ANNUAL
REPORT
2024/25
1 May 2024 - 30 April 2025
Approved at the Company's annual general meeting on 28 August, 2025
Chairman of the General Meeting Lars Tandrup
CVR-nr. 43 22 28 99
TABLE OF CONTENTS
MANAGEMENT’S REVIEW 1
Financial highlights for the group 1
Our performance 2
About AudioNord group 4
Corporate governance 7
MANAGEMENT’S STATEMENT AND INDEPENDENT AUDITOR’S REPORT 12
Management’s statement 12
Independent auditor’s report 13
CONSOLIDATED FINANCIAL STATEMENTS 15
Statement of comprehensive income 15
Statement of cash flows 16
Assets at 30 April 17
Equity and liabilities at 30 April 18
Statement of changes in equity 19
Summary of notes to the financial statements 20
Notes to the financial statements 21
PARENT COMPANY FINANCIAL STATEMENTS – AUDIONORD GROUP A/S 47
Parent company income statement 47
Parent company assets at 30 April 48
Parent company equity and liabilities at 30 April 49
Statement of changes in equity 50
Notes to the financial statements 51
9
1
MANAGEMENT’S REVIEW
FINANCIAL HIGHLIGHTS FOR THE GROUP
Key figures (DKK 1,000)
Profit/loss 2024/25 2023/24 2022/23 2021/22 2020/21
Revenue 1,185,879 1,040,328 1,073,374 1,338,205 1,261,034
Retail revenue* 1,198,207 1,091,808 1,178,155 1,360,731 1,342,473
Gross profit/loss 400,198 334,066 378,991 439,220 401,658
Profit and loss before financial items (EBIT) 49,267 19,996 50,386 119,308 87,646
Net financials -10,346 -3,456 -7,228 -6,007 2,787
Net profit for the year 28,247 12,342 33,650 87,025 71,377
Balance sheet
Balance sheet total 528,908 480,121 447,635 525,212 567,030
Equity 151,644 132,566 120,598 133,325 157,853
Cash flows
Cash flows from:
- operating activities 67,769 111,132 46,377 167,217 116,116
- investing activities -37,051 -16,555 -25,896 -21,606 -19,986
including investment in property,
plant and equipment
-30,916 -11,315 -10,808 -8,995 -9,739
- financing activities -27,386 -89,134 -22,423 -149,520 -111,405
Change in cash and cash equivalents 3,332 5,443 -1,942 -3,909 -15,275
Ratios
EBIT Margin, % 4.2% 1.9% 4,7% 8.9% 7.0%
Equity ratio, % 28.7% 27.6% 26,9% 25.4% 27.8%
Return on equity, % 19.9% 9.9% 26,5% 59.8% 51.0%
* The Group's retail revenue is defined as sales from both the physical shops and online of AudioNord Group irrespective of whether sales are
affected from own chain shops or from franchise shops.
The key ratios were calculated according to the recommendations published by the Danish Society of Financial Analysts. Please refer to Note 26
- Definition of key ratios.
2
OUR PERFORMANCE
AudioNord Group is a retail and distribution group driven by a passion for high-quality HiFi products, music, and genuine customer
service - an experience brought to life in our stores under the HiFi Klubben brand. HiFi Klubben delivers exceptional sound and visual
experiences to quality-conscious customers who value authentic music reproduction.
The Group sources premium products globally and distributes primarily to the Scandinavian countries, the Netherlands, and Germany.
As part of the Group’s core competencies, the internal development company Nordic Hi-Fi A/S designs and manufactures its own
unique HiFi products, aligning with market trends and customer needs. These products are sold to HiFi Klubben stores, which serve as
the exclusive retail channel for Nordic Hi-Fi in the countries where HiFi Klubben operates.
In addition to supplying the Group, Nordic Hi-Fi also engages in external sales across both B2B and B2C markets - particularly in
countries where HiFi Klubben is not present. These external sales are growing rapidly, reflecting increasing demand for Nordic Hi-Fi’s
high-quality, in-house developed products and the company’s expanding international footprint.
This dual-channel approach supports the Group’s strategy of combining product innovation with market reach, while reinforcing Nordic
Hi-Fi’s role as a key driver of value creation within the AudioNord Group.
For more information, see the subsection About AudioNord Group.
Development in the year
The consolidated statement of comprehensive income for 2024/25 shows a profit of DKK 29,078k (2023/24: DKK 11,775k), and the
consolidated balance sheet as of 30 April 2025 shows equity of DKK 151,644k (2024: DKK 132,566k).
AudioNord Group delivered an exceptional year, significantly surpassing expectations. The Group achieved revenue growth of 14%
compared to the previous year, and retail revenue (sales from own shops, franchise shops, and online) increased by 10%. AudioNord
Group successfully gained market share in the HiFi segment in both the Netherlands and Germany, while also generating growth across
all markets. This development is considered highly satisfactory, reflecting the strength of our brand, the dedication of our teams, and our
ability to adapt and thrive in a competitive landscape.
The Group’s strong performance has made it financially stronger and more resilient, better prepared to handle future market
fluctuations.
In 2024/25, AudioNord Group maintained an online share of 39% of total sales (including franchise), consistent with the previous year.
This indicates that 39% of the retail revenue was ordered and paid for through the websites. Additionally, the website acts as a crucial
touchpoint in the customer journey, even for sales completed in physical stores. This performance is a direct result of AudioNord
Group’s omni-channel strategy, which fully integrates physical stores and online platforms into a seamless customer experience.
Internally, this is managed through a unified revenue-sharing model; externally, it presents as a cohesive and customer-centric retail
journey.
At the beginning of the reporting period, management expected revenue growth of 5–10% and an EBIT result between DKK 20,000k
and 25,000k. However, the Group significantly outperformed these expectations. As stated above, revenue increased by 14%, and the
EBIT result was DKK 49,267k, corresponding to an increase of 146% - exceeding expectations by DKK 24,267k.
The company’s growth during the period was driven by strong sales performance, particularly a significant increase in sales of core HiFi
products, successful product launches, and improved operational efficiency across markets. Strategic investments in customer
experience and digital platforms also contributed to the increase in profitability. This development is considered highly satisfactory. As a
result of these achievements, the Group is now financially stronger and more resilient, well-positioned to navigate future challenges and
seize new opportunities in a dynamic market.
These achievements reflect the agility of our organization and the unwavering commitment of our teams to deliver value and innovation
in a competitive retail landscape.
Parent company results
The results of the parent company show profit of DKK 18,914k (2023/24: DKK 32,639k), driven by received dividends of DKK 20,000k.
For the parent company the expectation to the result was a profit before tax in the range of DKK 15,000 – 20,000k including dividends
from subsidiaries. This expectation has been met. Management considered this result satisfactory.
3
Targets and expectations for the year ahead
For the financial year 2025/26, AudioNord Group expects continued growth, with revenue projected to increase by 3–7%. Management
anticipates earnings before interest and tax (EBIT) in the range of DKK 45,000k to 50,000k, reflecting confidence in the Group’s
strategic direction and market position.
To support this growth, several new stores are planned to open in the Netherlands and Germany, further strengthening the Group’s
presence and control in these markets.
A significantly increased investment in marketing will be made to boost brand awareness and customer engagement across all
channels. At the same time, efforts to improve scalability - particularly in the German market - will remain a key focus area, aimed at
enhancing profitability while ensuring a solid foundation for sustainable growth.
AudioNord Group will also further increase its investment in the development of proprietary products through its dedicated development
company, Nordic HiFi A/S. This initiative builds on the strong foundation laid in recent years and supports the Group’s long-term
strategy of differentiation and value creation through innovation.
Parent company expectations
For the parent company, the expected result is highly dependent on anticipated dividends for the year. The company forecasts a profit
before tax in the range of DKK 25,000k to 35,000k, including dividends received from subsidiaries.
4
ABOUT AUDIONORD GROUP
AudioNord Group comprises two sub-groups: HiFi Klubben and Nordic Hi-Fi.
HiFi Klubben is a Danish specialist audio distributor and retailer, founded in 1980 in response to the Hi-Fi industry’s lack of focus on
quality products and the prevalence of misleading sales practices. The founder, Peter Lyngdorf, aimed to educate consumers about
audio quality, ensuring they could experience music as the artist intended at the time of recording. This approach also helped customers
avoid purchasing low-quality products promoted for short-term profit.
Nordic Hi-Fi serves as the Group’s product development company, with its own lineup and brands. Originally part of HiFi Klubben,
Nordic Hi-Fi was established as an independent entity with its own management team due to significant growth in this area of the
business.
