amortised cost according to which the interest element of the lease pay­ment is recognised in the income statement over the lease term.Lease payments relating to operating leases are recognised in the income statement on a straight-line basis over the lease term. NettoomsætningIndtægter fra salg af varer ind­reg­nes i re­sul­tat­op­gø­rel­sen, så­fremt le­ve­ring og ri­si­ko­over­gang til kø­ber har fun­det sted in­den ud­gan­gen af regn­skabs­året, og når salgs­be­lø­bet kan op­gø­res på­li­de­ligt og for­ven­tes ind­be­talt. Net­to­om­sæt­ning må­les til dags­vær­di og op­gø­res ekskl. moms og af­gif­ter op­kræ­vet på veg­ne af tred­je­mand samt med fra­drag af ra­bat­ter. RevenueIncome from the sale of goods is recognised in the income statement if delivery has taken place and the risk has passed to the buyer before the end of the financial year and where the selling price can be determined reliably and is expected to be paid. Revenue is measured at fair value and is determined exclusive of VAT and other taxes collected on behalf of third parties and less discounts. Andre driftsindtægterAndre driftsindtægter omfatter ind­tæg­ter af se­kun­dær ka­rak­ter i for­hold til virk­som­he­dens ak­ti­vi­te­ter, her­un­der leje­ind­tæg­ter, løntilskud/-refusioner, ne­ga­tiv good­will og ge­vin­ster ved salg af im­ma­te­riel­le og ma­te­riel­le an­lægs­ak­ti­ver. Other operating incomeOther operating income comprises income of a secondary nature in relation to the enterprise’s activities, including rental income, salary supplements and refunds, negative goodwill and gains on the sale of intangible assets and property, plant and equipment. VareforbrugVareforbrug omfatter årets vareforbrug målt til kost­pris med til­læg af even­tuel­le for­skyd­nin­ger i la­ger­be­hold­nin­gen, her­un­der ned­skriv­nin­ger i det om­fang, de ik­ke over­sti­ger nor­ma­le ned­skriv­nin­ger. Cost of salesCost of sales comprises cost of sales for the year measured at cost plus any changes in inventories, including write-downs to the extent that these do not exceed normal write-downs. Andre eksterne omkostningerAndre eksterne omkostninger omfatter om­kost­nin­ger til di­stri­bu­tion, salg og re­kla­me, ad­mi­ni­stra­tion, lo­ka­ler og tab på de­bi­to­rer i det om­fang, de ik­ke over­sti­ger nor­ma­le ned­skriv­nin­ger. Other external expensesOther external expenses comprise costs re­lating to distribution, sales and advertising and administration, premises and bad debts to the extent that these do not exceed normal write-downs. PersonaleomkostningerPersonaleomkostninger omfatter løn, ga­ger samt øv­ri­ge per­so­na­le­re­la­te­re­de om­kost­nin­ger. Staff costsStaff costs comprise wages and salaries as well as other staff-related costs. Af- og nedskrivningerAfskrivninger på im­ma­te­ri­el­le og ma­te­ri­el­le an­lægs­ak­ti­ver til­sig­ter, at der sker sys­te­ma­tisk af­skriv­ning over ak­ti­ver­nes for­ven­te­de brugs­tid. Der fore­ta­ges li­ne­ære af­skriv­nin­ger ba­se­ret på føl­gen­de brugs­ti­der og rest­vær­dier:Er­hver­ve­de ret­tig­he­derGood­willIndretning af lejede lokalerAndre anlæg, drifts­ma­te­riel og in­ven­tarAfskrivningsgrundlaget er aktivets kost­pris fra­truk­ket for­ven­tet rest­vær­di ved af­slut­tet brugs­tid. Af­skriv­nings­grund­la­get re­du­ce­res end­vi­de­re med even­tuel­le ned­skriv­nin­ger. Brugs­ti­den og rest­vær­dien fast­sæt­tes, når ak­ti­vet er klar til brug, og re­vur­de­res år­ligt.Nedskrivninger af im­ma­te­ri­el­le og ma­te­ri­el­le an­lægs­ak­ti­ver foretages efter an­vendt regn­skabs­prak­sis om­talt i af­snit­tet ”Ned­skriv­ning af an­lægs­ak­ti­ver”. De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment lossesThe de­pre­ci­a­tion and amor­ti­sa­tion of in­tan­gi­ble as­sets and prop­er­ty, plant and equip­ment aim at systematic de­pre­ci­a­tion and amor­ti­sa­tion over the expected useful lives of the assets. Assets are de­pre­ci­ated and amor­tised according to the straight-line method based on the