The Annual Report was presented and adopted
at the Annual General Meeting of the Company on:
12-08-2025
Chairman
Mikkel Anker Heegaard
BoConcept Holding A/S
Mørupvej 16
DK-7400 Herning
CVR no. 37 76 02 50
Annual Report for 2024/25
BoConcept Holding A/S - Annual Report 2024/25 1
Contents
Page
Key Figures 3
Company Information 4
Management's Review 5
Management's Statement 7
Independent Auditor's Report 8
Group
Statement of Profit and Loss 10
Consolidated Statement of Comprehensive Income 10
Consolidated Balance Sheet 11
Consolidated Statement of Changes in Equity 13
Consolidated Cash Flow Statement 14
Notes 15
Parent Company
Statement of Profit and Loss 38
Statement of Comprehensive Income 38
Balance Sheet 39
Statement of Changes in Equity 40
Notes 41
BoConcept Holding A/S - Annual Report 2024/25 2
2024/25 2023/24 2022/23 2021/22 2020/21
Financial Highlights in DKK million for the Group
Revenue 1.247 1.273 1.439 1.490 1.211
Contribution margin 710 728 797 783 666
172 205 238 275 255
Net financials (55) (55) (49) (16) (23)
Profit/loss before tax 36 66 100 175 149
Profit/loss for the year 14 36 66 123 109
Balance Sheet
Non-current assets 1.481 1.501 1.528 1.548 1.579
Current assets 382 459 505 477 602
Balance sheet total 1.863 1.960 2.033 2.024 2.181
Equity 648 639 610 550 1.173
Interest bearing debt 629 665 761 746 247
Cash Flows
Operating activities 33 114 112 129 281
Investing activities (21) (20) (26) (19) (4)
Hereof acquisition of tangible assets (9) (6) (6) (11) (5)
Financing activities (80) (143) (29) (297) (165)
Employees
Average number of employees 473 461 450 452 473
Key Ratios
7% 10% 10% 13% 14%
Cash flows before financing activity as a % of revenue* 1% 7% 6% 7% 23%
Return on equity* 2% 6% 11% 14% 10%
Equity ratio* 35% 33% 30% 27% 54%
*The financial ratios are defined as
Operating margin (EBIT%) = EBIT/Revenue
Cash flows before financing activity as a % of revenue = Cash flow before financing activities/Revenue
Return on equity (%) = Profit/loss for the year/((Equity last year + Equity financial year)/2)
Equity ratio (%) = Equity/Balance sheet total
Key Figures
Income Statement
Operating margin (EBIT%)*
Earnings before interest, taxes, depreciation and
amortization
BoConcept Holding A/S - Annual Report 2024/25 3
Company Information
Company BoConcept Holding A/S
Mørupvej 16
DK-7400 Herning
Central Business Registration no. 37 76 02 50
Board of Directors Sanna Mari Suvanto-Harsaae, Chair
Pieter Aart de Jong, Deputy chair
Anders Christer Moberg
Justin Laurens Pabst
Executive Board
Mikael Kruse Jensen
Auditors PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
Nobelparken
Jens Chr. Skous Vej 1
DK-8000 Aarhus
BoConcept Holding A/S - Annual Report 2024/25 4
Management's Revie
w
Main activities
Highlights from the 2024/25 financial year
Development and results for the year
The result for the year compared to the expected development
Expectations
Despite strong performance in selected markets, the headwinds in key markets, particularly in Europe and the US, persisted throughout 2024/25, resulting in a
single-digit decline in revenue by the end of the year. While the decrease was partially offset by a reduction in costs, EBITDA ended below the 2023/24 levels.
In addition to the financial results, the year 2024/25 was notable for the appointment of Helena Christensen as the Global Artistic Director. This development
has generated substantial global public relations attention and further strengthened the group's position in the industry. Finally, the B2B business segment is
producing positive results, highlighting the potential within the segment.
As in previous years, the projections for 2025/26 are highly uncertain due to factors such as the geopolitical situation, potential tariff conflicts, weak consumer
confidence, inflation levels (including raw materials, components, energy, transport, etc.), and the overall economic conditions in the group's key markets.
Management remains confident in BoConcept's established business model. The consistently strong performance in certain markets underscores the resilience
of the diversified model, while the business-to-business segment is beginning to show promising traction.
Management anticipates that revenue for the upcoming year will be approximately in line with the figures for 2024/25. Additionally, due to anticipated
improvements in operational efficiency and a reduced cost base, it is expected that EBITDA will show a slight improvement (low single digit increase).
Revenue ended lower in 2024/25 than expected entering the year, mainly driven by the unfavorable economic environment, which resulted in lower consumer
spending across most markets. Likewise, EBITDA ended lower than expected, mainly driven by the lower revenue.
Profit after Tax for the year was DKK 14 million (2023/24: DKK 36 million).
BoConcept is maintaining its current strategy with the overall purpose of “transforming spaces into more extraordinary places”, and the impact of initiated
initiatives is expected to result in a strong development of the group in the coming years.
In the 2024/25 financial year, the group realised revenue of DKK 1,247 million (-2% vs. 2023/24) and EBITDA of DKK 172 million (-16% vs. 2023/24).
BoConcept is a global brand and an international furniture franchise chain within the 'affordable premium' segment. Its furniture and accessories collection is
available through 300 branded stores across more than 60 countries, with BoConcept acting as franchisor, designer, business developer, exclusive supplier, and
international distributor. Alongside its franchise operations, BoConcept extends its product offerings to major B2B projects worldwide.
Cash flow remained positive in 2024/25 with a positive cash flow of DKK 12 million (2023/24: DKK 94 million) before financing activities. Positive cash flow
is a result of a highly profitable and cash generative business model with low net working capital and limited CAPEX requirements.
The 2024/25 results were below the budget and last year's figures, but management considers them satisfactory in light of the challenging market
circumstances.
• The industry is experiencing reduced consumer spending across most BoConcept markets due to low consumer confidence.
• The decline in revenue was driven by a reduction in the number of stores and a decline in like-for-like sales, although this was partially mitigated by
positive B2B results and strong performance in some of the key markets, such as Japan.
Although revenue decreased, costs remained roughly in line with last year (pro forma for the implemented cost reduction measures, the costs are below last
year). Consequently, EBITDA decreased in both absolute terms and as a percentage compared to the previous year (margin of 13.9% vs. 16.2% in 2023/24).
• Gross margin and fixed costs remained broadly in line with the prior year, reflecting effective cost management in the face of continued inflationary
pressures in core markets.
• EBITDA declined year-on-year, both in absolute terms and as a percentage of revenue, primarily due to a lower top line (margin of 13.9% vs. 16.2% in
2023/24).
BoConcept Holding A/S - Annual Report 2024/25 5
Company structure
Corporate social responsibility
Data ethics
Events after the balance sheet date
BoConcept Holding became a signatory to the UN Global Compact in 2009. The group's CSR policy is based on the ten principles of the Global Compact in
the areas of human rights, labour, environment, and anti-corruption. For the financial year 2024/25, the business will publish its fourth Impact report along with
its financial statements, emphasizing sustainability in product development and addressing consumer CSR focus points.
In pursuance to Section 99a (7) of the Danish Financial Statements Act, the Company has omitted information on corporate social responsibility. We are part of
the BoConcept Group, and reference is made to the Impact report (prepared in accordance with section 99a of the Danish Financial Statements Act). This report
is part of the Annual Report of the parent company Layout Holdco A/S and can be found at (https://p3.aprimocdn.net/boconcept/5a0396bb-83cc-4da6-879e-
b32f00dcc76a/BoConcept%20Impact%20Report%202024-25_Original%20file.pdf) and pertain to the same period as BoConcept Holding's 2024/25 annual
report.
For a comprehensive review of BoConcept Holding's operational activities related to corporate social responsibility in the 2024/25 financial year, as well as an
overview of future initiatives
,
ob
j
ectives
,
and ex
p
ectations
,
p
lease refer to the Im
p
act re
p
ort of the
p
arent com
p
an
y
La
y
out Holdco A/S
.
No events have occurred since the balance sheet date that would materially affect the results presented in the annual report.
In pursuance of Section 99d (3) of the Danish Financial Statements Act, the Company has omitted information on data ethics. Reference is made to the Impact
report for Layout Holdco A/S and can be found at (https://p3.aprimocdn.net/boconcept/5a0396bb-83cc-4da6-879e-
b32f00dcc76a/BoConcept%20Impact%20Report%202024-25_Original%20file.pdf).
Layout Holdco
A/S
BoConcept
Holding A/ S
BoConcept A/S
100%
100%
BoConcept
Germany
GmbH (100%)
BoConcept
Retail France
Sarl (100%)
BC Design
Beaugrenelle
Sarl (100%)
BoConcept
North America
Inc. (100%)
BoConcept
Japan KK
(100%)
BC Design
Holding Ltd.
(100%)
BoConcept
Furniture
Trading Co
Ltd. (100%)
BC
Commercial
A/S (100%)
Note: Chart excluding inactive companies as well as lower level companies
BoConcept Holding A/S - Annual Report 2024/25 6
Management's Statemen
t
Herning, 12 August 2025
Executive Board
Board of Directors
Chair
Deputy chair
Anders Christer Moberg Justin Laurens Pabst
The Annual Report has been prepared in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial
Statements Act.
In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position at 30
April 2025 of the Group and the Parent Company and of the results of the Group and Parent Company operations and the Group cash flows for 2024/25.
In our opinion, Management’s Review includes a true and fair account of the development in the operations and financial circumstances of the Group and the
Parent Company, of the results for the year and of the financial position of the Group and the Parent Company as well as a description of the most significant
risks and elements of uncertainty facing the Group and the Parent Company.
We recommend that the Annual Report be adopted at the Annual General Meeting.
Mikael Kruse Jensen
Sanna Mari Suvanto-Harsaae Pieter Aart de Jong
The Board of Directors and Executive Board have today considered and adopted the Annual Report of BoConcept Holding A/S for the financial year 1 May
2024 – 30 April 2025.
BoConcept Holding A/S - Annual Report 2024/25 7
Independent Auditor's Report
To the Shareholder of BoConcept Holding A/S
Opinion
Basis for Opinion
Statement on Management’s Review
Management’s Responsibilities for the Financial Statements
Auditor’s Responsibilities for the Audit of the Financial Statements
In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the Group’s and the Parent
Company’s financial position at 30 April 2025 and of the results of the Group’s and the Parent Company’s operations and consolidated cash flows for the
financial year 1 May 2024 – 30 April 2025 in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish
Financial Statements Act.
We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of BoConcept Holding A/S for the financial year 1 May
2024 – 30 April 2025, which comprise income statement and statement of comprehensive income, balance sheet, statement of changes in equity and notes,
including a summary of significant accounting policies, for both the Group and the Parent Company, as well as cash flow statement for the Group (“financial
statements”).