The history in brief
1975
A young HiFi enthusiast in his 20s, Peter Lyngdorf, founded AudioNord: A distribution company
for HiFi.
1980
Danmark’s Hi-Fi Klub’ is founded as a small mail order company selling direct to consumers.
1983
Denon distribution rights are acquired.
1987
Danmarks Hi-Fi Klub enters Norway.
1988
Danmark’s Hi-Fi Klub enters Sweden.
1989
Competitor ’Audioscan is acquired.
1994
Danmark’s Hi-Fi Klub is renamed into the somewhat more international ‘HiFi Klubben’.
1996
Audioscan and HiFi Klubben stores are merged under the HiFi Klubben name.
2001
First franchise-based store (Hillerød) opens, several more follow in the coming years.
2002
The Argon Audio brand is founded as a solution to the entry products we miss from suppliers.
2003
New management team: Customer is king! HiFi Klubben’s positioning is re-adjusted back to a
customer focus.
2007
The streaming area is entering HiFi Klubben. We land a small, American brand called Sonos
exclusively.
2011
HiFi Klubben enters the Dutch market by acquiring a small chain of stores called RAF.
2015
HiFi Klubben enters Germany.
2019
Argon Audio is split out as a separate company to keep focusing on developing the brand – and
renamed to “Nordic Hi-Fi A/S”.
2022
2023
New speaker brand “Vestlyd” launched globally. New ERP IT platform, MS Dynamics 365
Business Central (and LS Retail POS) is implemented and integrated.
Store no. 12 opens in Germany (Frankfurt) and store no. 15 opens in The Netherlands
(Groningen).
2024
New speaker brand “Radiant Acustics” launched globally.
HiFi Klubben enters Finland.
One new store opens in German
y
(
Berlin
)
2025
One new store opens in the Netherlands (Arnhem) and one new store opens in Germany
(
Nürnber
g
)
.
HiFi Klubben works directly with brand owners to curate its product lineup, handling importation into the EU and redistribution to stores.
This is managed through a central warehouse in northern Denmark, with additional hubs in Germany and the Netherlands.
One key difference between HiFi Klubben in the 1980s and today is the broader product range. While the company continues to offer
high-end audio equipment, it now also includes high-quality TVs, portable speakers, and headphones - each product carefully selected
and approved by HiFi Klubben’s expert staff.
What remains unchanged are the core values that define the company: quality, expertise, and honest sales practices. HiFi Klubben is
driven by genuine passion among its employees, which continues to set the company apart in the industry.
5
Real omni channel setup
HiFi Klubben operates with a unified omnichannel strategy, ensuring that customers experience a seamless journey regardless of
whether they engage online or in-store. The goal is for customers to never notice a difference between sales channels, as all points of
contact are continuously integrated to provide a consistent and high-quality experience.
Currently, HiFi Klubben operates 101 demo rooms (stores) across Denmark, Norway, Sweden, Germany, the Netherlands, and Finland.
Each country also features a comprehensive e-commerce platform in the local language, designed to complement and support the
physical demo rooms. Of the 101 stores, 60 are chain-owned, while the remainder operate under a franchise model.
HiFi Klubben is a hybrid of chain and franchise operations. Many local demo rooms are franchise-based, but the entire network
functions as a unified family across borders. From the customer’s perspective, the experience is consistent and indistinguishable
between store types.
Earlier this year, HiFi Klubben Denmark was awarded the Omnichannel Experience of the Year by the Retail Customer Awards - a
customer-voted recognition for delivering the best integrated shopping experience. While the award was Danish, the omnichannel setup
is consistent across all HiFi Klubben locations and online platforms, making this a collective achievement for the entire chain. This
recognition underscores HiFi Klubben’s ability to create a seamless experience across both physical and digital channels.
The company employs a shared revenue model between online and offline sales. Sales generated through the online platform are fully
attributed to the corresponding physical demo rooms. In return, each demo room - whether chain- or franchise-owned - pays a royalty to
the central organization. This model ensures alignment and mutual benefit across all sales channels.
Proud brand partnerships
HiFi Klubben offers a carefully curated selection of some of the world’s most respected brands in hi-fi, audio, and consumer electronics.
While the assortment is broad, the company’s strategy emphasizes deep partnerships with a select group of key brands. This approach
allows HiFi Klubben to develop in-depth knowledge of each brand’s technology and story, while also benefiting from economies of scale
in purchasing.
Current brand partners include:
Bowers & Wilkins – Renowned British manufacturer of high-performance loudspeakers and headphones, known for
precision engineering and premium sound.
DALI (Danish Audiophile Loudspeaker Industries) – Danish speaker specialist and related company, celebrated for
innovative design and natural sound reproduction.
Denon – Japanese consumer electronics brand with a legacy in high-fidelity audio and home theater systems.
Marantz – Premium audio electronics brand offering amplifiers, receivers, and CD players with a focus on musicality and
craftsmanship.
NAD (New Acoustic Dimension) – Canadian brand known for minimalist design and high-value amplifiers, DACs, and
streaming solutions.
SONOS – Global leader in wireless multi-room audio systems, offering intuitive streaming speakers with seamless integration.
Bluesound – Hi-fi streaming brand delivering high-resolution audio with advanced multi-room capabilities, designed for
audiophiles.
KEF – British loudspeaker manufacturer and pioneer in acoustic innovation, especially known for its Uni-Q driver technology.
SOUNDBOKS – Danish company and market leader in portable, battery-powered Bluetooth speakers built for high-volume
outdoor performance.
Bang & Olufsen – Iconic Danish brand combining luxury design with high-end audio and visual technology.
Samsung – Global leader in consumer electronics and the world’s top-selling TV brand, known for cutting-edge display
technology.
Philips – Established global electronics brand offering a wide range of TVs and home entertainment products.
AudioQuest – American manufacturer of high-end audio/video cables and accessories, focused on signal integrity and
performance.
HEGEL – Norwegian audio company specializing in high-performance amplifiers and DACs with proprietary SoundEngine
technology.
Sennheiser – German audio specialist recognized worldwide for premium headphones, microphones, and professional audio
gear.
Pro-Ject Audio Systems – Austrian manufacturer of award-winning turntables and analog audio components, known for
precision and value.
…and many more.
6
Within the group
HiFi Klubben International A/S serves as the administrative and distribution hub of the AudioNord Group. This entity is responsible for
global product sourcing and distribution to HiFi Klubben stores. While 99% of its B2B distribution currently serves HiFi Klubben, the
company is also positioned to supply any retailer within Europe. HiFi Klubben International is the direct parent company of all HiFi
Klubben sales entities across the various markets.
In 2002, HiFi Klubben began developing its own brand, Argon Audio, to meet customer demand for products that traditional hi-fi
manufacturers either could not or would not produce. Initially, Argon Audio offered off-the-shelf products to fill gaps in the lineup.
However, this initiative provided HiFi Klubben with valuable insight into the consumer electronics development process in the Far East.
This behind-the-scenes access sparked a renewed interest in product development - an area HiFi Klubben had previously explored with
brands like DALI in the 1990s.
Today, Argon Audio has evolved into a fully developed brand with a mission to create high-quality products that customers genuinely
love. The brand has carved out a niche in areas such as active stereo speakers with elegant Scandinavian design, offering performance
that rivals much larger global brands.
To further expand this mission, the group established Nordic Hi-Fi A/S in 2019 as an independent entity. Nordic Hi-Fi now includes the
following brands:
Argon Audio
A Danish brand offering high-quality, affordable audio products with Scandinavian design. Known for active speakers,
turntables, and streaming solutions that combine user-friendliness with audiophile-grade performance.
Vestlyd
Loudspeakers inspired by vintage studio monitors, designed in Denmark. Vestlyd delivers powerful, dynamic sound with a
retro aesthetic, ideal for music lovers seeking a “live concert” experience at home.
Radiant Acoustics
A modern hi-fi brand focused on compact, high-performance audio systems. Developed in collaboration with PURIFI, it
emphasizes innovation, clarity, and simplicity in design and sound.
Noon Audio
A lifestyle-oriented audio brand blending minimalist Scandinavian design with intuitive functionality. Noon Audio targets casual
listeners who value both aesthetics and ease of use.
Essentials
A curated line of audio accessories including cables, stands, and cleaning tools. Essentials ensures optimal performance and
convenience across all Nordic Hi-Fi products.
