ANNUAL REPORT 2024
REKOM GROUP HOLDING
REKOM HQ BILLEDE
+3,350
EMPLOYEES
+1,140 MDKK
REVENUE
+234 MDKK
EBITDA
+5m
GUESTS ANNUALLY
REKOM AT A GLANCE
1 REKOM ANNUAL REPORT 2024
MANAGEMENTS REVIEW / REKOM AT A GLANCE
MANAGEMENTS REVIEW
Letter from the Board and Management ....................................................4
Geographic Overview ...................................................................................................7
Financial Highlights and Review ......................................................................9
Management Structure and Governance ...................................................13
Data Ethics .......................................................................................................................... 14
Sustainability Statement ........................................................................................15
CONSOLIDATED FINANCIAL STATEMENTS
Income statement for the group ...................................................................26
Balance sheet for the group ..................................................................................... 27
Changes in equity for the group ...................................................................28
Cash Flow for the group ........................................................................................29
Notes to the consolidated nancial statement .................................. 30
Denition of key gures and nancial ratios ...................................55
PARENT FINANCIAL STATEMENTS
Statement of prot and loss ............................................................................. 57
Balance sheet ................................................................................................................... 57
Cash Flow ............................................................................................................................. 58
Notes .........................................................................................................................................59
STATEMENTS
Statement by Board of Directors and Executive Board ........65
Independent auditors report .............................................................................67
TABLE OF
CONTENTS
3 REKOM ANNUAL REPORT 2024
TABLE OF CONTENTS
LETTER FROM THE BOARD
AND MANAGEMENT
Dear Stakeholders, Partners, and Colleagues,
As we conclude 2024 we reect on a year with con-
tinued tough market conditions in the nightlife space
throughout Northern Europe and a year of hard work
and signicant changes in REKOM. On this backdrop
we are pleased to report that REKOM has taken an-
other important step forward by improving our net
result by more than half a billion DKK, this, while posi-
tioning our business more focused, resilient, and better
prepared for the future.
This development is driven by a combination of
improvement in our operating margins, a sizeable
pruning of our venue base, a signicant reduction of
company overheads and a range of completed turn-
around measures to adapt the company to prevailing
market conditions
In spite of tough market conditions our operating
margins have increased from 18% in 2023 to 21% in
2024 proving the synergies our core concepts gain
from our integrated ecosystem and scale. We have
continued pruning our venue base, terminating loss
making and non-core venues and increasingly focused
on our core concepts, Heidis Bier Bar, Proud Mary and
Rabalder which continue to deliver above market per-
formance. As a result we have reduced the number of
venues from 208 to 134, of which 53 is a consequence
of the REKOM UK exit. This streamlining of our venue
base has, among other things, simplied our operation
and enabled a very signicant reduction of company
overheads resulting in a much leaner and more fo-
cused business.
Leaving 2024 we are condent that the business is
now rightsized and better adapted to prevailing mar-
ket conditions and that we have established a healthy
platform and foundation for returning to protable
growth as inationary pressures have eased and con-
sumer condence picks up in our respective markets
Given generally low consumer condence in the past
year, our Danish and Norwegian operations are still
delivering healthy performance. In these markets we
have a strong footprint and see the true benets of
our clusters and derived operational strength. The
Finnish nightlife market is struggling in general and
we do not enjoy the same scale benets in this market.
This situation has necessitated a further streamlining
of our venue portfolio. We have reduced the number
of venues from 14 to 9, focusing on our core concepts
to align our market position to our strategy and mar-
ket conditions.
Our nancial performance in 2024 reects these pos-
itive developments, delivering EBITDA of 234 mDKK
and signicantly reducing our net loss from -571
mDKK in 2023 to -53 mDKK in 2024. This progress
is a testament to our continued discipline, transfor-
mation eorts, and commitment to delivering results
with every decision. The journey has required patience,
4 REKOM ANNUAL REPORT 2024
MANAGEMENTS REVIEW / LETTER FROM THE BOARD AND MANAGEMENT
resilience, and unwavering dedication from all teams, but
the impact is now clear: REKOM is regaining its strength
and building a solid foundation for creating unforgettable
moments.
WE REMAIN COMMITTED TO OUR
"HOUSE OF BRANDS" STRATEGY DRIVING
A PLATFORM FOR SCALE
Operating in a largely unconsolidated industry, we hold
a signicant advantage through our scale and platform
strength. Our Core venues, supported by a digital eco-
system (both front- and back-end), and our operational
strength, enables ecient operations, procurement and
logistical synergies, data collection, and trac generation
across diverse segments, oering a wide range of guest
experiences— from traditional brown pubs to lively party
bars and vibrant nightclubs, all operated on a robust inte-
grated backbone supported by a data driven commercial
operating model allowing us to constantly adapt and
align with trends dening the market. Our loyalty app
NightPay is a key source of data collection, enabling us
to rene and personalize guest experiences while serving
as a driver for loyalty and early trac to our core venues.
Our drinks brand builder and distributor SPIVI enhanc-
es the platform further by delivering compelling brands
directly into guests' hands at our venues, creating the ulti-
mate brand-in-hand experience.
This powerful combination forms the ultimate platform
for unforgettable moments, providing a distinct compet-
itive edge – from procurement at scale and continuous
nightlife innovation to adaptability and, most importantly,
data-driven insights that set us apart.
NEW GROWTH AREAS
EMERGING FROM OUR CORE
Building from our expertise in Core venue operation we
have managed to build two CAPEX-light ventures;
REKOM franchise, and REKOM Event. Both have prov-
en successful in 2024 and are now two fully operational
businesses. REKOM Event utilized the expertise of our
well-trained frontline teams and our digital set-up, to op-
erate festivals and concerts for partners across multiple
markets. Meanwhile, our Franchise division utilizes our
expertise in building strong branded venues, with a clear
concept and logistical set-up. In 2024 we expanded the
franchise venue base and launched a new brand, Das
Flying Hirsch, with plans for further expansion into new
markets already set for early 2025.
SETTING NEW STANDARDS IN NIGHTLIFE
At REKOM, we take pride in raising the bar for the night-
life industry, consistently leading the way in profession-
alizing the industry and setting new standards in safety,
compliance, and guest experience. Despite the challenges
faced since 2023, our commitment to these priorities has
remained unwavering.
Sustainability is at the core of our approach – ensuring
that as we evolve, we do so responsibly, minimizing our
environmental footprint while fostering long-term value for
our people and the communities we serve. Our focus re-
mains on people, our employees, partners, and guests – by
fostering a safe, inclusive, and rewarding work environment.
PEOPLE REMAINS THE SECRET SAUCE
REKOM’s people and culture are our greatest asset,
forming the backbone of everything we do. Over the
past year, our teams have demonstrated remarkable
strength, resilience, and unity, proving their ability to
come together, support one another, and successfully
navigate change – even through challenging times. We
are incredibly proud that our people have remained
dedicated, adaptable, and driven, consistently deliver-
ing exceptional experiences for our guests despite the
obstacles faced.
As we look ahead, we remain deeply committed to attract-
ing, developing, and retaining the best talent in the indus-
try. This means investing in training, fostering a culture
of collaboration, and creating opportunities for growth
and advancement. Our success is built on the passion and
expertise of our people, and we will continue to empower
them to thrive – because when our team succeeds,
REKOM succeeds.
LOOKING AHEAD
The fundamental human need for social experiences
remains unchanged as proven by our guest ow which
has remained strong during 2024. Despite the Nightlife
industry's challenges from reduced consumer condence
and purchasing power, market conditions are expected
to improve in 2025 across all markets. Denmark and
Norway are rebounding quickly, while Finland is on a
more gradual recovery path. We believe that with our
House of Brands supported by an integrated ecosystem,
REKOM is uniquely positioned to capitalize on the grow-
ing demand as markets rebound
In summary, 2024 has strengthened REKOM, making
us more resilient, more ecient, and well-positioned
for the future. Building on this solid foundation and
improving market conditions, we expect the positive
momentum to continue into 2025, with an anticipated
EBITDA of 275-325 mDKK, up from 234 mDKK in 2024,
and a net result close to zero, mainly driven by signi-
cantly improved margins reecting the much healthier
nature of our continuing business.
On behalf of the Board of Directors and the Management,
/Claus Juel Jensen, CEO REKOM GROUP and
Vilhelm Hahn-Petersen, Chairman of the Board
5 REKOM ANNUAL REPORT 2024
MANAGEMENTS REVIEW / LETTER FROM THE BOARD AND MANAGEMENT
DENMARK
Revenue
mDKK
631
Number of
employees
2,491
*Revenue driven by SPIVI’s distribution channels in Sweden.
Number of
Venues
82
Lease & franchise
venues
7
FINLAND
Revenue
mDKK
86
Number of
employees
110
Number of
Venues
9
Lease & franchise
venues
0
*SWEDEN
Revenue
mDKK
46
GEOGRAPHIC
OVERVIEW 2024
NORWAY
Revenue
mDKK
378
Number of
employees
772
Number of
Venues
36
Lease & franchise
venues
0
7 REKOM ANNUAL REPORT 2024
MANAGEMENTS REVIEW / GEOGRAPHIC OVERVIEW
FINANCIAL
REVIEW
FINANCIAL HIGHLIGHTS 2024 (mDKK)
2024 2023 2022 2021* 2020*
RESULTS
Revenue 1,141.7 1,372.3 1,371.3 592.5 318.6
Gross prot
989.1 1,687.3 1,118.8 497.2 244.9
Operating prot before amortisation, depreciation,
interests, tax and special items (EBITDA)
234.3 252.0 406.5 281.3 75.6
Operating prot (EBIT) before special items
53.4 48.9 168.5 83.0 -67.9
Special Items
-8.8 -304.6 -21.0 -16.0 20.0
Net nancial expenses
-102.1 -173.4 -184.0 -99.8 -115.8
Loss before tax
-57.5 -429.1 -36.6 -32.8 -183.7
Loss for the year
-54.7 -375.9 -56.3 -26.3 -143.6
2024 2023 2022 2021* 2020*
RESULTS INCLUDING
DISCONTINUED OPERATIONS
Revenue 1,278.7 2,005.0 2,200.3 1,150.4 318.6
Gross prot
871.1 1,095.0 1,773.0 937.7 244.9
Operating prot before amortisation, depreciation,
nterests, tax and special items (EBITDA)
253.3 292.4 505.4 369.0 75.6
Operating prot (EBIT) before special items
45.6 -4.8 247.6 159.6 -67.9
Special Items
-25.7 -407.1 -34.3 -16.0 20.0
Net nancial expenses
-121.4 -225.2 -192.5 -163.4 -115.8
Loss before tax
-101.5 -637.1 20.8 -19.8 -183.7
Loss for the year for continued operations
-99.6 -571.1 -20.3 -26.9 -143.6
FINANCIAL RATIOS
Revenue growth -52.9% -14.2% 177.2% 261.0% -57.8%
Gross margin
68.1% 54.6% 80.6% 81.5% 76.8%
EBITDA margin
19.8% 14.6% 23.0% 32.1% 23.7%
Return on Equity (ROE)
N/A -749.4% -6.0% -11.8% -117.2%
Return on Invested Capital (ROIC)
4.2% 18.6% 12.8% 9.4% -5.1%
Solvency ratio
9.4% 4.7% 16.9% 17.8% 21.0%
Solvency ratio excl. IFRS 16
12.3% 6.9% 26.2% 26.1% 28.6%
Gearing ratio
5.3 7.4 4.0 4.5 21.0
Gearing ratio excl. IFRS 16
7.1 8.6 2.7 2.8 42.2
CASH FLOW
Operating activities 78.6 44.0 265.4 441.7 -100.7
Investing activities
-43.3 -233.7 -330.2 -133.9 -172.0
Financing activities
-86.9 67.8 -125.2 20.9 268.7
Acquisitions of subsidiaries
-6.3 -92.7 -78.1 -41.6 -113.0
Free cash ow
35.3 -189.8 -64.8 307.8 -272.7
Adjusted free cash ow
-57.3 -160.4 53.7 361.9 -248.1
Net cash ow for the year
-51.6 -121.9 -190.0 328.8 -3.9
BALANCE SHEET
Equity 173.4 -187.9 340.3 334.6 122.5
Balance sheet total
1,778.8 2,477.8 2,989.6 2,852.9 1,969.3
Net working capital
-124.1 -234.4 -201.1 -245.0 -18.4
Net interest-bearing debt (NIBD)
1,348.5 2,167.0 2,026.0 1,646.1 1,586.5
Adjusted net-interest bearing debt (excl. IFRS 16)
926.9 1,375.2 971.5 739.9 1,064.2
Invested capital
1,470.1 1,926.4 2,388.6 2,024.8 1,727.6
The nancial ratios have been calculated in accordance with the recommendations of the Association
of Danish Financial Analysts. See page 55 for Denition of key gures and nancial ratios
*REKOMs KPIs are aected negative in 2020 and 2021 due to goverment restrictions and lock-
downs due to the COVID-19 pandemic. See previous annual reports for further description.
9 REKOM ANNUAL REPORT 2024
MANAGEMENTS REVIEW / FINANCIAL HIGHLIGHTS & REVIEW
IN A YEAR WITH CHALLENGING MARKET
CONDITIONS, REKOM HAS DELIVERED A
SOLID OPERATIONAL RESULT
We hit our revenue target, reaching 1,142 mDKK within
our expected range of 1,100 - 1,200 mDKK. Denmark
and Norway are the main drivers of our robust per-
formance. In these markets we have a strong footprint
and see the true benets of our clusters and opera-
tional strength. The Finnish nightlife market remains
challenging, prompting us to undertake a strategic
restructuring.
2024 2023
In millions DKK mDKK % mDKK %
Denmark
631 55% 741 54%
Norway
378 33% 443 32%
Finland
86 8% 145 11%
Others
46 4% 43 3%
Total 1,142 1,372
We delivered an EBITDA of 234 mDKK in 2024 slightly
below target on 275-300 mDKK. Despite falling short
of our EBITDA target, our operating margins increased
from 18% to 21%, driven by a combination of improve-
ment in our operation, a strategic pruning of our venue
base and a signicant reduction in cost. We expect the
margins to reach a normalized level of approximately
25% next year as ’24 margins were negatively aected
by loss-making venues and a too high xed cost base.
The venue base and the xed cost base have both been
adjusted as part of management’s execution of the Back
in Shape plan, launched in summer 2023. These eorts
have continued in 2024, enabling REKOM to streamline
operations by cutting loss-making venues and business
areas while optimizing costs to an ecient and sus-
tainable level. These measures have been implemented
throughout the year.
2024 2023
In millions DKK mDKK Margin mDKK Margin
Revenue
1,142 1,372
Operating expenses, including
Cost and goods sold, salary &
others
-907 -1,120
Operating prot before
depreciation, amortisation
(EBITDA) and special items
234 21% 252 18%
Depreciation, amortisation
and impairment
-181 -203
Operating prot (EBIT)
before special items
53 5% 49 4%
The improved EBITDA margin has also driven an in-
crease in the operating prot margin (EBIT) from 4%
to 5%. We expect that this EBIT margin will continue to
rise in the coming year, to a level above 10%.
DISCONTINUED OPERATIONS
AND SPECIAL ITEMS ARE AS EXPECTED
At the beginning of 2024, REKOM restructured its
UK venue portfolio as part of the Back in Shape plan.
However, in May 2024, the company made a strategic
decision to sell o its remaining venues, fully exciting
the UK market. While a dicult choice, it was necessary
due to the lack of improvement prospects in the market
and subsequently in our operation.
As REKOM no longer has venues in the UK, the g-
ures in the income statement for both 2023 and 2024
have been adjusted by presenting the consolidated
gures from the sold UK group net under the line item
“loss for the year for discontinuing operations” in both
nancial years.
Special items comprise costs and income which by their
nature are not related to the Groups ordinary opera-
tions or investments in future activities. Special items are
specied in note 8 to the nancial statement and has
decrease to a satisfactory level on 9 mDKK. Last year
special items was on 305 mDKK because of executing on
the Back In Shape-plan and streamlining the operations.
LOSS FOR THE YEAR IMPROVED AS EXPECTED
WITH MORE THAN HALF A BILLION DKK
The result for the year showed a signicant improve-
ment of more than 500 mDKK compared to last year.
Despite this development, REKOMs result in 2024 ends
with a loss of 53 mDKK after tax, interest and depre-
ciations. The positive development is driven by man-
agement focus on cleanup of loss-making venues and
adjustments to the cost base.
The macroeconomic trends has aected REKOMs -
nancial expenses that has increase to 184 mDKK, which
is a major cost burden that has a signicant negative
impact on the result for the year.
REKOMs term loans from credit institutions have oat-
ing rates linked to CIBOR3 and NIBOR3, and has been
on a high level in 2024.
Financial income in 2024 was impacted positively by
the realized gain on vendor- and shareholder loans on
71 mDKK , during the summer 2024.
Overall, the management nds the operational results
satisfying but the loss for the year on 53 mDKK unsat-
isfactory. Nevertheless management nds it reasonable,
taking the development in REKOMs continuing business
into account, and the dicult market conditions in 2024.
CASH FLOW
At the beginning of the year, REKOM Group had cash of
DKK 78 million while ending the year with DKK 25 million,
resulting in a net cash outow of 53 mDKK. Cash ow
from continuing operating activities remained positive at
10 REKOM ANNUAL REPORT 2024
MANAGEMENTS REVIEW / FINANCIAL HIGHLIGHTS & REVIEW
109 mDKK. Of this, 47 mDKK was allocated to CAPEX in-
vestments in venues and projects, while the majority of the
remaining funds were used for debt repayment, including
leases and borrowings.
CAPITAL STRUCTURE AND
LIQUIDITY WAS RESTORED IN 2024
Following the challenging nancial year in 2023, RE-
KOM has strengthened both liquidity and equity in
2024. This was made possible through strong support
from its major shareholders, including a capital injec-
tion of 61 mDKK and the conversion of loans totaling
343 mDKK. These measures improved REKOM’s equity
by 404 mDKK in June 2024. On the back of this event
REKOMs equity is now again reestablished and positive
with 174 mDKK.
Additionally, REKOM’s net interest-bearing debt
has been reduced from 1,375 mDKK to 927 mDKK.
An improvement of nearly 450 mDKK. This signicant
strengthening of the capital structure and debt lev-
erage will help secure lower nancial expenses in the
coming year. Furthermore, REKOM settled an agree-
ment with the banks during summer 2024 improving
and securing our cash position signicantly with the
main lender supporting us with two quarters of interest
holiday.
Overall, the abovementioned eorts have positioned
REKOM for a stronger future after a challenging 2023.
The company is now rightsized, more resilient, and
well-prepared to capitalize on market recovery. We
have successfully established a solid foundation for
consolidating and growing our core business.
See also note 3 for a detailed description of manage-
ment expectations to going concern.
CORRECTION OF MISSTATEMENTS
IN PRIOR YEARS
Management has adjusted the following material mis-
statements related to prior years.
In millions DKK Assets Debt Equity Result
Adjusted earn-out on transaction
- Other liabiliteis adjusted in 2023
22,5 22,5
Transactional debt and tax
hereon - Adjusted in the income
statement in 2023
2,2 9,9 -7,7 -7,7
Deferred tax on UK purchase
price allokation - Adjusted on
equity at 1 January 2023
-20,1 -20,1
Total sum of corrections 4,6 32,4 -27,8 -7,7
See note 1 in nancial statements for a further description.
SUBSEQUENT EVENTS
In february 2025 REKOM agreed again on some up-
dates to bankagreements, securing extra liquidity in
2025.
Beside this no subsequent events have occurred after the
balance sheet date that required adjustment to or disclo-
sure in the consolidated nancial statements.
CURRENT TRADING, EXPECTATIONS
AND OUTLOOK FOR 2025
REKOM exits 2024 and enters 2025 with a strong sense
of optimism. Year-end trading met expectations, and early
signs in January and February indicate positive momen-
tum in Denmark and Norway compared to previous years.
While Denmark and Norway are rebounding quickly, Fin-
land remains on a more gradual recovery path. We rmly
believe that the fundamental human need for social expe-
riences remains unchanged as proven by our strong guest
ow, showing that REKOM venues and brands are relevant
and competitive. As part of the strategy and budget for
2025 we have planned several refurbishments and up-
grades of core venues and brands to secure Like-for-like
growth. In addition, we launched another agship Proud
Mary in Oslo that we expect to contribute with signicant
growth in the Norwegian market.
Building on the strong nancial performance at year end
and growth in EBITDA, Management expects 2025 re-
sults to continue the upward trend. Revenue is expected
to grow by 5-10% and is forecasted in the range of 1,100
- 1,300 mDKK with an operating result (EBITDA) in the
range of 275 - 325 mDKK and a net result close to zero.
RISKS
Uncertainties remain in the Group’s operating mar-
kets, mainly regarding ination and interest rate
pressures. Furthermore, geopolitical instabilities may
inuence consumer condence and purchasing power
in the Group’s operating markets. Especially Finland
is a market where REKOM still need to see a rebound.
Management will continue to monitor the situation
closely and take necessary action as required.
As REKOM Group operates in several markets, we are
exposed to currency risk – mainly NOK but also a bit
in SEK as we operate in Sweden with SPIVI.
See note 18 for a futher description of nancial risks.
11 REKOM ANNUAL REPORT 2024
MANAGEMENTS REVIEW / FINANCIAL HIGHLIGHTS & REVIEW
GOVERNANCE
Annual General Meeting
Organization
Board of Directors
Executive Board
Management
Core SPIVI
Board Committees
Group Functions
Digitization
MANAGEMENT
STRUCTURE AND
GOVERNANCE
The overall responsibility and strategic management of REKOM lies with the Board of
Directors, which the shareholders appoint. The Board of Directors has appointed the
Executive Management Team to handle the day-to-day management of the company.
MANAGEMENT STRUCTURE
In accordance with Danish regulations,
REKOM has a two-stringed management,
which consists of the Board of Directors
and the Executive Management Team.