We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our
responsibilities under those standards and requirements are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section
of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics
for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Management is responsible for Management’s Review.
Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s
Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.
Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act.
Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statementsand the Parent
Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any
material misstatement in Management’s Review.
Management is responsible for the preparation of Consolidated Financial Statements and Parent Company Financial Statements that give a true and fair view in
accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act, and for such internal
control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud
or error.
In preparing the financial statements, Management is responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless
Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud
or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and
maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control.
BoConcept Holding A/S - Annual Report 2024/25 8
Aarhus, 12 August 2025
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR no. 33 77 12 31
Claus Lyngsø Sørensen
State Authorised Public Accountant State Authorised Public Accountant
mne34539 mne48564
Jeppe Brændstrup
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Group’s and the Parent Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.
• Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the Parent
Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to
the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a
going concern.
• Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent
the underlying transactions and events in a manner that gives a true and fair view.
• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the
group as a basis for forming an opinion on the Consolidated Financial Statements and the Parent Company Financial Statements. We are responsible for the
direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings,
including any significant deficiencies in internal control that we identify during our audit.
BoConcept Holding A/S - Annual Report 2024/25 9
Consolidated Statement of Profit and Loss
Group
2024/25 2023/24
Note kDKK kDKK
Revenue 3 1.247.085 1.273.052
Cost of goods sold 4 (536.630) (545.092)
Contribution margin 710.455 727.960
Transportation expenses (78.747) (77.102)
Employee related costs 4 (244.476) (253.827)
Marketing expenses (73.642) (82.996)
Rent and maintenance expenses (27.504) (30.663)
IT and Consultancy expenses (104.574) (86.507)
Others 6 (9.142) 8.533
Operating profit (EBITDA) 172.370 205.398
Amortisation, depreciation, write-downs and impairment losses 7 (81.315) (84.347)
Profit/loss from operating activities (EBIT) 91.055 121.051
Financial income 9 11.753 8.870
Financial expenses 10 (67.093) (64.335)
Profit/loss before tax 35.715 65.586
Tax on profit/loss for the year 11 (22.140) (29.522)
Profit/loss for the year 13.575 36.064
Profit/loss for the year is attributable to:
Shareholder of BoConcept Holding A/S 13.575 36.064
Consolidated Statement of Comprehensive Income
2024/25 2023/24
kDKK kDKK
Profit/loss for for the year 13.575 36.064
Revaluation of hedging instruments before tax (12.029) (1.271)
Tax on hedging instruments 2.646 280
Foreign currency translation, foreign units 2.860 (6.121)
Other adjustments in subsidiaries 1.191 0
Total comprehensive income for the year 8.243 28.951
Broken down as follows:
Shareholder of BoConcept Holding A/S 8.243 28.951
BoConcept Holding A/S - Annual Report 2024/25 10
Consolidated Balance Sheet
Group
30.04.2025 30.04.2024
Note kDKK kDKK
Goodwill 532.465 533.619
Master rights 36.600 36.600
Franchise network 85.304 99.043
Brand and concept 571.000 571.000
Software 42.362 51.102
Intangible assets in progress 9.286 0
Total intangible assets 12 1.277.017 1.291.364
Right-of-use-assets 13 78.096 84.760
Land and buildings 65.216 71.192
Leasehold improvements 8.996 7.450
Plant and machinery 17.085 14.188
Fixtures and operating equipment 6.446 5.451
Property, plant and equipment in progress 323 1.585
Total tangible assets 14 176.162 184.626
Deferred tax 15 5.971 2.243
Other financial assets 16 21.558 22.391
Total other non-current assets 27.529 24.634
Total non-current assets 1.480.708 1.500.624
Inventories 17 134.989 132.830
Trade receivables 18 157.822 179.742
Other receivables 19 32.578 21.134
Cash and cash equivalents 57.190 125.525
Total current assets 382.579 459.231
Total assets
1.863.286 1.959.855
BoConcept Holding A/S - Annual Report 2024/25 11
Consolidated Balance Sheet
Group
30.04.2025 30.04.2024
Note kDKK kDKK
Share capital 20 1.000 1.000
Translation reserve (9.927) (12.787)
Hedging reserve (4.356) 5.027
Retained earnings 660.860 646.095
Equity share, BoConcept Holding A/S shareholder 647.577 639.334
Total equity 647.577 639.334
Lease liabilities 13 42.281 49.281
Deferred tax 15 172.359 178.260
Other provisions 21 6.598 7.461
Mortgage credit institutions and banks 22, 27 598.290 639.618
Total non-current liabilities 819.528 874.620
Lease liabilities 13 34.883 41.626
Mortgage credit institutions and banks 22 30.317 25.457
Trade payables 115.841 143.212
Payables, parent company 1.106 17.481
Prepayment from customers 62.681 60.372
Income tax payables 23 51.663 26.023
Other payables 99.690 131.730
Total current liabilities 396.181 445.901
Total liabilities 1.215.709 1.320.521
Total equity and liabilities 1.863.286 1.959.855
BoConcept Holding A/S - Annual Report 2024/25 12
Consolidated Statement of Chan
g
es in E
q
uit
y
Grou
p
Share capital
Hedging
reserve
Translation
reserve
Retained
earnings
Total
kDKK kDKK kDKK kDKK kDKK
Equity at 30.04.2023
1.000 6.018 (6.666) 610.031 610.383
Profit/loss for the year
0 0 0 36.064 36.064
Reserve for exchange rate adjustments 0 0 (6.121) 0 (6.121)
Revaluation of hedging instruments
0 (1.271) 0 0 (1.271)
Tax of hedging instruments
0 280 0 0 280
Equity at 30.04.2024
1.000 5.027 (12.787) 646.095 639.334
Profit/loss for the year
0 0 0 13.575 13.575
Other adjustments
0 0 0 1.191 1.191
Reserve for exchange rate adjustments 0 0 2.860 0 2.860
Revaluation of hedging instruments
0 (12.029) 0 0 (12.029)
Tax of hedging instruments
0 2.646 0 0 2.646
Equity at 30.04.2025
1.000 -4.356 -9.927 660.860 647.577
BoConcept Holding A/S - Annual Report 2024/25 13
Consolidated Cash Flow Statement
Grou
p
2024/25 2023/24
kDKK kDKK
Profit/loss from operating activities (EBIT) 91.055 121.051
Adjustments for non-cash items 25 70.940 77.186
Changes in working capital 26 (65.161) 5.888
Cash flow from operating activities before financial items 96.834 204.125
Interest income etc. 9.931 7.615
Interest paid (67.278) (59.258)
Income taxes paid (6.126) (38.813)
Net cash flow from operating activities 33.361 113.669
Acquisition of intangible assets (12.888) (14.254)
Acquisition of tangible assets (8.582) (5.679)
Net cash flow from investing activities (21.470) (19.933)
Cash flow before financing activities 11.891 93.736
Increase in mortgage credit institutions and banks 71.976 0
Installments on mortgage credit institutions and banks (108.444) (95.810)
Addition/disposals, financial assets 833 1.865
Repayment of leasing debt (44.591) (49.011)
Cash flow from financing activities (80.226) (142.956)
Cash inflow/outflow for the year (68.335) (49.220)
Cash and cash equivalents, beginning of the year 125.525 174.745
Cash and cash equivalents at end of the year 57.190 125.525
The amount may be broken down as follows:
Cash without restrictions 57.190 125.525
BoConcept Holding A/S - Annual Report 2024/25 14
Notes
Group
1. Accounting policies
2. Critical accounting estimates and judgements
3. Revenue
4. Costs
5. Fee to auditors appointed at the annual General Meeting
6. Others
7. Amortisation, depreciation, write-downs and impairment losses
8. Development costs
9. Financial income
10. Financial expenses
11. Tax on profit/loss for the year
12. Intangible assets
13. Leases
14. Tangible assets
15. Deferred tax
16. Other financial assets and deposits
17. Inventories
18. Trade receivables
19. Other receivables
20. Share capital
21. Other provisions
22. Amounts owed to credit institutions
23. Income tax payable
24. Contingent liabilities and security
25. Adjustment for non-cash items
26. Changes in working capital
27. Financial risk management
28. Transactions with related parties
29. Events after the balance sheet date
BoConcept Holding A/S - Annual Report 2024/25 15
Notes
Group
1. Accounting policies
Accounting policies are unchanged from last year.
The annual report is presented in DKK 000, which is the functional and presentation currency of the company.
Consolidated financial statements and business combinations
Accounting policies
Foreign currency translation
The group fixes a functional currency for each of the reporting enterprises. The functional currency is the currency which is applied in the primary economic
environment in which the individual reporting unit operates. Transactions denominated in currencies other than the functional currency are foreign currency
transactions.
On initial recognition, transactions denominated in foreign currencies are translated to the functional currency at the exchange rates prevailing at the transaction date.
Any exchange differences between the rate prevailing at the transaction date and the rate prevailing at the date of settlement on receivables, payables and other
monetary items are taken to the income statement as financial items.
The consolidated financial statements include the parent, BoConcept Holding A/S, as well as subsidiaries and enterprises in which BoConcept Holding A/S holds
more than 50 per cent of the votes, directly or indirectly, or in any other way exercises a controlling influence (subsidiaries). BoConcept Holding A/S and the
subsidiaries are collectively referred to as the group.
The consolidated financial statements have been prepared as a consolidation of the parent company's and the individual subsidiaries' financial statements by
consolidating accounting items of a similar nature and subsequently eliminating intra-group income and expenses, shareholdings, intra-group accounts and dividends
as well as unrealised gains and losses on transactions between the consolidated enterprises. The consolidated financial statements have been prepared in compliance
with the accounting policies applicable to the BoConcept Holding group.
In the consolidated financial statements the accounting items of the subsidiaries are recognised in full.
Acquisition and disposal of entities
When accounting for business combinations, the acquisition method is applied in accordance with IFRS 3.
Acquirees are recognized in the consolidated financial statements from the date of acquisition. The date of acquisition is the date on which BoConcept Holding A/S
obtains control of the company.
The consideration transferred as payment for the acquiree consists of the fair value of assets transferred, liabilities incurred to former owners of the acquiree and
equity instruments issued. Contingent considerations dependent on future events or the performance of contractual obligations are also recognized at fair value and
form part of the total consideration transferred. Fair value changes in contingent considerations are recognised in the income statement until final settlement.
Identifiable assets, liabilities and contingent liabilities of the acquiree are measured at fair value at the date of acquisition by applying relevant valuation methods.
Identifiable intangibles are recognised if they are separable or arise from a contractual right. Deferred tax is recognised for identifiable tax benefits existing at the date
of acquisition.
The excess of the total consideration transferred, value of non-controlling interests and the fair value of any equity investments previously held in the acquiree over
the total identifiable net assets measured at fair value are recognized as goodwill.