Nordic Hi-Fi is committed to developing products that are engineered in Denmark, feature Scandinavian design, deliver impressive
sound quality, and prioritize user convenience. The newest addition, Radiant Acoustics, launched during this financial year, exemplifies
this vision - offering innovative audio solutions that combine design, performance, and simplicity.
Research and development
Development activities during the year focused on further enhancements to our ERP system and the continued development of HiFi
products. Research costs are expensed as incurred.
Employees, knowledge resources and research activities
Technological advancement continues to accelerate, and the Group’s most critical competitive advantage remains the technological
expertise, skills, and passion of our employees. As such, we are firmly committed to staying at the forefront of innovation to deliver the
best possible solutions tailored to our customers’ unique needs.
To support this commitment, we continue to invest significantly in the development of our workforce - at both employee and
management levels - as well as in technological platforms that enable effective communication and application of our employees’
knowledge in customer interactions.
Unusual events
The accounts are not affected by unusual circumstances.
7
CORPORATE GOVERNANCE
Duties and responsibilities of the Board of Directors
At AudioNord Group A/S, management responsibilities are divided between the Board of Directors and the Executive Management.
The Executive Management is responsible for the day-to-day operations of the company, while the Board of Directors oversees and
evaluates the work of the Executive Management and is accountable for the overall governance and strategic direction of the Group.
As part of its responsibilities, the Board of Directors conducts an annual review of the Group’s overall strategy to ensure continued value
creation.
The framework for timely, accurate, and adequate reporting from Executive Management to the Board - as well as the communication
between the two governing bodies - is defined in the Rules of Procedure for Executive Management. These procedures are reviewed
and approved by the Board of Directors on an annual basis.
Composition of the Board of Directors
The Board of Directors at AudioNord Group A/S comprises a group of experienced business professionals, including the Founder. The
Board reflects a diverse mix of international experience and competencies that are highly relevant to the Group’s strategic and
operational needs.
Each year, as part of the board evaluation process, the Board defines the qualifications, experience, and skills required to effectively
fulfill its responsibilities, taking into account the Group’s current and future priorities.
The key competencies identified as essential for the Board include:
General Management
Strategy Development & Partnerships
Consumer Electronics Expertise
Consumer Product Supply Chain Management
New Product Introduction
Brand Management & Marketing
Retail, Omnichannel, and E-commerce
Finance & Accounting
Risk Management
The Board of Directors conducts an annual self-evaluation to assess its performance and ensure continued alignment with the Group’s
strategic objectives.
8
9
10
11
12
MANAGEMENT’S STATEMENT AND
INDEPENDENT AUDITOR’S REPORT
Executive Management
Board of Directors
13
14
CVR No 33 77 12 31
15
CONSOLIDATED FINANCIAL STATEMENTS
STATEMENT OF COMPREHENSIVE INCOME
1 May - 30 April
DKK 1,000 Note 2023/24 2024/25
Revenue 4 1,040,328 1,185,879
Cost of goods sold
-706,262 -785,681
Gross Profit
Other external costs 6 -90,232 -107,826
Staff costs 5 -162,734 -177,690
Amortisation and depreciation 6 -61,783 -65,496
Other operating income
Other operating expenses
-44 -30
Operating Profit (EBIT)
Financial income 7 2,546 140
Financial expenses 7 -6,002 -10,486
Profit before tax
Tax on profit for the year 8 -4,198 -10,674
Profit for the year 12,342 28,247
Other comprehensive income
Items that will be reclassified subsequently to the income statement:
Exchange adjustments -1,295 1,670
Value adjustment of hedging instrument in the year 933 -1,076
Tax on value adjustment of hedging instrument -205 237
Other comprehensive income after tax -567 831
Total comprehensive income for the year 11,775 29,078
16
STATEMENT OF CASH FLOWS
1 May - 30 April
DKK 1,000 Note 2023/24 2024/25
Operating profit
Amortisation and depreciation
Adjustment for other non-cash operating items 20 -1,175 4,148
Changes in working capital 20 47,890 -38,259
Ingoing interest payments, etc,
Outgoing interest payments, etc,
-6,002 -4,095
Income tax paid
-12,116 -8,928
Cash flows from operating activities
Investments in intangible assets
-4,585 -6,120
Investments in tangible assets
-11,315 -30,916
Investments in other fixed asset investments
-802 -968
Property, plant and equipment sold
Other fixed asset investments sold
Cash flows from investing activities
-16,555 -37,051
Free cash flow
Dividend to shareholders
Repayment of lease liabilities 20 -48,966 -52,085
Draw down on credit facilities 20 -40,168 34,699
Cash flows from financing activities
-89,134 -27,386
Net cash flows from operating, investing and financing activities
Cash and cash equivalents at 1 May
Cash and cash equivalents at 30 April 21 19,780 23,112
17
ASSETS AT 30 APRIL
DKK 1,000 Note 2024 2025
Intangible assets 9 28,645 25,499
Property, plant and equipment 10 22,236 43,749
Right-of-use assets 11 145,966 148,492
Deposits 12 11,061 12,018
Non-current assets 207,908 229,758
Inventories 13 187,347 210,414
Trade receivables 14 26,115 33,986
Receivables from group enterprises 13,444 8,296
Deferred tax asset 8 3,519 6,604
Income tax 2,618 430
Other receivables 11,969 7,810
Prepayments 7,421 8,498
Cash and cash equivalents 21 19,780 23,112
Current assets 272,213 299,150
Assets 480,121 528,908
18
EQUITY AND LIABILITIES AT 30 APRIL
DKK 1,000 Note 2024 2025
Share capital 50,000 50,000
Currency translation reserve -1,199 471
Reserve for currency hedging 1,303 464
Retained earnings 72,462 70,709
Proposed dividend 10,000 30,000
Equity 132,566 151,644
Other provisions 15 17,984 17,149
Lease liability 11 103,395 104,190
Deferred tax 8 2,648 4,602
Credit institutions 17, 19 0 8,786
Non-current liabilities 124,027 134,727
Other provisions 15 5,695 8,477
Credit institutions 17, 19 34,015 59,928
Trade payables 77,215 59,777
Payables to group enterprises 5,062 5,822
Income tax 3,202 1,310
Other payables 16 47,097 51,182
Lease liability 11 46,689 51,019
Prepayments 16 4,553 5,022
Current liabilities 223,528 242,537
Equity and liabilities 480,121 528,908
19
Accounting Policies:
Share capital - Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown
in equity as a deductions, net of tax, from the proceeds.
Currency translation - Exchange differences arising on translation of the parent company and of foreign controlled entities into DKK,
are recognised in other comprehensive income and accumulated in a separate reserve within equity as currency translation. The
cumulative amount is reclassified to profit or loss when the net investment is disposed of.
Currency hedging - Reserve comprises accumulated changes in the fair value of derivative financial instruments that qualify for
hedging of future cash flows, where the hedged position has not yet been realised. The changes in fair value are transferred to the
income statement when the hedged positions are realised.
Dividends - Provision is made for the amount of any dividend declared, being appropriately authorised and no longer at the discretion
of the entity, on or before the end of the reporting period but not distributed at the end of the reporting period.
STATEMENT OF CHANGES IN EQUITY
2024/2025
DKK 1,000
Share
capital
Currency
translation
Currency
hedging
Proposed
dividend
Retained
earnings
Total
Equity at 1 May
Net profit for the year 0 0 0 30,000 -1,753 28,247
Exchange adjustments 0 1,670 0 0 0 1,670
Value adjustment of hedging instrument 0 0 -1,076 0 0 -1,076
Tax on value adjustment of hedging
instrument
Total comprehensive income 0 1,670 -839 30,000 -1,753 29,078
Dividend paid during the year 0 0 0 -10,000 0 -10,000
Transactions with shareholders 0 0 0 -10,000 0 -10,000
Equity at 30 April 2025 50,000 471 464 30,000 70,709 151,644
2023/2024
DKK 1,000
Share
capital
Currency
translation
Currency
hedging
Proposed
dividend
Retained
earnings
Total
Equity at 1 May 50,000 96 575 0 69,927 120,598
Net profit for the year 0 0 0 10,000 2,342 12,342
Exchange adjustments 0 -1,295 0 0 0 -1,295
Value adjustment of hedging instrument 0 0 933 0 0 933
Tax on value adjustment of hedging
instrument
Total comprehensive income 0 -1,295 728 10,000 2,342 11,776
Share-based payment 0 0 0 0 193 193
Transactions with shareholders 0 0 0 0 193 193
Equity at 30 April 2024 50,000 -1,199 1,303 10,000 72,462 132,566
Share capital
The nominal value of the share capital is DKK 50,000k divided into shares of DKK 10, equivalent to 5,000,000 shares and 5,000,000
votes. The shares are not divided into share classes and does not carry any restrictions.