following ex­pected useful lives and residual values:Brugs­tid, år533 - 103 - 12The basis of de­pre­ci­a­tion and amor­ti­sa­tion is the cost of the asset less the expected residual value at the end of the useful life. Moreover, the basis of de­pre­ci­a­tion and amor­ti­sa­tion is reduced by any impairment losses. The useful life and residual value are determined when the asset is ready for use and reassessed annually.In­tan­gi­ble as­sets and prop­er­ty, plant and equip­ment are impaired in accordance with the accounting policies referred to in the ‘Impairment losses on fixed assets’ section. Andre driftsomkostningerAndre driftsomkostninger omfatter om­kost­nin­ger af se­kun­dær ka­rak­ter i for­hold til virk­som­he­dens ak­ti­vi­te­ter, her­un­der om­kost­nin­ger ved ud­lej­nings­ak­ti­vi­tet og tab ved salg af im­ma­te­riel­le og ma­te­riel­le an­lægs­ak­ti­ver. Other operating expensesOther operating expenses comprise costs of a secondary nature in relation to the enterprise’s activities, including costs relating to rental activities and losses on the sale of intangible assets and property, plant and equipment. Andre finansielle posterUnder andre finansielle pos­ter ind­reg­nes ren­te­ind­tæg­ter og ren­te­om­kost­nin­ger, ren­te­de­len af fi­nan­siel­le lea­sing­ydel­ser, valu­ta­kurs­ge­vin­ster og -tab ved trans­ak­tio­ner i frem­med va­lu­ta m.v. Other net financialsInterest income and interest expenses, the interest element of finance lease payments, for­eign exchange gains and losses on trans­ac­tions denominated in foreign currencies etc. are recognised in other net financials. Skat af årets resultatÅrets aktuelle og udskudte skatter ind­reg­nes i re­sul­tat­op­gø­rel­sen som skat af årets re­sul­tat med den del, der kan hen­fø­res til årets re­sul­tat, og di­rek­te i egen­ka­pi­ta­len med den del, der kan hen­fø­res til pos­ter ind­reg­net di­rek­te i egen­ka­pi­ta­len.Selskabet er sambeskattet med danske kon­cern­for­bund­ne virk­som­he­der. Den aktuelle danske selskabsskat for­de­les ved af­reg­ning af sam­be­skat­nings­bi­drag mel­lem de sam­be­skat­te­de virk­som­he­der i for­hold til dis­ses skat­te­plig­tige ind­kom­ster. I til­knyt­ning her­til mod­ta­ger virk­som­he­der med skat­te­mæs­sigt un­der­skud sam­be­skat­nings­bi­drag fra virk­som­he­der, der har kun­net an­ven­de det­te un­der­skud til ned­sæt­tel­se af eget skat­te­mæs­sigt over­skud. Tax on profit/loss for the yearThe current and deferred tax for the year is recognised in the income statement as tax on the profit/loss for the year with the portion attributable to the profit/loss for the year, and directly in equity with the portion attributable to amounts recognised directly in equity.The company is jointly taxed with Danish consolidated enterprises. In connection with the settlement of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed enterprises in proportion to their tax­able incomes. This means that enter­prises with a tax loss receive joint taxation contributions from enterprises which have been able to use this loss to reduce their own taxable profit. Immaterielle anlægsaktiverErhvervede rettighederErhvervede rettigheder måles i ba­lan­cen til kost­pris med fra­drag af ak­ku­mu­le­re­de af- og ned­skriv­nin­ger.Erhvervede rettigheder afskrives line­ært ba­se­ret på brugs­ti­der, som frem­går af af­snit­tet ”Af- og ned­skriv­nin­ger”.GoodwillGoodwill måles i balancen til kost­pris med fra­drag af ak­ku­mu­le­re­de af- og ned­skriv­nin­ger.Goodwill afskrives lineært baseret på brugs­ti­der, som frem­går af af­snit­tet ”Af- og ned­skriv­nin­ger”.Gevinster eller tab ved afhæn­del­se af im­ma­te­riel­le an­lægs­ak­ti­verGevinster eller tab ved af­hæn­del­se af im­ma­te­riel­le an­lægs­ak­ti­ver op­gø­res som for­skel­len mel­lem en even­tuel salgs­pris med fra­drag af salgs­om­kost­nin­ger og den regn­skabs­mæs­si­ge vær­di på salgs­tids­punk­tet. Intangible assetsAcquired rightsAquired rights are measured in the balance sheet at