The Army Painter ApS
Detailhandel med andre kulturelle artikler i.a.n
ReklamebeskyttetCVR 30 72 01 21AnpartsselskabSkanderborgStiftet 2007
Oplysningerne er hentet 11. november 2026.
Beta. Registrerede ejere og personsøgning kommer snart.
Detailhandel med andre kulturelle artikler i.a.n
ReklamebeskyttetCVR 30 72 01 21AnpartsselskabSkanderborgStiftet 2007
Oplysningerne er hentet 11. november 2026.
Alle 72 poster fra 7 regnskabsår. Tryk på en fremhævet post for at se, hvad den betyder
| Post | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | Ændring2024-2025 |
|---|---|---|---|---|---|---|---|---|
| Resultat | ||||||||
| 96,7 mio. | 84,4 mio. | 72,6 mio. | 74,6 mio. | 61,4 mio. | 43,8 mio. | 24,2 mio. | +14,6% | |
Omsætningen minus udgifterne til varer, materialer og andre eksterne omkostninger som fx husleje. Lønnen er ikke trukket fra endnu. Små virksomheder må vise bruttofortjenesten i stedet for omsætningen. | ||||||||
| Personaleomkostninger | 42,0 mio. | 33,0 mio. | 27,8 mio. | 26,8 mio. | 24,4 mio. | 18,3 mio. | 12,2 mio. | +27,2% |
| Af- og nedskrivninger af materielle og immaterielle anlægsaktiver | 2,5 mio. | 2,6 mio. | 3,1 mio. | 2,8 mio. | 2,3 mio. | 959.524 | 568.857 | −3,1% |
| 52,2 mio. | 48,8 mio. | 41,7 mio. | 45,0 mio. | 34,7 mio. | 24,5 mio. | 11,5 mio. | +7,0% | |
| Indtægter af kapitalandele i tilknyttede virksomheder | 208.854 | 301.576 | 131.141 | 34.640 | 0 | - | - | −30,7% |
| Andre finansielle indtægter | 6,6 mio. | 4,7 mio. | 1,9 mio. | 5,6 mio. | 1,2 mio. | 1,3 mio. | 325.205 | +39,5% |
| Andre finansielle omkostninger | 11,5 mio. | 5,6 mio. | - | - | - | - | - | +107,2% |
| 47,4 mio. | 48,2 mio. | 39,6 mio. | 46,4 mio. | 34,5 mio. | 23,3 mio. | 11,5 mio. | −1,7% | |
| Skat af årets resultat | 10,6 mio. | 10,6 mio. | 8,7 mio. | 10,3 mio. | 7,9 mio. | 5,1 mio. | 2,6 mio. | −0,4% |
| 36,9 mio. | 37,6 mio. | 30,9 mio. | 36,1 mio. | 26,6 mio. | 18,2 mio. | 9,0 mio. | −2,0% | |
| Overført til overført resultat | 868.057 | -22,4 mio. | 4,9 mio. | 3,1 mio. | - | - | - | - |
| Øvrige finansielle omkostninger | - | 5,6 mio. | 4,1 mio. | 4,3 mio. | 1,4 mio. | 2,5 mio. | 273.716 | - |
| Extraordinary dividend paid | - | 25,0 mio. | -26,0 mio. | -33,0 mio. | - | - | - | - |
| Increase decrease of investments through net exchange differences equity | - | -9.716 | -11.355 | - | - | - | - | - |
| Contribution from group | - | - | 9,6 mio. | - | - | - | - | - |
| Udbetalt udbytte | - | - | - | - | -12,0 mio. | -13,0 mio. | - | - |
| Balance | ||||||||
| Completed development projects | 2,1 mio. | 0 | - | - | - | - | - | - |
| Development projects in progress | 260.954 | 245.100 | 382.215 | 0 | - | - | - | +6,5% |
| Immaterielle anlægsaktiver | 2,4 mio. | 245.100 | 382.215 | 0 | - | - | - | +877,5% |
| Andre anlæg, driftsmateriel og inventar | 2,1 mio. | 4,0 mio. | 4,7 mio. | 7,5 mio. | 9,6 mio. | 7,1 mio. | 1,6 mio. | −48,6% |