Capital structure
The Company regularly assesses the need for adjustment of the capital structure. The capital is managed for the Group as a whole.
20
SUMMARY OF NOTES TO THE FINANCIAL STATEMENTS
Key accounting Principals Cash flows and credit facilities
Note 1 Basis of preparation Note 20 Specifications of cash flow from
operating and financing activities
Note 2 New financial reporting standards to be
adopted
Note 21 Cash and cash equivalents
Note 3 General accounting policies
Profit and loss & Balance sheet Other disclosures
Note 4 Revenue Note 22 Contingent liabilities and security
Note 5 Staff costs, Remuneration of the Board
of Directors & Executive Management
Note 23 Events occurring after the balance
sheet date
Note 6 Depreciations & fees to auditors Note 24 Related parties
Note 7 Financial income and expenses Note 25 Group overview
Note 8 Tax on profit for the year and deferred
tax asset
Note 26 Definition of key ratios
Note 9 Intangible assets
Note 10 Property, plant and equipment
Note 11 Leases
Note 12 Deposits
Note 13 Inventories
Note 14 Trade receivables
Note 15 Provisions
Note 16 Prepayments & other payables
Note 17 Credit institutions
Note 18 Financial instruments
Note 19 Financial risks
21
NOTES TO THE FINANCIAL STATEMENTS
Note 1 - Basis of preparation
The consolidated financial statements of AudioNord Group A/S and its subsidiaries (‘the group’) for the year ended 30 April 2025 has
been approved by the Board of Directors at its meeting on 28 August 2025 and will be presented to the shareholders of AudioNord
Group A/S for approval on the annual general meeting.
The consolidated financial statements of the group have been prepared in accordance with IFRS Accounting Standards as adopted by
the EU as well as additional Danish disclosure requirements applying to entities of reporting class C for large enterprises.
General information
The annual report has been prepared on the basis of the historical cost principle, modified in that certain financial assets and liabilities
are measured at fair value. Subsequent to initial recognition, the assets and liabilities are measured as described below in respect of
each individual item or in the relevant note.
The Group's consolidated financial statements are presented in Danish kroner (DKK). Figures are rounded to the nearest DKK
thousand, unless otherwise stated.
Significant estimates and judgements
In connection with the practical use of the accounting policies described, it may be necessary for Management to make estimates in
respect of the accounting items. The estimates and assumptions applied are based on historical experience and other factors that
Management considers reasonable under the circumstances, but which are inherently uncertain and unpredictable. Such assumptions
may be incomplete or inaccurate, and unexpected events or circumstances may arise. In addition, the company is subject to risks and
uncertainties that may cause actual outcomes to deviate from these estimates.
It may be necessary to change previous estimates as a result of changes to the assumptions on which the estimates were based or due
to new information or subsequent events.
A further description of the principal accounting estimates and judgements is provided in the relevant notes.
Area Note Risk of impact and degree of estimation
Right-of-use-assets Estimate 11 Low risk and
high degree of
estimation
Inventories Estimate 13 Low risk and
medium degree
of estimation
Other provisions Estimate 15 Medium risk and
medium degree
of estimation
Note 2 – New financial reporting standards to be adopted
New and amended standards are implemented when taking effect. Based on the initial assessment, new standards are not expected to
have a significant impact on the profit/loss statement or equity. Reporting standards or interpretations which are not adopted by the EU
have not been applied in this annual report.
22
Note 3 - General accounting policies
This section provides a summary of significant accounting policies, and other general accounting policies. A detailed description of the
accounting policies applied, and the estimates made relative to each individual item is provided in relevant notes, such that all
information about a specific accounting item can be found there.
Foreign currency
The financial statement items of individual Group entities are measured in the currency used in the primary economic environment in
which the entity operates (functional currency). Other currencies are considered foreign currencies. The consolidated financial
statements are presented in Danish kroner (DKK), which is the functional and presentation currency of the parent company.
Translation of foreign currencies
Transactions denominated in foreign currencies are translated into an entity’s functional currency at the exchange rate prevailing at the
transaction date.
Monetary items denominated in foreign currencies are translated at the exchange rate prevailing at the balance sheet date. Exchange
adjustments arising as the difference between exchange rates at the balance sheet date and exchange rates at the transaction date of
monetary items are recognized in the income statement as financial income or expenses.
On translation of entities with a functional currency other than DKK, balance sheet items are translated at the exchange rates at the
balance sheet date and income statement items are translated at the exchange rates at the transaction date. The resulting exchange
adjustments are taken directly to other comprehensive income.
Consolidation and business combinations
The consolidated financial statements comprise the financial statements of AudioNord Group A/S (the parent company) and enterprises
(subsidiaries) controlled by the parent company. The parent company is considered to exercise control when it has power over the
relevant activities of the enterprise, is exposed or has rights to a variable return from the investment and has the ability to affect those
returns through its power.
The consolidated financial statements are prepared by aggregating the financial statements of the parent company and the individual
subsidiaries, all of which are prepared in accordance with the Group’s accounting policies. Intra-group transactions, balances, dividends
and unrealised gains and losses on transactions between Group companies are eliminated.
Cost of goods sold
Cost of goods sold comprises costs for purchase of goods for the year plus deviations in inventories in generating the revenue for the
year. Cost of goods sold is recognised after deduction of supplier discounts and bonuses.
Other external costs
Other external cost comprises of expenses for marketing, IT, other premises cost, promotion, travelling as well as other sales and
administrative expenses.
Other receivables
Other receivables comprise transactions outside the usual operating activities of the group.
Prepayments
Prepayments comprise costs incurred concerning subsequent financial years and are measured at cost. Other receivables are
measured at amortized cost less any provision for expected credit losses. The company assesses the recoverability of other receivables
at each reporting date and recognizes an allowance for doubtful amounts where necessary.
Trade payables
Trade payables represent obligations to pay for goods or services that have been acquired in the ordinary course of business from
suppliers.
Trade payables are recognized when the related goods or services are received. These are initially recognized at fair value and
subsequently measured at amortized cost.
23
Note 4 – Revenue
1 May - 30 April
DKK 1,000 2023/24 2024/25
Specification of revenue representing over 10% of the Group’s revenue:
Denmark 298,017 304,157
Norway 144,786 177,665
Sweden 189,560 217,338
Netherlands 217,887 244,351
Germany 176,056 191,206
Other 14,022 51,162
Total 1,040,328 1,185,879
Revenue by categories:
Omni - own concept channels 804,415 908,703
Omni - franchise concept channels 209,129 247,468
Omni - franchise royalty 26,784 29,708
Total 1,040,328 1,185,879
Accounting Policies:
Revenue from contracts with customers comprises sale of products (wholesale and retail) and royalty income.
Revenue from sales of products through stores (retail) is recognised at the point in time when control of the goods is transferred to
the customer, which generally takes place when a store sells the product to the customer. Payment is usually received when the
customer receives the product. Revenue from sales through the AudioNord Group web shops is recognised and payment is
received when the product is sent to the customer.
Revenue from wholesale relates primarily to sale to franchisees, which is recognised at a point in time when control of goods is
transferred. For these sales on credit, a receivable is recognised. The payment terms are generally between 30 – 60
days. Reference is made to note 14, Trade receivables.
For contracts providing the customer with a right of return within a specified period, the Group considers the timing of
recognition. The estimate for returned products is based on historical experience and expectations. A refund liability is recognised
for products expected to be returned.
Royalty income relates to franchise fees that are recognised along with provision of the services under the franchise agreements.
Omni channel (Omni) categories express the split in revenue from sale of products from own concept channels and sale to
franchise concept channels, respectively.
24
Note 5 - Staff costs, Remuneration of the Board of Directors & Executive Management
1 May - 30 April
DKK 1,000 2023/24 2024/25
Specification of staff costs recognised in the financial year
Salaries, wages and directors' remuneration -136,424 -148,747
Defined contribution pension plan -9,275 -9,770
Other social security costs -16,860 -19,174
Share-based payment -175 0
-162,734 -177,690
Average number of employees, FTEs 335 367
Number of employees at 30 April, headcount 523 539
DKK 1,000
Board of
Directors
Executive
Management
Other key
employees
Total
2024/25
Salaries, wages and directors' remuneration 1,952 6,147 5,788 13,887
Defined contribution pension plan 0 295 412 707
Other long-term benefits 0 0 243 243
Total 1,952 6,442 6,443 14,837
DKK 1,000
Board of
Directors
Executive
Management
Other key
employees
Total
2023/24
Salaries, wages and directors' remuneration 1,769 2,850 3,068 7,687
Defined contribution pension plan 0 278 288 566
Share-based payment 44 55 44 143
Total 1,813 3,183 3,400 8,396
The group of other key employees consists of the management team in AudioNord Group who all are directly reporting to CEO and
covering functions of sales, product development, purchase, finance, marketing, IT and logistics.