cost less accumulated amortisation and impairment losses.Acquired rights are amortised using the straight-line method based on useful lives, which are stated in the ‘De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment losses’ section.GoodwillGoodwill is measured in the balance sheet at cost less accumulated amortisation and impairment losses.Goodwill is amortised using the straight-line method based on useful lives, which are stated in the ‘De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment losses’ section.Gains or losses on the disposal of intangi­ble assetsGains or losses on the disposal of intangible assets are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal. Materielle anlægsaktiverMaterielle anlægsaktiver om­fat­ter indretning af lejede lokaler samt andre anlæg, driftsmateriel og inventar.Materielle anlægsaktiver måles i ba­lan­cen til kost­pris med fra­drag af ak­ku­mu­le­re­de af- og ned­skriv­nin­ger. Kostprisen omfatter an­skaf­fel­ses­prisen samt om­kost­nin­ger di­rek­te til­knyt­tet an­skaf­fel­sen ind­til ak­ti­vet er klar til brug. Ren­ter af lån til at fi­nan­siere frem­stil­lin­gen ind­reg­nes ikke i kost­pri­sen.Materielle anlægsaktiver afskrives line­ært ba­se­ret på brugs­ti­der og rest­vær­dier, som frem­går af af­snit­tet ”Af- og ned­skriv­nin­ger”.Gevinster eller tab ved afhændelse af ma­te­riel­le an­lægs­ak­ti­ver op­gø­res som for­skel­len mel­lem en even­tuel salgs­pris med fra­drag af salgs­om­kost­nin­ger og den regn­skabs­mæs­si­ge vær­di på salgs­tids­punk­tet fra­truk­ket even­tuel­le om­kost­nin­ger til bort­skaf­fel­se. Property, plant and equipmentProperty, plant and equipment comprise leasehold improvements as well as other fixtures and fittings, tools and equipment.Property, plant and equipment are meas­ured in the balance sheet at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and expenses resulting directly from the purchase until the asset is ready for use. Interest on loans arranged to finance production is not included in the cost.Property, plant and equipment are depreci­ated using the straight-line method based on useful lives and residual values, which are stated in the ‘De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment losses' section.Gains and losses on the disposal of property, plant and equipment are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal less any costs of disposal. Ka­pi­tal­an­de­le i til­knyt­te­de virk­som­he­derKapitalandele i dattervirksomheder måles i ba­lan­cen til kost­pris med fra­drag for even­tuel ned­skriv­ning. Trans­ak­tions­om­kost­nin­ger, der di­rek­te kan hen­fø­res til er­hver­vel­sen, ind­reg­nes i kost­pri­sen for ka­pi­tal­an­de­le­ne. Gevinster eller tab ved afhændelse af ka­pi­tal­an­de­le op­gø­res som for­skel­len mel­lem af­hæn­del­ses­sum­men og den regn­skabs­mæs­si­ge vær­di af net­to­ak­ti­ver på salgs­tids­punk­tet inkl. ikke af­skre­vet good­will samt for­ven­te­de om­kost­nin­ger til salg eller af­vik­ling. Ge­vin­ster og tab ind­reg­nes i re­sul­tat­op­gø­rel­sen un­der ind­tæg­ter af ka­pi­tal­an­de­le. Equity investments in group en­tre­prisesEquity investments in subsidiaries are measured in the balance sheet at cost less any impairment losses. Transaction costs directly attributable to the acquisition are recognised in the cost of equity investments. Gains or losses on disposal of equity investments are determined as the difference between the disposal consideration and the carrying amount of net assets at the time of sale, including non-amortised goodwill, as well as the expected costs of divestment or discontinuation. Gains and losses are recognised in the income statement under income from equity investments. Nedskrivning af anlægsaktiverDen regnskabsmæssige værdi af anlægs­ak­ti­ver, der ikke må­les til dags­vær­di, vur­de­res år­ligt for in­di­ka­tio­ner på vær­di­for­rin­gel­se ud over det, som ud­tryk­kes ved af­skriv­ning.Hvis selskabets realiserede afkast af et aktiv eller