If measurement of the identifiable net assets is uncertain at the date of acquisition, initial recognition is done based on provisional amounts. Measurement period
adjustments to the provisional amounts may be done for up to 12 months following the date of acquisition. The effects of cross period measurement period
adjustments are recognised in equity at the beginning of the financial year, and comparative figures are restated. After the end of the period, goodwill is no longer
adjusted.
Transaction costs inherent from the acquisition are recognized in the income statement when incurred.
Other than cross-period measurement period adjustments, comparative figures are not adjusted when acquiring or disposing entities.
The consolidated financial statements for the period 1 May 2024 to 30 April 2025 have been prepared in accordance with IFRS Accounting Standards as adopted by
the EU. Further, the annual report has been prepared in accordance with the additional Danish disclosure requirements for annual reports.
BoConcept Holding A/S - Annual Report 2024/25 16
Notes
Group
Derivative financial instruments
INCOME STATEMENT
Revenue
Cost of goods sold
Employee related cost
Marketing
Transportation
Depreciations
Rent and Maintenance
IT and Consultancy
Cost of goods sold include cost related to the production and purchasing of materials and direct salaries paid to generate revenue for the year.
Employee related cost include indirect salaries and personnel related cost.
Marketing expenses includes cost related to marketing campaigns.
Transportation cost includes cost related to distribute goods related to generating revenue for the year.
Depreciations is related to amortization and depreciations of intangible and tangible assets for the year.
Rent and maintenance cost include cost related to rental of stores and offices and maintenance of production facilities and buildings.
IT and Consultancy cost include cost related to IT equipment and communication, consultancy, audit, legal advisory and insurances.
Receivables, debts and other monetary items in foreign currencies are converted at the exchange rate prevailing at the balance sheet date. The difference between the
rate prevailing at the balance sheet date and the rate prevailing at the time when the receivable or payable item arose is included in the income statement under
financial income and expenses.
On recognition in the consolidated financial statements of enterprises with a functional currency other than Danish kroner the income statements of such enterprises
are translated to the rate prevailing at the transaction date, and the balance sheet items are translated to the rate prevailing at the balance sheet date. An average
exchange rate for the month is used as the exchange rate at the transaction date to the extent that this does not significantly distort the presentation of the underlying
transactions. Foreign exchange differences arising on translation of the opening balance of the equity of such enterprises at the exchange rates prevailing at the
balance sheet date and on translation of the income statements from the exchange rates at the transaction date to the exchange rates at the balance sheet date are
recognised in other comprehensive income and classified in equity under a separate translation reserve.
Derivative financial instruments are initially and subsequently recognised at fair value in the balance sheet. Positive and negative fair values of derivative financial
instruments are included in other receivables and payables, respectively, and set-off of positive and negative values is only made when the company has the right and
the intention to settle several financial instruments net. Fair values of derivative financial instruments are calculated on the basis of current market data and generally
accepted valuation methods.
Changes in the portion of the fair value of derivative financial instruments designated as and qualifying as a cash flow hedge are recognised in other comprehensive
income and classified under a separate hedging reserve in equity. Once the hedged transaction is realised, gains or losses incidental to such hedging transactions are
transferred from the equity and recognised with the hedged item.
The group manufactures and sells a range of furniture to a number of frachisees. Sales are recognised when control of the products has transferred, being when the
products are delivered to the franchisee, the franchisee has full discretion over the channel and price to sell the products, and there is no unfulfilled obligation that
could affect the franchisee’s acceptance of the products. Delivery occurs when the products have been shipped to the specific location, the risks of obsolescence and
loss have been transferred to the franchisee, and either the franchisee has accepted the products in accordance with the sales contract, the acceptance provisions have
lapsed, or the group has objective evidence that all criteria for acceptance have been satisfied.
The furniture is sometimes sold with retrospective volume discounts based on aggregate sales over a 12 months period. Revenue from these sales is recognised based
on the price specified in the contract, net of the estimated volume discounts. Accumulated experience is used to estimate and provide for the discounts, using the
expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur. A refund liability (included in
trade and other payables) is recognised for expected volume discounts payable to customers in relation to sales made until the end of the reporting period. No element
of financing is deemed present as the sales are made with standard credit terms, which are consistent with market practice.
A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is
required before the payment is due.
BoConcept Holding A/S - Annual Report 2024/25 17
Notes
Group
Others
Financial income and expenses
Tax on profit for the year
BALANCE SHEET
Intangible assets
Goodwill
Master rights
Brand and concept
Franchise network
Software
Furthermore, realised and unrealised gains and losses relating to derivative financial instruments which do not qualify as hedging contracts are also recognised.
The current Danish income tax is allocated among the jointly taxed companies in the form of settlement of joint tax contributions in proportion to their taxable
income. In this connection Danish companies with tax losses receive joint tax contributions from companies that have been able to utilise these losses to reduce their
own taxable profits.
Goodwill is initially recognised in the balance sheet at cost as described under 'The Consolidated Financial Statements and Business Combinations'. Subsequently
goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised.
The carrying amount of goodwill is allocated to the group's cash-generating units at the acquisition date. The identification of cash-generating units is based on
management structure and internal financial control. Management estimates that the smallest cash-generating units to which the carrying amount of goodwill can be
allocated is the collective group of subsidiaries.
At least once a year the carrying amount of goodwill is tested for impairment together with the other non-current assets in the cash-generating unit to which goodwill
is allocated and written down to the recoverable amount over the income statement if the carrying amount is higher. The recoverable amount is computed as the
present value of the expected future net cash flows from the enterprise or activity (cash-generating unit) to which goodwill is allocated.
Master rights acquired to run and start up new BoConcept Brand Stores on a specific market are recognised in the balance sheet.
Master rights are of indefinite duration as it is a general access to run and start up BoConcept Brand Stores on specific markets. The characteristics of the acquired
rights are in fact comparable to goodwill.
Master rights are measured at cost. No amortisation is made in respect of these as their useful lives cannot be determined, but they are subject to an annual
impairment test.
BoConcept is an international franchise concept owner with a full product range of furniture and accessories. BoConcept is positioned in the 'affordable premium'
segment, which entails strong reliance on its brand/concept image.
The rights are of indefinite duration, and the characteristics of the acquired rights are in fact comparable to goodwill.
Brand and concept are measured at cost. No amortisation is made in respect of these as their useful lives cannot be determined, but they are subject to an annual
impairment test.
Furniture and accessories collections are sold through the BoConcept franchise chain worldwide. BoConcept Holding A/S and the franchisee have a long-term
contractual agreement. Franchise network is amortised over 15 years.
Software is acquired externally and is measured at cost less accumulated amortisation. Software is written down to the recoverable amount or to the carrying amount,
whichever is the lower. Amortisation is charged over three to eight years.
Others is cost that is not included in the above.
Financial income and expenses include interest income and expenses, exchange adjustments relating to securities, payables and transactions denominated in foreign
currencies, amortisation of financial assets and liabilities and surcharges and allowances under the advance-payment-of-tax scheme etc.
Tax for the year, which comprises current income taxes, the joint taxation contribution for the year relating to the use or refund of tax losses and changes in deferred
tax for the year, for instance as a result of changes in the tax rate, is recognised in the income statement with the proportion attributable to the profit for the year and is
recognised directly in other comprehensive income and equity respectively as regards the portion attributable to amount included in other comprehensive income or
items under the equity.
BoConcept Holding A/S - Annual Report 2024/25 18
Notes
Group
Intangible assets in progress
Tangible assets
Buildings 10-25 years
Plant and machinery 5-9 years
Fixtures and fittings, other plant and equipment 3-7 years
Leasehold improvements 3-10 years
Leases
Land and buildings, plant and machinery and fixtures and fittings, other plant and equipment are measured at cost less accumulated depreciation and impairment
losses.
The cost comprises the cost of acquisition as well as costs directly attributable to the acquisition until such time when the asset is put into service.
The cost of assets held under finance leases is stated at the lower of the fair value of the assets and the present value of the future minimum lease payments. For the
calculation of the present value, the interest rate implicit in the lease or an approximation thereof is used as the discount rate.
Subsequent costs, e.g. in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is
probable that the costs will result in future economic benefits for the group. The replaced components are removed from the balance sheet and recognised as an
expense in the income statement. All costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred.
Depreciation is provided on a straight-line basis over the expected useful lives of the assets, applying the following useful lives:
Land is not depreciated.
Depreciation is calculated on the basis of the residual value less impairment losses. The residual value is determined at the acquisition date and reassessed annually.
If the residual value exceeds the carrying amount, depreciation is discontinued.
When changing the depreciation period or the residual value, the effect on the depreciation is recognised prospectively as a change in accounting estimates.
Depreciation is recognised in the income statement on a separate line.
The right-of-use asset and corresponding lease liability will be recognised at the commencement date, i.e. the date the underlying asset is available for use. Our lease
terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option.
Right-of-use assets are measured at cost corresponding to the lease liability recognised, adjusted for any lease incentives received, initial direct costs and estimated
restoration costs. Depreciations are done following the straight-line method over the lease term or the useful life of the right-of-use assets, whichever is shortest.
The lease liabilities are measured at the present value of lease payments to be made over the lease term. The lease payments are discounted using the incremental
borrowing rate. The lease payments include fixed payments and variable lease payments that depend on an index or a rate, less any lease incentives receivable. If the
contract holds an option to purchase, extend or terminate a lease and it is reasonably certain to be exercised by BoConcept Holding A/S, the lease payments will
include those. The variable lease payments that do not depend on an index or a rate are recognised as expense in the period on which the event or condition that
triggers the payment occurs.
The discount rate used for assessment of the leasing payments in accordance with IFRS 16 has been set by obtaining a market evaluation of the interest rate on which
BoConcept would have been able to obtain financing should we have bought the assets instead of leasing. Thus the interest rate used for discounting the leasing
payments shall be seen as the market rate at the relevant time.
The company conducts no research. New products and product innovations are developed in consultation with external consultants. Development costs are
recognised as intangible assets in progress when they are clearly defined, identifiable, and for which technical feasibility, sufficient resources and a potential future
market or application in the enterprise can be demonstrated. In addition, it is the intention to use the costs for future commercial or enterprise purposes. This applies
if the costs can be measured reliably, and sufficient certainty exists that future earnings or the net selling price can cover development costs. Other development costs
not qualifying for capitalization are recognised in the income statement as research and development costs.
Capitalised development costs are measured at cost less accumulated amortisation and impairment losses. Development costs comprise the cost of external
consultatns, amortisation and other costs attributable to BoConcept’s development activities.
Following completion of the development work, development costs are amortised on a straight-line basis over their estimated useful lives. The amortisation period is
three to five years. The basis of amortisation is calculated net of any impairment losses.