Accounting Policies:
Staff expenses comprise direct wages and salaries, remuneration, pension costs etc. For defined contribution plans, the group
pays contributions to publicly or privately administered pension insurance plans on a voluntary basis. The group has no further
payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when
they are due.
25
Note 6 - Depreciations & fees to auditors
1 May - 30 April
Depreciations
DKK 1,000 2023/24 2024/25
Amortisation, intangible assets -8,546 -9,272
Depreciation, property, plant and equipment -7,184 -8,457
Depreciation of right of use assets -46,053 -47,767
Total -61,783 -65,496
Fees to the auditors appointed at the general meeting
PwC
Audit fee 921 1,027
Other assurance engagements 34 127
Tax advisory services 196 261
Non-audit services 195 336
Total 1,346 1,751
Note 7 - Financial income and expenses
1 May - 30 April
DKK 1,000 2023/24 2024/25
Financial income
Interest income, group entities 170 0
Other financial income 585 140
Net exchange adjustments 1,791 0
Total 2,546 140
Financial expenses
Interest expenses -3,196 -3,580
Interest expenses, lease liabilities -2,079 -6,326
Net exchange adjustments 0 -65
Other financial expenses and fees -727 -515
Total -6,002 -10,486
Accounting Policies:
Financial income and expenses include interest, financing costs of leases using the effective interest method, realised and unrealised
foreign exchange adjustments, fair value adjustment of forward contracts transferred from other comprehensive income and fees.
26
Note 8 - Tax on profit for the year and deferred tax asset
Key accounting estimates and judgements
The recognition of deferred tax assets and uncertain tax positions requires an assessment by management. Deferred tax assets,
including the tax base of tax loss carry-forwards, are recognised if management estimates that the tax assets can be utilised within a
foreseeable future by offsetting against future positive taxable income. The assessment is made annually on the basis of budgets and
business plans for the following years, including any scheduled business measures and the joint taxation impact.
As the Group conducts business internationally, transfer pricing disputes may arise with tax authorities in respect of settlement prices
etc. Management applies a probability-weighted assessment to determine obligations in connection with any transfer pricing disputes.
All tax assets are for current financial year expected to be utilized and recognized in the balance sheet.
Accounting Policies:
A
udionord Group A/S, its subsidiaries and the enterprises in the Group of Lyngdorf Familie Holding ApS are jointly taxed. The Group
enterprises are jointly and severally liable for tax on the jointly taxed income etc of the Group. The total accrued corporation tax is
disclosed in the Annual Report of Lyngdorf Familie Holding ApS, which is the management company under the joint taxation.
A
dditions, deductions and allowances relating to the on-account tax scheme are included in financial items.
Current tax on the net profit or loss for the year is recognised as an expense in the income statement together with any change in
the provision for deferred tax. Tax on changes in other comprehensive income is taken directly on other comprehensive income.
Full provision is made for deferred tax on the basis of all temporary differences in accordance with the balance sheet liability method.
Temporary differences arise between the tax base of assets and liabilities and their carrying amounts which are offset over time.
Deferred tax arising on initial recognition of assets or liabilities is not recognised if at the transaction date neither the accounting
profit nor the taxable income is affected unless such differences occurred in a business combination. Deferred tax assets are
recognised to the extent that it is probable that future positive taxable income will be generated, against which the temporary
differences and tax losses can be offset. Deferred tax assets are measured at expected net realisable values.
27
Note 8 - Tax on profit for the year and deferred tax asset, continued
1 May - 30 April
DKK 1,000 2023/24 2024/25
Specification of tax on profit for the year
Current tax on profit for the year -3,698 -10,640
Change in deferred tax on profit for the year -12 991
Tax on profit from ordinary activities for the year -3,710 -9,649
Adjustment of tax relating to prior years -488 -1,025
Tax on profit for the year -4,198 -10,674
Tax on equity and other comprehensive income entries, income -205 237
Reconciliation of tax rate differences
Danish tax rate 22.0% 22.0%
Effect of change of tax rates
Adjustment of tax relating to prior years 3.0% 2.6%
Deviation in foreign subsidiaries' tax percentage 2.0% 0.2%
Non-taxable income and non-deductible expenses 0.4% 0.1%
Other taxes and other adjustments, net -2.0% 2.5%
Effective tax rate 25.4% 27.4%
DKK 1,000 2024 2025
Deferred tax asset at 1 May, net 1,144 871
Exchange adjustments -2 -97
Other changes in deferred tax – charged to income statement -66 991
Change in deferred tax - charged to other comprehensive income -205 237
Deferred tax asset at 30 April, net 871 2,002
DKK 1,000
2024 2025
Recognised in the balance sheet as follows
Deferred tax assets 3,519 6,604
Provision for deferred tax -2,648 -4,602
Deferred tax asset at 30 April, net 871 2,002
Deferred tax relates to the following items
Intangible assets -5,085 -5,277
Property, plant and equipment 892 806
IFRS 16 Right-of-use assets -32,112 -32,668
Unrealised gain from intra-group sale of goods 1,465 1,456
Borrowing costs 0 4
Provisions -460 -457
Tax losses carried forward 3,519 4,122
IFRS 16 liabilities 33,018 34,146
Hedging instrument -366 -131
Deferred tax asset at 30 April, net 871 2,002
28
Note 9 - Intangible assets
At 30 April
DKK 1,000
Development
Project
Acquired
patents,
licences etc,
Prepayments
and
intangible
assets in
progress
Total
Intangible
Assets
2024/25
Cost at 1 May 57,083 14,121 802 72,006
Exchange adjustment 0 11 0 11
Transfers 802 0 -802 0
Additions and improvements during the year 5,394 726 0 6,120
Cost at 30 April 63,279 14,858 0 78,137
Amortisation at 1 May -30,631 -12,730 0 -43,361
Exchange adjustment 0 -5 0 -5
Amortisation for the year -8,671 -601 0 -9,272
Amortisation at 30 April -39,302 -13,336 0 -52,638
Carrying amount at 30 April 23,977 1,522 0 25,499
Accounting Policies:
Intangible assets with a finite life are measured at cost less accumulated amortisation and impairment losses. Borrowing costs are
recognised as part of cost. Amortisation is made on a straight-line basis over the expected useful lives of the assets, which are:
Development Projects: 3 - 5 years
A
cquired patents, licences etc.: 3 - 5 years
The amortisation period is determined on the basis of Management’s best estimate of the expected economic lives of the assets.
The expected economic lives are assessed at least annually, and the amortisation period is determined based on the latest
assessment. For purposes of calculating amortisation, the residual value of the assets is nil, unless a third party has committed to
purchasing the asset after its use or there is an active market for the asset. All intangible assets have a finite life.
Development projects
Costs associated with research are recognised as an expense as incurred. Development costs that are directly attributable to the
design and testing of identifiable and unique products controlled by the group are recognised as intangible assets where the
following criteria are met:
it is technically feasible to complete the product so that it will be available for use
management intends to complete the product and use or sell it
there is an ability to use or sell the product
it can be demonstrated how the product will generate probable future economic benefits
adequate technical, financial and other resources to complete the development and to use or sell the product are
available, and
the expenditure attributable to the product during its development can be reliably measured.
Directly attributable costs that are capitalised as part of a development project include employee costs and an appropriate portion of
relevant overheads. Capitalised development costs are amortised from the point at which the asset is ready for use.
Gains or losses on the disposal of intangible assets are stated as the difference between the selling price less costs to sell and the
carrying amount at the date of disposal and are included in the income statement under other operating income or other operating
expenses, respectively.