en grup­pe af ak­ti­ver er la­ve­re end for­ven­tet, an­ses det­te som en in­di­ka­tion på vær­di­for­rin­gel­se.Foreligger der indikationer på værdi­for­ring­el­se, fore­ta­ges ned­skriv­nings­test af hvert en­kelt ak­tiv hen­holds­vis hver grup­pe af ak­ti­ver.Hvis der udloddes udbytte fra ka­pi­tal­an­de­le i dat­ter­virk­som­he­der, der over­sti­ger årets ind­tje­ning fra den på­gæl­den­de virk­som­hed, an­ses det­te som en in­di­ka­tion på vær­di­for­rin­gel­se.Der foretages nedskrivning til gen­ind­vin­dings­vær­dien, hvis den­ne er la­ve­re end den regn­skabs­mæs­si­ge vær­di.Som genindvindingsværdi anvendes den hø­jes­te vær­di af net­to­salgs­pris og ka­pi­tal­vær­di. Ka­pi­tal­vær­dien op­gø­res som nu­tids­vær­dien af de for­ven­te­de net­to­pen­ge­strøm­me fra an­ven­del­sen af ak­ti­vet eller ak­tiv­grup­pen samt for­ven­te­de net­topen­ge­strøm­me ved salg af ak­ti­vet el­ler ak­tiv­grup­pen efter endt brugs­tid.Nedskrivninger tilbageføres, når be­grun­del­sen for ned­skriv­nin­gen ikke læn­ge­re består. Impairment losses on fixed assetsThe carrying amount of fixed assets which are not measured at fair value is assessed annually for indications of impairment over and above what is reflected in de­pre­ci­a­tion and amor­ti­sa­tion.If the company's realised return on an asset or a group of assets is lower than expected, this is considered an indication of impairment.If there are indications of impairment, an impairment test is conducted of individual assets or groups of assets.If dividends are distributed on equity investments in sub­si­di­ar­ies exceeding the year earnings from the enterprise in question, this is considered an indication of impairment.The assets or groups of assets are impaired to the lower of recoverable amount and carrying amount.The higher of net selling price and value in use is used as the recoverable amount. The value in use is determined as the present value of expected net cash flows from the use of the asset or group of assets as well as expected net cash flows from the sale of the asset or group of assets after the expiry of their useful lives.Impairment losses are reversed when the reasons for the impairment no longer exist. VarebeholdningerVarebeholdninger måles til kostpris på grund­lag af FIFO-metoden. Der ned­skri­ves til netto­rea­li­sa­tions­vær­dien, hvis den­ne er la­ve­re.Kostpris for råvarer og hjælpe­ma­te­ria­ler samt han­dels­va­rer op­gø­res som købs­pri­ser med til­læg af om­kost­nin­ger di­rek­te for­an­le­di­get af an­skaf­fel­sen.Nettorealisationsværdien for vare­be­hold­nin­ger op­gø­res som salgs­sum med fra­drag af fær­dig­gø­rel­ses­om­kost­nin­ger og om­kost­nin­ger, der af­hol­des for at ef­fek­tuere sal­get, og fast­sæt­tes un­der hen­syn­ta­gen til om­sæt­te­lig­hed, uku­rans og ud­vik­ling i for­ven­tet salgs­pris. InventoriesInventories are measured at cost calculated according to the FIFO-method. Inventories are written down to the lower of cost and net realisable value.The cost of raw materials and consumables as well as goods for resale is determined as purchase prices plus expenses resulting directly from the purchase.The net realisable value of inventories is determined as the selling price less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and the expected development in the selling price. TilgodehavenderTilgodehavender måles til amortiseret kost­pris, hvil­ket sæd­van­lig­vis sva­rer til på­ly­den­de vær­di med fra­drag af ned­skriv­nin­ger til imø­de­gåel­se af tab.Nedskrivninger til imødegåelse af tab op­gø­res på grund­lag af en in­di­vi­duel vur­de­ring af de en­kel­te til­go­de­ha­ven­der, når der på in­di­vi­duelt ni­veau fore­lig­ger en ob­jek­tiv in­di­ka­tion på, at et til­go­de­ha­ven­de er vær­di­for­rin­get.Deposita, der er indregnet under ak­ti­ver, om­fat­ter be­tal­te de­po­si­ta til ud­le­jer ved­rø­ren­de selskabets ind­gåe­de leje­af­ta­ler. ReceivablesReceivables are measured at amortised cost, which usually corresponds