BoConcept Holding A/S - Annual Report 2024/25 19
Notes
Group
Impairment of non-current assets
Other financial assets
Inventories
Receivables
Prepayments
EQUITY
For all classes of assets, non-lease components, i.e. service elements, will be separated from the lease components and thereby not form part of the right-of-use asset
and financial lease liability recognised in the balance sheet.
Right-of-use assets have the following lease terms:
Buildings 1-15 years.
Vehicles 1-5 years.
Other assets 1-4 years.
Goodwill, master rights and brand and concept are subject to annual impairment tests, or where there seems to be a need for testing, initially before the end of the
acquisition year.
The carrying amounts of goodwill, master rights and brand and concept are subject to an impairment test together with the other non-current assets in the cash-
generating unit to which goodwill, master rights and brand and concept have been allocated, and the said assets are written down to the recoverable amount via the
income statement if this is lower than the carrying amount. The recoverable amount is generally computed as the present value of the expected future net cash flows
from the enterprise or activity (cash-generating unit) to which goodwill or the master rights are allocated.
An impairment loss is recognised if the carrying amount of an asset or a cash-generating unit, respectively, exceeds the recoverable amount of the asset or the cash-
generating unit. Impairment losses are recognised in the income statement under production costs, distribution costs and administrative expenses respectively.
Impairment of goodwill is not reversed. Impairment of other assets is only reversed in connection with changes in the assumptions and estimates underlying the
impairment calculation. Impairment is only reversed to the extent that the asset's new carrying amount does not exceed the carrying amount of the asset after
amortisation had the asset not been impaired.
Securities are recognised at fair value.
Inventories are measured at cost according to the FIFO method. Where the net realisable value is lower than the cost, the item is written down to the former lower
value.
The cost of goods for resale, raw materials and consumables includes the purchase price and delivery costs.
The cost of finished goods and work in progress comprises the cost of raw materials, consumables, direct wages and production overheads. Production overheads
include indirect materials and wages as well as maintenance and depreciation of the machinery, plant and equipment applied in the production process as well as the
cost of factory administration and management.
The net realisable value of inventories is calculated as the selling price less costs of completion and costs necessary to make the sale and is determined taking into
account marketability, obsolescence and development in expected selling price.
Receivables are measured at amortised cost price, which is equal to the nominal value less loss allowance. The Group applies the IFRS 9 simplified approach to
measuring the expected credit losses.
Receivables are initially recognised at fair value and subsequently measured at amortised cost less write-down for losses. Provisions for losses are made by applying
the expected loss impairment model and provisions are made based on an objective indicaton if an individual receivable or a portfolio of receivables are impaired.
Prepayments measured at cost price and recognised under assets include costs paid relating to subsequent financial years.
Dividend
The dividend proposed is recognised as a liability at the time of approval by the general meeting. Dividend which is expected to be distributed for the year is shown
as a separate item under the equity. Interim dividend is recognised as a liability at the date when the decision to pay interim dividend is made.
Translation reserve
The translation reserve in the consolidated financial statements comprises foreign exchange differences arising on translation of financial statements of foreign
enterprises from their functional currencies to the presentation currency of the BoConcept Holding group (Danish kroner). On full or partial realisation of the net
investment the foreign exchange adjustments are recognised in the income statement.
Hedging transaction reserve
Hedging instruments are recognised at fair value, and fair value adjustments are effected in the equity for unsettled instruments.
BoConcept Holding A/S - Annual Report 2024/25 20
Notes
Group
LIABILITIES
CASH FLOW
Income taxes and deferred tax
In pursuance of the joint taxation provisions Layout Holdco A/S in its capacity of administration company takes over the liability for the income taxes of the
subsidiaries vis-à-vis the tax authorities as the subsidiaries make their joint tax contributions.
Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of
prior years and for tax paid on account.
Deferred tax is measured according to the balance sheet liability method of all temporary differences between the carrying amount and the tax base of assets and
liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill.
In cases where the tax base may be measured according to alternative tax regulations, deferred tax is measured on the basis of the use of the asset or liability planned
by the management.
Deferred tax assets are subject to an annual impairment test and are amortised if it is deemed probable that the deferred tax asset cannot be eliminated against tax on
future earnings or offset against deferred tax liabilities within the same legal tax entity or jurisdiction. In the assessment importance is attached to the type and nature
of the recognised deferred tax asset, the expected time limit for eliminating the deferred tax asset, tax planning possibilities etc.
Deferred tax will be adjusted to account for the elimination of unrealised intra-group profits and losses.
Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is
expected to crystallise as current tax.
Provisions
Provisions are recognised when, as a result of events arising before or at the balance sheet date, the group has a legal or a constructive obligation and it is probable
that there may be an outflow of resources embodying economic benefits to settle the obligation. The amount recognised as a provision is management's best estimate
of the expenses required to settle the obligation.
Restructuring costs are recognised as a liability when the persons affected by it have been notified of a detailed, formal restructuring plan not later than at the balance
sheet date.
Financial liabilities
Payables to mortgage credit institutions and banks are recognised in the amount of the proceeds after deducting transaction costs when the loan is raised. In
subsequent periods the financial liabilities are recognised at amortised cost using the 'effective rate of interest method' thus that the difference between the proceeds
and the nominal value is recognised in the income statement under financial expenses over the term of the loan. Financial liabilities also include the capitalised
residual obligation under finance leases. Other liabilities are measured at the nominal value which corresponds to the amortised cost for current payables.
Cash flow statement
The cash flow statement shows the group's cash flow divided into operating, investing and financing activities, the change in cash and cash equivalents during the
year and the group's cash and cash equivalents at the beginning of the year and at year-end.
The cash flow effect of acquisitions and disposals of enterprises is shown separately in cash flows from investing activities. Cash flows from acquisitions of
enterprises are recognised in the cash flow statement from the acquisition date. Cash flows from disposals of enterprises are recognised up until the date of disposal.
Cash flow from operating activities
Cash flows from operating activities are recognised indirectly as the profit before tax for non-cash operating items, changes in working capital, interest paid and
income taxes paid.
Cash flow from investing activities
Cash flows from investing activities comprise payments in connection with acquisitions and disposals of enterprises and activities and of property, plant and
equipment and other non-current assets as well as acquisition and disposal of securities not recognised as cash and cash equivalents.
Prepayments from customers
Prepayments from customers recognised under liabilities are measured at cost and include prepayments received concerning ordered, but not yet delivered, furniture.
BoConcept Holding A/S - Annual Report 2024/25 21
Notes
Group
2. Critical accounting estimates and judgements
Material judgements
Estimation uncertainty
Determining the carrying amounts of certain assets and liabilities requires estimation of the effects of future events on the carrying amounts of these assets and
liabilities at the balance sheet date. Estimates that are material for the financial reporting are made, among other things, by computing amortisation, depreciation,
write-downs and impairment losses, provisions as well as contingent liabilities and assets. The estimates applied are based on assumptions which are sound, in the
management's opinion but which by their very nature, are uncertain and unpredictable. The assumptions may be incomplete or inaccurate, and unexpected events or
circumstances may arise. Moreover, the company is subject to risks and uncertainties that may cause the actual results to differ from these estimates.
The notes provide information on bases and assumptions, on the future and other estimation uncertainties at the balance sheet date where there is a considerable risk
of changes that may lead to a significant adjustment of the carrying amounts of assets or liabilities within the next financial year.
For BoConcept Holding A/S the measurement of goodwill DKK 532 million, master rights DKK 37 million, franchise network DKK 85 million, brand & concept
DKK 571 million, trade receivables DKK 158 million and inventory DKK 135 million may be significantly affected by major changes in the estimates and underlyin
g
assumptions of the calculations. For a description of impairment test for intangible assets reference is made to note 12, where the amounts are also stated.
Trade receivables are measured at amortised cost or net realisable value in the balance sheet, corresponding to the nominel value less write-downs for bad debt and
doutful debt. Write-downs to provide for losses are determined on the basis of an individual assesment of each receivable and the specific risk of the debtor being
unable to pay. Collective write-downs in respect of other franchisees are determined on the basis of a general assesment of the risk that the group of debtors is unable
to pay in the light of the company's experience from previous years. The determination is therefore to some extent based on estimates.
Inventory consists of; finished goods, raw materials and work in progress, valued at either the standard production cost (own production) or after FIFO accounting
principles, minus provisions for obsolescence. The provision for obsolescence is based upon the company’s internal write-down policy, which in turn is evaluated
based upon a combination of Product Life Cycle status and product turnover rates.
Cash flow from financing activities
Cash flows from financing activities comprise changes in the size or composition of the share capital and related costs as well as the raising of loans, repayment of
long-term interest-bearing debt, acquisition and disposal of treasury shares and payment of dividend to shareholders.
Cash and cash equivalents
Cash and cash equivalents comprise cash.
In applying the acquisition method of accounting, estimates are an integral part of assessing fair values of several identifiable 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 flows or assessing other events in which
the outcome is uncertain at the date of acquisition.
More significant estimates are applied in accounting for brand and concept, franchise network, property, plant and equipment, inventories and deferred tax.
Master rights acquired to run and start up new BoConcept brand stores in specific markets are recognised in the balance sheet. The rights have no fixed term and
have the characteristics of goodwill. Upon acquisition of enterprises and activities, management will evaluate whether such acquisition is deemed to constitute an
enterprise or individual assets, including master rights and liabilities. Where no staff members, key net assets, are acquired, and where other contractual conditions
otherwise support this position, management will deem the acquisition to consist of individual assets, typically including master rights. The Franchise Network
which is the deemed value of the global franchise operators to BoConcept are depreciated over the determined useful lifetime, which is impacted by material
judgement. Goodwill and the Brand and Concept, which is the value attached to the IP of the BoConcept business model, was valued at acquisition in 2016 and are
annually assessed using a discounted cashflow impairment testing approach, which is impacted by significant assumptions made.
BoConcept Holding A/S - Annual Report 2024/25 22
Notes
Group
3. Revenue
2024/25 2023/24
Revenue coming from sale of furniture
kDKK kDKK
EMEA 684.079 722.785
Americas
105.501 138.893
APAC
457.505 411.374
1.247.085 1.273.052
4. Costs
Staff Costs
Wages and salaries
(243.090) (224.144)
Pensions
(11.216) (9.100)
Termination benefits
(638) (3.803)
Other social security costs
(995) (1.619)
Other staff costs
(22.939) (23.778)
(278.878) (262.444)
Average number of employees
473 461
Wages and salaries
(15.206) (13.443)
Termination benefits
0 (3.748)
Short-term incentive plan (Bonus)
(7.111) (2.889)
Pensions (1.823) (1.111)
(24.140) (21.191)
5. Fee to auditors appointed at the annual General Meeting
Audit
(1.148) (1.021)
Other services
(589) (201)
Tax consultancy
(564) (270)
(2.301) (1.492)
6. Others
Changes in bad debt provision
(18.772) (10.587)
Management fee and commission with subsidiaries
(12.447) (8.412)
Other expenses
(17.229) (17.492)
(48.448) (36.490)
Changes in bad debt provision
0 0
Reimbursement income from franchisees 37.043 43.430
Other income
2.263 1.593
39.306 45.023
7. Amortisation, depreciation, write-downs and impairment losses
Amortisation of intangible assets
(25.955) (25.985)
Depreciation of tangible assets
(12.964) (15.662)
Depreciation of right-of-use assets
(40.605) (42.700)
(79.524) (84.347)
Including Key Management Personnel (Executive management team*):
*The Executive Management team had 5 members at the end of the financial year 2024/25 (6 members in 2023/24). Remuneration of the Executive Board and Board
of Directors was kDKK 5.863 in 2024/25 (2023/24: kDKK 5.979).