29
Note 9 - Intangible assets, continued
DKK 1,000
Development
Project
Acquired
patents,
licences etc,
Prepayments
and
intangible
assets in
progress
Total
Intangible
Assets
2023/24
Cost at 1 May 54,285 13,389 350 68,024
Exchange adjustment 0 -6 0 -6
Additions and improvements during the year 2,956 1,177 452 4,585
Disposals during the year -158 -439 0 -597
Cost at 30 April 57,083 14,121 802 72,006
Amortisation at 1 May -22,775 -12,553 0 -35,328
Exchange adjustment 0 3 0 3
Amortisation for the year -8,014 -532 0 -8,546
Amortisation reversed on disposals during the
y
ear
158 352 0 510
Amortisation at 30 April -30,631 -12,730 0 -43,361
Carrying amount at 30 April 26,452 1,391 802 28,645
Development Projects relates to ERP systems and commercial products. Prepayments and intangible assets in progress mainly relates
to the development of a new ERP system. The project progress according to plan with the resources allocated by Management to the
development.
Note 10 - Property, plant and equipment
Accounting Policies:
Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Cost comprises the cost
of acquisition and expenses directly attributable to an acquisition until the asset is ready for use. In case of assets manufactured by
the company, cost comprises materials, components, sub-supplier services, direct labour and costs directly attributable to the
manufactured asset. In addition, borrowing costs are recognised as part of cost.
Depreciation is provided on a straight-line basis over the expected useful lives of the assets. The expected useful lives are:
Land: not depreciated
Buildings: 10 – 30 years
Other fixtures and fittings, tools and equipment: 5 – 10 years
Leasehold improvements: 3 - 5 years
A
t the balance sheet date, the residual values, remaining useful lives and depreciation pattern of the assets are reassessed. Any
changes are treated as changes to accounting estimates. Gains and losses on the sale or scrapping of an item of property, plant
and equipment are recognised in the income statement as other operating income and other operating expenses, respectively.
30
Note 10 - Property, plant and equipment, continued
DKK 1,000
Land and
buildings
Other fixtures
and fittings,
tools and
equipment
Leasehold
improvements
Property,
plant and
equipment in
progress
Total
tangible
assets
2024/25
Cost at 1 May 1,948 31,901 76,922 0 110,771
Exchange adjustment 0 35 153 0 188
Additions and improvements during the year 15,924 3,695 7,730 3,567 30,916
Disposals during the year 0 -284 -1,383 0 -1,667
Cost at 30 April 17,872 35,347 83,422 3,567 140,208
Depreciation at 1 May -1,948 -25,393 -61,194 0 -88,535
Exchange adjustment 0 -23 -120 0 -144
Depreciation for the year -51 -2,536 -5,870 0 -8,457
Depreciation on disposals during the year 0 129 547 0 676
Depreciation at 30 April -1,999 -27,823 -66,637 0 -96,459
Carrying amount at 30 April 15,873 7,524 16,785 3,567 43,749
DKK 1,000
Land and
buildings
Other fixtures
and fittings,
tools and
equipment
Leasehold
improvements
Property,
plant and
equipment in
progress
Total
tangible
assets
2023/24
Cost at 1 May 1,948 28,676 78,714 0 109,338
Exchange adjustment 0 -87 -748 0 -835
Transfers 0 1,460 -1,460 0 0
Additions and improvements during the
y
ear
0 2,659 8,656 0 11,315
Disposals during the year 0 -807 -8,240 0 -9,047
Cost at 30 April 1,948 31,901 76,922 0 110,771
Depreciation at 1 May -1,948 -23,448 -64,754 0 -90,150
Exchange adjustment 0 76 529 0 605
Transfers 0 -580 580 0 0
Depreciation for the year 0 -2,241 -4,943 0 -7,184
Depreciation on disposals during the year 0 800 7,394 0 8,194
Depreciation at 30 April -1,948 -25,393 -61,194 0 -88,535
Carrying amount at 30 April 0 6,508 15,728 0 22,236
31
Note 11 - Leases
Key accounting estimates and judgements
The measurement of right-of use assets, could be materially affected by significant changes in the judgements of reasonably certainty of
future right-of-use lease usage and lease extensions These changes can impact the assets and related lease liabilities.
A
ccounting Policies:
A
t the commencement date, when a leased asset is made available for use, a right-of-use asset and a corresponding lease liability
is recognised on the balance sheet. Right-of-use assets are initially measured at cost, which comprises the initial amount of the
lease liability, any lease payments made prior to the commencement date and any initial direct costs. Subsequently, the right-of-use
asset is measured at cost less depreciation and impairment losses and adjusted for the remeasurement of the lease liability. The
right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term or the useful life of the right-of-use
asset.
Options to extend the initial leasing period are only included in the initial measurement if it is reasonably certain that the option will
be utilised. Lease liabilities are initially measured at the present value of future lease payments. The lease payments are discounted
using the implicit rate of the lease contract or, if not readily determinable, the incremental borrowing rate of AudioNord Group for
loans with similar term and security. The lease liabilities are subsequently reduced by the portion of lease payments which is
regarded as repayment of those lease liabilities. Lease liabilities are remeasured following a change in a price index determining the
lease payment and in the event of a lease modification or a reassessment of the lease term. A corresponding adjustment is made to
the carrying value of the right-of-use assets. The lease term is reassessed when a significant event or change, which is within the
control of AudioNord Group, affects the prior assessment.
Short-term leases and leases of low-value assets are exempted from the above accounting model. Consequently, lease payments
associated with such lease contracts are recognised as an operating expense on either a straight-line basis over the lease term or
another systematic basis which is more representative of the pattern of the benefit of the leased assets.
The majority of the Group's right-of-use assets comprise stores, office space, warehouses and cars. Leasing arrangements are
preferred for certain types of assets as it stabilises cash flows and reduces capital invested in non-current assets.
In certain situations, the leasing contracts include a right for AudioNord Group to extend the leasing period but this is only reflected
in the cost of the right-of-use assets, and the corresponding lease liability, if it is reasonably certain that the option will be utilised.
Variable lease payments, which are not included in the measurement of the lease liability, are expensed directly in profit or loss.
These payments are mainly related to consumption-based charges, e.g. revenue-based rent payments and extra mileage in leased
cars.
The Group enters into new lease contracts continually, e.g. to replace an old right-of-use asset which is returned to lessor. The new
contracts are usually entered prior to commencing the leasing period when a right-of-use assets is available for use. Consequently,
the Group may have committed to lease contracts, which are insignificant from an individual perspective, at the balance sheet date
which are not yet recognised on the balance sheet date.
The extent of residual value guarantees for right-of-use assets is limited and expected payments are included in the initial amount of
the lease liabilit
y
.
32
Note 11 – Leases, continued
DKK 1,000
Land and
buildings
Other tools and
equipment
Total right of use
assets
2024/25
Cost at 1 May 303,498 4,213 307,710
Exchange adjustments 4,076 26 4,102
Remeasurements and other adjustments 25,104 -49 25,055
Additions and improvements during the year 22,426 839 23,265
Disposals during the year -7,345 -1,291 -8,636
Cost at 30 April 347,759 3,738 351,497
Amortisation at 1 May -158,651 -3,094 -161,745
Exchange adjustments -2,102 -22 -2,124
Amortisation for the year -46,741 -1,026 -47,767
Amortisation reversed on disposals during the year 7,345 1,286 8,631
Amortisation at 30 April -200,149 -2,856 -203,005
Carrying amount at 30 April 147,610 882 148,492
Lease Liabilities
Non-current 104,190
Current 51,019
Total Lease liabilities 155,209
DKK 1,000
Land and
buildings
Other tools and
equipment
Total right of use
assets
2023/24
Cost at 1 May 234,927 4,009 238,936
Exchange adjustments -2,208 -16 -2,224
Remeasurements and other adjustments 47,612 390 48,002
Additions and improvements during the year 25,327 0 25,327
Disposals during the year -2,160 -170 -2,330
Cost at 30 April 303,498 4,213 307,711
Amortisation at 1 May -117,141 -2,093 -119,234
Exchange adjustments 1,190 15 1,205
Other adjustments 70 -63 7
Amortisation for the year -44,930 -1,123 -46,053
Amortisation reversed on disposals during the year 2,160 170 2,330
Amortisation at 30 April -158,651 -3,094 -161,745
Carrying amount at 30 April 144,847 1,119 145,966
Lease Liabilities
Non-current 103,395
Current 46,689
Total Lease liabilities 150,084
33
Note 11 – Leases, continued
DKK 1,000 2023/24 2024/25
The following amounts have been recognised in the statement of comprehensive
income regarding the recognised assets:
Depreciations -46,053 -47,767
Interest expenses -2,079 -6,326
Income from subleases 11,911 11,529
Recognised in the statement of comprehensive income regarding:
Short-term leases and leases of low-value assets 0 0
Lease liability
Total cash outflow for leases 48,789 50,678
Right-of-use assets extension options
Many contracts are evergreen contracts as defined in the Danish Business Rent Act or
similar regulated in other jurisdictions. Evergreen contracts have been estimated extended for
a period of maximum 5 years based on judgement of most certain future usage.