to the nom­inal value, less write-downs for bad debts.Write-downs for bad debts are determined based on an individual assessment of each receivable if there is no objective evidence of individual impairment of a receivable.Deposits recognised under assets comprise deposits paid to the lessor under leases entered into by the company. PeriodeafgrænsningsposterPeriodeafgrænsningsposter, der er ind­reg­net un­der ak­ti­ver, om­fat­ter af­hold­te om­kost­nin­ger ved­rø­ren­de efter­føl­gen­de regn­skabs­år. PrepaymentsPrepayments recognised under assets com­prise costs incurred in respect of subse­quent financial years. Andre værdipapirer og kapitalandeleKapitalandele, der ikke er klassificeret som til­knyt­te­de virk­som­he­der, as­so­cie­re­de virk­som­he­der eller ka­pi­tal­in­te­res­ser, og som ik­ke hand­les på et ak­tivt mar­ked, må­les i ba­lan­cen til kost­pris. Other investmentsEquity investments that are not classified as group enterprises, associates or participating interests and which are not traded in an active market are measured in the balance sheet at cost. Likvide beholdningerLikvide beholdninger omfatter indestående på bankkonti samt kontante beholdninger. CashCash includes deposits in bank accounts as well as operating cash. Egenkapital Equity Forslag til udbytte for regnskabsåret ind­reg­nes som sær­lig post un­der egen­ka­pi­ta­len. The proposed dividend for the financial year is recognised as a separate item in equity. Aktuelle og udskudte skatterSkyldig og tilgodehavende ak­tuel skat ind­reg­nes i ba­lan­cen som be­reg­net skat af årets skat­te­plig­tige ind­komst, re­gu­le­ret for be­tal­te acon­to­skat­ter.Skyldige og tilgodehavende sam­be­skat­nings­bi­drag ind­reg­nes i ba­lan­cen som sel­skabs­skat un­der til­go­de­ha­ven­der eller gælds­for­plig­tel­ser.Udskudte skatteforpligtelser og ud­skud­te skat­te­ak­ti­ver be­reg­nes af alle mid­ler­ti­di­ge for­skel­le mel­lem regn­skabs­mæs­si­ge og skat­te­mæs­sige vær­dier af ak­ti­ver og for­plig­tel­ser. Der ind­reg­nes dog ikke ud­skudt skat af mid­ler­ti­dige for­skel­le ved­rø­rende skat­te­mæs­sigt ikke af­skriv­nings­be­ret­ti­get good­will samt an­dre pos­ter, hvor mid­ler­ti­di­ge for­skel­le, bort­set fra virk­som­heds­over­ta­gel­ser, er op­stå­et på an­skaf­fel­ses­tids­punk­tet uden at have ef­fekt på re­sul­tat eller skat­te­plig­tig ind­komst. I de til­fæl­de, hvor op­gø­rel­se af skat­te­­vær­dien kan fore­ta­ges efter for­skel­lige be­skat­nings­reg­ler, må­les ud­skudt skat på grund­lag af den af le­del­sen plan­lag­te an­ven­del­se af ak­ti­vet hen­holds­vis af­vik­ling af for­plig­tel­sen.Udskudte skatteaktiver indregnes med den vær­di, de ef­ter vur­de­ring for­ven­tes at kun­ne re­a­li­se­res til ved mod­reg­ning i ud­skud­te skat­te­for­plig­tel­ser eller ved ud­lig­ning i skat af frem­ti­dig ind­tje­ning.Udskudt skat måles på grundlag af de skat­te­reg­ler og skat­te­sat­ser, der med ba­lan­ce­da­gens lov­giv­ning vil være gæl­den­de, når den ud­skud­te skat for­ven­tes ud­løst som ak­tuel skat. Current and deferred taxCurrent tax payable and receivable is recognised in the balance sheet as tax computed on the basis of the taxable income for the year, adjusted for tax paid on account.Joint taxation contributions payable and receivable are recognised as income tax under receivables or payables in the balance sheet.Deferred tax liabilities and tax assets are recognised on the basis of all temporary differences between the carrying amounts and tax bases of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is non-amortisable for tax purposes and other items where temporary differ­ences, except for acquisitions, have arisen at the date of acquisition without affecting the net profit or loss for the year or the tax­able income. In cases where the tax value can be determined according to different taxation rules, deferred tax is measured on the basis of management’s intended use of the asset or settlement of the liability.Deferred