BoConcept Holding A/S - Annual Report 2024/25 23
Notes
Group
2024/25 2023/24
8. Development costs
kDKK kDKK
Development costs paid during the year
(7.788) (7.301)
9. Financial income
Interest income, other
9.931 7.615
Foreign exchange rate adjustments
1.822 1.255
11.753 8.870
10. Financial expenses
Interest expenses, lease liabilities
(4.363) (5.077)
Interest expenses, other
(58.552) (59.258)
Settlement of hedging instruments
0 0
Foreign exchange rate adjustment
(4.178) 0
(67.093) (64.335)
11. Tax on profit/loss for the year
(22.140) (29.522)
(22.140) (29.522)
Tax on profit/ loss for the year may be subdivided as follows:
Current tax (29.455) (27.623)
Deferred tax 9.626 (1.235)
Adjustment previous years' taxes (2.026) 1.171
Withholding tax (285) (1.835)
(22.140) (29.522)
Tax on profit/loss for the year may be explanied as follows:
Calculated 22% tax on profit/loss for the year before tax (7.857) (14.429)
Withholding tax (285) (1.835)
The tax effect of:
Non-taxable income and non-deductible costs (10.750) (10.270)
Higher tax rate in subsidiaries (1.222) (4.159)
Adjustment of tax related to previous years (2.026) 1.171
(22.140) (29.522)
Effective tax rate 62,0% 45,0%
BoConcept Holding A/S - Annual Report 2024/25 24
Notes
Group
12. Intangible assets
kDKK
Goodwill Master rights
Franchise
network
Brand and
concept Software
Intangible
assets in
progress Total
Acquisition cost, beg.year 533.976 42.039 206.100 571.000 194.111 0 1.547.226
Adjustment to previous years 0 0 0 0 0 (127) (127)
Foreign exchange rate
ad
j
ustments
(1.154) 0 0 0 0 0 (1.154)
Additions 0 0 0 0 0 12.888 12.888
Transfers 0 0 0 0 3.475 (3.475) 0
Acquisition cost, year-end 532.822 42.039 206.100 571.000 197.586 9.286 1.558.833
Amortisation and impairment
losses, beg.year
(357) (5.439) (107.057) 0 (143.009) 0 (255.862)
Foreign exchange rate
adjustments
0 0 0 0 0 0 0
Amortisation for the year 0 0 (13.740) 0 (12.215) 0 (25.955)
Amortisation and impairment
losses, year-end
(357) (5.439) (120.797) 0 (155.224) 0 (281.817)
Carrying amount, year-end 532.465 36.600 85.304 571.000 42.362 9.286 1.277.017
Depreciated over a period of 15 years 3-8 years
Master rights relate to acquisition of master rights in China, Denmark, Portugal, Spain, Sweden and the UK.
An impairment test of the carrying amounts of goodwill, master rights and brand & concepts has been carried out at 30 April 2025.
2024/25 2023/24
Master ri
g
hts:
kDK
kDK
China
8.278
8.278
Denmark
4.483
4.483
Portugal
2.226
2.226
Spain
8.871
8.871
Sweden
4.760
4.760
UK
7.982
7.982
Total 36.600 36.600
The main factors in the determination of the recoverable amount are revenue and contribution margin which both affect the free cash flow. Furthermore the discount
rate is a main assumption.
The recoverable amounts of goodwill, master rights and brand and concepts are based on the capital value, which is determined by applying expected cash flows
based on the budget for the next year and an estimated projection for the next four years at an annual growth rate related to expected revenue growth from increased
same-store-sales and opening of new stores followed by the calculation of a terminal value without annual growth and with an unchanged free cash flow. Free cash
flow is based on past performance/management expectation of market developments etc. and is expected to be around DKK 173 million in average over the next 5
years, and DKK 998 million in the terminal period (last year 1,090 million). All amounts have been discounted at 9,3% after-tax (10.2% last year) and 11.9% pre-tax
(13.0% last year).
The calculated recoverable amounts of the remaining values are significantly higher than the carrying amounts.
2024/25
The carrying amount of master rights is based on cash flow generating stores in China, Denmark, Portugal, Spain, Sweden and the UK.
BoConcept Holding A/S - Annual Report 2024/25 25
Notes
Group
kDKK
Goodwill Master rights
Franchise
network
Brand and
concept Software
Intangible
assets in
progress Total
Acquisition cost, beg.year 533.976 42.039 206.100 571.000 167.357 12.500 1.532.972
Foreign exchange rate
adjustments
0 0 0 0 0 0 0
Additions 0 0 0 0 14.254 0 14.254
Transfers 0 0 0 0 12.500 (12.500) 0
Acquisition cost, year-end 533.976 42.039 206.100 571.000 194.111 0 1.547.226
Amortisation and impairment
losses, beg.year
0 (5.439) (93.317) 0 (131.195) 0 (229.951)
Foreign exchange rate
adjustments
(357) 0 0 0 431 0 74
Amortisation for the year 0 0 (13.740) 0 (12.245) 0 (25.985)
Amortisation and impairment
losses, year-end
(357) (5.439) (107.057) 0 (143.009) 0 (255.862)
Carrying amount, year-end 533.619 36.600 99.043 571.000 51.102 0 1.291.364
Depreciated over a period of 15 years 3-8 years
2023/24
BoConcept Holding A/S - Annual Report 2024/25 26
Notes
Group
13. Leases
This note provides information for leases where the group is a lessee.
Amounts recognised in the balance sheet
2024/25 2023/24
kDKK kDKK
Right-of-use assets
Buildings
74.076 80.659
Vehicles
3.430 3.652
Other
590 449
78.096 84.760
The maturity of Lease liabilities - Non-discounted (kDKK)
Within 1 year 34.883 41.626
Between 1 and 5 years 32.694 40.008
After 5 years 9.587 9.273
77.164 90.907
Amounts recognised in the statementof profit or loss
2024/25 2023/24
kDKK kDKK
Depreciation charge right-of-use assets
Buildings (depreciated over a period of 1-15 years) 38.557 40.870
Vehicles (depreciated over a period of 1-5 years) 1.751 1.605
Other (depreciated over a period of 1-4 years) 297 225
40.605 42.700
Interest expenses related to lease liabilities 4.363 5.077
Expense relating to short-term leases 7.662 1.650
12.025 6.727
Total cash outflow for leases is specified in the cash flow statement.
Additions/remeasurements to the right-of-use assets during the financial year 2024/25 were kDKK 40.433 (2023/24: kDKK 30.104).
BoConcept Holding A/S - Annual Report 2024/25 27
Notes
Group
14. Tangible assets
kDKK
Land and
buildings
Leasehold
improvements
Plant
and machinery
Fixtures and
operating
equipment
Property,
p
lant and
equipment in
progress
Total
Acquisition cost, beg.year 261.818 52.832 187.862 41.433 1.585 545.530
Additions 0 491 6.073 1.695 323 8.582
Transfers 0 1.585 0 0 (1.585) 0
Acquisition cost, year-end 261.818 54.908 193.935 43.128 323 554.112
(190.626) (45.382) (173.674) (35.982) 0 (445.664)
Foreign exchange rate adjustments (102) 1.232 (426) 1.878 0 2.582
Depreciation for the year (5.874) (1.762) (2.750) (2.578) 0 (12.964)
Depreciation and impairment losses, year-end (196.602) (45.912) (176.850) (36.682) 0 (456.046)
Carrying amount, year-end 65.216 8.996 17.085 6.446 323 98.066
Depreciated over a period of 10-25 years 3-10 years 5-9 years 3-7 years
kDKK
Land and
buildings
Leasehold
improvements
Plant and
machinery
Fixtures and
operating
equipment
P
roper
t
y,
p
lant and
equipment in
progress
Total
Acquisition cost, beg.year 260.159 51.242 184.521 41.618 3.047 540.587
Additions 0 1.814 2.281 0 1.584 5.679
Transfers 1.986 0 1.060 0 (3.046) 0
Disposals for the year (327) (224) 0 (185) 0 (736)
Acquisition cost, year-end 261.818 52.832 187.862 41.433 1.585 545.530
(185.976) (39.704) (172.189) (33.452) 0 (431.321)
Foreign exchange rate adjustments
1.284 (1.149) 1.184 0 0 1.319
Depreciation for the year (5.934) (4.529) (2.669) (2.530) 0 (15.662)
Disposals for the year 0 0 0 0 0 0
Depreciation and impairment losses, year-end (190.626) (45.382) (173.674) (35.982) 0 (445.664)
Carrying amount, year-end 71.192 7.450 14.188 5.451 1.585 99.866
Depreciated over a period of 10-25 years 3-10 years 5-9 years 3-7 years
2024/25
Depreciation and impairment losses, beg.year
2023/24
Depreciation and impairment losses, beg.year
BoConcept Holding A/S - Annual Report 2024/25 28
Notes
Group
15. Deferred tax 2024/25 2023/24
kDKK kDKK
Deferred tax, beg.year (176.014) (174.779)
Deferred tax for the year 9.626 (1.235)
Deferred tax, year-end (166.388) (176.014)
Deferred tax is recognised in the balance sheet as follows
Deferred tax (asset) 5.971 2.243
Deferred tax (liability) (172.359) (178.260)
Net deferred tax, year-end (166.388) (176.017)
Deferred tax relates to:
Intangible assets (169.634) (175.270)
Tangible assets (591) (452)
Current assets 2.826 499
Current liabilities 1.011 (794)
(166.388) (176.017)
16. Other financial assets and deposits
2024/25 2023/24 2024/25 2023/24
kDK
kDK
kDK
kDK
Acquisition cost, beg.year 21.557 23.192 834 1.065
Foreign exchange rate adjustments (212) (2.312) 0 6
Additions 269 1.552 0 0
Disposals for the year (889) (875) 0 (237)
Acquisition cost, year-end 20.725 21.557 834 834
17. Inventories
2024/25 2023/24
kDK
kDK
Raw materials and consumables 11.578 12.760
Goods in progress 3.507 3.693
Manufactured goods and goods for resale 119.904 116.377
134.989 132.830
Cost of sales for the year which is included in production costs (708.610) 704.605
Write-down of inventories 4.390 (1.867)
Layout Holdco A/S is the administrator of joint taxation scheme, and in the capacity it settles all payments of incoming taxes with the tax authorities.