For some contract the extensions options are for periods of 2 to 5 years. If extension options
are used for all contracts the annualized cost will be in the range of above stated figures for
the period 2024/25.
Undiscounted lease payments for subleases to be received
Store leases, maximum of 12 months firm period 11,187 11,003
Contingent liability at April 30
Short-term store leases 0 0
34
Note 12 – Deposits
DKK 1,000 Other receivables
Cost at 1 May 2024 11,061
Exchange adjustment -11
Additions and improvements
during the year
968
Cost at 30 April 2025 12,018
DKK 1,000 Other receivables
Cost at 1 May 2023 10,399
Exchange adjustment -9
Additions and improvements
during the year
802
Disposals during the year -131
Cost at 30 April 2024 11,061
Note 13 – Inventories
Key accounting estimates and judgements
The assessment of net realisable value takes into account the future sales potential of the products. Net realisable value can be
impacted by changes in consumer behaviour, purchase patterns and other relevant factors that impacts market prices. A drop in prices
and/or purchase patterns could affect the overall valuation of inventories. The applied principles are unchanged compared to the prior
year.
DKK 1,000 2024 2025
Finished goods and goods for resale 180,657 205,939
Prepayments for goods 6,690 4,475
Inventories at 30 April 187,347 210,414
Write-downs at 1 May 17,504 14,586
Write-downs realised during the year -2,217 -1,053
Write-downs and reversals during the year -701 158
Write-downs at 30 April 14,586 13,691
Accounting Policies:
Consist of rent deposits which are measured at amortised cost.
Accounting Policies:
Inventories are measured at the lower of cost and net realisable value. The cost of goods for resale equals landed cost and is
determined using the FIFO principle. The net realisable value of inventories is calculated as the sales amount less costs necessary to
make the sale and is determined taking into account marketability, obsolescence and developments in the expected sales price.
35
Note 14 - Trade receivables
DKK 1,000 2024 2025
Aging of trade receivables
Not overdue 18,739 22,005
Up until 30 days 5,051 7,120
Between 30 and 90 days 1,167 1,686
More than 90 days 2,269 4,214
Trade receivables at 30 April, gross 27,226 35,025
Loss allowance at 30 April -1,111 -1,039
Trade receivables at 30 April, net 26,115 33,986
Loss allowance at 1 May -3,078 -1,111
Exchange rate adjustment 36 -25
Loss allowance for the year -1,111 -527
Reverse 2,930 0
Realised during the year 112 625
Loss allowance at 30 April -1,111 -1,039
Accounting Policies:
Trade receivables are initially measured at fair value and are classified as financial assets at amortised cost, as the contractual cash
flows represent solely principal and interest and as the Group expects to collect the contractual cash flows. The Group assesses on a
forward-looking basis the expected credit losses associated with these receivables. The loss allowance reflects the 12 months
expected credit losses unless there has been a significant increase in credit risk, refer to note 20 for further details.
36
Note 15 – Provisions
Key accounting estimates and judgements
Management makes assessments of provisions and contingent liabilities, including the probable outcome of product performance which
is inherently subject to uncertain future events. Based on information available, Management believes that adequate provisions have
been made for warranties and reestablishment liabilities.
Warranties
Reestablishment
liabilities
DKK 1,000 2025
Provisions at 1 May 13,432 10,247 23,679
Exchange adjustment 173 0 173
Provisions used during the year -7,858 -263 -8,121
Additional provisions 9,230 665 9,895
Provisions at 30 April 14,977 10,649 25,626
Expected maturities
Within one year 8,477
Between 1 and 5 years 7,719
Past 5 years 9,430
Provisions at 30 April 25,626
Accounting Policies:
Provisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Group has a legal or
constructive obligation, and it is probable that economic benefits must be given up to settle the obligation.
Other provisions include warranty obligations in respect of repair work within the warranty period of 2-6 years. Provisions are
measured and recognised based on experience with warranty work.
Provisions are measured as Management’s best estimate of the amount which is expected to be required to settle the liability.
On measurement of provisions, the costs required to settle the liability are discounted if the effect is material to the measurement of
the liability.
Provisions for the reinstatement of leased premises are measured at the present value of the expected future liability at the date of the
statement of financial position. Timing in expected utilization of reestablishment provisions follows the expected timing of lease
termination. The provision is determined based on current legislation and estimated future costs. Any specific risks that are believed to
apply to the provision are recognised in estimated costs. Liabilities are recognised as they arise and are adjusted on a regular basis to
reflect changes in requirements, price levels, etc.
37
Note 16 - Prepayments & other payables
Prepayments
Relates to prepayments from customers and performance obligations regarding issued gift vouchers. The major part of the outstanding
balance relates to issued gift vouchers. Prepayments relating to gift vouchers are recognised at the date of issue.
Other Payables
DKK 1,000 2024 2025
VAT payable 11,748 8,136
Holiday pay obligation etc, 17,290 17,980
Pay-related liabilities 9,784 15,733
Other creditors 8,275 9,333
Other Payables at 30 April 47,097 51,182
Note 17 - Credit institutions
DKK 1,000 Maturity 2024 2025
Borrowings from credit institutions on demand 34,015 54,425
Mortgage debt
See note 19
0 9,132
Financial risks'
Bank loans on demand 0 5,157
Borrowing from credit institutions at 30 April 34,015 68,714
Lease Liability
See note 11
150,084 155,209
‘Right-of-use assets’
Bank balances
Available for
withdrawal
-19,780 -23,112
Net interest-bearing debt at 30 April 164,319 200,811
Borrowings from credit institutions consists of short-term bank credit facilities. The borrowings from credit institutions consisting of short-
term bank credit facilities are presented as current liabilities due to its nature as instruments for liquidity management.
Details of the group’s exposure to risks arising from current and non-current borrowings are set out in note 19.
Accounting Policies:
Borrowings from credit institutions are recognised at fair value less expenses incurred and subsequently at amortised cost using the
effective interest method.
9
38
Note 18 – Financial instruments
Derivative financial instruments are used by the Group for hedging of currency exposure. The fair value of forward exchange contracts
and other derivative financial instruments are considered a level 2 fair value measurement as the fair value is determined directly based
on the published exchange rates and quoted forward exchange rates at balance sheet dates. The fair value of derivative financial
instruments is calculated on the basis of current market data. For financial assets and liabilities of short-term nature, such as trade
receivables and trade payables, the carrying amount approximates their fair value. For borrowings, the fair values are not materially
different from their carrying amounts, since the interest payable on those borrowings is close to current market rates. The principals are
unchanged from prior years.
A
ccounting Policies:
Financial instruments are measured at either amortised cost or fair value. Those financial instruments, which are measured at fair
value, can be categorised according to the fair value measurement hierarchy below:
Level 1: Observable prices in active markets for identical instruments.
Level 2: Valuation models primarily based on observable prices or traded prices of comparable instruments.
Level 3: Valuation models primarily based on non-observable prices.
A
udioNord Group has designated certain derivative financial instruments as cash flow hedges as defined under IFRS 9. Hedge
accounting is classified as a cash flow hedge when the hedges of a particular risk is associated with the cash flows of recognised
assets and liabilities and highly probable forecast transactions. The fair value of derivative financial instruments is recognised under
other receivables or other financial liabilities, respectively, in the statement of financial position. The effective portion of changes in the
value of derivative financial instruments designated to hedge highly probable future transactions is recognised in other comprehensive
income until the hedged transactions are realised. When realised, the accumulated gains/losses are transferred to the items under
which the hedged transactions are recognised.
39
Note 18 – Financial instruments, continued
Specification of derivative financial instruments held at the balance sheet date 30 April:
DKK 1,000
Contract
amount at
year-end
1)
Fair value of
contract at
year-end
2)
Average exchange
rate per the
hedging contracts
Expiry periode of
contracts
2025
EUR -14,931 0 7.45 Aug 25 - Nov 25
SEK 17,260 270 68.8 Aug 25 - Dec 25
NOK 7,245 324 65.0 Nov 25 - Nov 25
9,574 594
DKK 1,000
Contract
amount at
year-end
1)
Fair value of
contract at
year-end
2)
Average exchange
rate per the
hedging contracts
Expiry periode of
contracts
2024
EUR -37,220 6 7.45 May 24 - Nov 24
USD -27,812 484 684.01 Jun 24 - Dec 24
SEK 28,054 572 64.9 May 24 - Oct 24
NOK 28,229 607 63.93 Jul 24 - Dec 24
-8,749 1,669
¹⁾ Amount is translated to DKK thousands using the exchange rates per the hedging contracts. Positive amounts indicate a forecasted
sale of the currency in question; negative amounts indicate a forecasted purchase of currency in question.