tax assets are recognised, following an assessment, at the expected realisable value through offsetting against deferred tax liabilities or elimination in tax on future earnings.Deferred tax is measured on the basis of the tax rules and at the tax rates which, according to the legislation in force at the balance sheet date, will be applicable when the deferred tax is expected to crystallise as current tax. GældsforpligtelserDeposita, der er indregnet under for­plig­tel­ser, om­fat­ter ind­be­tal­te de­po­si­ta fra le­je­re ved­rø­ren­de selskabets leje­mål.Langfristede gældsforpligtelser måles til kost­pris på tids­punk­tet for stif­tel­se af gælds­for­hol­det (lån­op­ta­gel­sen). Gælds­for­plig­tel­ser­ne må­les her­ef­ter til amor­ti­se­ret kost­pris, hvor kurs­tab og låne­om­kost­nin­ger ind­reg­nes i re­sul­tat­op­gø­rel­sen som en fi­nan­siel om­kost­ning over løbe­ti­den på grund­lag af den be­reg­ne­de, ef­fek­tive ren­te på tids­punk­tet for stif­tel­se af gælds­for­hol­det.Kortfristede finansielle gældsforpligtelser måles til amor­ti­se­ret kost­pris, hvil­ket nor­malt sva­rer til gæl­dens på­ly­den­de vær­di. Øvrige kortfristede gældsforpligtelser måles til net­to­reali­sa­tions­vær­di. PayablesDeposits recognised under liabilities com­prise deposits received from lessees under the company's leases.Long-term payables are measured at cost at the time of contracting such liabilities (raising of the loan). The payables are subsequently measured at amortised cost where capital losses and loan expenses are recognised in the income statement as a financial expense over the term of the payable on the basis of the calculated effective interest rate in force at the time of contracting the liability.Short-term financial payables are measured at amortised cost, normally corresponding to the nominal value of such payables. Other short-term payables are measured at net realisable value. Pengestrømsopgørelsen opstilles efter den indi­rekte me­to­de og vi­ser pen­ge­strøm­me fra drif­ten, in­ve­ste­rin­ger og fi­nan­sie­ring samt lik­vi­der ved årets be­gyn­del­se og slut­ning.Pengestrømme fra driften opgøres som årets re­sul­tat, re­gu­le­ret for ikke kon­tan­te drifts­pos­ter, be­tal­te sel­skabs­skat­ter og æn­drin­ger i drifts­kapi­ta­len.Pengestrømme fra investeringer omfatter be­tal­inger i for­bin­del­se med køb og salg af virk­som­he­der og fi­nan­sielle ak­ti­ver samt køb, ud­vik­ling, for­bed­ring og salg af im­ma­te­riel­le og ma­te­riel­le an­lægs­ak­ti­ver.Pengestrømme fra finansiering om­fat­ter æn­drin­ger i selskabets aktiekapital og om­kost­nin­ger for­bun­det her­med og finansi­ering fra ud­be­talt ud­byt­te til ejer­ne, samt op­ta­gel­se af og af­drag på lang­fris­te­de gælds­for­plig­tel­ser. End­vi­de­re om­fat­ter pen­ge­strøm­me fra fi­nan­sie­ring ydel­ser på fi­nan­siel­le lea­sing­kon­trak­ter. The cash flow statement is prepared using the indirect method, showing cash flows from operating, investing and financing activities as well as cash and cash equivalents at the beginning and end of the year.Cash flows from operating activities com­prise the net profit or loss for the year, adjusted for non-cash operating items, income tax paid and changes in working capital.Cash flows from investing activities com­prise payments in connection with the ac­quisition and divestment of companies and financial assets as well as the purchase, development, improvement and sale of in­tangible assets and property, plant and equipment.Cash flows from financing activities com­prise changes in the company's share capital and as­so­ci­a­ted costs and finan­cing from and di­vidends paid to sharehold­ers as well as the ar­ran­ge­ment and repay­ment of long-term pay­ables. Cash flows from financing activities also comprise finance lease payments. Likviditeten ved årets begyndelse og slut­ning sam­men­sæt­ter sig af lik­vi­de be­hold­nin­ger. Cash and cash equivalents at the beginning and end of the year comprise cash.