| Indretning af lejede lokaler | 1,9 mio. | 217.913 | 203.854 | 159.830 | 218.615 | 170.847 | 82.280 | +771,1% |
| Materielle anlægsaktiver | 4,0 mio. | 4,3 mio. | 4,9 mio. | 7,7 mio. | 9,8 mio. | 7,8 mio. | 1,9 mio. | −6,6% |
| Kapitalandele i tilknyttede virksomheder | 641.520 | 475.854 | 164.562 | 44.776 | 0 | - | - | +34,8% |
| Deposita | 36.088 | 851.519 | 836.121 | 754.965 | 758.751 | 686.157 | 128.489 | −95,8% |
| Finansielle anlægsaktiver | 677.608 | 1,3 mio. | 1,0 mio. | 799.741 | 758.751 | 686.157 | 128.489 | −49,0% |
| Anlægsaktiver | 7,0 mio. | 5,8 mio. | 6,3 mio. | 8,5 mio. | 10,6 mio. | 8,5 mio. | 2,0 mio. | +21,0% |
| Råvarer og hjælpematerialer | 18,6 mio. | 9,5 mio. | 14,0 mio. | 12,4 mio. | 12,5 mio. | 11,1 mio. | 4,1 mio. | +96,9% |
| Work in progress | 8,1 mio. | 4,9 mio. | 6,6 mio. | 6,1 mio. | 5,1 mio. | - | - | +66,9% |
| Fremstillede varer og handelsvarer | 46,4 mio. | 28,1 mio. | 37,9 mio. | 25,5 mio. | 27,6 mio. | 16,2 mio. | 5,0 mio. | +65,1% |
| Varebeholdninger | 73,1 mio. | 42,4 mio. | 61,7 mio. | 44,5 mio. | 45,6 mio. | 31,3 mio. | 9,6 mio. | +72,4% |
| Tilgodehavender fra salg og tjenesteydelser | 25,2 mio. | 16,1 mio. | 16,4 mio. | 12,6 mio. | 15,2 mio. | 10,1 mio. | 5,2 mio. | +56,9% |
| Tilgodehavender hos tilknyttede virksomheder | 15,0 mio. | 179.642 | 48.161 | 86.694 | 635.312 | 998.076 | 0 | +8.277,5% |
| Andre tilgodehavender | 754.688 | 709.612 | 1,3 mio. | 0 | 6.378 | 1,1 mio. | 20.981 | +6,4% |
| Periodeafgrænsningsposter | 3,5 mio. | 3,8 mio. | 1,1 mio. | 352.898 | 321.241 | 102.624 | 263.404 | −6,9% |
| Tilgodehavender | 44,6 mio. | 20,8 mio. | 18,8 mio. | 14,8 mio. | 16,1 mio. | 13,6 mio. | 6,4 mio. | +114,5% |
| Likvide beholdninger | 12,5 mio. | 29,3 mio. | 15,5 mio. | 337.289 | 1,5 mio. | 37.222 | 1,5 mio. | −57,2% |
| 130 mio. | 92,5 mio. | 95,9 mio. | 59,6 mio. | 63,3 mio. | 45,0 mio. | 17,6 mio. | +40,8% | |
| 137 mio. | 98,3 mio. | 102 mio. | 68,1 mio. | 73,8 mio. | 53,5 mio. | 19,6 mio. | +39,7% | |
| Virksomhedskapital | 125.000 | 125.000 | 125.000 | 125.000 | 125.000 | 125.000 | 125.000 | 0,0% |
| Other statutory reserves | -44.827 | -1.639 | - | - | - | - | - | - |
| Reserve for nettoopskrivning efter indre værdis metode | 609.003 | 443.338 | 165.781 | 34.640 | 0 | - | - | +37,4% |
| Overført resultat | 31,7 mio. | 31,0 mio. | 53,6 mio. | 39,3 mio. | 36,2 mio. | 9,6 mio. | 3,4 mio. | +2,3% |
| Foreslået udbytte | 36,0 mio. | 35,0 mio. | 0 | - | 0 | 12,0 mio. | 13,0 mio. | +2,9% |
| 68,4 mio. | 66,5 mio. | 53,9 mio. | 39,4 mio. | 36,3 mio. | 21,7 mio. | 16,5 mio. | +2,7% | |
| Hensættelse til udskudt skat | 1,1 mio. | 968.000 | 1,1 mio. | 1,0 mio. | 1,2 mio. | 251.000 | 21.415 | +15,0% |
| Hensatte forpligtelser | 1,1 mio. | 968.000 | 1,1 mio. | 1,0 mio. | 1,2 mio. | 251.000 | 21.415 | +15,0% |