The division of responsibilities between the
two is described in the rules of procedure
of the Board of Directors and the associ-
ated instructions. The Board of Directors
meets according to a schedule at least four
times a year. In addition, monthly Chair-
manship meetings are held, as well as an
annual strategy meeting to determine RE-
KOM’s vision, goals, and strategy.
GOVERNANCE
To provide transparency, REKOM follows
the guidelines of the industry association
“Aktive Ejere” (formerly “Danish Venture
Capital and Private Equity Association”)
for responsible ownership and good corpo-
rate governance.
On this foundation, the Board of Directors
and the Executive Management team
have established internal procedures to
ensure active, secure, and value-creating
management.
Likewise, the Board of Directors and the
Chairmanship continuously monitor the
Company’s management structure and
control systems to ensure they are reliable
and eective.
At the Board level, the xed procedures
include monthly reporting on all relevant
nancial and non-nancial parameters,
including risk assessment of investments in
venues and markets.
13 REKOM ANNUAL REPORT 2024
MANAGEMENTS REVIEW / MANAGEMENT STRUCTURE AND GOVERNANCE
14 REKOM ANNUAL REPORT 2024
MANAGEMENTS REVIEW / DATA ETHICS
REKOM
SUSTAINABILITY
STATEMENT
15 REKOM ANNUAL REPORT 2024
MANAGEMENTS REVIEW / SUSTAINABILITY STATEMENT
16 REKOM ANNUAL REPORT 2024
MANAGEMENTS REVIEW / SUSTAINABILITY STATEMENT
17 REKOM ANNUAL REPORT 2024
MANAGEMENTS REVIEW / SUSTAINABILITY STATEMENT
18 REKOM ANNUAL REPORT 2024
MANAGEMENTS REVIEW / SUSTAINABILITY STATEMENT
19 REKOM ANNUAL REPORT 2024
MANAGEMENTS REVIEW / SUSTAINABILITY STATEMENT
20 REKOM ANNUAL REPORT 2024
MANAGEMENTS REVIEW / SUSTAINABILITY STATEMENT
21 REKOM ANNUAL REPORT 2024
MANAGEMENTS REVIEW / SUSTAINABILITY STATEMENT
22 REKOM ANNUAL REPORT 2024
MANAGEMENTS REVIEW / SUSTAINABILITY STATEMENT
23 REKOM ANNUAL REPORT 2024
MANAGEMENTS REVIEW / SUSTAINABILITY STATEMENT
FINANCIAL
STATEMENTS
TABLE OF CONTENTS
Consolidated income statement.........................................................................................................................................................................47
Consolidated statement of comprehensive income .................................................................................................................47
Consolidated balance sheet ....................................................................................................................................................................................48
Consolidated statement of changes in equity ................................................................................................................................49
Consolidated statement of cash ows ........................................................................................................................................................ 51
NOTES .................................................................................................................................................................................................................................................52
CONSOLIDATED
FINANCIAL STATEMENTS
25 REKOM ANNUAL REPORT 2024
25 REKOM ANNUAL REPORT 2024
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS
TABLE OF CONTENTS
Consolidated income statement .............................................................................................................................................................................26
Consolidated statement of comprehensive income ........................................................................................................................26
Consolidated balance sheet ........................................................................................................................................................................................27
Consolidated statement of changes in equity ......................................................................................................................................28
Consolidated statement of cash ows ............................................................................................................................................................29
Denition of key gures and nancial ratios ........................................................................................................................................55
Management’s Statement .............................................................................................................................................................................................65
Independent Auditor’s Report ...................................................................................................................................................................................67
NOTES ................................................................................................................................................................................................................................................ 30
26 REKOM ANNUAL REPORT 2024
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2024
IN THOUSANDS DKK NOTES 2024 2023
Revenue 4 1,141,738 1,372,278
Costs of goods sold -289,594 -317,746
Other external expenses -257,759 -340,872
Sta costs 5 -373,832 -474,698
Other operating income 6 13,785 13,052
Operating prot before depreciation, amortisation (EBITDA) and
special items 234,338 252,014
Depreciation, amortisation and impairment 7 -180,898 -203,110
Operating prot before interest, tax (EBIT) and special items 53,440 48,904
Special items 8 -8,831 -304,599
Financial income 9 81,829 7,342
Financial expenses 9 -183,930 -180,736
Loss before tax for continued operations -57,492 -429,089
Tax for the year for continued operations 10 2,768 51,203
Loss for the year for continued operations -54,724 -377,886
Loss for the year for discontinued operations 26 1,299 -193,182
Loss for the year -53,425 -571,068
Total loss for the year is attributable to:
Owners of REKOM Group Holding -54,085 -570,370
Non-controlling interests 660 -698
-53,425 -571,068
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2024
IN THOUSANDS DKK NOTES 2024 2023
Loss for the year -53,425 -571,068
Other comprehensive income
Items that may be reclassied to prot or loss -
Exchange dierences on translation of foreign operations 11,703 2,606
Other comprehensive income for the year, net of tax 11,703 2,606
Total comprehensive income for the year -41,722 -568,462
Total comprehensive income for the year is attributable to:
Owners of REKOM Group Holding ApS -42,341 -567,701
Non-controlling interests 619 -761
-41,722 -568,462
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS
27 REKOM ANNUAL REPORT 2024
CONSOLIDATED BALANCE SHEET
As at 31 December 2024
IN THOUSANDS DKK NOTES 2024 2023
Assets
Non-current assets
Goodwill 749,947 793,060
Acquired licenses 158,934 180,461
Acquired brands 16,573 39,784
Patents 300 2,148
Completed development projects 25,469 34,934
Development projects in progress 6,453 16,327
Intangible assets 13 957,676 1,066,714
Land and buildings 1,392 1,443
Other xtures and ttings, tools and equipment 23,354 112,986
Leasehold improvements 240,625 255,129
Property, plant and equipment in progress 0 15,531
Property, plant and equipment 14 265,371 385,089
Right-of-use assets 15 371,125 708,950
Deferred tax assets 11 24,689 18,016
Investments in associates 12 1,260 2,115
Deposits 19,795 36,679
Other non-current receivables 1,813 0
Total non-current assets 1,641,729 2,217,563
Current assets
Inventories 48,961 65,491
Trade receivables 17 39,813 47,652
Receivables from group enterprises 1,771 0
Receivables from associates 2,589 20
Prepayments 6,855 19,724
Other receivables
Cash and cash equivalents 25,167 78,423
Total current assets 137,119 260,268
Total assets 1,778,848 2,477,831
CONSOLIDATED BALANCE SHEET
As at 31 December 2024
IN THOUSANDS DKK NOTES 2024 2023
Equity
Share capital 20 38,283 18,769
Share premium 0 604,057
Reserve for treasury shares 21 -19,697 -19,145
Foreign currency translation reserve 12,220 476
Retained earnings 127,237 -807,831
Capital and reserves attributable to owners of REKOM Group Holding ApS 158,043 -203,674
Non-controlling interests 15,395 15,753
Total equity 173,438 -187,921
Liabilities
Non-current liabilities
Shareholder loans 17 0 106,764
Vendor loans 17 8,436 213,492
Borrowings 17 927,705 839,433
Lease liabilities 15 293,258 640,439
Other liabilities 5,033 93,586
Total non-current liabilities 1,234,432 1,893,714
Current liabilities
Borrowings 17
Lease liabilities 15 128,346 151,328
Trade payables 17 112,366 167,686
Prepayments received 0 12,755
Income tax liabilities 10, 11 0 252
Payables to group enterprises 0 3,902
Other liabilities 119,329 235,737
Total current liabilities 370,978 772,038
Total liabilities 1,605,410 2,665,752
Total liabilities and equity 1,778,848 2,477,831
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS
28 REKOM ANNUAL REPORT 2024
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2024
IN THOUSANDS DKK
SHARE
CAPITAL
SHARE
PREMIUM
RESERVE FOR
TREASURY SHARES
FOREIGN
CURRENCY
TRANSLATION
RESERVE
RETAINED
EARNINGS
EQUITY
ATTRIBUTABLE TO
THE OWNERS OF
THE GROUP
NON-
CONTROLLING
INTERESTS
TOTAL
EQUITY
As at 1 January 2024 18,769 604,057 -19,145 476 -780,027 -175,870 15,753 -160,117
Correction of misstatement as per 1 january 2023 0 0 0 0 -20,111 -20,111 0 -20,111
Correction of misstatement as per 1 january 2024 0 0 0 0 -7,693 -7,693 0 -7,693
Adjusted equity as
as at 1 January 2024 18,769 604,057 -19,145 476 -807,831 -203,674 15,753 -187,921
Loss for the period 0 0 0 0 -54,085 -54,085 660 -53,425
Other comprehensive income 0 0 0 11,744 0 11,744 -41 11,703
Total comprehensive income 0 0 0 11,744 -54,085 -42,341 619 -41,722
Dividends 0 0 0 0 0 0 -977 -977
Capital increase* 19,514 385,096 0 0 0 404,610 0 404,610
Transfer 0 -989,153 0 0 989,153 0 0 0
Purchase of treasury shares 0 0 -552 0 0 -552 0 -552
Transactions with owners in their capacity as
owners 19,514 -604,057 -552 0 989,153 404,058 -977 403,081
As at 31 December 2024 38,283 0 -19,697 12,220 127,237 158,043 15,395 173,438
*Capital increase was settled by DKK 61,375 million in cash and DKK 343,236 million through debt conversion.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2023
IN THOUSANDS DKK
SHARE
CAPITAL
SHARE
PREMIUM
RESERVE FOR
TREASURY SHARES
FOREIGN
CURRENCY
TRANSLATION
RESERVE
RETAINED
EARNINGS
EQUITY
ATTRIBUTABLE TO
THE OWNERS OF
THE GROUP
NON-
CONTROLLING
INTERESTS
TOTAL
EQUITY
As at 1 January 2023 18,425 562,101 -17,745 -2,193 -220,693 339,895 20,546 360,441
Correction of misstatement 0 0 0 0 -20,111 -20,111 0 -20,111
Adjusted equity as at 1 January 2023 18,425 562,101 -17,745 -2,193 -240,804 319,784 20,546 340,330
Loss for the period 0 0 0 0 -570,370 -570,370 -698 -571,068
Other comprehensive income 0 0 0 2,669 0 2,669 -63 2,606
Total comprehensive income 0 0 0 2,669 -570,370 -567,701 -761 -568,462
Dividends 0 0 0 0 0 0 -689 -689
Capital increase 344 41,956 0 0 0 42,300 0 42,300
Purchase of treasury shares 0 0 -1,400 0 0 -1,400 0 -1,400
Transactions with non-controlling interests 0 0 0 0 3,343 3,343 -3,343 0
Transactions with owners in their capacity as
owners 344 41,956 -1,400 0 3,343 44,243 -4,032 40,211
As at 31 December 2023 18,769 604,057 -19,145 476 -807,831 -203,674 15,753 -187,921
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS
29 REKOM ANNUAL REPORT 2024
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December 2024
IN THOUSANDS DKK NOTES 2024 2023
Cash ows from operating activities
Operating prot before depreciation, amortisation and special items
(EBITDA) for continued operations 234.338 252.014
Operating prot before depreciation, amortisation and special items
(EBITDA) for discontinued operations 26 18.957 40.418
Changes in net working capital 19 -118.492 36.146
Cash ows from operating activities before special items, nancials
and tax 134.803 328.578
Special Items 8, 26 -25.687 -90.273
Interest received 10.247 10.738
Interest paid -5.830 -117.251
Interest paid on lease contracts -37.012 -68.780
Income taxes paid 2.088 -19.044
Cash ow from operating activities (CFFO) 78.609 43.968
Cash ows from investing activities
Acquisition of subsidiaries, net of cash acquired 25 -6.275 -92.671
Purchase of intangible assets 13 -5.873 -20.239
Purchase of property, plant and equipment 14 -33.621 -115.987
Proceeds from the sale of property, plant and equipment 1.422 2.093
Purchase of right-of-use assets 0 -7.901
Proceeds from deposits 1.038 980
Cash ow from investing activities (CFFI) -43.309 -233.725
Free cash ow (FCF) 35.300 -189.757
Cash ows from nancing activities
Repayment of borrowings 17 -32.740 -84.427
Proceeds from borrowings 17 0 263.049
Repayment of lease liabilities 15 -124.542 -153.549
Dividends paid to non-controlling interests in subsidiaries -977 -689
Equity shareholder increase 20 61.375 42.300
Purchase of own shares -552 -1.400
Other adjustments 10.533 2.565
Cash ow from nancing activities (CFFF) -86.903 67.849
Changes in cash and cash equivalents -51.603 -121.908
Cash and cash equivalents at the beginning of the nancial year 78.423 196.836
Eects of exchange rate changes on cash and cash equivalents -1.652 3.495
Cash and cash equivalents at end of year 25.167 78.423
ADJUSTED FREE CASH FLOW
For the year ended 31 December 2024
IN THOUSANDS DKK NOTES 2024 2023
Free cash ow 35.300 -189.757
Net acquisition and capex of subsidiaries and activities 6.275 92.671
Special items 25.687 90.273
Repayment of lease liabilities (IFRS 16 reversed) -124.542 -153.549
Adjusted free cash ow -57.280 -160.362
Adjusted free cash ow comprises of free cash ow adjusted for payments for acquisition of subsidiaries and
activities including payments for property, plant & equipment to bring the acquisition to the desired state before
operations commences, lease liability repayments, interests paid on lease liabilities and special items.
Please refer to note 26 for an overview of how discontinued operations aected cash ow statement in 2024. The
eect of discontinued operations can be summed up as per below.
2024 - IN THOUSANDS DKK GROUP
DISCONT.
OPERATIONS
CONT.
OPERATIONS
Cash ow from operating activities (CFFO) 78.609 -19.201 97.810
Cash ow from investing activities (CFFI)
-43.309 -7.561 -35.748
Free cash ow (FCF) 35.300 -26.762 62.062
Cash ow from nancing activities (CFFF) -86.903 29.238 -116.141
Changes in cash and cash equivalents -51.603 2.476 -54.079
2023 - IN THOUSANDS DKK GROUP
DISCONT.
OPERATIONS
CONT.
OPERATIONS
Cash ow from operating activities (CFFO) 43.968 -70.824 114.792
Cash ow from investing activities (CFFI)
-233.725 -43.177 -190.548
Free cash ow (FCF) -189.757 -114.001 -75.756
Cash ow from nancing activities (CFFF) 67.849 43.106 24.743
Changes in cash and cash equivalents -121.908 -70.895 -51.013
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS
TABLE OF CONTENTS
NOTE 1 Summary of signicant accounting policies ...................................................................................................................53
NOTE 2 Signicant estimates and judgements ............................................................................................................................... 54
NOTE 3 Going concern ................................................................................................................................................................................................... 54
NOTE 4 Revenue .................................................................................................................................................................................................................... 54
NOTE 5 Sta costs...............................................................................................................................................................................................................54
NOTE 6 Other operating Income .......................................................................................................................................................................55
NOTE 7 Depreciation, amortisation and impairment ...............................................................................................................56
NOTE 8 Special items ...................................................................................................................................................................................................... 56
NOTE 9 Financial income and expenses .................................................................................................................................................... 57
NOTE 10 Income tax expense ..................................................................................................................................................................................57
NOTE 11 Deferred tax assets .................................................................................................................................................................................... 58
NOTE 12 Intangible assets .......................................................................................................................................................................................... 59
NOTE 13 Property, plant and equipment .................................................................................................................................................60
NOTE 14 Leases ......................................................................................................................................................................................................................62
NOTE 15 Impairment tests .......................................................................................................................................................................................... 63
NOTE 16 Financial ASSETS AND LIABILITIES ..........................................................................................................................64
NOTE 17 Financial risk management ............................................................................................................................................................ 65
NOTE 18 Cash ow specications ..................................................................................................................................................................... 66
NOTE 19 Share capital ....................................................................................................................................................................................................67
NOTE 20 Treasury shares ........................................................................................................................................................................................... 68
NOTE 21 Share-based payments.......................................................................................................................................................................69
NOTE 22 Capital management .......................................................................................................................................................................... 69
NOTE 23 Contingent liabilities, commitments and contingencies ............................................................................. 70
NOTE 24 Business combinations.........................................................................................................................................................................70
NOTE 25 Related party transactions ............................................................................................................................................................72
NOTE 26 Fee to auditors appointed at the general meeting .........................................................................................72
NOTE 27 Interests in other entities ....................................................................................................................................................................73
NOTE 28 Subsequent events....................................................................................................................................................................................75
NOTE 29 First time adoption of IFRS ..........................................................................................................................................................75
30 REKOM ANNUAL REPORT 2024
30 REKOM ANNUAL REPORT 2024
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
TABLE OF CONTENTS
NOTE 1 Summary of signicant accounting policies ............................................................................................................ 31
NOTE 2 Signicant estimates and judgements ........................................................................................................................... 32
NOTE 3 Going concern ..................................................................................................................................................................................................32
NOTE 4 Revenue .................................................................................................................................................................................................................... 32
NOTE 5 Sta costs .............................................................................................................................................................................................................. 32
NOTE 6 Other operating Income ....................................................................................................................................................................33
NOTE 7 Depreciation, amortization and impairment ......................................................................................................... 33
NOTE 8 Special items .....................................................................................................................................................................................................34
NOTE 9 Financial income and expenses................................................................................................................................................35
NOTE 10 Income tax expense ..................................................................................................................................................................................35
NOTE 11 Deferred tax ......................................................................................................................................................................................................36
NOTE 12 Investments in associates .................................................................................................................................................................37
NOTE 13 Intangible assets .......................................................................................................................................................................................... 37
NOTE 14 Property, plant and equipment ................................................................................................................................................39
NOTE 15 Leases ........................................................................................................................................................................................................................40
NOTE 16 Impairment tests ........................................................................................................................................................................................... 41
NOTE 17 Financial assets and liabilities ...................................................................................................................................................42
NOTE 18 Financial risk management ...........................................................................................................................................................44
NOTE 19 Cash ow specications .....................................................................................................................................................................45
NOTE 20 Share capital .....................................................................................................................................................................................................46
NOTE 21 Treasury shares .............................................................................................................................................................................................. 47
NOTE 22 Share-based payments ....................................................................................................................................................................... 48
NOTE 23 Capital management.............................................................................................................................................................................48
NOTE 24 Contingent liabilities, commitments and contingencies ..........................................................................49
NOTE 25 Business combinations ..........................................................................................................................................................................49
NOTE 26 Discontinued operations ................................................................................................................................................................... 50
NOTE 27 Related party transactions ............................................................................................................................................................. 51
NOTE 28 Fee to auditors appointed at the general meeting .......................................................................................51
NOTE 29 Interests in other entities ................................................................................................................................................................... 52
NOTE 30 Subsequent events .....................................................................................................................................................................................54
31 REKOM ANNUAL REPORT 2024
NOTE 1 SUMMARY OF MATERIAL ACCOUNTING POLICIES
NOTE 1 SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONTINUED)
The Consolidated Financial Statements of REKOM
Group Holding ApS and its subsidiaries (‘the Group’) for
the year ended 31 December 2024 has been approved
by the Board of Directors at its meeting on 21 February
2025 and will be presented to the shareholders of
REKOM Group Holding ApS for approval on the annual
general meeting.
The material accounting policies adopted in the
preparation of these Consolidated Financial Statements
are stated in this note as well as below in the relevant
notes. These policies have been consistently applied to
all the years presented.
The Consolidated Financial Statements are for the
Group consisting of REKOM Group Holding ApS and its
subsidiaries.
Basis of preparation
The Consolidated Financial Statements of the Group
have been prepared in accordance with IFRS accounting
standards as adopted by the EU as well as additional
Danish disclosure requirements applying to entities of
reporting class C for large enterprises.
The Consolidated Financial Statements have been
prepared on a historical cost basis, except for certain
nancial instruments measured at fair value.
The Consolidated Financial Statements are presented in
Danish Kroner (DKK) and all values are rounded to the
nearest thousand, except when otherwise indicated.
PRINCIPLES OF CONSOLIDATION
Subsidiaries
Subsidiaries are all entities over which the Group has
control. The Group controls an entity where the Group
is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to aect
those returns through its power to direct the activities of
the entity. Subsidiaries are fully consolidated from the
date on which control is transferred to the Group. They
are deconsolidated from the date that control ceases.
The acquisition method of accounting is used to account
for business combinations by the Group.
Intercompany transactions, balances and unrealized
gains on transactions between Group companies are
eliminated. Unrealized losses are also eliminated unless
the transaction provides evidence of an impairment of
the transferred asset. Accounting policies of subsidiaries
have been changed where necessary to ensure
consistency with the policies adopted by the Group.
Non-controlling interests in the results and equity of
subsidiaries are shown separately in the consolidated
statement of prot or loss, statement of comprehensive
income, statement of changes in equity and balance
sheet respectively.
Prior period adjustment - Correction of material
misstatement
During the current period, management identied that
the fair value of the contingent consideration related
to the business combination with SPIVI in 2023 was
understated by DKK 22.5 million. This error resulted in an
understatement of the purchase price allocated goodwill
by the same amount. In accordance with IAS 8, prior
period nancial statements have been retrospectively
adjusted - reected both in the restated comparatives
and in the opening balances of related disclosures. The
understatement did not aect prot for the year or equity
in 2023. The contingent consideration was settled in 2024.
During the current period, management identied
that deferred tax assets had been overstated by DKK
20.1 million. Moreover, management identied that
sta costs had been understated by DKK 7.7 million. In
accordance with IAS 8, prior period nancial statements
have been retrospectively adjusted - reected both in
the restated comparatives and in the opening balances
of retained earnings.
FOREIGN CURRENCY TRANSLATION
Functional and presentation currency
Items included in the nancial statements of each of
the Group’s entities are measured using the currency of
the primary economic environment in which the entity
operates (‘the functional currency’).
Transactions and balances
Foreign currency transactions are translated into the
functional currency using the exchange rates at the
dates of the transactions. Foreign exchange gains and
losses resulting from the settlement of such transactions,
and from the translation of monetary assets and
liabilities denominated in foreign currencies at year end
exchange rates, are generally recognized in prot or loss.