Deposits Other financial assets
BoConcept Holding A/S - Annual Report 2024/25 29
Notes
Group
18. Trade receivables
2024/25 2023/24
Trade receivables 157.822 179.742
Loans to debtors included in the trade receivables balance amounts to kDKK 16.273 which have been fully written down.
Provisions for losses have been recognised in the above items as follows:
Provisions, beg.year (55.047) (48.322)
Change in provision for the year (30.078) (10.583)
Losses recognised for the year 13.572 3.858
Provisions, year-end (71.553) (55.047)
Gross receivables before provision for losses
Not due 125.694 162.246
Overdue in 0-30 days 18.406 18.151
Overdue in 31-60 days 13.132 3.842
Overdue in > 60 days 72.143 50.550
229.375 234.789
Write-down distribution
Not due (11.644) (4.875)
Overdue in 0-30 days (701) (971)
Overdue in 31-60 days (3.320) (763)
Overdue in > 60 days (55.888) (48.438)
(71.553) (55.047)
19. Other receivables
Other receivables 7.283 8.152
Prepayments 25.295 12.982
Total other receivables 32.578 21.134
20. Share capital
The share capital comprise:
Number o
f
shares
Nominal
value
(kDKK)
Number o
f
shares
Nominal
value
(kDKK)
1.000 1.000 1.000 1.000
Each share represents 1 vote
21. Other provisions
2024/25 2023/24
kDKK kDKK
Acquisition cost, beg.year 7.461 8.090
Foreign rate adjustments (85) (828)
Additions for the year 0 474
Disposals for the year (778) (275)
6.598 7.461
Other provisions relate to re-establishment of leaseholds.
A shares
2024/25 2023/24
BoConcept Holding A/S - Annual Report 2024/25 30
Notes
Group
22. Amounts owed to credit institutions 2024/25 2023/24
Mortgage credit institutions kDK
kDK
Within 1 year 2.817 2.957
Between 1 and 5 years 15.052 6.198
After 5 years 54.102 0
71.971 9.155
Credit institutions
After 5 years 00
Between 1 and 5 years 542.662 645.000
Long-term part 542.662 645.000
Within 1 year 27.500 22.500
27.500 22.500
Amortised loan costs
(13.527) (11.580)
23. Income tax payable
Corporation tax, due at the beginning 26.023 36.550
Paid corporation tax (6.126) (38.813)
Adjustment previous years' taxes 2.026 (1.171)
Tax of the year 29.740 29.457
Tax payable at year end 51.663 26.023
24. Contingent liabilities and security
Securities
Security in the following BoConcept A/S assets:
Land and buildings recognised at: 24.242 27.438
Production, plant and machinery recognised at: 17.086 12.282
Are charged in addition to the mortgage debt of: 71.971 9.155
Security in the following BoConcept A/S assets:
Goodwill, domain names and various rights 36.600 36.600
Plant, operating equipment and machinery 20.152 15.878
Inventory value 115.628 114.983
Receivables and location involvement 124.495 112.661
Total 296.875 280.122
Registered value of company security 125.000 125.000
BoConcept A/S has provided guarantee for franchisees' landlords for rent of DKK 33.9 million (last year DKK 32.5 million).
BoConcept A/S has provided guarantee for franchisee's electronic payments towards third party of DKK 3.7 million (last year DKK 1.6 million).
BoConcept A/S has provided guarantee for bank arrangement with shares in subsidiary with a booked value of DKK 61.7 million (Last year 45,2 million).
BoConcept A/S has some ongoing legal cases which in managements opinion, are unlikely to resolve in any material impact to the company.
BoConcept A/S has provided a surety for Rolling credit Facility of DKK 37.5 million.
BoConcept Holding A/S has provided guarantee for bank arrangement with shares in subsidiary with a booked value of DKK 1.191 million.
BoConcept Holding A/S has provided a joint and several guarantee (or surety) for a bank arrangement in BoConcept A/S.
BoConcept Holding A/S - Annual Report 2024/25 31
Notes
Group
25. Adjustment for non-cash items 2024/25 2023/24
Depreciation and impairment losses for the year 81.315 84.347
Provisions for re-establishment of leaseholds (565) (629)
Other adjustments (9.810) (6.532)
70.940 77.186
26. Changes in working capital
Change receivables 10.476 (10.410)
Change inventories (2.159) 6.481
Change trade payables, etc. (73.478) 9.817
(65.161) 5.888
27. Financial risk management
The company's policy for financial risk management
Market risk
Foreign exchange risks
Foreign currencies
Pre-
p
a
y
ment/
maturit
y
Receivables
Liabilities
other than
provisions
H
e
dg
e
d
by
forward
exchan
g
e
contracts
Net position
< 1 year 878 (12) 0 866
> 1 year 0
< 1 year 8.189 (1.137) (23.831) (16.779)
> 1 year 0
< 1 year 22.224 (3.531) (45.111) (26.418)
> 1 year 0
< 1 year 1.405 0 (1.499) (94)
> 1 year 0
< 1 year 65.519 (10.200) (677) 54.642
> 1 year 0
< 1 year (181.136) (51.031) 0 (232.167)
> 1 year 0
< 1 year (191) (13.734) 22.386 8.461
> 1 year 0
< 1 year 513 2 0 515
> 1 year 0
(82.599) (79.643) (48.732) (210.974)
Sale/purchase of currencies in accordance with agreements 0
Unrealised net loss (48.732)
PLN
GBP
JPY
SEK
USD
EUR
CNY
Other
On account of its operations, investments and financing the BoConcept Holding group is exposed to a number of foreign exchange and interest rate fluctuations.
The management identifies the scope and concentration of risks and puts in place policies for addressing such risks on the basis of an ongoing review of the business.
In addition, the group is subject to credit and liquidity risk. It is the group's policy not to speculate actively in financial risks. The sole purpose of the group's financial
management is therefore to manage or eliminate financial risks associated with the group's operations and financing.
The group's policy for financial risk management is unchanged from last year and appears from management. As a result, the carrying amount of financial instrument
s
approx. corresponds to the fair value.
In BoConcept Holding's case, market risks associated with financial instruments consist of foreign exchange risks and interest rate risks.
2024/25
BoConcept Holding A/S - Annual Report 2024/25 32
Notes
Group
Foreign currencies
Pre-
p
a
y
ment/
maturit
y
Receivables
Liabilities
other than
provisions
H
e
dg
e
d
by
forward
exchan
g
e
contracts
Net position
< 1 year 820 0 0 820
> 1 year 0
< 1 year 14.618 (952) (53.754) (40.088)
> 1 year 0
< 1 year 21.403 (5.733) (51.993) (36.322)
> 1 year 0
< 1 year 724 (0) (3.039) (2.315)
> 1 year 0
< 1 year 51.312 (9.173) (4.806) 37.333
> 1 year 0
< 1 year (20.166) (62.777) 0 (82.943)
> 1 year 0
< 1 year 90 (21.915) 38.992 17.167
> 1 year 0
< 1 year 513 (15) 0 497
> 1 year 0
69.315 (100.565) (74.600) (105.850)
Sale/purchase of currencies in accordance with agreements 0
Unrealised net loss (74.600)
2024/25 2023/24
USD kDKK kDKK
Equity 2.732 1.867
Profit for the year 2.766 2.107
GBP
Equity (839) (2.004)
Profit for the year 353 683
CNY
Equity 423 858
Profit for the year (696) (1.091)
JPY
Equity (1.321) (1.816)
Profit for the year 935 784
99% (last year 99%) of revenue is realised abroad. This figure is not indicative of the foreign exchange risk since, under the group's purchasing policy, purchasing
and selling currencies are matched whenever possible.
The group has net inflows denominated in EUR, GBP, JPY, SEK and USD, while the major exposure on the outflow side is denominated in CNY.
Foreign exchange risks are managed centrally, and the most important and volatile currencies are hedged by means of foreign exchange contracts and option contracts
with a maximum term of 12 months. Foreign currency translation adjustments of investments in group enterprises with a functional currency different from that of the
parent company are recognised directly in equity. Associated foreign exchange risks are not hedged since the group takes the view that ongoing hedging of such long-
term investments would not be the best policy based on an overall evaluation of the risks and costs involved.
The isolated effects of a 5% increase in the foreign exchange rate at 30 April vis-a-vis DKK by translation of assets and obligations may be broken down as follows:
2023/24
PLN
GBP
JPY
SEK
USD
EUR
CNY
Other
BoConcept Holding A/S - Annual Report 2024/25 33
Notes
Group
2024/25 2023/24
USD EBIT effect (3.868) (1.930)
JPY EBIT effect 6.293 6.126
GBP EBIT effect 2.654 2.432
CNY EBIT effect 4.060 3.770
Interest rate risk
Analysis of sensitivity to interest rate risks
2024/25 2023/24
Equity (16.734) (10.504)
Loss for the year (12.843) (13.350)
Capital management
Credit risks
2024/25 2023/24
kDK
kDK
The maxium credit risk without taking into account security provided for trade receivables 157.822 179.742
The maximum credit risk associated with bank deposit, securities and derivative financial instruments 57.190 125.525
32.578 21.134
247.590 326.401
The below table states the EBIT effect of 5% foreign exchange increase compared with the average exchange rate realised per financial year.
Particulars of the currencies having the greatest impact on the equity and profit for the year have been provided above. The above analysis is based on the assumption
that all other variables, especially the interest rate, remain constant. The expectations are based on current market data. A corresponding drop in the exchange rates of
the above currencies would have the same effect in reverse on the equity and profit/loss for the year.
The groups's interest rate risk is related to interest rate fluctuations that may affect the group's cash flows related to interest receivable and interest payable as well as
the fair value of financial instruments.
BoConcept Holding A/S expects the level of interest rates in Denmark to be affected by the interest rates in the euro-zone and in the USA. Based on analyses in euro-
zone and in the USA, BoConcept expects the level of interest rates to change by up to 1 percentage point either way. A rise in the level of interest rate of 2 percentage
point would have the effect outlined below of the equity and loss for the year:
Most of the debt to mortgage credit institutions and other bank loans takes the form of contracts carrying variable rates of interest, this year as well as last year. We
have concluded interest rate swap agreements, one with a total term of 2½ years and an interest rate cape agreement of 2.5 % and on with a total term of 1 year and an
interest rate cape of 3,5 %, covering approximately 63% of our total debt to mortgage credit insitutions and banks. The weighted effective rate of interest measured at
the balance sheet date, was 3.9%.
The market value of the interest rate agreements is positive before tax DKK 3,9 million (last year a value of DKK 2,8 million).