| Leasingforpligtelser, langfristet | 0 | 1,0 mio. | 2,3 mio. | 4,1 mio. | 5,0 mio. | 2,9 mio. | 898.408 | −100,0% |
| Langfristede gældsforpligtelser | 0 | 1,0 mio. | 2,3 mio. | 4,1 mio. | 5,0 mio. | 3,5 mio. | 1,1 mio. | −100,0% |
| Kortfristet del af langfristet gæld | 1,0 mio. | 1,3 mio. | 1,3 mio. | 721.852 | 1,6 mio. | 832.978 | 380.000 | −20,5% |
| Gæld til banker, kortfristet | 11,5 mio. | 1,6 mio. | 689.103 | 10,6 mio. | 11,2 mio. | 9,5 mio. | 0 | +603,7% |
| Forudbetalinger fra kunder | 0 | 225.027 | 403.978 | 212.775 | 0 | - | - | −100,0% |
| Leverandører af varer og tjenesteydelser | 20,4 mio. | 8,6 mio. | 7,5 mio. | 5,6 mio. | 4,6 mio. | 9,9 mio. | 1,1 mio. | +136,8% |
| Gæld til tilknyttede virksomheder | 22,1 mio. | 8,9 mio. | 24,1 mio. | 1,3 mio. | 1,4 mio. | 452.229 | 0 | +149,1% |
| Gæld til ejere og ledelse | 0 | 18.155 | 1,9 mio. | 0 | - | - | - | −100,0% |
| Skyldig selskabsskat | 10,4 mio. | 7,8 mio. | - | 0 | 1,2 mio. | 0 | - | +33,8% |
| Anden gæld, kortfristet | 2,4 mio. | 1,4 mio. | 2,3 mio. | 2,7 mio. | 4,7 mio. | 2,7 mio. | 410.388 | +75,3% |
| 67,8 mio. | 29,8 mio. | 45,0 mio. | 23,5 mio. | 31,3 mio. | 28,1 mio. | 1,9 mio. | +127,7% | |
| 67,8 mio. | 30,8 mio. | 47,2 mio. | 27,6 mio. | 36,3 mio. | 31,5 mio. | 3,0 mio. | +120,2% | |
| Passiver i alt | 137 mio. | 98,3 mio. | 102 mio. | 68,1 mio. | 73,8 mio. | 53,5 mio. | 19,6 mio. | +39,7% |
| Proposed extraordinary dividend recognised in equity | 0 | 25,0 mio. | 26,0 mio. | 33,0 mio. | - | - | - | −100,0% |
| Forudbetalinger for varer | - | 2,8 mio. | 3,1 mio. | 415.978 | 385.818 | 4,0 mio. | 542.690 | - |
| Reserve for current value adjustments of currency gains | - | -1.639 | -11.355 | 0 | - | - | - | - |
| Skyldigt sambeskatningsbidrag | - | 7,8 mio. | 3,6 mio. | 0 | - | - | - | - |
| Periodeafgrænsningsposter | - | 0 | 3,3 mio. | 2,4 mio. | 6,7 mio. | 4,7 mio. | 50.000 | - |
| Tilgodehavende sambeskatningsbidrag | - | - | 0 | 1,8 mio. | 0 | - | - | - |
| Prepayments for property plant and equipment | - | - | - | - | 0 | 500.000 | 257.982 | - |
| Tilgodehavende selskabsskat | - | - | - | - | 0 | 1,4 mio. | 929.499 | - |
| Anden gæld, langfristet | - | - | - | - | 0 | 565.409 | 172.207 | - |
| Longterm deferred income | - | - | - | - | - | 0 | 50.000 | - |
| Andre tal | ||||||||
| 78 | 65 | 62 | 55 | 57 | 38 | 22 | +20,0% | |
| Nøgleforhold (beregnet af Tjekker) | ||||||||
| 49,8% | 67,7% | 52,7% | 57,9% | 49,2% | 40,6% | 84,4% | −17,9 pp | |
| 54,7% | 62,5% | 66,3% | 95,4% | 91,7% | 95,0% | - | −7,8 pp | |
Kilde: årsrapporterne hos Erhvervsstyrelsen. Virksomheden oplyser kun bruttofortjeneste, ikke omsætning. Det må mindre virksomheder. Poster uden dansk navn står, som de hedder i indberetningen. Tal, der er fordelt på fx egenkapitalens kolonner, står i selve årsrapporten.