They are deferred in equity if they are attributable to
part of the net investment in a foreign operation.
The results and nancial position of foreign operations
that have a functional currency dierent from Danish
Kroner are translated into Danish Kroner as follows:
• assets and liabilities for each balance sheet
presented are translated at the closing rate at the
date of that balance sheet
• income and expenses for each statement of prot
or loss and statement of comprehensive income are
translated at average exchange rates, and
• all resulting exchange dierences are recognized in
other comprehensive income
On consolidation, exchange dierences arising from
the translation of any net investment in foreign entities
are recognized in other comprehensive income. When
a foreign operation is sold the associated exchange
dierences are reclassied to prot or loss, as part of
the gain or loss on sale.
Goodwill and fair value adjustments arising on the
acquisition of a foreign operation are treated as assets
and liabilities of the foreign operation and translated at
the closing rate.
Foreign currency translation reserve
Exchange dierences arising on translation of the
parent company and of foreign controlled entities into
DKK, are recognized in other comprehensive income and
accumulated in a separate reserve within equity. The
cumulative amount is reclassied to prot or loss when
the net investment is disposed of.
Presentation of discontinued operations
Discontinued operations constitute a signicant part
of the company if activities and cash ows can be
operationally and nancially clearly distinguished from
the rest of the company, and where the unit has either
been disposed of or is classied as held for sale, with
the sale expected to be completed within one year in
accordance with a formal plan.
The result after tax from discontinued operations and
value adjustments after tax, as well as gains/losses from
sales, are presented on a separate line in the income
statement with adjustments for comparative gures. The
notes disclose revenue, costs, value adjustments, and tax
related to the discontinued operation.
Cash ows from operating, investing, and nancing
activities for the discontinued operations are disclosed
in a note.
Cash ow statement
The Cash Flow Statement shows the Group’s cash ows
for the year broken down by operating, investing and
nancing activities, changes for the year in cash and
cash equivalents as well as the Group’s cash and cash
equivalents at the beginning and end of the year.
Cash ows from operating activities are calculated using
the indirect method based on operating prot before
depreciation, amortisation (EBITDA) and special items
adjusted for non-cash operating items, changes in net
working capital, nancial items and taxes paid. Working
capital comprises current assets less short-term debt,
excluding items included in cash and cash equivalents.
The Cash Flow Statement cannot be derived directly
from the balance sheet and income statement.
Cash ows from investing activities comprise cash ows
from acquisitions and disposals of businesses and non-
current assets.
Cash ows from nancing activities comprise cash ows
from the raising and repayment of long-term debt
and principal element on lease payments as well as
payments to and from shareholders.
Cash and cash equivalents comprises cash and bank
balances.
Cost of goods sold
Costs of goods sold comprise costs regarding goods
directly associated to achieve revenue for the year.
Other external expenses
Other external expenses comprise expenses for
marketing, IT, other premises cost, promotion, travelling
as well as other sales and administrative expenses.
Inventories
Inventories are measured at the lower of cost and
net realizable value under the FIFO method. The
net realizable value of inventories is calculated at
the amount expected to be generated by sale of the
inventories in the process of normal operations with
deduction of selling expenses.
Other receivables
Other receivables comprise government compensation,
marketing contributions and deposits.
Prepayments
Prepayments comprise prepaid expenses concerning
acquisitions, insurance premiums and subscriptions.
Key gures
The nancial ratios have been calculated in accordance
with the recommendations of the Association of Danish
Financial Analysts. Please see section for key denitions
and terms.
New and amended standards adopted by the group
For the year ended 31 December 2024, the Group
has adopted the amendments to IAS 1 concerning the
classication of non current borrowings and the related
disclosure of covenants. Under these amendments, a
liability is classied as non current if the Group’s right
to defer settlement for at least 12 months exists at the
reporting date, with only those covenants requiring
compliance on or before that date aecting the
classication. The adoption has been applied has not
materially aected consolidated nancial statements.
In addition, amendments issued in 2024 to IAS 7/IFRS
7 regarding supplier nance arrangements and to IFRS
16 regarding sale and leaseback transactions have been
published. The Group has evaluated these changes and
determined that they did not have a material impact on
the nancial statements.
New standards and interpretations not yet adopted
IASB has issued new or amended accounting standards
and interpretations that have not yet become eective
and have consequently not been implemented in
the consolidated nancial statements for 2024. The
Group expects to adopt the accounting standards and
interpretations as they become mandatory.
In 2024, IASB issued IFRS 18 ‘Presentation and
Disclosure in Financial Statements’ which replaces
IAS 1 ‘Presentation of Financial Statements’. The
Group is currently working to identify all impacts
the amendments will have on the primary nancial
statements and notes to the nancial statements.
Besides that, the new or amended standards or
interpretations are not expected to have a signicant.
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
32 REKOM ANNUAL REPORT 2024
NOTE 4 REVENUE
Disaggregation of revenue from contracts with customers
Revenue from external customers relate to the sale of goods on a retail and wholesale basis and is recognized at a
point in time, and is derived in the following geographical regions:
2024
IN THOUSANDS DKK
DENMARK NO RWAY FINLAND UK SWEDEN TOTAL
Venues
612,645 315,921 79,643 0 0 1,008,209
Wholesale 18,179 62,485 6,694 747 45,424 133,529
Total revenue 630,824 378,406 86,337 747 45,424 1,141,738
2023
IN THOUSANDS DKK
DENMARK NO RWAY FINLAND UK SWEDEN TOTAL
Venues 735,237 397,058 137,899 0 0 1,270,194
Wholesale 5,584 45,844 7,448 893 42,315 102,084
Total revenue 740,821 442,902 145,347 893 42,315 1,372,278
ACCOUNTING POLICY
The Group operates chains of nightclubs and bars
selling goods to customers. Revenue from the sale of
goods is recognized when an entity sells a good to the
customer. Payment of the transaction price is usually
due immediately when the customer purchases the
good and takes delivery. Revenue is presented net of
any discounts provided on location or through loyalty
programs, i.e. NightPay.
The Group runs events either wholly owned or as a
service partner. For these events, payment for tickets
or services provided may vary from the event held or
the service delivered. As such, revenue is recognized
when the obligation assumed by the Group has been
fullled, i.e. on the day when an event is held and
completed.
Revenue from the sale of goods through wholesale
revenue streams is recognised at a point in time when
control of the goods has been transferred to the
customer, which typically occurs upon delivery.
Revenue is recognized exclusive of any tax or duties
paid by the customer.
NOTE 5 STAFF COSTS
IN THOUSANDS DKK
2024 2023
Wages and salaries 330,123 419,347
Pension cost, dened contribution plans 8,980 11,912
Other social security costs 22,510 23,654
Other sta costs 12,219 19,785
Total 373,832 474,698
Average number of employees 655 862
Key management personnel compensation
Key management personnel consists of the Executive Management and the Board of Directors. The compensation
paid or payables to key management personnel for employee services is shown below:
NOTE 2 SIGNIFICANT ESTIMATES AND JUDGEMENTS
The preparation of nancial statements requires the use
of accounting estimates which, by denition, will seldom
equal the actual results. Management also needs to
exercise judgement in applying the Group’s accounting
policies.
This note provides an overview of the areas that
involved a higher degree of judgement or complexity,
and of items which are more likely to be materially
adjusted due to estimates and assumptions turning out
to be wrong. Detailed information about each of these
estimates and judgements is included in other notes
together with information about the basis of calculation
for each aected line item in the nancial statements.
Signicant estimates made relate to:
• Impairment of PPE, intangibles and leases (note 7)
• Recognition of deferred tax assets (note 11)
• Determination of lease term (note 15)
• Impairment of goodwill (note 16)
• Business combinations (note 25)
NOTE 3 GOING CONCERN
REKOM had a challenging 2023, but has in 2024
streamlined the business and reduced the cost base so
REKOM now is on on the right economic development
track.
This development is driven by a combination of
improvement in our operating margins, a sizeable
pruning of our venue base, a signicant reduction
of company overheads and a range of completed
turnaround measures to adapt the company to
prevailing market conditions. Market conditions that are
looking more promising in 2025, as all markets REKOM
operates in are expected to improve.
REKOM has disposed REKOM UK (CC STIM UK
TopCo Ltd) in May 2024. Subsequently REKOM has
re-negotiated their loan agreements in June 2024 with
an extension beyond 2025.
Management has faith in REKOM performing
according to the Board approved budget for 2025 but
has also prepared contingency plans in case of negative
budget deviation. In all scenarios, management is
condent that REKOM will comply with covenants in
loan agreements.
The nance agreement of REKOM has covenants that
are sensitive to and depending on REKOM performance
on EBITDA and liquidity. REKOM has met all these in
2024. (Covenants are described further in note 15)
And based on the approved budget for 2025,
Management has prepared dierent scenarios with
assumptions on expectations to revenue, consumer
behavior, costs, rents, wages and capex etc. to stress
that the liquidity is robust enough to carry out the plans
in 2025.
Management assesses that REKOM has sucient
liquidity and capital resources to continue operations
and funding growth throughout 2025.
Management therefore submits the annual report for
2024 on the assessment of going concern.
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
33 REKOM ANNUAL REPORT 2024
NOTE 5 STAFF COSTS (CONTINUED)
IN THOUSANDS DKK 2024 2023
Executive Management
Wages and salaries 8,456 7,532
Dened contribution plans 0 0
Other social security costs 278 131
Total 8,734 7,663
Board of Directors
Wages and salaries 300 800
Dened contribution plans 0 0
Other social security costs 0 0
Total 300 800
ACCOUNTING POLICY
Sta expenses comprise direct wages and salaries,
remuneration, pension costs etc.
For dened contribution plans, the Group pays
contributions to publicly or privately administered
pension insurance plans on a mandatory basis. The
Group has no further payment obligations once the
contributions have been paid. The contributions are
recognized as employee benet expense when they
are due.
NOTE 6 OTHER OPERATING INCOME
Government compensation is comprised of compensation of costs, salaries or losses already incurred and recognized,
All government compensation are related to COVID-19 settlements.
2024
IN THOUSANDS DKK DENMARK NO RWAY FINLAND TOTAL
Government compensation 4,316 3,529 0 7,845
Other income 5,940 0 0 5,940
Total other operating income 10,256 3,529 0 13,785
2023
IN THOUSANDS DKK DENMARK N ORWAY FINLAND TOTAL
Government compensation 8,807 2,023 0 10,830
Other income 2,196 25 1 2,222
Total other operating income 11,003 2,048 1 13,052
NOTE 7 DEPRECIATION, AMORTIZATION AND IMPAIRMENT
IN THOUSANDS DKK
2024 2023
Depreciation of property, plant and equipment 38,963 54,406
Depreciation of right-of-use assets 99,173 120,803
Amortization of intangible assets 36,822 22,557
Gain and loss on disposal -427 -1,105
Depreciation and amortization 174,531 196,661
Impairment of property, plant and equipment 69 6,449
Impairment of intangible assets 6,298 0
Impairment 6,367 6,449
Total depreciation, amortization and impairment 180,898 203,110
Impairment of property, plant and equipment as special items -1,233 79,874
Impairment of right-of-use assets as special items -27,090 32,166
Impairment of intangible assets as special items 28,350 126,805
Impairment presented as special items 27 238,845
Total depreciation, amortization and impairment including special items 180,925 441,955
SIGNIFICANT ESTIMATES AND JUDGEMENTS
In the classication of special items, judgement is
applied in ensuring that only exceptional items not
associated with the ordinary operations of the Group
are included. As such, it has been assessed that any
assets impaired due to the restructuring as part of
the Back in Shape plan is considered special items
as these procedures are not part of the ordinary
operations. Any assets impaired as part of ordinary
impairment assessment procedures has been classied
and presented as ordinary impairment.
REKOM implemented its Back in Shape plan in 2023
which resulted in signicant impaitment of asseets.
Please refer to the annual report for the nancial year
2023 for further information. However, some venues
turned around during 2024 and signicantly improved
their results due to demand and adjustments of the
experience oered at these 4 venues. As such it has
been decided to reverse the impairment performed
in 2023. Most impairment performed in 2023 was
done to special items. Therefore, reversal of these
impairments are booked as in income to special items
in 2024.
ACCOUNTING POLICY
Compensation from the government are recognized at
their fair value where there is a reasonable assurance
that the grant will be received and the Group will
comply with all attached conditions. When the grant
relates to an expense item, it is recognized as income
on a systematic basis over the periods that the related
costs, for which it is intended to compensate, are
expensed.
NOTE 6 OTHER OPERATING INCOME (CONTINUED)
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
34 REKOM ANNUAL REPORT 2024
NOTE 8 SPECIAL ITEMS
Special items are used in connection with the presentation of prot or loss for the year to distinguish consolidated
operating prot from exceptional items, which by their nature are not related to the Group’s ordinary operations or
investment in future activities.
Special items reconcile to the income statement items as specied in the table below:
IN THOUSANDS DKK 2024 2023
One-o consulting costs 1,366 -161
Transaction costs 2,816 4,852
Financing-related costs 1,321 10,963
Restructuring 6,087 40,558
Closed and refurbished venues 2,156 11,635
Insurance claims -3,785 -4,608
Cases and settlements -1,157 2,515
Total special items 8,804 65,754
Reversal of impairment from restructuring prior years -35,557 0
Impairment from restructuring 35,584 238,845
Total special items incl. impairment 8,831 304,599
IN THOUSANDS DKK 2024 2023
SPECIAL ITEMS BRIDGE
REPORTED
INCOME
STATEMENT
SPECIAL
ITEMS
ADJUSTED
INCOME
STATEMENT
REPORTED
INCOME
STATEMENT
SPECIAL
ITEMS
ADJUSTED
INCOME
STATEMENT
Revenue 1,141,738 0 1,141,738 1,372,278 0 1,372,278
Costs of goods sold -289,594 0 -289,594 -317,746 0 -317,746
Other external expenses -257,759 -10,932 -268,691 -340,872 -25,196 -366,068
Sta costs -373,832 -2,814 -376,646 -474,698 -40,558 -515,256
Other operating income 13,785 4,942 18,727 13,052 0 13,052
Operating prot before
depreciation, amortisation
(EBITDA) and special items 234,338 -8,804 225,534 252,014 -65,754 186,260
Depreciation, amortisation and
impairment -180,898 -27 -180,925 -203,110 -238,845 -441,955
EBIT 53,440 -8,831 44,609 48,904 -304,599 -255,695
Special items -8,831 8,831 0 -304,599 304,599 0
NOTE 8 SPECIAL ITEMS (CONTINUED)
ACCOUNTING POLICY
Special items comprise costs and income which by
their nature are not related to the Group’s ordinary
operations or investments in future activities. This
includes, but is not limited to, transaction costs, gains
on bargain purchases relating to the acquisition of
subsidiaries and activities, and restructuring costs.
The Group also accounts for costs incurred by venues
before operations begin or after the closure of
operations at a venue, classifying them as related to
closed and refurbished venues, which are not part of
the ordinary operations.
Under certain circumstances impairment would also
be comprised of special items. This is in the event of
group-wide strategic change which requries signicant
adjustments to the current operations. This would not
be classied as part of ongoing operations, as it is a
major change to the current strategy and operation.
SIGNIFICANT JUDGEMENT
In the classication of special items, judgement is
applied in ensuring that only exceptional items not
associated with the ordinary operations of the Group
are included. The judgements and assessments are
as follows: One-o consulting costs mainly relate to
M&A investigations, which never materialized or fees
paid regarding services, which are not expected to
be needed again. Transactional costs mainly relate
to the Spivi transaction and any additional costs this
transaction might have caused.
Due to the pressure on the disposable income in
households stemming from the cost of living crisis
REKOM saw it necessary to act swiftly when trading
was much more negative than expected. As such,
REKOM deployed a large-scale Back in Shape plan
to bring the Group back on track. This forced REKOM
to take extraordinary measures in use to bring the
Group back on track. This included, but is not limited
to, a major pruning of the venue portfolio and the
platform costs hereunder HQ sta. Under normal
operations, this would have never been performed to
this scale. Therefore, the Group sees this as a special
item. In 2024 we reversed impairment as impairment
circumstances changed materialy for some impaired
CGU’s.
Restructuring costs mainly include salaries paid to
redundant employees in notice periods and severance
payments. Further, it also holds any liabilities assumed
before the balance sheet date such as notice period
payments in coming periods and legal & consultancy
fees incurred as part of the restructuring.
Please see note 7 for an explanation of the
signicant judgement associated with classication
of impairment from restructuring including business
areas aected by impairment.
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
35 REKOM ANNUAL REPORT 2024
NOTE 10 INCOME TAX EXPENSE
IN THOUSANDS DKK 2024 2023
Current tax
Current tax on prots for the year 0 -134
Adjustments for current tax of prior periods 0 -4,570
Adjustments for deferred tax of prior periods -460 -4,289
Deferred tax -2,308 -42,210
Income tax expense -2,768 -51,203
Loss before taxes -57,492 -429,089
Reconcilliation of eective tax rate
Tax when using the danish tax rate of 22% (2023: 22%) 12,648 94,400
Impact of foreign tax rates on the tax rate -764 -1,584
11,884 92,816
Tax eects of amounts which are not deductible (taxable)
Non-deductible expenses incl, interest deduction limitations -607 -14,903
Deferred tax asset not recognized -7,641 -17,541
Impairment without tax eect 0 -17,025
Other timing dierences -868 -364
Adjustments for current tax of prior periods 0 8,220
-9,116 -41,613
Income tax expense 2,768 51,203
ACCOUNTING POLICY
The income tax expense or credit for the period
is the tax payable on the current period’s taxable
income, based on the applicable income tax rate for
each jurisdiction, adjusted by changes in deferred
tax assets and liabilities attributable to temporary
dierences and to unused tax losses.
The current income tax charge is calculated on the
basis of the tax laws enacted or substantively enacted
at the end of the reporting period in the countries
where the company and its subsidiaries and associates
operate and generate taxable income. Management
periodically evaluates positions taken in tax returns
with respect to situations in which applicable tax
regulation is subject to interpretation and considers
whether it is probable that a taxation authority
will accept an uncertain tax treatment. The group
measures its tax balances either based on the most
likely amount or the expected value, depending on
which method provides a better prediction of the
resolution of the uncertainty.
Deferred tax is provided in full using the liability
method on temporary dierences arising between the
tax bases of assets and liabilities and their carrying
amounts in the consolidated nancial statements.
However, deferred tax liabilities are not recognized if
they arise from the initial recognition of goodwill.
Deferred tax is also not accounted for if it arises
from initial recognition of an asset or liability in a
transaction other than a business combination that, at
the time of the transaction, aects neither accounting
nor taxable prot or loss. Deferred tax is determined
using tax rates (and laws) that have been enacted
or substantively enacted by the end of the reporting
period and are expected to apply when the related
deferred income tax asset is realized or the deferred
tax liability is settled.
NOTE 9 FINANCIAL INCOME AND EXPENSES
IN THOUSANDS DKK 2024 2023
Financial income
Interest income 5,435 2,638
Gain on debt conversion 70,755 0
Share of associates’ prot after tax 827 0
Foreign exchange rate gains 4.812 4,704
Total nancial income 81,829 7,342
Financial expenses
Interest paid on borrowings
145,871 130,493
Amortization of loan costs
7,740 5,060
Interest paid on lease liabilities 30,319 41,215
Total interest expense related to nancial liabilities not at fair value
through prot or loss 183,930 176,768
Share of associates’ prot after tax 0 569
Loss on disposals of investments 0 3,399
Total nancial expenses 183,930 180,736
ACCOUNTING POLICY
Financial income and expenses (net nancial items)
include interest income and expenses calculated in
accordance with the eective interest method as well
as exchange rate gains and losses on foreign currency
transactions and share of associates prot after
tax using the equity method. Financial income and
expenses are recognized in the income statement at
the amounts relating to the nancial year.
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
36 REKOM ANNUAL REPORT 2024
NOTE 11 DEFERRED TAX (CONTINUED)
ACCOUNTING POLICY
Deferred tax assets are recognized only if it is
probable that future taxable amounts will be
available to utilise those temporary dierences and
losses.
Deferred tax liabilities and assets are not recognized
for temporary dierences between the carrying
amount and tax bases of investments in foreign
operations where the company is able to control the
timing of the reversal of the temporary dierences
and it is probable that the dierences will not reverse
in the foreseeable future.
Deferred tax assets and liabilities are oset where
there is a legally enforceable right to oset current
tax assets and liabilities and where the deferred
tax balances relate to the same taxation authority.
Current tax assets and tax liabilities are oset where
the entity has a legally enforceable right to oset and
intends either to settle on a net basis, or to realise the
asset and settle the liability simultaneously.
Current and deferred tax is recognized in prot
or loss, except to the extent that it relates to items
recognized in other comprehensive income or directly
in equity. In this case, the tax is also recognized
in other comprehensive income or directly in equity,
respectively.
SIGNIFICANT ESTIMATES AND JUDGEMENTS
Recognition of deferred tax assets
The deferred tax assets include an amount of
DKK 48.2 million (DKK 34.5 million in 2023) which
relates to carried-forward tax losses. The group has
concluded that the deferred assets will be recoverable
using the estimated future taxable income based on
the approved business plans and budgets. The losses
can be carried forward indenitely and have no expiry
date.
In line with the requirements in IAS 12, the deferred
tax assets and liabilities are oset as they have a
legal right to set o and relate to income tax with the
same taxation authority.
The recognized tax assets that relates to tax losses
carried forward, which is the result of previous years
taxable income, have all occurred after the beginning
of the COVID-19 pandemic. Management assess the
pandemic to be a very rare incident and as such an
anormaly.
In connection with the assessment of the utilization of
the tax assets, special emphasis has been placed on
this assessment, and the fact that all tax losses carry
forward are in markets, where the group now is well
established and these operations are expected to
generate positive results going forward.
The Group has unrecognized tax assets within Finland.
The unrecognised tax assets are in the range of DKK
29.5 millon (DKK 21.9 million in 2023), and has not
been recognized due to uncertainties of the utilization
within the next 5 years. There tax loss carried forward
is carried forward for 10 years in the local market and
begin to expire from 2028. A change in ownership of
the Group may result in restrictions on the Group’s
ability to use tax losses in certain juristications.