We wish to maintain a strong and efficient balance sheet and to strike an optimal balance between reinvesting capital back into our business and returning surplus
funds to our shareholder.
BoConcept A/S (the Group’s parent) is an operating company. BoConcept A/S have a number of revenue generating operations of its own spread across a number of
different markets.
Financial income and expenses, net increased to DKK -55,3 million (2023/24: -55,4 million). Strong focus on net working capital continued.
The group's credit risk is primarily associated with receivables and bank deposits as well as derivative financial instruments.
Credit risks related to bank deposits are hedged by placing bank deposits in systemic banks. Credit risk associated with receivables arise when BoConcept Holding
A/S and subsidiaries make sales that are not prepaid. By far the majority of receivables are payable by franchisees who have submitted opening budgets in advance.
64% of BoConcept's customers had not defaulted on the due dates at 30 April 2025 (2023/24: 57%). 85% of BoConcept's customers have been paying their debts
within 30 days of the due date. Receivables that are more than 90 days overdue have been provided for in full.
The maximum credit risk associated with other receivables
BoConcept Holding A/S - Annual Report 2024/25 34
Notes
Group
Liquidity risk
Nominal
value
Fair value Less than 1
year
Between 1
and 5 years
More than 5
years
Total
kDKK kDKK kDKK kDKK kDKK kDKK
Amounts owed to mortgage credit institutions 71.971 71.971 2.817 15.052 54.102 71.971
Amounts owed to credit institutions 570.162 570.162 27.500 542.662 0 570.162
642.133 642.133 30.317 557.714 54.102 642.133
Leasing 77.164 77.164 34.883 32.694 9.587 77.164
116.947 116.947 116.947 0 0 116.947
0 0 32.993 0 4.644 37.637
Other payables
99.690 99.690 99.690 0 0 99.690
293.801 293.801 284.513 32.694 14.231 331.438
935.934 935.934 314.830 590.408 68.333 973.571
Other financial assets 27.529 27.529 0 27.529 0 27.529
Trade receivables 157.822 157.822 157.822 0 0 157.822
Other receivables
32.578 32.578 32.578 0 0 32.578
Cash 57.190 57.190 57.190 0 0 57.190
275.119 275.119 247.590 27.529 0 275.119
Derivative financial instruments
Forward exchange contracts 0 0 48.732 0 0 48.732
0 0 48.732 0 0 48.732
275.119 275.119 296.322 27.529 0 323.850
The liquidity risk means the risk that BoConcept Holding group may not be able to fulfil its obligations as a result of a failure to realise assets or obtain adequate
financing. The group ensures to maintain the best possible liquidity in order that it can continue to fulfil its financial commitments, under normal as well
extraordinary circumstances. Sufficient cash resources are maintained to fulfil expected operational and financial obligations as well as bearing unforeseeable
operating costs. The BoConcept loan facilities are based on fulfilling the conditions of the bank covenant. The Group 25/26 budget shows that a breach of the bank
covenant is not expected.
Unutilised credit facilities for BoConcept Holding A/S and BoConcept A/S amounted to DKK 150 million at the end of the financial year compared to DKK 150
million the year before. Cash amounted to DKK 57,2 million compared to DKK 125,5 million last year.
Below is a time table cash flows associated with financial liabilities and hedging instruments:
Measured at amortised cost (loans and
other commitments)
Trade payables including intercompany
Lease guarantees and guarantees provided
for franchisees (contingent liabilities)
Total financial liabilities
Measured at amortised cost (deposits and
receivables)
Total financial assets
2024/25
BoConcept Holding A/S - Annual Report 2024/25 35
Notes
Group
Nominal
value
Fair value Less than 1
year
Between 1
and 5 years
More than 5
years
Total
kDKK kDKK kDKK kDKK kDKK kDKK
Amounts owed to mortgage credit institutions 0 0 0 1.432 6.198 7.630
667.500 667.500 22.500 0 0 22.500
667.500 667.500 22.500 1.432 6.198 30.130
Leasing 90.909 90.909 41.626 40.008 9.273 90.907
156.222 156.222 156.222 0 0
156.222
0 0 25.833 0 12.666
38.499
Other payables
131.717 131.717 131.717 0 0 131.717
378.848 378.848 355.398 40.008 21.939 417.345
Total financial liabilities
1.046.348 1.046.348 377.898 41.440 28.137 447.475
Other financial assets 22.390 22.390 0 22.390 0 22.390
Trade receivables including intercompany 179.742 179.742 179.742 0 0 179.742
Other receivables
21.422 21.422 21.422 0 0 21.422
Cash 125.525 125.525 125.525 0 0 125.525
Total 349.079 349.079 326.689 22.390 0 349.079
Derivative financial instruments
Forward exchange contracts 0 0 74.600 0 0 74.600
0 0 74.600 0 0 74.600
349.079 349.079 401.289 22.390 0 423.679
Measured at amortised cost (deposits and
receivables)
Total financial assets
2023/24
Measured at amortised cost (loans and
other commitments)
Amounts owed to credit institutions
Trade payables including intercompany
Lease guarantees and guarantees provided
for franchisees (contingent liabilities)
Cash flows for both the hedged assets and hedged liabilities as well as the hedging instruments are recognised in the income statement for the same period.
In the balance sheet, the value of derivative financial instruments is included in other receivables and other payables, respectively.
Generally, the fair value of financial liabilities and financial assets is determined in accordance with discounted cash flow models at the market rate of interest and
subjects to the credit terms prevailing at the balance sheet date.
Financial instruments measured at fair value are categorised into the following levels of the fair value hierarchy:
Level 1: Observable market prices for identical instruments.
Level 2: Valuation techniques primarily based on observable prices or traded prices for comparable instruments.
Level 3: Valuation that are not based on observable market data.
The fair value of BoConcept Holding Group's forward exchange contracts of other derivative instruments (commodity instruments) and debt to mortgage debt
institutions is measured according to level 2 as the fair value can be established directly based on exchange rates published and forward interest rates specified at the
balance sheet date.
BoConcept Holding A/S - Annual Report 2024/25 36
Notes
Group
28. Transactions with related parties
29. Events after the balance sheet date
BoConcept Holding A/S Group's related parties with significant influence include the shareholder (Layout Holdco A/S) of the company, the Board of Directors, the
executive board and executives as well as the said persons' family members. Related parties also include companies in which the above mentioned group of persons
have considerable interests.
Furthermore, the related parties include group enterprises in which BoConcept Holding A/S has control or significant influence, cf. listing of subsidiaries on page 45.
Transactions conducted with the executive board only include normal management remuneration, cf. note 4.
From the balance sheet date until today, no events have arisen which would materially alter the assessment of the annual report.
BoConcept Holding A/S - Annual Report 2024/25 37
Statement of Profit and Loss
Parent Com
p
an
y
2024/25 2023/24
Note kDKK kDKK
Contribution Margin
0 0
Employee related expenses
2
(27.084) (26.037)
IT and Consultancy expenses
(8.183) (1.172)
Others 3
34.800 34.798
Operating profit before depreciations and profit from Group enterprises
(467) 7.589
Profit from group enterprises 4
65.954 83.075
Profit/loss from operating activities (EBIT)
65.487 90.664
Financial expenses 5
(52.361) (54.318)
Profit/loss before tax
13.125 36.346
Tax on profit/loss for the year 6
450 (282)
Profit/loss for the year
13.575 36.064
Profit/loss for the year is attributable to:
Shareholder of BoConcept Holding A/S 13.575 36.064
Statement of comprehensive income
2024/25 2023/24
kDKK kDKK
Profit/loss for for the year 13.575 36.064
Revaluation of hedging instruments before tax (6.673) (3.063)
Tax of hedging instruments 1.468 674
Equity movements in subsidiaries
(127) (4.724)
Total comprehensive income for the year 8.243 28.951
Broken down as follows:
Shareholder of BoConcept Holding A/S 8.243 28.951
BoConcept Holding A/S - Annual Report 2024/25 38
Balance Sheet
Parent Com
p
an
y
30.04.2025 30.04.2024
kDKK kDKK
Investment in group enterprises
4 1.192.098 1.316.271
Deposits
57 57
Deferred tax
10 353 0
Total other non-current assets
1.192.508 1.316.328
Total non-current assets 1.192.508 1.316.328
Receivables, group enterprises
30.129 0
Income tax receivables
8 1.588 392
Other receivables
7 2.362 4.522
Cash and cash equivalents
5.242 14.341
Total current assets 39.321 19.255
Total assets
1.231.829 1.335.583
Share capital
9 1.000 1.000
Retained earnings
649.571 636.122
Hedging reserve
(2.994) 2.211
Equity share, BoConcept Holding A/S shareholder
647.577 639.334
Total equity
647.577 639.334
Deferred tax
10 0 369
Mortgage credit institutions and banks
11 529.135 633.420
Total non-current liabilities
529.135 633.789
Mortgage credit institutions and banks
11 27.500 22.500
Payables, group enterprises
16.164 25.090
Other payables
11.453 14.870
Total current liabilities
55.117 62.460
Total liabilities
584.252 696.249
Total equity and liabilities
1.231.829 1.335.583
BoConcept Holding A/S - Annual Report 2024/25 39
Statement of Chan
g
es in E
q
uit
y
Parent Com
p
an
y
Share capital Hedging reserve
Retained
earnings
Total
kDKK
kDKK kDKK kDKK
Equity at 30.04.2023
1.000 4.600 604.782 610.383
Profit/loss for the year
0 0 36.064 36.064
Equity movements in subsidiaries
0 0 (4.724) (4.724)
Revaluation of hedging instruments
0 (3.063) 0 (3.063)
Transfer from reserve for net revaluation
0 674 0 674
Equity at 30.04.2024
1.000 2.211 636.122 639.334
Profit/loss for the year
0 0 13.575 13.575
Equity movements in subsidiary
0 0 (127) (127)
Revaluation of hedging instruments
0 (6.673) 0 (6.673)
Tax of hedging instruments
0 1.468 0 1.468
Equity at 30.04.2025
1.000 (2.994) 649.571 647.577
BoConcept Holding A/S - Annual Report 2024/25 40
Notes
Parent Company
1. Accounting policies
2. Staff
3. Others
4. Investment in group enterprises
5. Financial expenses
6. Tax on profit/loss for the year
7. Other receivables
8. Income taxes
9. Share capital
10. Deferred tax
11. Amounts owed to credit institutions
12. Transactions with related parties
13. Subsidiaries
BoConcept Holding A/S - Annual Report 2024/25 41
Notes
Parent Company
1. Accounting policies
Investment, group enterprises
2. Staff
Staff Costs
2024/25 2023/24
kDKK kDKK
Wages and salaries (24.631) (21.021)
Pensions (1.301) (780)
Termination benefits
0 (3.803)
Other staff costs (1.152) (433)
(27.084) (26.037)
Average number of employees 7 6
Key Management Compensation (Executive management team*):
Wages and salaries
(3.802) (3.439)
Short-term incentive plan (Bonus) (1.778) (722)
Termination benefits
0 (3.748)
Pensions (456) (278)
(6.036) (8.187)
The parent company financial statements for the period 1 May 2024 to 30 April 2025 have been prepared in accordance with IFRS Accounting Standards as
adopted by the EU. Further, the annual report has been prepared in accordance with the additional Danish disclosure requirements for annual reports.