Regnskabsårene 2019-2025
| Post | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Bruttofortjeneste | 24.229.399 | 43.754.430 | 61.356.029 | 74.635.758 | 72.554.463 | 84.394.179 | 96.687.279 |
| Årets resultat | 8.981.384 | 18.175.834 | 26.584.240 | 36.134.682 | 30.932.877 | 37.623.342 | 36.868.057 |
Beløb i kr. som indberettet
Fra årsrapporten for 2025, i virksomhedens egne ord
MANAGEMENT COMMENTARYFinancial highlights2025 2024 2023 2022 2021DKK’000 DKK’000 DKK’000 DKK’000 DKK’000Key figuresGross profit/loss , , , , , Operating profit/loss , , , , , EBITDA , , , , , EBITDA – adjusted ‡ , , , , , Net financials ( , ) ( ) ( , ) , ( )Profit/loss for the year , , , , , Total assets , , , , , Investments in property, plant and equipment , , , Equity , , , , , Average number of employees RatiosEBITDA (%) . . . . . EBITDA – adjusted (%) . . . . . Equity ratio (%) . . . . . EBITDA consist of gross profit/loss, staff costs and income from invest-ments in group enterprises.‡ EBITDA – adjusted consists of gross profit/loss, staff costs and income from investments in group enterprises excluding special items such as transaction costs related to acquisitions, extraordinary costs to changes in C-level team e.g. severance pay and recruitment fees, consultant fees for strategic pro-jects and extraordinary costs to changes in domicile and moving expences, extraordinary inventory write-downs not in the ordinary course of business (e.g. from discontinued products and change in impairment method), etc.Financial highlights are defined and calculated in accordance with the cur-rent version of “Recommendations & Ratios” issued by the CFA Society Denmark.EBITDA (%): EBITDA – adjusted (%): Equity ratio (%):EBITDA EBITDA – adjusted Equity * Revenue Revenue Total assetsPrimary activitiesThe Army Painter’s primary activities are sale, marketing, development and production of painting kits for the miniature hobby and tabletop miniature niche, as well as other accessories for the wargaming hobby. Our mission is to provide high-quality products that help hobbyists and artists bring their visions to life, allowing them to “get more time for gaming”.We distribute our products globally through both traditional retail and digital channels, reaching end-users directly and via distributors. Our pro-duction is located in Skanderborg, Denmark and Valencia, Spain.Development in activities and financesIn , The Army Painter experienced continued growth in both revenue and earnings, once again achieving double-digit revenue growth compared to last year. The growth spanned multiple geographical markets and sales channels and was further catalyzed by the successful launches of new prod-uct ranges in as well as steady offtake within the existing product portfolios.Profit/loss for the year in relation to expected developmentsAs outlined in last year’s management review, our expectation for was to achieve higher profitability compared to . With adjusted EBITDA reaching DKK . m, these expectations were met—particularly note-worthy given the geopolitical challenges, including rising U.S. tariffs and significant volatility in the USD exchange rate.In January , The Army Painter acquired La Pajarita, our long-standing development and production partner in Valencia, Spain. This acquisition represents a key milestone in our ambition to further advance the develop-ment and production of high-quality paints for the wargaming and tabletop hobbies. By gaining full control of the value chain, including our own paint factory, we have strengthened our market position and enhanced our ability to bring innovative, industry-leading products to customers. The ac-quisition has expanded our product development and technical capabilities, ensuring a robust pipeline of new and exciting offerings.Collaborations with leading industry painters resulted in a series of ground-breaking product launches like our Masterclass paints in early , all of which were positively received.The launch of our “Speedpaint in a marker” format has been particu-larly transformative for the hobby community, as the markers serve as a fully portable painting kit—perfect for travel or quick, on-the-go