NOTE 11 DEFERRED TAX
IN THOUSANDS DKK 2024 2023
Deferred tax at the beginning of period 18,016 -26,117
Deferred tax recognized in the statement of prot or loss 22,419 69,393
Deferred tax recognized from business combinations -16,339 -16,536
Adjustments for deferred tax of prior periods 458 -8,182
Adjustments to deferred tax classication 0 0
Deferred tax recognized directly in equity 0 0
Exchange adjustment 135 -542
Deferred tax at year end 24,689 18,016
Deferred tax relates to:
Intangible assets -29,613 -31,214
Property, plant and equipment -2,860 -7,679
Right-of-use assets 10,949 17,599
Other assets -2,179 -2,145
Other liabilities 166 7,004
Tax losses carried forward 48,226 34,451
Total 24,689 18,016
Of which presented as deferred tax assets 24,689 18,016
Of which presented as deferred tax liabilities 0 0
Deferred tax at 31 December 24,689 18,016
Deferred tax asset not recognized in the balance sheet 29,517 59,520
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
37 REKOM ANNUAL REPORT 2024
NOTE 12 INVESTMENT IN ASSOCIATES
IN THOUSANDS DKK 2024 2023
Carrying amount:
At 1 January 2,115 2,242
Additions 0 1,300
Revaluation of investments in associates 827 -569
Dividends 0 0
Disposals -1,682 -858
Carrying amount 31 December 1,260 2,115
NAME PLACE OF OFFICE 2024 2023
I AM Drinks ApS Denmark 32% 32%
!ACT A/S Denmark 0% 50%
VI Älskar AB Sweden 0% 50%
ACCOUNTING POLICY
Investments in associates are measured using the
equity method.
The entities listed have share capital consisting
solely of ordinary shares, which are held directly by
the Group. The country of incorporation is also their
principal place of business, and the proportion of
ownership interest is the same as the proportion of
voting rights held.
NOTE 13 INTANGIBLE ASSETS
IN THOUSANDS DKK GOODWILL
ACQUIRED
LICENSES
ACQUIRED
BRANDS PATENTS
COMPLETED
DEVELOP
-
MENT PRO-
JECTS
DEVELOP
-
MENT PRO-
JECTS IN
PROGRESS TOTAL
Cost:
At 1 January 2024 900,705 267,258 98,490 2,581 66,322 16,327 1,351,683
Additions 5 0 0 26 5,775 -1,715 4,091
Disposals -77,977 -16,616 -64,582 -2,000 -7,134 0 -168,309
Transfers 0 0 0 0 8,159 -8,159 0
Exchange adjustments -4,043 -1,850 1,089 -1 57 0 -4,748
At 31 December 2024 818,690 248,792 34,997 606 73,179 6,453 1,182,717
Accumulated
depreciation and
impairment:
At 1 January 2024 107,645 86,797 58,706 433 31,388 0 284,969
Amortization for the year 0 18,523 3,183 48 15,068 0 36,822
Impairment for the year 27,369 75 897 0 6,307 0 34,648
Impairment and
depreciation on disposals
-67,634 -13,494 -44,970 -179 -5,053 0 -131,330
Exchange adjustment 1,363 -2,043 608 4 0 0 -68
At 31 December 2024 68,743 89,858 18,424 306 47,710 0 225,041
Carrying amount
31 December 2024 749,947 158,934 16,573 300 25,469 6,453 957,676
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
38 REKOM ANNUAL REPORT 2024
NOTE 13 INTANGIBLE ASSETS (CONTINUED)
IN THOUSANDS DKK GOODWILL
ACQUIRED
LICENSES
ACQUIRED
BRANDS PATENTS
COMPLETED
DEVELOP
-
MENT PRO-
JECTS
DEVELOP
-
MENT PRO-
JECTS IN
PROGRESS TOTAL
Cost:
At 1 January 2023 847,814 170,911 97,359 1,409 40,972 17,427 1,175,892
Additions 0 9,951 0 1,172 18,118 -1,100 28,141
Additions from business
combinations 62,344 88,231 0 0 7,153 0 157,728
Disposals 0 0 0 0 0 0 0
Other -4,400 0 0 0 0 0 -4,400
Exchange adjustments -5,053 -1,835 1,131 0 79 0 -5,678
At 31 December 2023 900,705 267,258 98,490 2,581 66,322 16,327 1,351,683
Accumulated
depreciation and
impairment:
At 1 January 2023 6,387 44,689 21,461 199 18,940 0 91,676
Amortization for the year 0 17,765 6,961 233 12,438 0 37,397
Impairment for the year 101,020 24,830 30,368 0 0 0 156,218
Exchange adjustments 238 -487 -84 1 10 0 -322
Impairment and
depreciation
on disposals
0 0 0 0 0 0 0
At 31 December 2023 107,645 86,797 58,706 433 31,388 0 284,969
Carrying amount
31 December 2023 793,060 180,461 39,784 2,148 34,934 16,327 1,066,714
NOTE 13 INTANGIBLE ASSETS (CONTINUED)
ACCOUNTING POLICY
Goodwill
Goodwill on acquisitions of subsidiaries is included in
intangible assets. Goodwill is not amortized but it is
tested for impairment annually, or more frequently
if events or changes in circumstances indicate that
it might be impaired, and is carried at cost less
accumulated impairment losses. Gains and losses on
the disposal of an entity include the carrying amount
of goodwill relating to the entity sold.
Goodwill is allocated to cashgenerating units (CGU)
for the purpose of impairment testing. The allocation
is made to those CGUs or groups of CGUs that are
expected to benet from the business combination in
which the goodwill arose. The units or groups of units
are identied at the lowest level at which goodwill is
monitored for internal management purposes.
Acquired licenses
Licenses acquired in a business combination are
recognized at fair value at the acquisition date. They
have a nite useful life and are subsequently carried
at cost less accumulated amortization and impairment
losses.
Patents and brands
Acquired patents and brands are shown at historical
cost. Patents and brands acquired in a business
combination are recognized at fair value at the
acquisition date. They have a nite useful life and
are subsequently carried at cost less accumulated
amortization and impairment losses.
Development projects
Costs associated with research are recognized as
an expense as incurred. Development costs that are
directly attributable to the design and testing of
identiable and unique software products controlled
by the Group are recognized as intangible assets
where the following criteria are met:
• it is technically feasible to complete the software
so that it will be available for use
• management intends to complete the software and
use or sell it
• there is an ability to use or sell the software
• it can be demonstrated how the software will
generate probable future economic benets
• adequate technical, nancial and other resources
to complete the development and to use or sell the
software are available, and
• the expenditure attributable to the software during
its development can be reliably measured.
Directly attributable costs that are capitalized as part
of a development project include employee costs and
an appropriate portion of relevant overheads.
Capitalized development costs are amortized from the
point at which the asset is ready for use.
Amortization methods and useful lives
The Group amortizes intangible assets with a limited
useful life, using the straight-line method over the
following periods:
Goodwill Not amortized
Acquired licenses 10-20 years
Acquired brands 10-15 years
Acquired patents 20 years
Completed development projects 3-10 years
Development projects in progress Not amortized
Development projects
Development projects comprises the cost directly related
to the development phase of new employee apps, the
further development of ERP including POS systems and
further development of the membership- and loyalty-app.
Goodwill, licenses, and brands
Goodwill, licenses, and brands comprises of values arising
from acquisition of subsidiaries and activities.
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
39 REKOM ANNUAL REPORT 2024
NOTE 14 PROPERTY, PLANT AND EQUIPMENT
IN THOUSANDS DKK
LAND AND
BUILDINGS
LEASEHOLD
IMPROVE-
MENTS
OTHER
FIXTURES,
FITTINGS AND
EQUIPMENT
PLANT AND
EQUIPMENT
IN PROGRESS TOTAL
Cost:
At 1 January 2024 1,934 521,786 321,569 15,531 860,820
Additions 0 9,743 10,902 12,976 33,621
Additions from business combinations 0 0 0 0 0
Transfers 0 28,604 0 -28,604 0
Disposals 0 -74,774 -175,125 0 -249,899
Exchange adjustment -5 -6,792 -1,193 97 -7,893
At 31 December 2024 1,929 478,567 156,153 0 636,649
Accumulated depreciation and
impairment:
At 1 January 2024 491 266,657 208,583 0 475,731
Depreciation for the year 50 24,393 14,520 0 38,963
Impairment for the year 0 -46 -23 0 -69
Impairment and depreciation of disposals 0 -49,004 -88,529 0 -137,533
Exchange adjustment -4 -4,058 -1,752 0 -5,814
At 31 December 2024 537 237,942 132,799 0 371,278
Carrying amount 31 December 2024 1,392 240,625 23,354 0 265,371
NOTE 14 PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
IN THOUSANDS DKK
LAND AND
BUILDINGS
LEASEHOLD
IMPROVE-
MENTS
OTHER
FIXTURES,
FITTINGS AND
EQUIPMENT
PLANT AND
EQUIPMENT
IN PROGRESS TOTAL
Cost:
At 1 January 2023 1,874 464,012 275,719 21,141 762,746
Additions 61 16,781 52,148 46,893 115,883
Additions from business combinations 0 0 380 0 380
Transfers 0 52,859 0 -52,859 0
Disposals 0 -3,402 -4,800 0 -8,202
Exchange adjustment -1 -8,464 -1,878 356 -9,987
At 31 December 2023 1,934 521,786 321,569 15,531 860,820
Accumulated depreciation and
impairment:
At 1 January 2023 359 152,793 128,003 0 281,155
Depreciation for the year 45 35,764 39,667 0 75,476
Impairment for the year 83 82,470 45,872 0 128,425
Exchange adjustment 4 -3,614 -3,405 0 -7,015
Impairment and depreciation of disposals 0 -756 -1,554 0 -2,310
At 31 December 2023 491 266,657 208,583 0 475,731
Carrying amount 31 December 2023 1,443 255,129 112,986 15,531 385,089
The impairment loss in 2023 relatet to impairment of xed assets in loss-making venues and to be exited as part of
the Back in Shape plan executed in 2023 and 2024.
ACCOUNTING POLICY
Property, plant and equipment is stated at historical
cost less depreciation. Historical cost includes
expenditure that is directly attributable to the
acquisition of the items.
Subsequent costs are included in the asset’s carrying
amount or recognized as a separate asset, as
appropriate, only when it is probable that future
economic benets associated with the item will ow to
the Group and the cost of the item can be measured
reliably. The carrying amount of any component
accounted for as a separate asset is derecognized
when replaced. All other repairs and maintenance are
charged to prot or loss during the reporting period in
which they are incurred.
The assets’ residual values and useful lives are
reviewed, and adjusted if appropriate, at the end of
each reporting period.
An asset’s carrying amount is written down
immediately to its recoverable amount if the asset’s
carrying amount is greater than its estimated
recoverable amount.
Gains and losses on disposals are determined by
comparing proceeds with carrying amount. These are
included in prot or loss.
Depreciation methods and useful lives
Depreciation is calculated using the straight-line
method to allocate the cost of the assets, net of their
residual values, over their estimated useful lives as
follows:
Land and buildings 50 years
Leasehold improvements 3-15 years
Other xtures, ttings and equipment 3-5 years
Plant and equipment in progress Not depreciated
Leasehold improvements are depreciated over the
lease term which usually is between 3 and 15 years.
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
40 REKOM ANNUAL REPORT 2024
NOTE 15 LEASES
The Group leases its venues, oces, warehouses, and vehicles. The vast majority of the Group’s leases are related
to property leases for venues, which are typically leased for 5-10 years.
In some leases extension or termination options are included as described below. The Group has both xed rent
and revenue-based rent contracts.
This note provides information for leases where REKOM is a lessee.
IN THOUSANDS DKK 2024 2023
Amounts recognized in the balance sheet
The balance sheet shows the following amounts relating to leases:
Right-of-use assets
Properties 371,125 708,606
Vehicles 0 344
Total right-of-use assets 371,125 708,950
Additions to right-of-use assets 2,439 44,140
Remeasurements to right-of-use assets 46,002 -143,431
Impairment of right-of-use assets 21,971 -32,166
Disposals of right-of-use assets -283,734 0
Exchange rate adjustments of right of use assets -7,872 -3,251
Lease liabilities
Current 128,346 151,328
Non-current 293,258 640,439
Total lease liabilities 421,604 791,767
Amounts recognized in the statement of prot or loss
The statement of prot or loss shows the following amounts relating to leases:
Depreciation charge of right-of-use assets
Properties 117,664 176,877
Vehicles 648 304
Totel depreciation of right-of-use assets 118,312 177,181
Interest expense on lease obligations 37,012 68,780
Expense relating to short-term leases 2,599 6,082
Expense relating to variable lease payments not included in lease obligations 4,359 9,910
Total cash outow for leases 168,512 238,321
NOTE 15 LEASES (CONTINUED)
ACCOUNTING POLICY
Whether a contract contains a lease is assessed at
contract inception. Lease agreements may contain
both lease and non-lease components. The Group
allocates the consideration in the contract to the lease
and non-lease components based on their relative
stand-alone prices.
Lease terms are negotiated on an individual basis
and contain a wide range of dierent terms and
conditions. The lease agreements do not impose
any covenants other than the security interests in
the leases assets that are held by the lessor. As the
Group’s lease activities mainly relate to property,
the terms and conditions applied in these leases are
governed by the local legislation in each country in
which the Group operates.
Assets and liabilities arising from a lease are initially
measured on a present value basis with the addition
of initial direct costs to assets. These are presented
as payments for right-of-use assets in the cash ow
statement. Lease obligations include the net present
value of the following lease payments:
• xed payments less any lease incentives receivable
• variable lease payments that are based on an
index or a
rate, initially measured using the index or rate as
the commencement date
• payments of penalties for terminating the lease if
the lease reects the Group exercising that option
Lease payment to be made under reasonably
certain extension options are also included in the
measurement of the liability. The Group has no
contracts with residual value guarantees.
The lease payments are discounted using the interest
rate implicit in the lease. If that rate cannot be readily
determined, which is generally the case for leases in
the Group, the lessee’s incremental borrowing rate is
used, being the rate that the individual lessee would
have to pay to borrow the funds necessary to obtain
an asset of similar value to the right-of-use asset in
a similar economic environment with similar terms,
security and conditions.
To determine the incremental borrowing rate, the
Group uses third-party nancing received as a
starting point, adjusted to reect
changes in nancing conditions since third party
nancing was received, then uses a build-up approach
on top third-party nancing. The build-up approach
applied adjusts for country, lease term, security, value,
country of the lease and the economic environment
for each lease.
The Group is exposed to potential future increases in
lease payments based on an index or a rate, which are
not included in the lease liability until they take eect.
When variable adjustments to lease payments based
on an index or a rate take eect, the lease liability
is reassessed and adjusted against the right-of-use
asset.
Lease payments are allocated between principal and
nance cost. The nance cost is charged to prot
or loss over the lease period to produce a constant
periodic rate of interest on the remaining balance of
the liability for each period.
Right-of-use assets are measured at cost comprising
the following:
• the amount of the initial measurement of lease
obligations
• any lease payments made at or before the com-
mencement
date less any lease incentives received
• any initial direct costs and
• reestablishment costs
Right-of-use assets are subsequently measured less
accumulated depreciation and impairment losses.
Right-of-use assets are depreciated over the lease
term on a straight-line basis. The Group has no leases
with purchase options.
Payments associated with short-term leases of
equipment and vehicles and all leases of low-value
assets are recognized on a straight-line basis as an
expense in prot or loss. Short-term leases are leases
with a lease term of 12 months or less.
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
41 REKOM ANNUAL REPORT 2024
NOTE 15 LEASES (CONTINUED)
SIGNIFICANT ESTIMATES AND JUDGEMENTS
Management has made estimates regarding,
among other, leases to be included, the lease term
of open-ended contracts, the utilization of exten-
sion and termination options, reestablishment pro-
visions, low-value and short-term contracts and the
incremental borrowing rate.
Most property lease agreements are open-end-
ed. For open-ended contracts, Management has
estimated the lease term using licenses and per-
missions regarding a given venue as the primary
guideline. The longer of the estimated lease period
and the non-cancellable period of a property lease
has been applied as the lease term when calcu-
lating the Group’s lease liabilities. For example,
if Management estimates the lease period for a
venue with an open-ended contract to be 8 years,
but the non-cancellable period is only 5 years, 8
years of lease obligation has been applied. If the
Group extended the estimated lease terms for all
open-ended contracts with one year, the total lease
liability as of 31 December 2024 would increase by
DKK 60,657 thousands or 14.4%.
Extension and termination options
Some property leases include extension and/or termin-
ation options. These are used to maximise exibility
in the Group’s operations. Management has included
the lease term impact of extension and termination
options in the lease term to the extent Management
nds it reasonably certain that extension options will
be utilized, and reasonably certain that termination
options will not be utilized. The following factors are
normally the most relevant:
• How the asset supports the strategic direction
of the Group including the location of the asset,
strategic t and the timing of the option being
exercisable (or the expiry of the option)
• If signicant penalties to terminate (or not extend)
the lease exists, the Group is more likely to not
terminate (or to extend)
• If any leasehold improvements hold signicant
value, the Group is more likely to extend (or not
terminate)
If the Group included all extension options in its esti-
mate, the lease liability as of 31 December 2024 would
increase DKK 59,396 thousands or 14.1%.
In 2023, the Group undertook a nuanced evalua-
tion of its lease portfolio, distinguishing between
contracts based on protability and strategic align-
ment. This involved an analysis using the fair value
less costs of disposal methodology. The evaluation
factored in the carrying amount of associated
lease liabilities directly tied to the disposal of the
CGU. Management’s approach to determing the
recoverable amounts involved weighing potential
proceeds from the disposal of assets and liabilities
after accounting for related expenses. This resulted
in impairment of right of use assets of for a total of
88.7 mDKK recognized as special items.
NOTE 16 IMPAIRMENT TESTS
Impairment tests for goodwill
Goodwill is monitored by Management at the country level, being Denmark, Norway and Finland. Goodwill has
been allocated to the smallest CGU within each country being the venue. When assessing goodwill management
compiles these to the country level and is referred to as the country CGU.
2024
IN THOUSANDS DKK DENMARK NORWAY FINLAND UK TOTAL
Goodwill 497,107 252,840 0 0 749,947
2023
IN THOUSANDS DKK DENMARK NORWAY FINLAND UK TOTAL
Goodwill 503,190 250,660 7,334 9,390 770,574
2024
KEY ASSUMPTIONS DENMARK N ORWAY
Budget
Average growth rate in the budget
period 2.0% 2.0%
Operating margin 14.8% 19.9%
Growth
Growth rate in the terminal period 2.0% 2.0%
Post-tax discount rate 9.3% 9.3%
2023
KEY ASSUMPTIONS DENMARK NO RWAY FINLAND UK
Budget
Average growth rate in the budget
period 2.0% 2.0% 2.0% 2.0%
Operating margin 13.4% 15.8% 4.8% 11.8%
Growth
Growth rate in the terminal period 2.0% 2.0% 2.0% 2.0%
Post-tax discount rate 8.8% 8.8% 9.0% 9.2%
ACCOUNTING POLICY (CONTINUED)
Goodwill is not subject to amortization and is tested
annually for impairment, or more frequently if events
or changes in circumstances indicate that they might
be impaired.
Other non-current assets are tested for impairment
whenever events or changes in circumstances indicate
that the carrying amount may not be recoverable. An
impairment loss is recognized for the amount by which
the asset’s carrying amount exceeds its recoverable
amount. The recoverable amount is the higher of an
asset’s fair value less costs of disposal and value in
use. For the purposes of assessing impairment, assets
are grouped at the lowest levels for which there are
separately identiable cash inows which are largely
independent of the cash inows from other assets or
groups of assets (cash-generating units).
Non-current assets other than goodwill that suered
an impairment are reviewed for possible reversal of
the impairment at the end of each reporting period.
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
42 REKOM ANNUAL REPORT 2024
NOTE 16 IMPAIRMENT TESTS (CONTINUED)
SIGNIFICANT ESTIMATES AND JUDGEMENTS
Key assumptions used for value-in-use calculations
For the 2024 and 2023 reporting periods, the
recoverable amount of goodwill of the CGUs was
determined based on value-in-use calculations which
require the use of assumptions. The calculations use
cash ow projections based on nancial budgets
approved by management, which only runs for
2025. Cash ows beyond the budgeted period are
extrapolated using the estimated growth rates stated
above until 2033. A terminal value of CGUs has been
calculated as well.
Management’s key assumptions relate to:
1) increasing margins
2) expected growth
While 2024 in general has been a challenging year
for consumer sectors due to the aftermath of the
ination of 2022 and 2023. As such REKOM has
tweaked its platform to be leaner to protect margins.
Towards the later part of the year REKOM has
achieved better margins, which lays the foundation
for an increase uptick at the bottom line once
consumer spend starts to return. In Q4 this started
to happen further substantiating REKOM’s belief in
good margins in future markets.
similar and shares similar market outlooks.
The growth rates are consistent with forecasts
included in industry specic reports. Applied beta
values are derived from the median of an appropriate
peer group. Discount rates reect the risk-free interest
rate, derived from European bonds, with the addition
of market risks relating to the CGUs including
nancial exposure and is calculated in accordance
with IAS 36. The same assumptions have been applied
to all CGUs as operations within each CGU are similar.
The expected future net cash ow is based on budgets
approved by management including capital expenses
to maintain venues, but does include potential future
incomes and expenses regarding acquisitions and
expansion. After the budgeted period, a growth rate
in line with the expected long-term average growth
rate has been applied.
All goodwill relating to Finland has been impaired.
NOTE 17 FINANCIAL ASSETS AND LIABILITIES
The Group holds the following nancial instruments:
IN THOUSANDS DKK 2024 2023
Financial assets
Financial assets at amortised cost
Trade receivables 39,813 47,652
Receivables from group enterprises 1,771 0
Cash and cash equivalents 25,167 78,423
Total nancial assets 66,751 126,075
Financial liabilities
Liabilities at amortised cost
Trade payables 112,366 167,686
Borrowings 947,078 1,360,067
Lease liabilities 421,604 791,767
Total nancial liabilities 1,481,048 2,319,520
Borrowings comprise current and non-current bank loans, loans from credit institutions, shareholder and vendor loans.