The accounting policies as described below have been applied consistently over the financial year.
The annual report is presented in DKK 000, which is the functional and presentation currency of the company.
For accounting policies besides "Investment, group enterprises" please refer to accounting policies for the group financial statements.
The proportionate share of profit or loss from subsidiaries after tax after elimination of the proportionate share of intra-group gains and loss is recognised in
the income statement.
Investment in subsidiaries are, at first recognition, measured at cost and subsequently at the proportionate share of the companies’ net assets calculated in
accordance with the parent company’s accounting policies with deduction or addition of the proportionate share of unrealised intra-group gains and losses
calculated to the acquisition method.
Investments in entities with negative net assets are recognised at DKK nil, and receivables and loans from the entities, if any, are written down corresponding
to the parent company’s share of the negative assets to the extend the amount is deemed irrecoverable. In case the negative accounting value of the net assets
exceeds the receivable amounts the remaining amount is recognised as liability in case the parent company has a judicial or actual obligation to cover the
negative balance.
The net revaluation of the investment in subsidiaries are transferred to the designated reserve under equity in case the carrying amount exceeds the
acquisitions price. Recently acquired or established companies are recognised in the financial statement from the date of the acquisition. Sold or liquidated
companies are likewise recognised until the date of the sale or liquidation.
*The Executive Management team had 5 members at the end of the financial year 2024/2025 (6 members in 2023/24). Remuneration of the Executive Board and
Board of Directors was kDKK 1.531 in 2024/25 (2023/24: kDKK 1.574).
BoConcept Holding A/S - Annual Report 2024/25 42
Notes
Parent Company
3. Others
2024/25 2023/24
kDKK kDKK
Management fee 34.800 34.800
Other
0 (2)
34.800 34.798
4. Investment in group enterprises
Cost, beg.year 1.452.958 1.452.958
Cost, year-end 1.452.958 1.452.958
Value adjustments:
Revaluations at the beginning of the year (136.687) (115.038)
Profit/loss for the year 66.491 95.960
Dividend from group enterprises (190.000) (100.000)
Income recognition of added values (537) (12.885)
Equity movements in group enterprises (127) (4.723)
Value adjustments at year-end (260.860) (136.687)
Booked value at the end of the year 1.192.098 1.316.271
Ownership
share
Share capital
BoConcept A/S 100% 2.000
5. Financial ex
p
enses
Other interest expenses (47.274) (51.059)
Non-deductible fees (5.087) (3.259)
(52.361) (54.318)
6. Tax on profit/loss for the year
Tax on profit for the year
450 (282)
450 (282)
Tax on profit/loss for the year may be subdivided as follows:
Current tax (272) (282)
Deferred tax 722 0
450 (282)
The shares of BoConcept A/S have been pledged for security for engagement with a bank. For a description of security, please see the consolidated accounts.
Layout Holdco A/S is the parent company of BoConcept Holding A/S which is the parent company of BoConcept A/S.
BoConcept Holding A/S - Annual Report 2024/25 43
Notes
Parent Company
2024/25 2023/24
kDK
kDK
Tax on profit/loss for the year may be explanied as follows:
Calculated 22% tax on profit/loss for the year before tax (2.888) (7.996)
The tax effect of:
Non-taxable income and non-deductible costs
3.338 7.715
450 (282)
Effective tax rate
-3% 1%
7. Other receivables
Prepayments 2.362 4.522
Total other receivables 2.362 4.522
8. Income taxes
Income taxes payables, beg. of the year 392 -656
Tax settled 0 656
Current tax for the year 1.196 392
1.588 392
9. Share capital
The share capital comprise:
Number o
f
shares
Nominal
value
(
TDKK
)
A shares 1.000 1.000
10. Deferred tax
2024/25 2023/24
kDKK kDKK
Deferred tax, beg.year (369) (369)
Deferred tax for the year 722 0
Deferred tax, year-en
d
353 (369)
Deferred tax is recongnised in the the balance sheet as follows:
Deferred tax (asset) 353 0
Deferred tax (liability) 0 (369)
Net deferred tax, year-en
d
353 (369)
Deferred tax relates to:
Intangible assets
0 0
Tangible assets 0 0
Current assets 353 (369)
Current liabilities 0 0
353 (369)
Layout Holdco A/S is the administrator of the joint taxation scheme, and in the capacity, it settles all payments of income tax with the tax authorities.
BoConcept Holding A/S - Annual Report 2024/25 44
Notes
Parent Company
2024/25 2023/24
11. Amounts owed to credit institutions
kDKK kDKK
Mortgage credit institutions and banks
After 5 years 00
Between 1 and 5 years 542.662 645.000
542.662 645.000
Witin 1 year 27.500 22.500
Other short-term debt 00
27.500 22.500
Amortised loan costs
(13.527) (11.580)
12. Transactions with related parties
2024/25 2023/24
kDK
kDK
Management fee
34.800 34.800
13. Subsidiaries
Company name
Owner share
BoConcept A/S
100%
BoConcept Germany GmbH
100%
BoConcept France Sarl
100%
BoConcept Beaugrenelle Sarl
100%
BoConcept North America Inc.
100%
BoConcept USA Inc.
100%
BoConcept Franchise Inc.
100%
BoConcept Madison Inc.
100%
BoConcept Westchester NY, LLC.
100%
BoConcept Japan K.K.
100%
BC Design Holding Ltd.
100%
BoConcept Furniture Trading Co Ltd.
100%
BoConcept Retail China Ltd.
100%
BC Commercial A/S
100%
Non-active companies
BoConcept Hong Kong Ltd 100%
Ølgod, Denmark
Tokyo, Japan
New York, USA
Hong Kong, Hong Kong
BoConcept Holding A/S' related parties with significant influence include the shareholders (Layout Holdco A/S) of the company, Board of Directors, the
executive board and executives as well as the said persons' family members. Related parties also include companies in which the above mentioned group of
persons have considerable interests. There have been no transactions with shareholders.
Furthermore, the related parties include group enterprises in which BoConcept Holding A/S has control or significant influence, cf. list of subsidiaries in note
13.
Transactions conducted with the executive board only include normal management remuneration, cf. note 2 as well as the transactions shown below.
Transactions conducted with other executives include normal remuneration, cf. note 5 in the consolidated accounts.
Domicile
Ølgod, Denmark
Düsseldorf, Germany
Hong Kong, Hong Kong
Shanghai, China
Paris, France
Paris, France
Shanghai, China
Kansas, USA
Delaware, USA
Kansas, USA
New York, USA
BoConcept Holding A/S - Annual Report 2024/25 45
Annual reportAuditor's report on audited financial statementsParsePort XBRL Converter2024-05-012025-04-302023-05-012024-04-302025-08-12213800B37PMK7IFYYM19Reporting class C, large enterprise37760250https://p3.aprimocdn.net/boconcept/5a0396bb-83cc-4da6-879e-b32f00dcc76a/BoConcept%20Impact%20Report%202024-25_Original%20file.pdfhttps://p3.aprimocdn.net/boconcept/5a0396bb-83cc-4da6-879e-b32f00dcc76a/BoConcept%20Impact%20Report%202024-25_Original%20file.pdf2025-08-12529900VSWLQF0O3GA94633771231Strandvejen 442900 HellerupOpinionBasis for Opinion2025-08-123377123133771231PricewaterhouseCoopers Statsautoriseret RevisionspartnerselskabNobelparken Jens Chr. Skous Vej18000AarhusDK213800B37PMK7IFYYM192024-05-012025-04-30cmn:ConsolidatedMember213800B37PMK7IFYYM192025-04-30cmn:ConsolidatedMember213800B37PMK7IFYYM192024-05-012025-04-30cmn:ConsolidatedMember1213800B37PMK7IFYYM192024-05-012025-04-30cmn:ConsolidatedMember2213800B37PMK7IFYYM192024-05-012025-04-30213800B37PMK7IFYYM192023-05-012024-04-30213800B37PMK7IFYYM192025-04-30213800B37PMK7IFYYM192024-04-30213800B37PMK7IFYYM192023-04-30ifrs-full:IssuedCapitalMember213800B37PMK7IFYYM192023-05-012024-04-30ifrs-full:IssuedCapitalMember213800B37PMK7IFYYM192024-04-30ifrs-full:IssuedCapitalMember213800B37PMK7IFYYM192023-04-30ifrs-full:ReserveOfCashFlowHedgesMember213800B37PMK7IFYYM192023-05-012024-04-30ifrs-full:ReserveOfCashFlowHedgesMember213800B37PMK7IFYYM192024-04-30ifrs-full:ReserveOfCashFlowHedgesMember213800B37PMK7IFYYM192023-04-30ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember213800B37PMK7IFYYM192023-05-012024-04-30ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember213800B37PMK7IFYYM192024-04-30ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember213800B37PMK7IFYYM192023-04-30ifrs-full:RetainedEarningsMember213800B37PMK7IFYYM192023-05-012024-04-30ifrs-full:RetainedEarningsMember213800B37PMK7IFYYM192024-04-30ifrs-full:RetainedEarningsMember213800B37PMK7IFYYM192023-04-30213800B37PMK7IFYYM192024-05-012025-04-30ifrs-full:IssuedCapitalMember213800B37PMK7IFYYM192025-04-30ifrs-full:IssuedCapitalMember213800B37PMK7IFYYM192024-05-012025-04-30ifrs-full:ReserveOfCashFlowHedgesMember213800B37PMK7IFYYM192025-04-30ifrs-full:ReserveOfCashFlowHedgesMember213800B37PMK7IFYYM192024-05-012025-04-30ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember213800B37PMK7IFYYM192025-04-30ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember213800B37PMK7IFYYM192024-05-012025-04-30ifrs-full:RetainedEarningsMember213800B37PMK7IFYYM192025-04-30ifrs-full:RetainedEarningsMember213800B37PMK7IFYYM192023-05-012024-04-30cmn:ConsolidatedMember213800B37PMK7IFYYM192024-05-012025-04-30cmn:ConsolidatedMember1213800B37PMK7IFYYM192024-05-012025-04-30cmn:ConsolidatedMember1213800B37PMK7IFYYM192024-05-012025-04-30cmn:ConsolidatedMember2213800B37PMK7IFYYM192024-05-012025-04-30cmn:ConsolidatedMember3213800B37PMK7IFYYM192024-05-012025-04-30cmn:ConsolidatedMember4iso4217:DKKxbrli:pure