painting sessions for both beginners, hobbyists and professional painters.We also continued our significant investments in digital infrastructure, fur-ther maturing our IT integration landscape to support scalable business growth.Commercially, we optimized our U.S. operations by restructuring our PL setup to elevate the webshop experience and reinforce the foundation for future D C growth. Additionally, we assumed full control of our Amazon U.S. business, strengthening brand governance and enabling more effective data-driven optimization of our operations.We continued to invest in our people by welcoming new colleagues and en-hancing the competencies across the organization, while ensuring seamless integration into our culture. These initiatives have supported high em-ployee satisfaction and enabled us to adapt to new and more efficient ways of working.Taking into account the product-related investments linked to the launches, the organizational development initiatives, and our continued IT investments, Management considers the overall result for the year to be satisfactory.OutlookDriven by sustained market growth, the strength of our product portfolio, and a series of compelling product launches planned for , The Army Painter expects to continue its positive development in the coming year. These factors, combined with the significant investments made in recent years and our ongoing commitment to further investment, provide a solid foundation for continued growth in both revenue and profitability.In addition to strengthening our brand community, we will continue to in-vest in market expansion, organizational development, and the resilience of our supply chain. A key milestone will be reached in spring , when The Army Painter Group in Denmark relocates to a new headquarters—modern facilities designed to support our long-term growth ambitions.Management expects adjusted EBITDA for to increase by - % com-pared to .RisksThe board of directors and management continuously monitor both internal and external business risks. The company is affected by price devel-opments in raw materials, transportation and market conditions in general in addition to below risks:Tariff …
De originale dokumenter hos Erhvervsstyrelsen
Årsrapport 2025
Offentliggjort 24.02.2026
Årsrapport 2024
Offentliggjort 26.02.2025
Årsrapport 2023
Offentliggjort 28.02.2024
Årsrapport 2022
Offentliggjort 15.05.2023
Årsrapport 2021
Offentliggjort 28.06.2022
Årsrapport 2020
Offentliggjort 30.06.2021
Årsrapport 2019
| Omsætning | Ikke oplyst |
|---|---|
| Bruttofortjeneste | 96,7 mio. kr. |
| Driftsresultat | 52,2 mio. kr. |
| Resultat før skat | 47,4 mio. kr. |
| Årets resultat | 36,9 mio. kr. |
Af hver 100 kr., virksomheden ejer, er 50 kr. betalt af ejerne selv og 50 kr. lånt eller skyldt til andre.
| Aktiver i alt | 137 mio. kr. |
|---|---|
| Egenkapital | 68,4 mio. kr. |
| Gæld og forpligtelser | 68,9 mio. kr. |
STATEMENT OF CHANGES IN EQUITY FOR 2025Reserve for net revaluation according ContributedTranslationto the equity RetainedProposedcapitalreservemethodearningsdividendDKK DKK DKK DKK DKKEquity beginning of year , ( , ) , , , , , Ordinary dividend paid ( , , )Exchange rate adjustments ( , ) Profit/loss for the year , , , , Equity end of year 125,000 (44,827) 609,004 31,672,956 36,000,000Total DKKEquity beginning of year , , Ordinary dividend paid ( , , )Exchange rate adjustments ( , )Profit/loss for the year , , Equity end of year 68,362,133
1 Events after the balance sheet dateIn January , The Army Painter moved into new Danish headquarter in Skanderborg, Denmark. The expanded and modernized facilities will play a central role in supporting the company’s continued growth by enhancing production capacity, strengthening supply-chain operations, and enabling further innovation. With this development, The Army Painter has estab-lished a solid foundation for pursuing our long-term strategic ambitions.
2 Staff costs20252024DKKDKKWages and salaries , , , , Pension costs , , , , Other social security costs , , 42,026,057 33,049,441
The management is compensated in The Army Painter Group ApS, which is referred to in the annual report of The Army Painter Group ApS.