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
43 REKOM ANNUAL REPORT 2024
FAIR VALUE HIERARCHY
The Group did not hold any nancial instruments measured at fair value at the balance sheet date.
The Group did hold nancial instruments at the balance sheet date of 2023, which was specied as follows. All
contingent consideration was settled in 2024.
2023 - IN THOUSANDS DKK LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
Financial liabilities
Contingent consideration 0 0 94,986 94,986
Total nancial liabilities 0 0 94,986 94,986
The Group only held instruments in level 3 of the fair value heirarchy. Therefore, levels 1 and 2 are not described.
The signicant inputs on which the level 3 fair value measurements have been performed are actual earnings
performance. Therefore, fair value measurement of level 3 contingent considerations are the expected payment to be
made as part of the acquisition. The considerations do not bear interest. Sensitivity is explained in the section above.
The development in contingent considerations measured at fair value is shown below.
IN THOUSANDS DKK TOTAL
Opening balance 1 January 2023 14,400
Consideration from acquisitions 86,486
Fair value adjustments to consideration -4,400
Paid contingent consideration -2,500
Cash and cash equivalents 1,000
Closing balance 31 December 2024 94,986
Paid contingent consideration -8,500
Contingent consideration settled through debt conversion -86,486
Closing balance 31 December 2024 0
The Group’s exposure to various risks associated with the nancial instruments is discussed in note 18.
2024 2023
IN THOUSANDS DKK CURRENT
NON-
CURRENT TOTAL CURRENT
NON-
CURRENT TOTAL
Bank loans 10,937 0 10,937 20,093 10,000 30,093
Credit institutions 0 939,958 939,958 0 839,433 839,433
Shareholder loans 0 0 0 0 106,764 106,764
Vendor loans 0 8,436 8,436 0 213,492 213,492
Other loans 53 994 1,047 170,835 0 170,835
Total 10,990 949,387 960,377 190,928 1,169,689 1,360,617
The borrowings comprise of acquisition related loans as
well as revolving facilities to fund the ongoing operations.
There are covenants attached to the loan facilities.
DKK 11 million of loan from credit institution is
guaranteed by the Danish Growth Fund by 70%.
IN THOUSANDS DKK EFFECTIVE
INTEREST RATE
CURRENCY FIXED/FLOATING CARRYING
AMOUNT
Loan from credit institution 3.00% – 8.00% DKK Floating 10,937
Term loan from credit institution 10.20% – 14.68% DKK, NOK Floating 939,958
Revolving Facility 6.00% – 8.50% DKK Floating 0
Vendor loans 6.00% DKK Fixed 8,436
Total borrowings 2024 959,331
Loan from credit institution 3.00% – 8.00% DKK Floating 30,093
Term loan from credit institution 11.00% – 13.50% DKK, NOK Floating 836,362
Term Loan 12.5% DKK Fixed 170,835
Revolving Facility 6.00% – 8.50% DKK Floating 0
Shareholder loans 12.5% DKK Fixed 106,764
Vendor loans 6.00% - 8.50% DKK, NOK Fixed 213,492
Total borrowings 2023 1,357,546
Loan from credit institutions is paid in full at maturity. Term Loan was not repaid but was sold o as part of the
sale of REKOM UK. Shareholder and most vendor loans were converted to equity in 2024.
Loans from credit institutions are subject to covenant conditions, as described below. This means that if the net
interest-bearing debt-to-EBITDA ratio falls below the levels agreed upon in the loan agreements, the Group may
face the cancellation and repayment of these agreements. Similarly, if the cash ow generated is insucient to
cover the required interest and debt payments, the Group may be required to cancel and repay these agreements.
Additionally, if cash and cash equivalents fall below the agreed-upon thresholds, the Group may face cancellation
and repayment of these agreements. If EBITDA falls below the agreed-upon levels, the Group may also face
cancellation and repayment of the loan agreements. Lastly, if capital expenditure exceeds the agreed-upon limits,
the Group may also face cancellation and repayment of these agreements.
Management conrms that during 2024 and as of 31 December 2024, the Group is (and has been) in compliance
with all covenants that aect classication. The carrying amount of borrowings subject to covenant conditions
is DKK 951 million. The budget for 2025, as approved by the Board of Directors, ensures compliance with all
covenants for the 12 months following the balance sheet date.
NOTE 17 FINANCIAL ASSETS AND LIABILITIES (CONTINUED) NOTE 17 FINANCIAL ASSETS AND LIABILITIES (CONTINUED)
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
44 REKOM ANNUAL REPORT 2024
NOTE 17 FINANCIAL ASSETS AND LIABILITIES (CONTINUED)
ACCOUNTING POLICY
Trade receivables
Trade receivables are recognized initially at the
amount of consideration that is unconditional,
unless they contain signicant nancing components
when they are recognized at fair value. They are
subsequently measured at amortised cost less loss
allowance. The group applies the IFRS 9 simplied
approach to measuring expected credit losses which
uses a lifetime expected loss.
Trade payables
These amounts represent liabilities for goods and
services provided to the group prior to the end of
the nancial year which are unpaid. The amounts
are unsecured and are usually paid within 30 days of
recognition. Trade payables are presented as current
liabilities unless payment is not due within 12 months
after the reporting period. They are recognized
initially at their fair value and subsequently measured
at amortized cost using the eective interest method.
Borrowings
Borrowings are initially recognized at fair value,
net of transaction expenses incurred. Borrowings
are subsequently measured at amortised cost.
Any dierences between the proceeds and the
redemption value are recognized in the income
statement over the period of the borrowings using
the eective interest method.
When a loan is convertible into shares, the equity
conversion feature is separated from the debt
host contract and accounted for separately, if the
dierence between the exercise price and the carrying
amount of the loan could be more than insignicant.
On conversion, the loan is derecognized as a
nancial liability and the carrying amount of the loan
immediately prior to the conversion is transferred to
equity.
Fees paid on the establishment of loan facilities
are recognized as transaction costs of the loan to
the extent that it is probable that some or all of the
facility will be drawn down. In this case, the fee is
deferred until the draw-down occurs.
To the extent there is no evidence that it is probable
that some or all of the facility will be drawn down,
the fee is capitalized as a prepayment for liquidity
services and amortized over the period of the facility
to which it relates.
NOTE 18 FINANCIAL RISK MANAGEMENT (CONTINUED)
NOTE 18 FINANCIAL RISK MANAGEMENT
Due to REKOM’s strategy of becoming a player on
the global nightlife scene, risks are an embedded part
of doing business. The Group is therefore exposed to
certain risks from nancial instruments which can have
an impact on the Consolidated Financial Statements of
the Group.
The Group’s principal nancial assets include cash at
banks and trade receivables, whereas the nancial
liabilities primarily consist of vendor loans and
borrowings, lease liabilities as well as trade and other
payables. The main purpose of the nancial liabilities is
to nance the Group’s operations.
A key principle of the Group’s risk management is the
unpredictability of the nancial markets and the aim to
minimize its adverse eects on the Group’s net income.
The Group’s nancial management identies, estimates
and tracks risks and, whenever necessary, initiate actions
to mitigate the Group against the risks. The Group’s
nancing policy guides all its nancing transactions.
The main risks associated with the nancing market are
explained below.
The group is exposed to market risk, credit risk and
liquidity risk.
MARKET RISK
Market risk comprise interest rate risk and currency risk.
INTEREST RATE RISK
Interest rate risk includes the risk of changes in the fair
value of a nancial instrument or in future cash ows due
to changes in market interest rates.
REKOM’s main interest rate risk arises from loans and
borrowings with oating rates of interest as well as cash
at banks, which expose the Group to cash ow interest
rate risk. Details about REKOM’s loans and borrowings,
including its composition, are provided in note (17).
At 31 December 2024, the carrying amount of the Group’s
interest-bearing debt carrying a oating rate amounts to
DKK 950,895 thousands (2023: DKK 866,455 thousands).
It is REKOM’s policy not to hedge its exposure from
changes in market rates of interest.
A reasonably possible change in the market interest
rate compared to the interest rates as of the end of the
reporting period will have the following hypothetical
impact on prot after tax and equity:
IMPACT ON PROFIT AFTER TAX AND EQUITY 2024 2023
Interest rate – increase of 100
basis points -11,577 -12,491
Interest rate – decrease of 100
basis points 11,577 12,491
The sensitivity analysis is based on the assumption
that all other variables and exposures remain constant.
The impact on net prot is based on those nancial
instruments that were recognized at the respective
balance sheet dates. The sensitivity analysis does not
consider impact from repayments and other changes in
borrowings made during the year.
CURRENCY RISK
Foreign currency risk is the risk that the fair value
or future cash ows of a balance sheet exposure will
uctuate because of changes in foreign exchange rates.
REKOM is in all material aspect generating its sales
transaction in local currencies being DKK, NOK, EUR,
GBP and SEK. The majority of purchases are also
made in local currencies. Thus, the group’s exposure
to uctuations in foreign exchange rates are primarily
related to cash balances and loans obtained in currencies
dierent from the respective functional currencies. As
of 31 December 2024, the Group’s exposure to foreign
currency risk is primarily related to EUR, NOK, and SEK.
However, due to the xed exchange rate regime between
DKK and EUR, the Group’s exposure to changes in
the DKK/EUR exchange rate is insignicant. Also, the
Group’s exposure to SEK is not deemed material due
to proportion of revenue streams stemming from SEK.
Further, currency risk from GBP is not relevant for 2024
as the Group has disposed all UK activities during the
year.
It is the group’s policy not to hedge its exposure from
currency risks.
A reasonable possible change in the DKK/GBP and
DKK/NOK exchange rate of 5% compared to the
exchange rate at the end of the reporting period will
have the following hypothetical impact on prot after tax
and equity:
IMPACT ON PROFIT AFTER TAX AND EQUITY 2024 2023
DKK/NOK – change of 5% 11,532 8,243
DKK/GBP – change of 5% N/A 615
The analysis includes the impact from monetary items
denominated in foreign currencies as outstanding at the
end of the respective reporting period.
CREDIT RISK
Credit risk arises primarily from REKOM’s cash position
and to a minor degree from trade receivables. REKOM
assesses no major credit risk regarding its trade
receivables as 46% of the amount as of 31.12.2024 is
receivable from the alcohol monopolies in Norway and
Sweden.
Accordingly, the most signicant counterparty risk
is related to deposit with banks, as the Group’s cash
balance at 31 December 2024 amounts to DKK 25,167
thousand (2024: DKK 78,423 thousand). To mitigate
this risk, it is REKOM’s policy only to use nancial
counterparties possessing a satisfactory long-term credit
rating from an internationally recognized agency.
The maximum credit risk related to nancial assets
corresponds to the carrying amounts recognized in the
consolidated balance sheet. This is also specied in the
following pages in note 18.
LIQUIDITY RISK
It is an objective of REKOM’s treasury policy to ensure
that the Group always have sucient and exible
nancial resources at the Group’s disposal to ensure
continuous operations and to honor liabilities when they
become due. The nancial resources are continuously
monitored and consist of cash and cash equivalents and
committed facilities. Management overseas the Group’s
liquidity positions weekly, to ensure that the Group has
sucient liquidity available.
The Group has access to a revolving credit facility of DKK
50 million, which has not been drawn as of 31 December
2024.
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
45 REKOM ANNUAL REPORT 2024
NOTE 18 FINANCIAL RISK MANAGEMENT (CONTINUED)
Maturities of nancial liabilities
The amounts disclosed in the following table are the contractual undiscounted cash ows.
*Deferred consideration comprises deferred payments and contigent considerations related to acquisitions of
subsidiaries Deferred considerations is presented as other liabilities.
CONTRACTUAL MATURITIES
OF FINANCIAL LIABILITIES < 1 YEAR 1 – 5 YEARS > 5 YEARS
TOTAL
CONTRACTUAL
CASH FLOWS
CARRYING
AMOUNT
Trade payables 112,366 0 0 112,366 112,366
Borrowings 10,990 940,170 153 951,313 938,643
Vendor loans 0 8,436 0 8,436 8,436
Deferred consideration* 368 0 0 368 368
Lease liabilities 128,346 317,127 66,857 512,330 421,604
At 31 December 2024 252,070 1,265,733 67,010 1,584,813 1,481,417
Trade payables 167,686 0 0 167,686 167,686
Borrowings 190,928 839,434 0 1,030,362 1,027,291
Shareholder loans 0 106,764 0 106,764 106,764
Vendor loans 0 213,492 0 213,492 213,492
Deferred consideration* 16,901 86,486 0 103,387 103,387
Lease liabilities 207,040 585,012 508,392 1,300,444 791,767
At 31 December 2023 582,555 1,831,188 508,392 2,922,135 2,410,387
The maturity analysis is based on the following
assumptions:
• The amounts disclosed in the table are the
contractual undiscounted cash ows (including
interest payments). Balances due within 12 months
equal their carrying balances as the impact of
discounting is not signicant. Interest payments are
estimated based on current
market conditions.
• Payments for lease liabilities include only lease
agreements which have commenced before the end
of the reporting period.
• As there is no upper limit to the contingent
consideration, the amount disclosed reects the most
likely amount to be paid and is presented within
the time-band it is due for payment according the
agreement.
NOTE 19 CASH FLOW SPECIFICATIONS
IN THOUSANDS DKK 2024 2023
Change in inventories 16,530 8,538
Change in receivables 53,363 -2,897
Change in trade payables -55,320 19,203
Change in other liabilities -133,065 11,302
Changes in net working capital -118,492 36,146
IN THOUSANDS DKK
SHAREHOLDER
LOANS
VENDOR
LOANS BORROWINGS LEASES TOTAL
At 1 January 2023 0 186,570 871,364 1,054,503 2,112,437
Cash ows 106,764 27,865 190,054 -153,549 171,134
New leases 0 0 0 38,799 38,799
Foreign exchange adjustments 0 -943 -21,288 -3,683 -25,914
Other changes * 0 0 4,802 -144,304 -139,502
At 31 December 2023 106,764 213,492 1,044,932 791,766 2,156,954
Cash ows 5,863 7,351 25,889 -124,542 -85,439
Proceeds from loans 0 86,486 0 0 86,486
New leases 0 0 0 -282,729 -282,729
Foreign exchange adjustments 0 -195 -17,321 -10,072 -27,588
Debt conversion -100,000 -243,236 0 0 -343,236
Debt written o -12,600 -55,462 0 0 -68,062
Other changes * 0 0 -114,858 47,183 -67,675
At 31 December 2024 0 8,436 938,643 421,604 1,368,683
* Other changes includes adjustments to measuremt of lease liabilities, amortization of loan costs, conversion eects and
eects of disposals of subsidiaries.
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
46 REKOM ANNUAL REPORT 2024
NOTE 20 SHARE CAPITAL
The Group’s share capital is divided into ten classes
of shares, A-shares, B1-shares, B2-shares, B3-shares,
B4-shares, B5-shares, B6-shares, C1-shares, C-2 shares
and C3-shares each of a nominal value of DKK
0.001. Each A-share carries one vote and none of the
B-shares or C-shares carries any votes.
Dividends shall be to share classes in the following
order: C1, C2 + C3, A, B1, B3, B2, B4 + B5 and lastly
B6. No distribution of dividends shall be made share
classes further down the chain before the previous share
class has received payment in full, ie. have received re-
payment of the capital invested.
No dividends have been paid in 2024 nor have any
dividends been suggested based on the nancial year
2024.
2024 2023
NUMBER OF
SHARES (‘000) NOMINAL VALUE
NUMBER OF
SHARES (‘000) NOMINAL VALUE
The share capital
comprise:
Ordinary shares
(fully paid)
38,283,532 0.001 18,769,176 00.1
IN NUMBER OF
SHARES IN EACH
CLASS (‘000) A B1 B2 B3 B4 B5 B6 C1 C2 C3 TOTAL
Changes in share
capital 2024
Opening balance 17,768 363 49 66 404 70 49 0 0 0 18,769
Capital increase at
30.06.2024 0 0 0 0 0 0 0 7,783 4,953 6,779 19,515
Total 17,768 363 49 66 404 70 49 7,783 4,953 6,779 38,284
Changes in share
capital 2023
Opening balance 17,424 363 49 66 404 70 49 0 0 0 18,425
Capital increase
at 06.04.2023 344 0 0 0 0 0 0 0 0 0 344
Total 17,768 363 49 66 404 70 49 0 0 0 18,769
NOTE 20 SHARE CAPITAL (CONTINUED)
ACCOUNTING POLICY
Share capital
Ordinary shares are classied as equity. Incremental
costs directly attributable to the issue of new shares
are shown in equity as a deductions, net of tax, from
the proceeds.
Share premium
Premium on issue of shares are recognized as share
premium.
Dividends
Provision is made for the amount of any dividend
declared, being appropriately authorized and no
longer at the discretion of the entity, on or before the
end of the reporting period but not distributed at the
end of the reporting period.
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
47 REKOM ANNUAL REPORT 2024
NOTE 21 TREASURY SHARES (CONTINUED)
NAME SHARE CLASS
NUMBER OF
SHARES (‘000)
NOMINAL VALUE
IN THOUSANDS
DKK
ACQUISITION COST
IN THOUSANDS
DKK
NOTE 21 TREASURY SHARES
NAME SHARE CLASS
NUMBER OF
SHARES (‘000)
NOMINAL VALUE
IN THOUSANDS
DKK
ACQUISITION COST
IN THOUSANDS
DKK
Changes in treasury shares:
Purchase of shares at 16.02.2024 B4 89,833 8,983 487
Purchase of shares at 20.02.2024 A 684 68 63
Purchase of shares at 20.02.2024 B5 342 34 2
Treasury shares at 31.12.2024 A 293,850 5,206 19,834
Treasury shares at 31.12.2024 B1 35,818 36 181
Treasury shares at 31.12.2024 B2 6,623 7 25
Treasury shares at 31.12.2024 B3 746 75 2
Treasury shares at 31.12.2024 B4 89,833 8,983 487
Treasury shares at 31.12.2024 B5 3,445 344 16
Treasury shares at 31.12.2024 B6 6,986 699 46
Total treasure shares at
31.12.2024 437,301 15,351 20,591
Changes in treasury shares:
Purchase of shares at 06.01.2023 A 789 79 73
Purchase of shares at 06.01.2023 B5 394 39 2
Purchase of shares at 13.01.2023 A 4,069 407 429
Purchase of shares at 13.01.2023 B5 1389 139 6
Purchase of shares at 13.01.2023 B6 646 65 4
Purchase of shares at 01.03.2023 A 370 37 34
Purchase of shares at 01.03.2023 B5 185 19 1
Purchase of shares at 11.04.2023 A 387 39 51
Purchase of shares at 11.04.2023 B6 194 19 1
Purchase of shares at 15.04.2023 A 554 55 52
Purchase of shares at 15.04.2023 B5 278 28 1
Purchase of shares at 26.04.2023 A 1769 177 234
Purchase of shares at 26.04.2023 B6 885 89 6
Purchase of shares at 28.11.2023 A 10327 1033 1366
Purchase of shares at 28.11.2023 B6 5164 516 34
Treasury shares at 31.12.2023 A 293,166 5,138 19,771
Treasury shares at 31.12.2023 B1 35,818 36 181
Treasury shares at 31.12.2023 B2 6,623 7 25
Treasury shares at 31.12.2023 B3 746 75 2
Treasury shares at 31.12.2023 B5 3,103 310 14
Treasury shares at 31.12.2023 B6 6,986 699 46
Total treasure shares at
31.12.2023 346,442 6,265 20,039
Treasury shares are held for sales to employees
under the Group’s share programme. The shares are
valued each year in accordance with the group’s share
programme
The Group’s treasury shares amount to 1.8 % of the
nominal value of the share capital.
ACCOUNTING POLICY
Treasury share reserve
The reserve comprises the nominal value of treasury
shares. The dierence between the market price paid
and the nominal value plus dividends on treasury
shares is recognized directly as retained earnings in
equity
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
48 REKOM ANNUAL REPORT 2024
NOTE 22 SHARE-BASED PAYMENTS
In 2018 an investment and incentive programme was
introduced under which employees, management, board
members of the group and consultants assigned by
group may subscribe for shares in REKOM ManCo
ApS in class A-shares, B1-shares, B2-shares, B3-shares,
B4-shares, B5-shares and B6-shares for a consideration.
The subscription amounts are used by REKOM ManCo
ApS to subscribe for shares in similar share classes in
REKOM Group Holding ApS. Information about the
rights and preferences of each share class is provided in
note 20 share capital. Employees may elect not to par-
ticipate in the arrangement.
The employee’s investment in shares is intended to
give the employee the opportunity to gain a share in
the prots that the group may achieve in connection
with a direct or indirect divestment etc. of REKOM.
The employees are not able to dispose freely of the
subscribed shares until the occurrence of an exit event.
The shares are redeemable at the Group’s option in a
leaver scenario. However, the Group is not considered
to have a present obligation to settle the shares in cash,
and as such, the arrangement is classied as an equity-
settled share-based payment transaction.
The shares are acquired by the employees at fair market
value. The employees have not been aorded any
discounts nor any abnormal privileges by acquiring the
shares.
Consequently, the fair value of the arrangement is
considered to be zero and no expense is recognized in
the Consolidated Financial Statements.
The number of shares issued and reacquired under the
arrangement to participating employees is highlighted
below:
IN THOUSANDS
A-SHARES
(‘000)
B1-SHARES
(‘000)
B2-SHARES
(‘000)
B3-SHARES
(‘000)
B4-SHARES
(‘000)
B5-SHARES
(‘000)
B6-SHARES
(‘000)
Outstanding at
01.01.2024 2,995,191 327,590 42,293 65,637 404,251 66,376 42,148
Shares acquired 0 0 0 0 0 0 0
Shares reacquired -684 0 0 0 -89,833 -342 0
Outstanding at
31.12.2024 2,994,507 327,590 42,293 65,637 314,418 66,034 42,148
Outstanding at
01.01.2023 2,761447 327,590 42,293 65,637 404,251 68,621 49,037
Shares acquired 252,014 0 0 0 0 0 0
Shares reacquired -18,270 0 0 0 0 -2,245 -6,889
Outstanding at
31.12.2023 2,995,191 327,590 42,293 65,637 404,251 66,376 42,148
ACCOUNTING POLICY
Share-based compensation benets are provided
to employees via the investment and incentive
programme for which the employees subscribe for
shares in several share classes for consideration.
The arrangement is classied as an equity-settled
share-based payment program, for which the cost is
recognized as an employee benet expense, with a
corresponding increase in equity. The total amount
to be expensed is determined by reference to the fair
value of the shares subscribed for and is recognized
in the income statement over the service period. If the
shares are acquired at an amount equal to the fair
value of the shares, no expense is recognized.
NOTE 23 CAPITAL MANAGEMENT
The Group’s capital is made up of share capital and
retained earnings.
The objectives when managing capital are:
• to safeguard the Group’s ability to continue as a
going concern, so that it can provide returns for
shareholders and benets for other stakeholders; and
• to maintain an optimal capital structure to reduce the
cost of capital.
In order to maintain or adjust the capital structure, the
Group may adjust the amount of dividends paid to
shareholders, return capital to shareholders, issue new
shares or sell assets to reduce debt. It is currently not the
strategy to pay out dividend but instead consolidate and
use available cash for growth and to reduce external
debt.
The Group ensures that it has sucient cash on demand
to meet its expected operational expenses, including the
servicing of any nancial obligations. This excludes the
potential impact of extreme circumstances which cannot
be reasonably predicted.
The capital structure of the Group consists of
shareholders’ equity as set out in the Consolidated
Statement of Changes in Equity. All working capital
require ments are nanced from existing cash resources,
credit facilities and borrowings.
There are no externally imposed capital requirements.
Financing decisions are made by the Board based on
forecasts of the expected timing and level of capital
and operating expenditure required to meet the Group’s
commitments and development plans. When monitoring
capital risk, the Group considers its gearing ratio.
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
49 REKOM ANNUAL REPORT 2024
NOTE 25 BUSINESS COMBINATIONS
NOTE 24 CONTINGENT LIABILITIES, COMMITMENTS AND CONTINGENCIES
Contingent liabilities
The group had the following contingent liabilities at year end:
IN THOUSANDS DKK 2024 2023
Issued third party guarantees 44,898 49,141
Booked value of pledged land and buildings 1,392 1,429
The following assets have been pledged as security:
Securities on moveable property 155,200 127,100
Securities in property 1,079 1,079
The danish group companies are jointly and severally
liable for tax on the jointly taxed incomes etc of the
Group. The total amount of corporation tax payable is
disclosed in the Annual Report of CC Fly Invest ApS,
which is the management company of the joint taxation
purposes. Moreover, the group companies are jointly
and severally liable for Danish withholding taxes by
way of dividend tax, tax on royalty payments and tax
on unearned income. Any subsequent adjustments of
corporation taxes and withholding taxes may increase
the Company’s liability.
The Group has a credit facility agreement with Nordea
with a credit limit of DKK 120 million (DKK 120 million
at 31 December 2023) of which an overdraft facility
amounts to DKK 50 million (DKK 50 million at 31
December 2023) and a rent guarantee limit amounting
to DKK 70 million (DKK 70 million at 31 December
2023).
Certain of the Group’s subsidiaries have pledged
operating equipment and leases including rights for
a total of DKK 155.2 million (DKK 127.1 million at 31
December 2023). At the same time, certain of the
Group’s subsidiary shares are pledged in connection with
their accession to the credit agreements.
The shares in REKOM Group Holding ApS are pledged
in connection with the Group’s accession to the credit
agreements.
The Group has provided a guarantee against it’s
borrowings at Ares Credit Group. At year end this
amounts to DKK 940 million (DKK 836 million at 31
December 2023).
The Group has provided a guarantee against it’s credit
facility at Nordea. At year end this amounts to DKK 0
million (DKK 0 million at 31 December 2023).
Due to the current market conditions and state of
operations REKOM has only made one acquisition in
2023. The expansive strategy previously applied in
REKOM has been adapted to reect the current realities.
Acquisition of SPIVI
On 3 April 2023, REKOM acquired the shares in the
company Spivi Scandinavia Holding A/S being the
parent company of the Spivi Group (SPIVI). SPIVI is a
leading pan-Nordic one-stop-shop beverage distributor
specialized in connecting people with brands they love.
The acquisition included full acquisition of the shares
with Spivi Scandinavia Holding A/S. SPIVI comprised
18 companies at the time of acquisition. As such, all
distribution rights, licenses, and agreements were part
of the acquisition. Acquiring SPIVI was important to give
REKOM’s brands the possibility of using the distribution
channels masterfully created by SPIVI for its own brands
such as Mundo and I AM.
The net assets acquired as a result of the SPIVI
acquisition are as follows:
IN THOUSANDS DKK TOTAL
Rights and licenses 88,231
Other intangible assets 7,153
Fixtures, ttings and equipment 380
Right-of-use assets 0
Lease liabilities 0
Other assets 51,332
Other liabilities -42,918
Deferred tax liability -16,536
Net identiable assets acquired 87,642
Add: Goodwill 62,344
Net assets acquired 149,986
Fair value of acquired net assets has been identied and
goodwill recognized. Net assets, goodwill and contingent
liabilities recognized at the balance sheet date are to
some extent still provisional. Adjustments may be applied
to these amounts for a period of up to twelve months
from the acquisition date in accordance with IFRS 3.
Goodwill arising from SPIVI is attributable to two
strategic factors. Firstly, SPIVI has large-scale distribution
channels in the same markets where REKOM operates
its venues. Thus, it is expected that economies of scale
will help both areas grow in conjunction and enable
further expansion. Secondly, SPIVI’s current distribution
licenses and agreements ensure access to new markets
for already existing REKOM brands, increasing market
reach and activity levels for both SPIVI and REKOM
and creating thereby creating a strong brand building
platform for internal and external brands. Goodwill is non
deductible for tax purposes.
The total purchase price amounted to 150.0 mDKK.
Details about the consideration are as follows:
IN THOUSANDS DKK TOTAL
Cash paid 63,500
Contingent consideration 86,486
Total purchase consideration 149,986
The acquisition includes a contingent consideration
according to which the nal consideration will be
adjusted. REKOM will be required to settle an amount
based on an earnings target. The amount payable
is based on the amount of realized EBITDA for the
calendar year 2023. The earnings target has a oor
before the contingent consideration is triggered and a
cap. The contingent consideration is measured at fair
value as of the balance sheet date. If the expected
EBITDA changes by 10%, the contingent consideration
will change by 17%.
Financial eect of acquisitions
SPIVI contributed revenues of 103.4 mDKK and a net
prot of 5.6 mDKK to REKOM from the acquisition date
until 31 December 2023. If the acquisition had occurred
on 1 January 2023, consolidated pro-forma revenue and
net loss for 2023 of REKOM would have increased by
27.5 mDKK and decreased by 1.8 mDKK, respectively.
These gures have been calculated using the income
generated by the acquired business before the acquisition
date and in the same nancial year as REKOM.
Acquisition-related costs totalling DKK 4.6 mDKK are
included in special items in the income statement for
2023.
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
50 REKOM ANNUAL REPORT 2024
NOTE 25 BUSINESS COMBINATIONS (CONTINUED)
ACCOUNTING POLICY
The acquisition method of accounting is used to
account for all business combinations, regardless
of whether equity instruments or other assets are
acquired. The consideration transferred for the
acquisition of a subsidiary comprises the:
• fair values of the assets transferred
• liabilities incurred to the former owners of the
acquired business
• equity interests issued by the Group
• fair value of any asset or liability resulting from
a contingent consideration arrangement, and
• fair value of any pre-existing equity interest in
the subsidiary.
Identiable assets acquired and liabilities and
contingent liabilities assumed in a business
combination are, with limited exceptions, measured
initially at their fair values at the acquisition date.
The group recognises any non-controlling interest in
the acquired entity on an acquisition-by-acquisition
basis either at fair value or at the non-controlling
interest’s proportionate share of the acquired entity’s
net identiable assets.
Acquisition-related costs are expensed as incurred.
The excess of the:
• consideration transferred,
• amount of any non-controlling interest in the
acquired entity, and
• acquisition-date fair value of any previous
equity interest in the acquired entity over the
fair value of the net identiable assets acquired
is recorded as goodwill. If those amounts are
less than the fair value of the net identiable
assets of the business acquired, the dierence is
recognized directly in prot or loss as a bargain
purchase.
Where settlement of any part of cash consideration
is deferred, the amounts payable in the future are
discounted to their present value as at the date
of exchange. The discount rate used is the entity’s
incremental borrowing rate, being the rate at which
a similar borrowing could be obtained from an
independent nancier under comparable terms and
conditions.
Contingent consideration is classied either as
equity or a nancial liability. Amounts classied as a
nancial liability are subsequently remeasured to fair
value, with changes in fair value recognized in prot
or loss.
If the business combination is achieved in
stages, the acquisition date carrying value of
the acquirer’s previously held equity interest in
the acquiree is remeasured to fair value at the
acquisition date.
Any gains or losses arising from such
remeasurement are recognized in prot or loss.
SIGNIFICANT ESTIMATES AND JUDGEMENTS
In applying the acquisition method of accounting,
estimates are an integral part of assessing fair values
of several identiable assets acquired and liabilities
assumed, as observable market prices are typically
not available.
Valuation techniques where estimates are applied
typically relate to determining the present value of
future uncertain cash ows or assessing other events
in which the outcome is uncertain at the date of
acquisition.
More signicant estimates are typically applied
in accounting for property, plant and equipment,
customer relationships, trade receivables, deferred
tax, debt and contingent liabilities. As a result of
the uncertainties inherent in fair value estimation,
measurement period adjustments may be applied.
On 03.05.2024 it was nally decided to dispose
REKOM’s UK activities through a sale of the shares
in the entity CC STORM UK TOPCO Ltd and its
subsidiaries as per note (indsæt endelig reference
to note). The sales price was 1 GBP settled in cash.
Borrowings in the UK structure under CC STORM UK
TOPCO Ltd amounted to DKK 203.2 million at the point
of sale, which therefore decreased the overall borrowings
in the Group with this amount.
The discontinued operations include all of REKOM’s
UK venue activities and the company structure under
CC MIST UK TOPCO Ltd, which entered into pre-
pack administration on 1 February 2024. The pre-pack
administration resulted in some healthy venues being
sold to a new company structure under CC STORM UK
TOPCO Ltd and some loss making venues transferred
to an administrator in the UK. The transaction has not
aected the nancial statements as it was performed
between wholly owned entities in the Group.
The discontinued operations aect the Prot and Loss
Statement as follows:
IN THOUSANDS DKK TOTAL
Loss for the period until disposal -44,005
Taxes for the period -890
Prot on disposal 46,194
Tax on disposal 0
Net eect on loss for the year 1,299
The loss for the period until the transfer of control of the
UK venue activities can be specied as follows:
IN THOUSANDS DKK
2024 2023
Revenue 136,923 632,732
Operating costs -117,966 -592,314
EBITDA 18,957 40,418
Depreciation -26,824 -94,129
Financial items -19,255 -51,820
Special items -16,883 -102,482
Loss before tax -44,005 -208,013
Tax for the year -890 14,831
Loss for the year -44,895 -193,182
The discontinued operations aect the Cash Flow
Statement as follows:
IN THOUSANDS DKK 2024
Cash ows from operating activities
Operating prot before depreciation,
amortisation and special items (EBITDA) 18,957
Changes in net working capital -3,010
CFFO before special items, nancials, tax 15,947
Special items -16,883
Interest paid -20,353
Income taxes paid 2,088
Cash ow from operations (CFFO) -19,201
Cash ows from investing activities 0
Payments for intangible assets -539
Loss from the sale of intangible assets -380
Payments for property, plant and equipment -6,599
Proceeds from the sale of PPE -43
Cash ow from investing activities (CFFI) -7,561
Free cash ow (FCF) -26,762
Cash ows from nancing activities 0
Proceeds from borrowings 50,223
Repayment of lease liabilities -16,382
Proceeds from group enterprises -4,603
Cash ow from nancing activities (CFFF) 29,238
Changes in cash and cash equivalents 2,476
Cash at the beginning of the nancial year 46,905
Eects of exchange rate changes on cash 868
Cash and cash equivalents at disposal 50,249
NOTE 26 DISCONTINUED OPERATIONS
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
51 REKOM ANNUAL REPORT 2024
NOTE 27 RELATED PARTY TRANSACTIONS
The Group is controlled by the following entity:
NAME OF ENTITY TYPE PLACE OF BUSINESS
CataCap II K/S Ultimate parent company Copenhagen
CC Fly Invest ApS Principal shareholder Copenhagen
Moker Ejendomme ApS Related party Copenhagen
Moker Venture ApS Related party Copenhagen
ANF Enterprises ApS Related party Copenhagen
A Mean Company ApS Related party Aarhus
Voluntas Advisory ApS Related party Copenhagen
Lady Invest ApS Related Party Hellerup
Related parties with signicant inuence consist of the
Group’s Board of Directors and Executive Management
plus close relatives of these persons. Related parties
also include companies over which these persons exert
considerable inuence.
Transactions during the year comprises both transactions
with shareholders in their capacity as owners of capital
increases of 61.4 mDKK settled in cash and 225.3 mDKK
settled through conversion of shareholder and vendor
loans (2023: 42.3 mDKK settled as cash).
Other transactions comprised joint taxation transactions
for the Danish joint taxation scheme of 1.0 mDKK (2023:
4.0 mDKK) and intercompany interests of 6.1 mDKK
(2023: 0.08 mDKK). No shareholder or vendor loans
were issued to the Group (2023: 80.0 mDKK).
Operational transactions with related parties comprised
of consultancy services regarding People & Culture
surveys and strategic decisionmaking of 0.04 mDKK
(2023: 2.5 mDKK) and rent payments of 4.6 mDKK
(2023: 9.8 mDKK).
Information about remuneration to key management
personnel has been disclosed in note 5. Interests in
subsidiaries are set out in note 29.
NOTE 28 FEE TO AUDITORS APPOINTED AT THE GENERAL MEETING
IN THOUSANDS DKK 2024 2023
Audit fee 3,889 9,594
Other assurance services 0 23
Tax advisory service 0 902
Other services 68 822
Total fees incurred 3,957 11.341
Deloitte was appointed as auditors for the Group at the general meeting of June 30 2024. As such 2023 relates to
the previous auditor of PriceWaterhouseCoopers while 2024 relates to Deloitte.
The sale of the discontinued operations can be specied as follows:
IN THOUSANDS DKK 2024
Non-current assets
Goodwill 9,244
Acquired licenses 3,122
Acquired brands 19,611
Tangible assets 190,273
Right-of-use assets 299,448
Other intangible assets 4,668
Current assets
Inventory 6,886
Trade receivables 5,199
Tax receivable 277
Other receivables 22,367
Cash 50,249
Non-current liabilities
Borrowings -203,210
Lease obligations -282,731
Deferred tax liabilities -5,344
Current liabilities
Trade payables -113,912
Other payables -60,363
Booked value of disposed net assets -54,216
Loss on receivables from disposed
subsidiaries 8,022
Sales price 0
Prot on disposal -46,194
Disposed cash and cash equivalants -50,249
NOTE 26 DISCONTINUED OPERATIONS (CONTINUED)
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
52 REKOM ANNUAL REPORT 2024
NOTE 29 INTERESTS IN OTHER ENTITIES (CONTINUED)
OWNERSHIP INTERESTS
HELD BY THE GROUP
NAME OF ENTITY
PLACE OF
BUSINESS 2024 2023
NOTE 29 INTERESTS IN OTHER ENTITIES
The Group’s principal subsidiaries at year end are set out
below. Unless otherwise stated, they have share capital
consisting solely of ordinary shares that are held directly
by the Group, and the proportion of ownership interests
held equals the voting rights held by the group.
The country of incorporation or registration is also their
principal place of business.
* The Group holds control through voting rights.