3 Depreciation, amortisation and impairment losses20252024DKKDKKAmortisation of intangible assets , Depreciation of property, plant and equipment , , , , 2,498,686 2,577,847
4 Other financial income20252024DKKDKKFinancial income from group enterprises , , Other interest income , , Exchange rate adjustments , , , , 6,592,700 4,724,952
5 Other financial expenses20252024DKKDKKFinancial expenses from group enterprises , , Other interest expenses , , , Exchange rate adjustments , , , , Other financial expenses , , 11,532,208 5,565,780
6 Tax on profit/loss for the year20252024DKKDKKCurrent tax , , , , Change in deferred tax , ( , )Adjustment concerning previous years ( , )10,563,825 10,604,297
8 Intangible assetsCompletedDevelopmentdevelopmentprojects inprojectsprogressDKKDKKCost beginning of year , Transfers , , ( , )Additions , , , Cost end of year 3,208,979 260,954Transfers ( , ) Amortisation for the year ( , ) Amortisation and impairment losses end of year (1,074,165) 0Carrying amount end of year 2,134,814 260,954
9 Development projectsThe Army Painter is currently engaged in several development projects aimed at strengthening its digital infrastructure and supporting future growth. A new CRM (customer relationship) system is under development with the purpose of enhancing sales management processes and improving the tracking and analysis of customer relationships and prospects. The CRM system is scheduled for completion in .In , a new data warehouse solution (OneLake) was launched—de-signed to consolidate data sources and improve transparency across the organization. Further development and integration of the data platform will continue throughout to ensure full utilization and increased data accessibility.Management has not identified any indications of impairment related to the carrying amount of TDKK , . The development projects are expected to generate future cash flows that exceed their carrying amount.
10 Property, plant and equipmentOther fixtures and fittings, tools Leasehold and equipmentimprovements DKKDKKCost beginning of year , , , Transfers ( , ) Additions , , , Disposals ( , ) ( , )Cost end of year 12,592,368 2,309,575Depreciation and impairment losses beginning of year ( , , ) ( , )Transfers , Depreciation for the year ( , , ) ( , )Reversal regarding disposals , , Depreciation and impairment losses end of year (10,519,606) (411,414)Carrying amount end of year 2,072,762 1,898,161Recognised assets not owned by entity ,
11 Financial assetsInvestmentsin group enterprisesDepositsDKKDKKCost beginning of year , , Disposals ( , )Cost end of year 32,516 36,088Revaluations beginning of year , Exchange rate adjustments ( , ) Share of profit/loss for the year , , Adjustment of intra-group profits ( , , ) Other adjustments ( , ) Revaluations end of year 609,004 0Carrying amount end of year 641,520 36,088Corporate Equity interestInvestments in subsidiaries Registered inform%The Army Painter US, Inc Delaware Inc . TAP Paint Factory S.L. Valencia S.L. .
12 PrepaymentsPrepayments consist of prepaid costs and goods.
13 Deferred tax20252024DKKDKKIntangible assets , , Property, plant and equipment ( , ) , Inventories , , , , Liabilities other than provisions ( , ) ( , )Deferred tax 1,113,000 968,00020252024Changes during the yearDKKDKKBeginning of year , , , Recognised in the income statement , ( , )End of year 1,113,000 968,000
14 Non-current liabilities other than provisionsDue within Due within 12 months12 months20252024DKKDKKLease liabilities , , , , 1,001,834 1,259,932There is no debt due after years.
15 Other unrecognised commitments20252024Unrecognised rental and lease commitmentsDKKDKKLiabilities under rental or lease agreements until maturity in total , , , , In , the Company entered a new long term lease agreement for the establishment of a new headquarters in Denmark. The lease will only com-mence upon completion and handover of the leased premises. Until the commencement date, the Company has no payment obligations related to the lease.
16 Contingent liabilitesThe Entity participates in a Danish joint taxation arrangement where CC TAP Invest ApS serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc for the jointly taxed entities, royalties and dividend for the jointly taxed entities. The jointly taxed entities’ total known net liability under the joint taxation arrangement is disclosed in the administration company’s financial statements.
17 Assets charged and collateralAs security for all the Company’s and Intercompany bank debt to Nykredit, the Company has granted a floating charge of DKK , k on intellectual property rights, other fixtures and fittings, tools and equipment, trade re-ceivables and inventories.The carrying amount of assets charged at . . is DKK . k ( . . : DKK . k).The Entity has entered into an agreement with a supplier on the minimum purchase of raw materials. The company’s obligation per . . amounts to a total of: DKK k. ( . . : DKK , k).The Entity has provided a bank guarantee of DKK . m.
18 Related parties with controlling interestThe Army Painter Group ApS owns all shares in the Entity, thus exercising control.19 Non-arm’s length related party transactionsOnly related party transactions not conducted on an arm’s length basis are disclosed in the annual report. The company has recived a group contribu-tion in the financial year. No other such transactions have been conducted in the financial year.20 Group relationsName and registered office of the Parent preparing consolidated finan-cial statements for the largest group: The Army Painter Group Holding ApS, Skanderborg, Business Reg. No. Name and registered office of the Parent preparing consolidated financial statements for the smallest group: The Army Painter Group Holding ApS, Skanderborg, Business Reg. No.
Consolidated financial statementsReferring to section ( ) of the Danish Financial Statements Act, no con-solidated financial statements have been prepared.
Cash flow statementReferring to section ( ) of the Danish Financial Statements Act, the Entity has prepared no cash flow statement as such statement is included in the consolidated cash flow statement of The Army Painter Group Holding ApS, Business Reg. No. .
STATEMENT BY MANAGEMENTThe Board of Directors and the Executive Board have today considered and approved the annual report of The Army Painter ApS for the financial year . . – . . .The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Entity’s financial position at . . and of the results of its operations for the financial year . . – . . .We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting.
OpinionWe have audited the financial statements of The Army Painter ApS for the financial year . . – . . , which comprise the income state-ment, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Entity’s financial position at . . and of the results of its operations for the financial year . . – . . in accordance with the Danish Financial Statements Act.
Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our re-sponsibilities under those standards and requirements are further described in the “Auditor’s responsibilities for the audit of the financial statements” section of this auditor’s report. We are independent of the Entity in accor-dance 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 require-ments 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 responsibilities 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 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 as-sessing the Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the goingconcern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity 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 about whether the finan-cial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includesour opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the ad-ditional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of in-ternal control.• Obtain an understanding of internal control relevant to the audit in or-der to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity’s internal control.• Evaluate the appropriateness of accounting policies used and the rea-sonableness of accounting estimates and related disclosures made by Management.• Conclude on the appropriateness of Management’s use of the going con-cern 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 Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our au-ditor’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 Entity to cease to continue as a going concern.• Evaluate the overall presentation, structure and content of the finan-cial statements, including the disclosures in the notes, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.• Plan and perform the audit of the financial statements to obtain suffi-cient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible for the direc-tion, supervision and review of the audit work performed. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant au-dit findings, including any significant deficiencies in internal control that we identify during our audit.
Statement on the management commentaryManagement is responsible for the management commentary.Our opinion on the financial statements does not cover the management commentary, 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 commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the management commentary provides the information required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements in the relevant law and regu-lations. We did not identify any material misstatement of the management commentary.
Basis for financial statementsThis annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the li-ability can be measured reliably.On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described be-low for each financial statement item.Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement.Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been set-tled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses.Exchange adjustments of outstanding accounts with independent foreign subsidiaries, which are considered part of the total investment in the sub-sidiary in question, are recognised directly in the translation reserve in equity.When recognising foreign subsidiaries that are integral entities, monetary assets and liabilities are translated using the exchange rates at the bal-ance sheet date. Non-monetary assets and liabilities are translated at the exchange rate at the time of acquisition or the time of any subsequent re-valuation or writedown. The items of the income statement are translated at the average rates of the months; however, items deriving from non-mon-etary assets and liabilities are translated using the historical rates applicable to the relevant non-monetary items.Income statementGross profit or lossGross profit or loss comprises revenue, other operating income, cost of sales and external expenses.RevenueRevenue from the sale of manufactured goods and goods for resale is recog-nised in the income statement when delivery is made and risk has passed to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary activities, including profit from the sale of intangible assets and property, plant and equipment, and salary refunds.Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory writedowns.Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables rec-ognised in current assets.Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible assets comprise depreciation, amortisa-tion and impairment losses for the financial year.Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of intra-group profits or losses.Other financial incomeOther financial income comprises interest income, and payables and trans-actions in foreign currencies.Other financial expensesOther financial expenses comprise interest expenses and payables and transactions in foreign currencies.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attrib-utable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.The Entity is jointly taxed with all Danish group enterprises. The current Danish income tax is allocated among the jointly taxed entities proportion-ally to their taxable income (full allocation with a refund concerning tax losses).Balance sheetIntellectual property rights etcIntellectual property rights etc comprise development projects completed and in progress.Development projects on clearly defined and identifiable products and pro-cesses, for which the technical rate of utilisation, adequate resources and a potential future market or development opportunity in the enterprise can be established, and where the intention is to manufacture, market or ap-ply the product or process in question, are recognised as intangible assets. Other development costs are recognised as costs in the income statement as incurred. When recognising development projects as intangible assets, an amount equalling the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced as the development pro-jects are amortised and written down.The cost of development projects comprises costs such as salaries and am-ortisation that a …
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