OWNERSHIP INTERESTS
HELD BY THE GROUP
NAME OF ENTITY
PLACE OF
BUSINESS 2024 2023
CC Fly Holding II A/S Denmark 100% 100%
REKOM Group A/S Denmark 100% 100%
Aloha Beach Bar ApS Denmark 100% 100%
Andys Bar ApS Denmark 100% 100%
Barkaden ApS Denmark 100% 100%
Bar 3 ÅRHUS ApS Denmark 100% 100%
Bar 7 ApS Denmark 100% 100%
BFP AF 1.9.1997. København ApS Denmark 100% 100%
BFP Aalborg ApS Denmark 100% 100%
SKAAL Sønderborg ApS Denmark 100% 100%
Bæst Bar ApS Denmark 100% 100%
Café Da Vinci ApS Denmark 100% 100%
UMG365 Ltd United Kingdom 100% 0%
CC New Mist Holding II ApS Denmark 100% 100%
CC Stim UK Topco Ltd United Kingdom 0% 100%
– CC Stim UK Holdco Ltd United Kingdom 0% 100%
– CC Stim UK Tradeco 1 Ltd United Kingdom 0% 100%
– CC Stim UK Tradeco 2 Ltd United Kingdom 0% 100%
– CC Stim UK Tradeco 3 Ltd United Kingdom 0% 100%
– CC Stim UK Tradeco 4 Ltd United Kingdom 0% 100%
– CC Stim UK Tradeco 5 Ltd United Kingdom 0% 100%
– CC Stim UK Tradeco 6 Ltd United Kingdom 0% 100%
– CC Stim UK Tradeco 8 Ltd United Kingdom 0% 100%
– CC Stim UK Tradeco 9 Ltd United Kingdom 0% 100%
– REKOM A Ltd United Kingdom 0% 100%
– REKOM B Ltd United Kingdom 0% 100%
– REKOM C Ltd United Kingdom 0% 100%
– REKOM D Ltd United Kingdom 0% 100%
– REKOM E Ltd United Kingdom 0% 100%
– REKOM Cardi Ltd United Kingdom 0% 100%
– REKOM Colchester Ltd United Kingdom 0% 100%
– CC STIM UK SPV Ltd United Kingdom 0% 100%
– REKOM Nottingham Ltd United Kingdom 0% 100%
– Switch Operating Ltd United Kingdom 0% 100%
– Switch South Ltd United Kingdom 0% 100%
CC Storm UK TopCo Ltd United Kingdom 0% 0%
– CC Storm UK HoldCo Ltd United Kingdom 0% 0%
– CC Storm UK TradeCo 3 Ltd United Kingdom 0% 0%
– CC Storm UK TradeCo 4 Ltd United Kingdom 0% 0%
– CC Storm UK TradeCo 5 Ltd United Kingdom 0% 0%
– CC Storm UK TradeCo 6 Ltd United Kingdom 0% 0%
– CC Storm UK TradeCo 7 Ltd United Kingdom 0% 0%
– CC Storm UK TradeCo 8 Ltd United Kingdom 0% 0%
– CC Storm UK TradeCo 9 Ltd United Kingdom 0% 0%
– CC Storm UK TradeCo 10 Ltd United Kingdom 0% 0%
– CC Storm UK TradeCo 11 Ltd United Kingdom 0% 0%
– CC Storm UK TradeCo 12 Ltd United Kingdom 0% 0%
– CC Storm UK TradeCo 13 Ltd United Kingdom 0% 0%
Charlottenlund Venues ApS Denmark 100% 100%
Cucaracha Bar ApS Denmark 100% 100%
Dandy Cph. ApS Denmark 100% 100%
Den Glade Gris ApS Denmark 100% 100%
Dorsia ApS Denmark 100% 100%
El Dorado Bar ApS Denmark 100% 100%
Farfars ApS Denmark 100% 100%
Guldhornene KBH. ApS Denmark 55% 55%
Guldhornene Aalborg ApS Denmark 100% 100%
Guldhornene, Århus ApS Denmark 100% 100%
Heidis Bier Bar Odense ApS Denmark 100% 100%
Heidis Bier Bar Sønderborg ApS Denmark 100% 100%
Heidis Bier Bar Thisted ApS Denmark 100% 100%
Heidi's Bier Bar Vejle ApS Denmark 100% 100%
Heidis Bier Bar Aalborg ApS Denmark 100% 100%
Heidis Bier Bar Århus ApS Denmark 100% 100%
Heidi's Bier-Bar ApS Denmark 100% 100%
Heidi's Bier-Bar Svendborg ApS Denmark 100% 100%
HIVE ApS Denmark 100% 100%
Hornsleth Bar ApS Denmark 100% 100%
KBH Invest III ApS Denmark 100% 100%
L.A. Tequila Bar Odense ApS Denmark 100% 100%
LA Bar, København ApS Denmark 100% 100%
La Boucherie ApS Denmark 100% 100%
LA Tequila Bar Aarhus ApS Denmark 100% 100%
Little Green Door ApS Denmark 100% 100%
London Bar ApS Denmark 100% 100%
LouLou Århus ApS Denmark 75% 75%
Musen & Elefanten ApS Denmark 100% 100%
MusikArrangør ApS Denmark 0% 100%
– Vi Älskar AB Sweden 0% 50%
Nbar ApS Denmark 100% 100%
NightPay ApS Denmark 100% 100%
NightPay Int. ApS Denmark 100% 100%
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
53 REKOM ANNUAL REPORT 2024
NOTE 29 INTERESTS IN OTHER ENTITIES (CONTINUED)
OWNERSHIP INTERESTS
HELD BY THE GROUP
NAME OF ENTITY
PLACE OF
BUSINESS 2024 2023
NOTE 29 INTERESTS IN OTHER ENTITIES (CONTINUED)
OWNERSHIP INTERESTS
HELD BY THE GROUP
NAME OF ENTITY
PLACE OF
BUSINESS 2024 2023
No Stress Bar DK ApS* Denmark 50% 50%
Proud Mary ApS Denmark 100% 100%
Proud Mary Odense ApS Denmark 100% 100%
Rabalder Bar ApS Denmark 100% 100%
REKOM & Jyrgen Dampmøllen ApS Denmark 100% 100%
REKOM Drift 1 ApS Denmark 100% 100%
REKOM Drift 5 ApS Denmark 100% 100%
REKOM Event ApS Denmark 100% 100%
REKOM Global Brands ApS Denmark 100% 100%
– Mundo Tequila ApS Denmark 60% 60%
– TOTDY ApS Denmark 100% 100%
– !ACT A/S Denmark 0% 50%
– I am Drinks ApS Denmark 32% 32%
– Spivi Scandinavia Holding A/S Denmark 100% 100%
– Spivi Danmark ApS Denmark 100% 100%
– Narnia ApS Denmark 100% 100%
– Northern Spirits ApS Denmark 100% 100%
– Carl Wine Group ApS Denmark 55% 55%
– Carl Wine ApS Denmark 100% 100%
– Carl Wine AS Norway 100% 100%
– Carl Wine AB Sweden 100% 100%
– Spivi Holding AS Norway 100% 100%
– Spivi AS Norway 100% 100%
– Nordic Wine & Spirits AS Norway 100% 100%
– Norwegian Wine Broker AS Norway 100% 100%
– Spirits Norway AS Norway 100% 100%
– Spivi Oy Finland 80% 80%
– Vinariam Oy Finland 80% 80%
– Spivi AB Sweden 100% 100%
– WeDrinks Sverige AB Sweden 100% 100%
– Ivy Nordic AB Sweden 100% 85%
– Spivi UK Ltd United Kingdom 100% 100%
REKOM R&D ApS Denmark 100% 100%
REKOM Drift 2023 ApS Denmark 100% 100%
Rhino Bar ApS Denmark 100% 100%
Sjus Bar ApS Denmark 100% 100%
SKAAL ApS Denmark 100% 100%
Den Jyske Ambassade Kbh. ApS Denmark 100% 100%
Stereo Bar Kbh. ApS Denmark 100% 100%
Rabalder Bar Aarhus ApS Denmark 100% 100%
The Australian Bar København ApS Denmark 100% 100%
The Australian Bar Odense ApS Denmark 100% 100%
The Drunken Flamingo ApS Denmark 100% 100%
TOTDY Cph. ApS Denmark 100% 100%
Tyrolia Bier Klub ApS Denmark 100% 100%
Tørst Bar ApS Denmark 100% 100%
REKOM Aalborg ApS Denmark 100% 100%
– ANDYs/Sprutten ApS Denmark 100% 100%
– Den Nordjyske Ambassade ApS Denmark 100% 100%
– Fabrikken, Aalborg ApS Denmark 100% 100%
– Proud Mary Aalborg ApS Denmark 100% 100%
– Giraen ApS Denmark 100% 100%
– LA Bar / Tyren ApS Denmark 100% 100%
– Mexi Bar ApS Denmark 100% 100%
– Rabalder Bar Kolding ApS Denmark 100% 100%
– The Drunken Flamingo, Aalborg ApS Denmark 100% 100%
– Viggo’s Værtshus ApS Denmark 100% 100%
REKOM DK Invest ApS Denmark 100% 100%
– Butchers, Silkeborg ApS Denmark 100% 100%
– Crazy Daisy Næstved ApS Denmark 100% 100%
– Dansebar & Einstein Herning ApS Denmark 100% 100%
– Dansebar, Roskilde ApS Denmark 100% 100%
– Eske's ApS Denmark 100% 100%
– James Bond – 007 ApS Denmark 100% 100%
– Kompagnibar ApS Denmark 100% 100%
– Rabalder Bar Sønderborg ApS Denmark 100% 100%
– Mørk's Kælder ApS Denmark 100% 100%
– Pioner Bar Tønder ApS Denmark 100% 100%
– Pioner Bar Esbjerg ApS Denmark 100% 100%
– Pioner Bar Varde ApS Denmark 100% 100%
– Rabalder Bar Silkeborg ApS Denmark 100% 100%
– Rustik – Bar og Natklub ApS Denmark 100% 100%
– Temabar ApS Denmark 100% 100%
– Temabar Viborg ApS Denmark 100% 100%
Zwei Grosse Bierbars, Aalborg ApS Denmark 100% 100%
– Das Flying Hirsch Danmark ApS Denmark 100% 100%
– Saltlageret ApS Denmark 100% 100%
– ZGBB, Viborg ApS Denmark 100% 100%
– Zwei Grosse Bier Bar Horsens ApS Denmark 100% 100%
– Zwei Grosse Bier Bar Vjele ApS Denmark 100% 100%
– ZGBB Aalborg ApS Denmark 100% 100%
– Zwei Grosse, Kolding ApS Denmark 100% 100%
REKOM Group Norge AS Norway 100% 100%
– REKOM Norge AS Norway 100% 100%
– Alibi Frederikstad AS Norway 100% 100%
– Beverly AS Norway 100% 100%
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
54 REKOM ANNUAL REPORT 2024
NOTE 29 INTERESTS IN OTHER ENTITIES (CONTINUED)
OWNERSHIP INTERESTS
HELD BY THE GROUP
NAME OF ENTITY
PLACE OF
BUSINESS 2024 2023
– Brukbar Bergen AS Norway 100% 100%
– Cafe Sting AS Norway 100% 100%
– Dorsia Oslo AS Norway 100% 100%
– Engene 12 Drammen AS Norway 100% 100%
– Fridtjof Oslo AS Norway 100% 100%
– HBB Bergen AS Norway 100% 100%
– HBB Kristiansand AS Norway 100% 100%
– HBB Stavanger AS Norway 100% 100%
– HBB Trondheim AS Norway 100% 100%
– HBB Tønsberg AS Norway 100% 100%
– Heidis Bier BAR Oslo AS Norway 100% 100%
– Heidis Bier BAR Drammen AS Norway 100% 100%
– Hygge AS Norway 100% 100%
– ISM Oslo AS Norway 100% 100%
– Javel Oslo AS Norway 100% 100%
– Jennys AS* Norway 50% 50%
– Johns Bar AS Norway 100% 100%
– KJ10 REKOM AS Norway 100% 100%
– Kulturhuset på Kaien AS Norway 100% 100%
– La Belle Drift AS Norway 100% 100%
– Loulou Bergen AS Norway 100% 100%
– LouLou Stavanger AS Norway 100% 100%
– Nightpay Norge AS Norway 100% 100%
– Proud Mary Stavanger AS Norway 100% 100%
– Rabalder Bar Oslo AS Norway 100% 100%
– Rabalder Bar Stavanger AS Norway 100% 100%
– REKOM Drift Kristiansand AS Norway 100% 100%
– Tijuana Oslo AS Norway 100% 100%
– REKOM Norge Drift 18 AS Norway 100% 100%
– REKOM Norge Drift 22 AS Norway 0% 100%
– REKOM Norge Drift 23 AS Norway 100% 100%
– REKOM Norge Drift 24 AS Norway 100% 100%
– REKOM Norge Drift 25 AS Norway 100% 100%
– REKOM R&D NUF (Norwegian branch) Norway 100% 100%
– REKOM RD Norge AS Norway 100% 100%
– REKOM Tromsø AS Norway 100% 100%
– Skjenken BAR og Bakgård AS Norway 100% 100%
– Smedasundet Servering AS Norway 100% 100%
– Stavanger Sportscafe AS Norway 100% 100%
– Store Høvding AS Norway 100% 100%
– Stortorvets Gjestgiveri AS Norway 100% 100%
– Winehouse Haugesund AS Norway 100% 100%
Restaurationskompagniet Finland Oy Finland 100% 100%
– Nightpay Finland Oy Finland 100% 100%
NOTE 30 SUBSEQUENT EVENTS
In february 2025 REKOM agreed again on some
updates to bankagreements, securing extra liquidity in
2025.
Beside this no subsequent events have occurred after
the balance sheet date that required adjustment to or
disclosure in the consolidated nancial statements.
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
55 REKOM ANNUAL REPORT 2024
DEFINITION OF KEY FIGURES
AND FINANCIAL RATIOS
KEY FIGURES FINANCIAL RATIOS
Key gures and ratios are disclosed in accordance with Recommendations & Ratios
published by the Danish Finance Society, except for nancial ratios marked with
(*) as well as adjusted gures as these are either derived or not included in the
Recommendations.
Net working capital = Receivables and other current operating assets less
trade payables and other payables and other current
operating liabilities
Net interest-bearing debt = Interest-bearing debt including borrowings, lease
liabilities and other interest-bearing payables less cash
and cash equivalents
Adjusted net interest-bearing
debt
=
Net interest-bearing debt less lease liabilities
Invested capital = Net working capital + property, plant and equipment,
right-of-use assets and intangible assets including
goodwill
Net nancial expenses = Financial income less nancial expenses
Adjusted free cash ow = Adjusted free cash ow comprises of free cash ow
adjusted for payments for acquisition of subsidiaries
and activities, lease liability repayments, interests paid
on lease liabilities and special items.
Gross margin =
Revenue – cost of goods sold * 100
Revenue
EBTDA margin =
Operating prot before amortization,
depreciation and special items * 100
Revenue
Return on equity (ROE) =
Prot for the year
Average equity
Return on invested capital
(ROIC)
=
Operating prot before interest and tax (EBIT)
less special items * 100
Average invested capital
Return on assets (ROA) =
Prot for the year
Average total assets
Solvency ratio =
Equity less non-controlling interests including vendor
loans
Balance sheet total
Solvency ratio excl. IFRS 16 =
Equity less non-controlling interests including vendor
loans
Balance sheet total less lease liabilities
Gearing ratio* =
Net interest-bearing debt
Operating prot before amortization,
depreciation and special items
Gearing ration excl. IFRS 16* =
Net interest-bearing debt less lease liabilities
Operating prot before amortization,
depreciation and special items
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
TABLE OF CONTENTS
Prot and loss 1 January – 31 December ..........................................................................................................................................................80
statement of comprehensive income ......................................................................................................................................................................80
Balance sheet 31 December ...............................................................................................................................................................................................81
Balance sheet 31 December ...............................................................................................................................................................................................81
Statement of changes in equity ................................................................................................................................................................................... 82
Cash ow statement 1 January – 31 December ........................................................................................................................................ 82
NOTES .................................................................................................................................................................................................................................................83
56 REKOM ANNUAL REPORT 2024
56 REKOM ANNUAL REPORT 2024
PARENT FINANCIAL
STATEMENTS
FINANCIAL STATEMENTS / PARENT FINANCIAL STATEMENTS
FINANCIAL STATEMENTS / PARENT FINANCIAL STATEMENTS
TABLE OF CONTENTS
Prot and loss 1 January – 31 December .....................................................................................................................................................57
Statement of comprehensive income ...............................................................................................................................................................57
Balance sheet 31 December ........................................................................................................................................................................................ 57
Statement of changes in equity .............................................................................................................................................................................58
Cash ow statement 1 January – 31 December ...................................................................................................................................58
NOTES ..................................................................................................................................................................................................................................................59
57 REKOM ANNUAL REPORT 2024
PROFIT AND LOSS 1 JANUARY – 31 DECEMBER
IN THOUSANDS DKK NOTES 2024 2023
General and administrative expenses -85 -179
Operating loss -85 -179
Finance income 5 82,908 11,155
Finance costs 5 -13,324 -18,459
Prot before tax 69,499 -7,483
Income tax expenses 6 -15,544 -296
Prot for the year 53,955 -7,779
STATEMENT OF COMPREHENSIVE INCOME
IN THOUSANDS DKK NOTES 2024 2023
Prot for the year 53,955 -7,779
Other comprehensive income for the period, net of tax 0 0
Total comprehensive income for the period 53,955 -7,779
BALANCE SHEET 31 DECEMBER
IN THOUSANDS DKK NOTES 2024 2023
Investment in subsidiaries 7 857,373 710,142
Deferred tax asset 0 1,071
Total non-current assets 857,373 711,213
Intercompany receivables 8 189,504 175,193
Cash and cash equivalents 1 64
Total current assets 189,505 175,257
Total assets 1,046,878 886,470
BALANCE SHEET 31 DECEMBER
IN THOUSANDS DKK NOTES 2024 2023
Share capital 9 38,284 18,769
Share premium 989,153 604,056
Reserve for treasury shares -20,592 -20,040
Retained earnings 16,835 -37,119
Total equity 1,023,680 565,666
Shareholder loans 0 106,764
Vendor loan 8,436 213,492
Total non-current liabilities 8,436 320,256
Income tax liabilities 14,515 296
Intercompany liabilities 8 92 61
Other payables 155 191
Total current liabilities 14,762 548
Total liabilities 23,198 320,804
Total equity and liabilities 1,046,878 886,470
FINANCIAL STATEMENTS / PARENT FINANCIAL STATEMENTS
58 REKOM ANNUAL REPORT 2024
STATEMENT OF CHANGES IN EQUITY
IN THOUSANDS DKK
SHARE
CAPITAL
SHARE
PREMIUM
RESERVE
FOR
TREASURY
SHARES
RETAINED
EARNINGS TOTAL
Equity at 01.01.2024 18,769 604,056 -20,040 -37,119 565,666
Prot for the period 0 0 0 53,955 53,955
Other comprehensive income 0 0 0 0 0
Total comprehensive income for the period 0 0 0 53,955 53,955
Capital increase 19,515 385,096 0 0 404,611
Purchase of treasury shares 0 0 -552 0 -552
Transactions with owners in their
capacity as owners 19,514 385,096 -552 0 404,058
Equity at 31.12.2024 38,284 989,152 -20,592 16,836 1,023,680
CASH FLOW STATEMENT 1 JANUARY – 31 DECEMBER
IN THOUSANDS DKK NOTES 2024 2023
Cash ows from operating activities
Operating prot for the year -85 -179
Change in net working capital 14 -36 132
Cash ows from operating activities before special items,
nancials and tax -121 -47
Interest income received 14,846 11,155
Interest expense paid -332 -18,459
Income taxes paid/received -254 -32
Cash ow from operating activities (CFFO) 14,139 -7,383
Cash ows from investing activities
Capital injection in subsidiary -147,231 -58,500
Cash ow from investing activities (CFFI) -147,231 -58,500
Free cash ow (FCF) -133,092 -65,883
Cash ows from nancing activities
Proceeds from borrowings 86,486 133,687
Changes in intercompany to group enterprises -14,280 -107,827
Cash injection equity increase
61,375 42,300
Purchase of own shares -552 -2,295
Cash ow from nancing activities (CFFF) 46,544 65,909
Changes in cash and cash equivalents -63 26
Cash and cash equivalents at the beginning of the nancial year 64 36
Cash and cash equivalents, end of the year 1 64
STATEMENT OF CHANGES IN EQUITY
IN THOUSANDS DKK
SHARE
CAPITAL
SHARE
PREMIUM
RESERVE
FOR
TREASURY
SHARES
RETAINED
EARNINGS TOTAL
Equity at 01.01.2023 18,425 562,101 -17,745 -29,340 533,441
Loss for the period 0 0 0 -7,779 -7,780
Other comprehensive income 0 0 0 0 0
Total comprehensive income for the period 18,425 562,101 -17,745 -37,119 525,661
Capital increase 344 41,955 0 0 42,300
Purchase of treasury shares 0 0 -2,295 0 -2,295
Sale of treasury shares 0 0 0 0 0
Transactions with owners in their capacity as
owners 344 41,955 -2,295 0 40,005
Equity at 31.12.2023 18,769 604,056 -20,040 -37,119 565,666
FINANCIAL STATEMENTS / PARENT FINANCIAL STATEMENTS
TABLE OF CONTENTS
NOTE 1 Summary of signicant accounting policies .................................................................................................................. 84
NOTE 2 Going Concern ................................................................................................................................................................................................. 85
NOTE 3 Subsequent events.......................................................................................................................................................................................85
NOTE 4 Critical accounting estimates and judgements ........................................................................................................ 85
NOTE 5 Financial expenses .......................................................................................................................................................................................86
NOTE 6 Tax on prot for the year....................................................................................................................................................................86
NOTE 7 Investment in subsidiaries....................................................................................................................................................................86
NOTE 8 Share capital ......................................................................................................................................................................................................86
NOTE 9 Treasury shares .................................................................................................................................................................................................87
NOTE 10 Related parties ..............................................................................................................................................................................................87
NOTE 11 Contingent assets, liabilities and other nancial obligations ..................................................................87
NOTE 12 Financial risk management ............................................................................................................................................................88
NOTE 13 Changes in net working capital ................................................................................................................................................ 88
NOTE 14 Changes in liabilities arising from nancing activities .................................................................................. 88
59 REKOM ANNUAL REPORT 2024
59 REKOM ANNUAL REPORT 2024
NOTES TO THE PARENT
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS / PARENT FINANCIAL STATEMENTS
FINANCIAL STATEMENTS / PARENT FINANCIAL STATEMENTS
TABLE OF CONTENTS
NOTE 1 Summary of signicant accounting policies ...............................................................................................................60
NOTE 2 Going concern ....................................................................................................................................................................................................61
NOTE 3 Subsequent events ....................................................................................................................................................................................... 61
NOTE 4 Critical accounting estimates and judgements .........................................................................................................61
NOTE 5 Financial expenses .......................................................................................................................................................................................62
NOTE 6 Tax on prot for the year ..................................................................................................................................................................62
NOTE 7 Investment in subsidiaries ...................................................................................................................................................................62
NOTE 8 Intercompany receivables and liablities............................................................................................................................62
NOTE 9 Share capital ...................................................................................................................................................................................................... 63
NOTE 10 Tre asur y shares ...............................................................................................................................................................................................63
NOTE 11 Related parties ...............................................................................................................................................................................................64
NOTE 12 Contingent assets, liabilities and other nancial obligations ................................................................ 64
NOTE 13 Financial risk management .............................................................................................................................................................64
NOTE 14 Changes in net working capital .................................................................................................................................................64
NOTE 15 Changes in liabilities arising from nancing activities ..................................................................................64
60 REKOM ANNUAL REPORT 2024
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
REKOM Group Holding ApS was founded on 12 March
2018. The Financial Statements for the company,
REKOM Group Holding ApS have been prepared in
accordance with IFRS Accounting Standards as issued
by the International Accounting Standards Board
(IASB) and as adopted by the European Union as well
as additional Danish disclosure requirements applying
to entities of reporting class B.
The functional currency of the Company is DKK.
General information on recognition and
measurement
The Financial Statements have been prepared under
the historical cost method.
New standards
The IASB has issued a number of new or amended
standards and interpretations eective for nancial
years beginning on or after 1 January 2024.
There are no IFRSs or IFRIC interpretations that are not
yet eective that would be expected to have a material
impact on the company.
FOREIGN CURRENCY TRANSLATION
Transactions and balances
Foreign currency transactions are translated into the
functional currency using the exchange rates at the
dates of the transactions. Foreign exchange gains and
losses resulting from the settlement of such transactions
and from the translation of monetary assets and
liabilities denominated in foreign currencies at year
end exchange rates are generally recognized in prot
or loss.
Foreign exchange gains and losses that relate to
borrowings are presented in the statement of prot or
loss, within nancial income or expenses.
General and administrative expenses
General and administrative expenses include expenses
relating to the Company’s ordinary activities.
Financial income
Financial income comprise interest income, including
receivables and transactions in foreign currencies as
well as tax surcharge under the Danish Tax Prepayment
Scheme etc.
Financial expenses
Financial expenses comprise interest expenses, including
payables and transactions in foreign currencies as well
as tax surcharge under the Danish Tax Prepayment
Scheme etc.
Income tax and deferred tax
The Company is jointly taxed with the parent company
CC Fly Invest ApS and the Danish subsidiaries. The
Danish income tax payable is allocated between
the jointly taxed Danish companies based on their
proportion of taxable income (full absorption including
reimbursement of tax decits). The jointly taxed
companies are taxed under the Danish Tax Payment
Scheme. Additions, deductions and allowances are
recognized under nancial income or nancial costs.
The income tax expense or credit for the period is the
tax payable on the current period’s taxable income
based on the applicable income tax rate for each
jurisdiction adjusted by changes in deferred tax assets
and liabilities attributable to temporary dierences and
to unused tax losses. The current income tax charge
is calculated on the basis of the tax laws enacted or
substantively enacted at the balance sheet date in
the countries where the Company and its subsidiaries
operate and generate taxable income. Management
periodically evaluates positions taken in tax returns with
respect to situations in which applicable tax regulation
is subject to interpretation. It establishes provisions,
where appropriate, on the basis of amounts expected to
be paid to the tax authorities.
Deferred income tax is recognized on temporary
dierences arising between the tax bases of assets and
liabilities and their carrying amounts in the Financial
Statements. Deferred income tax is determined
using tax rates (and laws) that have been enacted
or substantively enacted by the balance sheet date
and are expected to apply when the related deferred
income tax asset is realized, or the deferred income tax
liability is settled.
Deferred income tax assets are recognized only to the
extent that it is probable that future taxable prot will
be available, against which the temporary dierences
can be utilized. Deferred income tax assets and
liabilities are oset when there is a legally enforceable
right to oset current tax assets against current tax
liabilities and when the deferred income tax assets and
liabilities relate to income taxes levied by the same
taxation authority on either the same taxable entity or
dierent taxable entities where there is an intention to
settle the balances on a net basis.
Investments in subsidiaries
Investments in subsidiaries are measured at cost.
Impairment tests are performed on subsidiaries if
events or changes in circumstances indicate that
their carrying amount may not be recoverable. If cost
exceeds the recoverable amount measured as value-
in-use, the carrying amount is written down to the
recoverable amount.
Receivables
Receivables are initially recognized at fair value
adjusted for any transaction costs. Subsequently,
receivables are measured at amortized cost, which
usually corresponds to the nominal value. Write-down
is made to net realizable value to provide for expected
losses.
EQUITY
Dividend distribution
Dividends are recognized as a liability at the time of
adoption at the general meeting.
Share Premium
Share Premium relate to capital increases and
decreases.
Treasury share revserve
The reserve comprises the nominal value of treasury
shares. The dierence between the market price paid
and the nominal value plus dividends on treasury shares
is recognized directly as retained earnings in equity
Vendor loan and other payables
Vendor loan consists of convertible debt notes
measured at amortized cost. Other debt or liabilities
covering trade creditors and other debt are recognized
at amortized cost, which usually corresponds to the
nominal value.
Statement of cash ow
The cash ow statement shows the cash ows during the
year distributed on operating, investing and nancing
activities, changes in cash and cash equivalents at the
beginning and at the end of the year.
Cash ows from operating activities are calculated
using the indirect method and comprise prot for the
year adjusted for non-cash items, changes in working
capital, interest paid and received etc., and payments
of corporate tax.
Cash ows from investing activities comprise payments
in connection with acquisitions and divestment of
businesses and purchase and sale of enterprises,
activities and xed asset investments as well as
purchase, development, improvement, sale and short
term bank debt.
Cash ows from nancing activities comprise changes
in the size or composition of the contributed capital and
related costs as well as the raising of loans, instalments
on interest-bearing debt, purchase of treasury shares,
and payment of dividend.
Cash and cash equivalents
In the statement of cash ows, cash and cash
equivalents includes cash in hand and bank deposits.
FINANCIAL STATEMENTS / PARENT FINANCIAL STATEMENTS / NOTES
61 REKOM ANNUAL REPORT 2024
NOTE 2 GOING CONCERN
REKOM had a challenging 2023, but has in 2024
streamlined the business and reduced the cost
base so REKOM now is on on the right economic
development track.
This development is driven by a combination of
improvement in our operating margins, a sizeable
pruning of our venue base, a signicant reduction
of company overheads and a range of completed
turnaround measures to adapt the company to
prevailing market conditions. Market conditions that are
looking more promising in 2025, as all markets REKOM
operates in are expected to improve.
REKOM has disposed REKOM UK (CC STIM UK TopCo
Ltd) in May 2024. Subsequently REKOM has re-
negotiated their loan agreements in June 2024 with an
extension beyond 2025.
Management has faith in REKOM performing according
to the Board approved budget for 2025 but has also
prepared contingency plans in case of negative budget
deviation. In all scenarios, management is condent that
REKOM will comply with covenants in loan agreements.
The nance agreement of REKOM has covenants that
are sensitive to and depending on REKOM performance
on EBITDA and liquidity. REKOM has met all these in
2024.
And based on the approved budget for 2025,
Management has prepared dierent scenarios with
assumptions on expectations to revenue, consumer
behavior, costs, rents, wages and capex etc. to stress that
the liquidity is robust enough to carry out the plans in
2025.
Management assesses that REKOM has sucient
liquidity and capital resources to continue operations
and funding growth throughout 2025.
Management therefore submits the annual report for
2024 on the assessment of going concern.
NOTE 3 SUBSEQUENT EVENTS
In february 2025 REKOM agreed again on some
updates to bankagreements, securing extra liquidity in
2025.
Beside this no subsequent events have occurred after
the balance sheet date that required adjustment to or
disclosure in the consolidated nancial statements.
NOTE 4 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The Company makes estimates and assumptions con-
cerning the future. The resulting accounting estimates
will, by denition, seldom equal the related actual results.
The estimates and assumptions that have a signicant
risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next nancial
year are addressed below.
The judgements, estimates and assumptions made are
based on historical experience and other factors that
Management considers to be reliable, but which by their
very nature are associated with uncertainty and unpre-
dictability. These assumptions may prove incomplete or
incorrect, and unexpected events or circumstances may
arise. The most critical judgments, estimates and assump-
tions for the individual items are described below.
The Company is also subject to risks and uncertainties
that may lead to actual results diering from these
estimates,both positively and negatively.
Impairment test of investments in subsidiaries
The Company tests, if there are indicators of impairment,
whether investments in subsidiaries has suered any im-
pairment, in accordance with the accounting policy stat-
ed in note 1. The recoverable amounts of cash-generating
units will be determined based on value-in-use calcula-
tions. These calculations require the use of estimates.
Investments in subsidiaries amounts to DKK 857 million
and no impairment losses has been recognized in 2024.
Key assumptions used for impairment test of
investments in subsidiaries
The carrying amount of the investments in subsidiaries is
tested for impairment.
Investments in subsidiaries consist of a single cash-
generating unit.
The method applied is the discounted cash ow model,
which uses cash ow projections based on nancial
budgets approved by the board and Management
covering a ten-year period. Management has based
these projections on historical values of their exisiting
business and expectations to future market and industry
development.
A ten-year period has been used in the model as this
time period aligns with the strategic time frame used
by Management. The business in which the Company
operates is not a cyclical business. It is Management’s
opinion that no signicant additional uncertainty arises
from the use of a ten-year time period.
A xed EBIT-margin is used in the model to reect the
nature of the industry in which the Company operates.
The industry is non-cyclical and competion in the
marketplace is high.
Cash ows during the ten-year period are discounted,
and beyond the ten-year period cash ows are
extrapolated using the estimated growth rates stated
below. These growth rates are consistent with forecasts
included in industry reports specic to the entertainment
industry and similar companies.
The recoverable amount is calculated based on value-
in-use. The following key assumptions are applied in the
calculation:
Annual sales growth 2%, operating margin between
14.8%-19.9%, post-tax WACC of 9.3% (up from 8.8%).
Under the assumption of 2.0% growth in the terminal
period the equity value is above the booked value of the
investment.
A sensitivity analysis of the main assumptions in the
impairment test has been carried out to identify the
lowest and/or highest discount rate and the lowest
growth rate for the investment.
Based on the impairment test performed as at 31
December 2024, no impairment is required.
FINANCIAL STATEMENTS / PARENT FINANCIAL STATEMENTS / NOTES
62 REKOM ANNUAL REPORT 2024
NOTE 5 FINANCIAL INCOME AND EXPENSES
IN THOUSANDS DKK 2024 2023
Financial income
Interest income 21 6
Income from debt conversion 68,062 0
Interest income from group enterprises 14,630 10,206
Foreign exchange rate gains 195 943
Total nancial income 82,908 11,155
Financial expenses
Interest paid on borrowings 13,188 18,429
Interest paid to group enterprises 135 29
Other nancial cost 1 1
Total nancial expenses 13,324 18,459
NOTE 6 TAX ON PROFIT FOR THE YEAR
IN THOUSANDS DKK 2024 2023
Current tax:
Current tax on prots for the year 14,515 296
Adjustments to tax in priori years 254 0
Deferred tax on prot for the year and previous years 775 0
Income tax expenses for the period 15,544 296
Income tax expenses are specied as follows:
Calculated 22% tax on prot for the year before income tax 15,290 -1,646
Adjustments to tax in previous years 254 0
Non deductible expenses incl interest deduction limitations 0 1,942
Income tax expense 15,544 296
Eective tax rate 22.3% -4.0%
NOTE 7 INVESTMENT IN SUBSIDIARIES
IN THOUSANDS DKK 2024 2023
Cost:
At 01.01 710,142 651,642
Additions during the year 147,231 58,500
Carrying amount 31.12 857,373 710,142
NAME
PLACE OF REGISTERED
OFFICE VOTE OWNERSHIP
CC Fly Holding II ApS Copenhagen 100% 100%
NOTE 8 INTERCOMPANY RECEIVABLES AND LIABILITIES
The full amount receivable is receivable only from the
immediate subsidiary CC Fly Holding II ApS. This entity
holds the external nancing agreement with most of
the Group’s entities in Denmark, Norway and Finland
guaranteeing this agreement. As such, the realizable
amount of the receivable is measured based on the
going concern assessment of the Group Financial
Statements under REKOM Group Holding ApS as a
whole. This has not resulted in the identication of needs
for write-downs of receivables.
FINANCIAL STATEMENTS / PARENT FINANCIAL STATEMENTS / NOTES
63 REKOM ANNUAL REPORT 2024
NOTE 10 TREASURY SHARES
Treasury shares are held for sales to employees under the Group’s share programme. The shares are valued each
year in accordance with the Group’s share programme. The treasury shares are recognized at cost in the nancial
statements. The company’s treasury shares amount to 1.6 % of the nominal value of the share capital.
NAME SHARE CLASS
NUMBER OF
SHARES (‘000)
NOMINAL VALUE
IN THOUSANDS
DKK
ACQUISITION COST
IN THOUSANDS
DKK
Changes in treasury shares:
Purchase of shares at 16.02.2024 B4 89,833 8,983 487
Purchase of shares at 20.02.2024 A 684 68 63
Purchase of shares at 20.02.2024 B5 342 34 2
Treasury shares at 31.12.2024 A 293,850 5,206 19,834
Treasury shares at 31.12.2024 B1 35,818 36 181
Treasury shares at 31.12.2024 B2 6,623 7 25
Treasury shares at 31.12.2024 B3 746 75 2
Treasury shares at 31.12.2024 B4 89,833 8,983 487
Treasury shares at 31.12.2024 B5 3,445 344 16
Treasury shares at 31.12.2024 B6 6,986 699 46
Total treasure shares at
31.12.2024 437,301 15,351 20,591
Changes in treasury shares:
Purchase of shares at 06.01.2023 A 789 79 73
Purchase of shares at 06.01.2023 B5 394 39 2
Purchase of shares at 13.01.2023 A 4,069 407 429
Purchase of shares at 13.01.2023 B5 1389 139 6
Purchase of shares at 13.01.2023 B6 646 65 4
Purchase of shares at 01.03.2023 A 370 37 34
Purchase of shares at 01.03.2023 B5 185 19 1
Purchase of shares at 11.04.2023 A 387 39 51
Purchase of shares at 11.04.2023 B6 194 19 1
Purchase of shares at 15.04.2023 A 554 55 52
Purchase of shares at 15.04.2023 B5 278 28 1
Purchase of shares at 26.04.2023 A 1769 177 234
Purchase of shares at 26.04.2023 B6 885 89 6
Purchase of shares at 28.11.2023 A 10327 1033 1366
Purchase of shares at 28.11.2023 B6 5164 516 34
Treasury shares at 31.12.2023 A 293,166 5,138 19,771
Treasury shares at 31.12.2023 B1 35,818 36 181
Treasury shares at 31.12.2023 B2 6,623 7 25
Treasury shares at 31.12.2023 B3 746 75 2
Treasury shares at 31.12.2023 B5 3,103 310 14
Treasury shares at 31.12.2023 B6 6,986 699 46
Total treasure shares at
31.12.2023
346,442 6,265 20,039
NOTE 9 SHARE CAPITAL
The Company's share capital is divided into ten
classes of shares, A-shares, B1-shares, B2-shares, B3-
shares, B4-shares, B5-shares, B6-shares, C1-shares, C-2
shares and C3-shares each of a nominal value of DKK
0.001. Each A-share carries one vote and none of the
B-shares or C-shares carries any votes.
Dividends shall be to share classes in the following
order: C1, C2 + C3, A, B1, B3, B2, B4 + B5 and lastly
B6. No distribution of dividends shall be made share
classes further down the chain before the previous share
class has received payment in full, ie. have received re-
payment of the capital invested.
No dividends have been paid in 2024 nor have any
dividends been suggested based on the nancial year
2024.
2024 2023
NUMBER OF
SHARES (‘000) NOMINAL VALUE
NUMBER OF
SHARES (‘000) NOMINAL VALUE
The share capital
comprise:
Ordinary shares
(fully paid)
38,283,532 0.001 18,769,176 00.1
IN NUMBER OF
SHARES IN EACH
CLASS (‘000) A B1 B2 B3 B4 B5 B6 C1 C2 C3 TOTAL
Changes in share
capital 2024
Opening balance 17,768 363 49 66 404 70 49 0 0 0 18,769
Capital increase at
30.06.2024 0 0 0 0 0 0 0 7,783 4,953 6,779 19,515
Total 17,768 363 49 66 404 70 49 7,783 4,953 6,779 38,284
Changes in share
capital 2023
Opening balance 17,424 363 49 66 404 70 49 0 0 0 18,425
Capital increase
at 06.04.2023 344 0 0 0 0 0 0 0 0 0 344
Total 17,768 363 49 66 404 70 49 0 0 0 18,769
FINANCIAL STATEMENTS / PARENT FINANCIAL STATEMENTS / NOTES
64 REKOM ANNUAL REPORT 2024
NOTE 13 FINANCIAL RISK MANAGEMENT
Credit risks
Credit risks are limited to intercompany receivables,
where the credit risk is considered low. No signicant
credit risks are tied to the Company’s receivables. Please
see note 8 for further description of the Company’s
receivables.
Liquidity risks
The Company is not exposed to any signicant liquidity
risks, due to the fact that the Company’s main activity is
to own shares in subsidiaries.
After conversion of debt in 2024 the Company only has
one vendor loan remaining. The vendor loan matures in
2026 and carries an eective interest rate of 6%. The
loan is issued in DKK. Interests are rolled up and added
to the loan amount until maturity. As such, no payments
are expected to be made until maturity.
Foreign exchange risk and interest rate risk
Management consider the foreign exchange risk as
immaterial due to the limited number of transactions
and borrowings in foreign currency. The Company is not
exposed to any signicant interest rate risk as all borrow-
ings are xed rate loans.
Capital management
The Company’s objectives when managing capital
are to secure the Group’s (investments in subsidiaries)
ability to continue as a going concern in order to
provide returns for shareholders and benets for
other stakeholders and to maintain an optimal
capital structure to reduce cost of capital. Any surplus
liquidity is used Management monitors the share and
capital structure to ensure that the Company’s capital
resources support the strategic goals.
NOTE 14 CHANGES IN NET WORKING CAPITAL
IN THOUSANDS DKK 2024 2023
Changes in receivables 0 0
Changes in other payables -36 132
-36 132
NOTE 15 CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES
IN THOUSANDS DKK
SHAREHOLDER
LOANS
VENDOR
LOANS
INTERCOMPANY
RECEIVABLES
INTERCOMPANY
PAYABLES TOTAL
At 01 January 2024 106,764 213,492 -175,193 61 145,124
Cash ows 5,836 7,351 -14,310 31 -1,092
Proceeds from loans 0 86,486 0 0 86,486
Foreign exchange
adjustments
0 -195 0 0 -195
Debt conversion -100,000 -243,236 0 0 -343,236
Debt written o -12,600 -55,462 0 0 -68,062
Other changes 0 0 -1 0 -1
At 31 December 2024 0 8,436 -189,504 92 -180,976
Other changes include accrued interest which thus has no cash eect.
NOTE 12 CONTINGENT ASSETS, LIABILITIES AND OTHER FINANCIAL OBLIGATIONS
Contingent liabilities
The company had the following contingent liabilities at year end:
IN THOUSANDS DKK 2024 2023
Issued third party guarantees 44,898 49,141
NOTE 11 RELATED PARTIES
The Company is controlled by CC Fly Invest ApS. The Group’s ultimate parent is CataCap II K/S.
Related parties with signicant inuence consist of the Group’s Board of Directors and Executive Management plus
close relatives of these persons.
Related parties also include companies over which these persons exert considerable inuence.
All transactions were carried out on terms equivalent to arm’s length principles.
The danish group companies are jointly and severally
liable for tax on the jointly taxed incomes etc of the
Group. The total amount of corporation tax payable is
disclosed in the Annual Report of CC Fly Invest ApS,
which is the management company of the joint taxation
purposes. Moreover, the group companies are jointly
and severally liable for Danish withholding taxes by
way of dividend tax, tax on royalty payments and tax
on unearned income. Any subsequent adjustments of
corporation taxes and withholding taxes may increase
the Company’s liability.
The Company has provided a guarantee against it’s
borrowing at Ares Credit Group. At year end this
amounts to DKK 940 million (DKK 836 million at 31
December 2023).
The Company has provided a guarantee against
REKOM Group’s credit facility at Nordea. At year end
this amounts to DKK 0 million (DKK 0 million at 31
December 2023).
The shares in CC Fly Holding II A/S are pledged in
connection with the Company's accession to the credit
agreements. Booked value of shares at 31 December
2024 is DKK 857 million.
FINANCIAL STATEMENTS / PARENT FINANCIAL STATEMENTS / NOTES
65 REKOM ANNUAL REPORT 2024
MANAGEMENT’S STATEMENT
EXECUTIVE BOARD
BOARD OF DIRECTORS
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
VILHELM HAHN-PETERSEN
CHAIRMAN
Born 1960
Member since 2018
Aliation: Non-Independent
Partner – CataCap
CHAIRMAN
CC Fly Holding II A/S
CC Green Wall Invest ApS
CC Mist NEW Holding II ApS
DAFA A/S
REKOM Group A/S
REKOM Group Holding ApS
DEPUTY CHAIRMAN
OF THE BOARD
DAFA Group A/S
DAFA Holding I ApS
DAFA Holding II ApS
BOARD MEMBER
Airhelp Inc.
CC Toaster Holding I ApS
CC Toaster Holding II ApS
LUXPLUS ApS
TP AEROSPACE HOLDING A/S
TPA Holding I A/S
TPA Holding II A/S
EXECUTIVE MANAGEMENT
CATACAP DM ApS
CataCap DM II ApS
CATACAP GENERAL PART-
NER I ApS
CataCap General Partner II ApS
CataCap General Partner III ApS
CATACAP MANAGEMENT A/S
CATACAP OP ApS
CC Aviation General Partner I ApS
CC BidCo ApS
CC BidCo IV ApS
CC BidCo V ApS
CC DAFA Invest ApS
CC Fly Invest ApS
CC Globe Invest ApS
CC HoldCo ApS
CC HoldCo IV ApS
CC HoldCo V ApS
CC II Management Invest 2017
GP ApS
CC NLM Invest ApS
CC North Invest ApS
CC TAP Invest ApS
CC TopCo Invest ApS
CC TopCo IV Invest ApS
CC TopCo V Invest ApS
DAFA MIIP ApS
Globe ManCo ApS
Luxplus MIIP ApS
MYCO ApS
NLM Vantinge IP ApS
REKOM ManCo ApS
TAP MIIP ApS
TPA Green ManCo ApS
CC Toaster Invest ApS
ADAM FALBERT
DEPUTY CHAIRMAN
Born 1976
Member since 2018
Aliation: Non-independent
Founder – REKOM Group A/S
CHAIRMAN
NightPay ApS
DEPUTY CHAIRMAN
OF THE BOARD
REKOM Group A/S
REKOM Group Holding ApS
CC Fly Holding II ApS
CC Mist New Holding II ApS
BOARD MEMBER
CIV 2023 ApS
HB Herman ApS
Power Hall ApS
Havnens Vente 3 ApS
Hyldegårdsvej 40 A/S
K/S Strandvejen 195-199
Nielsen & Co. ApS
REKOM R&D ApS
Havnens Bygningsudlejning A/S
EXECUTIVE MANAGEMENT
ANF Enterprises ApS
NSV I Midco ApS
Mosegårdsvænget 21 ApS
Hero Ejendom Ishøj ApS
Rosbjergvej 7, 8220 Brabrand ApS
Overgade 21A ApS
Havnegade 44 ApS
Meyn Invest ApS
Allegade 4 ApS
Kultorvet 13-15 Invest ApS
Q19 Ejendomme ApS
Moker Venture ApS
Moker Venture Finans ApS
Moker Ejendomme ApS
REKOM CIV Komplementar ApS
MORTEN ALBÆK
MEMBER
Born 1975
Member since 2018
Aliation: Independent
Founder & CEO – Voluntas
Group A/S
CHAIRMAN
Voluntasfonden
BOARD MEMBER
REKOM Group A/S
REKOM Group Holding ApS
CC Fly Holding II A/S
Voluntas Group A/S
OTHER ADVISORY ROLES
Member of Scan Global
Logistics
Advisory Council
Special Advisor in Joe & The
juice to the board of directors
and executive management
EXECUTIVE MANAGEMENT
A Mean Company ApS
Voluntas Group A/S
Sea Albaek Future ApS
CHRISTIAN ANDREASEN
MEMBER
Born 1986
Member since 2024
Aliation: Non-independent
Partner – CataCap
BOARD MEMBER
Normark Coating ApS
Normark Maskinfabrik A/S
REKOM Group
EXECUTIVE MANAGEMENT
Nordmark Maskinfabrik A/S
Nordmark Coating A/S
Nordmark Properties ApS
Nordmark Group Holding ApS
Nordmark Group ApS
Nordmark Coating Cuxhaven
Properties ApS
CKA Invest ApS
SOPHIE LOUISE KNAUER
MEMBER
Born 1983
Member since 2019
Aliation: Independent
BOARD MEMBER
REKOM Group A/S
REKOM Group Holding ApS
CC Fly Holding II A/S
CC Globe Holding I ApS
CC Globe Holding II A/S
CC Mist New Holding II Aps
Solar A/S
SKAKO A/S
SKAKO Concrete A/S
SKAKO Vibration A/S
Ferm Living ApS
Nordic transport Group A/S
EXECUTIVE MANAGEMENT
Lady Invest ApS
It’s a club ApS
CLAUS JUEL JENSEN
CHIEF EXECUTIVE DIRECTOR
Born 1963
Chaiman of the board since
2018 to 31. July 2024
Cheif Executive Director from
1. August 2024
CHAIRMAN
T. Hansen Gruppen A/S
Delika Food Group A/S
Gasa Group A/S
Jens Møller Products A/S
Bisca Bakery A/S
BOARD MEMBER
Rusta AB
Geia Food A/S
EXECUTIVE MANAGEMENT
CJPI ApS
REKOM Group A/S
REKOM Group Holding ApS
CC Fly Holding II A/S
OVERVIEW OF
MANAGEMENT
66 REKOM ANNUAL REPORT 2023
OVERVIEW OF MANAGEMENTS OTHER DUTIES
67 REKOM ANNUAL REPORT 2024
INDEPENDENT AUDITOR’S REPORT
CVR No.: 33 9 6 35 5 6
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
Annual Report 1st of January
- 31st of December 2024
CVR NO.: 39 40 20 25
The Annual Report was
presented and adopted at the
Annual General Meeting of the Company
on 11.03.2025
Chairman of the
General Meeting