²⁾ Positive amounts indicate that the net fair value of the hedging contracts is an asset. Negative amounts indicate that the net fair value
of the hedging contracts is a liability.
The group holds the following financial instruments:
DKK 1,000 2024 2025
Financial assets at amortized cost
Deposits 11,061 12,018
Trade receivables 26,115 33,986
Receivables from group enterprises 13,444 8,296
Cash and cash equivalents 19,780 23,112
Financial assets at fair value
Other receivables, derivatives hereof 1,669 594
Financial assets 72,069 78,006
Financial liabilities at amortized cost
Credit institutions 34,015 68,714
Trade payables 77,215 59,777
Payables to group enterprises 5,062 5,822
Lease liability, current and non-current 150,084 155,209
Financial liabilities at fair value
Other debt, derivatives hereof 0 0
Financial liabilities 266,376 289,522
40
Note 19 - Financial risks
Risk management policy
Financial risks are managed centrally and, accordingly, all derivative instruments are managed and controlled by the AudioNord Group.
The framework is determined by the financial policy approved annually by the Board of Directors. The financial policy comprises policies
for foreign exchange, funding, liquidity and financial counterparts. The core principle is for financial risk to be managed with a view to
reducing significant risk.
Foreign exchange risk
Foreign currency risk is the risk that the fair value or future cash flows of a balance sheet exposure will fluctuate because of changes in
foreign exchange rates.
The foreign exchange risk related to financial instruments is concentrated in receivables, payables cash positions and borrowings from
credit institutions denominated in foreign currencies. In addition to this, the fair value of the Group’s hedging instruments is significantly
exposed to changes in foreign exchange rates primarily related to USD in respect of product purchase, sales in Norway (NOK) and
Sweden (SEK).
While EUR is a key currency for the Group, the foreign exchange risk is regarded as low due to fixed exchange rate policy of the central
bank of Denmark.
It is the group’s policy not to hedge its exposure from currency risks fully. A reasonable possible change in the DKK/SEK, DKK/NOK and
DKK/USD exchange rate of 5% compared to the exchange rate at the end of the reporting period will have the following hypothetical
impact on profit after tax and equity:
DKK 1,000 2023/24 2024/25
Impact on profit after tax and equity
DKK/NOK – change of 5 % 537 259
DKK/SEK – change of 5 % 767 54
DKK/USD – change of 5 % 35 297
The analysis includes the impact from monetary items denominated in foreign currencies as outstanding at the end of the respective
reporting period incl. eliminated intercompany balances as per 30 April.
Interest rate risk
Interest rate risk includes the risk of changes in the fair value of a financial instrument or in future cash flows due to changes in market
interest rates. The exposure to interest rate risks is consider limited as the Group's net interest-bearing debt remains an minor part of
the Groups capital structure (excl. right-of-use assets). The credit facilities are at floating interest rate. The duration as per balance
sheet date was less than a year.
As of 30 April 2025, the carrying amount of the Group’s net interest-bearing debt carrying a floating rate amounts to DKK 45,602
thousands (2024: DKK 14,235 thousands). It is AudioNord Group’s policy not to hedge its exposure from changes in market rates of
interest.
A reasonably possible change in the market interest rate compared to the interest rates as of the end of the reporting period will have
the following hypothetical impact on profit after tax and equity:
DKK 1,000 2023/24 2024/25
Impact on profit after tax and equity
Interest rate – increase of 100 basis points 370 228
Interest rate – decrease of 100 basis points -370 -228
The sensitivity analysis is based on the assumption that all other variables and exposures remain constant. The sensitivity analysis does
not consider impact from repayments and other changes in borrowings made during the year.
41
Note 19 - Financial risks, continued
Liquidity risk
The exposure to liquidity risks is considered low. In addition to cash available for withdrawal, the Group’s cash reserves includes
committed credit facilities to ensure an adequate level of funding for the Group’s activities, even in periods of operational uncertainty.
Except for leases all liabilities matures within one year.
As per 30 April 2025 the committed credit facilities for AudioNord Group totals DKK 155,157 thousands (2024: DKK 100,000
thousands).
The Board of Directors generally intends to distribute excess cash to the shareholders by way of dividends. However, distribution of
dividend will always be made with due consideration for the Group’s liquidity requirements and plans. The Company regularly assesses
the need for adjustment of the capital structure. The capital is managed for the Group as a whole.
The capital management objective of the Group is to raise new debt only for acquisition purposes or for other special purposes.
The Group assesses the capital on the basis of the solvency ratio, which is calculated in accordance with the guidelines issued by the
Danish Society of Financial Analysts.
Maturities of financial liabilities
The amounts disclosed in the following table are the contractual undiscounted cash flows.
DKK 1,000 < 1 year 1 - 5 years >5 years
Total
Contractual
cash flows
Carrying
amount
Trade payables 59,777 0 0 59,777 59,777
Credit facilities 54,425 0 0 54,425 54,425
Bank loans 5,157 0 0 5,157 5,157
Mortgage debt 346 1,764 7,022 9,132 9,132
Payables to group enterprises 5,822 0 0 5,822 5,822
Lease liabilities 52,960 94,460 28,758 176,178 155,209
At 30 April 2025 178,487 96,224 35,780 310,491 289,522
Trade payables 77,215 0 0 77,215 77,215
Credit institutions 34,015 0 0 34,015 34,015
Payables to group enterprises 5,062 0 0 5,062 5,062
Lease liabilities 46,845 108,280 14,310 169,435 150,084
At 30 April 2024 163,137 108,280 14,310 285,727 266,376
The maturity analysis is based on the following assumptions:
The amounts disclosed in the table are the contractual undiscounted cash flows (including interest payments). Balances due
within 12 months equal their carrying balances as the impact of discounting is not significant. Interest payments are estimated
based on current market conditions.
Payments for lease liabilities includes only lease agreements which have commenced before the end of the reporting period.
As there is no upper limit to the contingent consideration, the amount disclosed reflects the most likely amount to be paid and
is presented within the time-band it is due for payment according to the agreement.
Credit institutions constitute Credit facilities, Bank loans and Mortgage debt.
42
Note 19 - Financial risks, continued
Credit risk
The Group’s credit risk relates to the possibility that the counterparties of its financial assets are not able to meet their obligations as
they fall due. The carrying amount of the financial assets represents the maximum credit risk exposure. The Group’s policy for
managing credit risks involves an ongoing credit assessment of major customers and other key business partners.
The credit risk exposure relates to (i) receivables, (ii) bank deposits, as well as (iii) derivative financial instruments (forward exchange
contracts) with a positive fair value at the balance sheet date.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses on trade receivables which uses a lifetime
expected loss allowance. The loss allowance is determined on an individual basis considering credit characteristics and days past due.
The credit risk relating to trade receivables is diversified over a large number of customers. Historically the Group has not realized any
significant losses on its trade receivables and Management does not expect an increase in credit risk on its current outstanding
receivables. For this reason, the credit risk is regarded as insignificant. As at 30 April 2025 the loss allowance amounts to DKK 1,039
thousands (2024: DKK 1,111 thousands). See also note 14.
The credit risk relating to group receivables is related to a few related companies within the Lyngdorf Familie Group. The loss
allowance is limited to 12 months’ expected losses, as the credit risk due to the high solidity of the Lyngdorf Familie Group, is
regarded as insignificant. In addition, the Group has historically not recognised any losses on those receivables.
Consequently, as at 30 April 2025, no significant loss allowance has been recognised for receivables from group enterprises
(2024: DKK 0 thousands)
The credit risk relating to bank deposits is, pursuant to the Group’s counterparty policy, managed and mitigated by making
money market deposits only with selected financial institutions holding a satisfactory credit rating. In addition, the maximum
deposit limits have been defined for each financial counterparty.
The credit risk relating to derivative financial instruments is aligned with the credit risk for bank deposits as derivative
contracts are only entered with selected financial institutions with a satisfactory credit rating
9
43
Note 20 - Specifications of cash flow from operating and financing activities
DKK 1,000 2023/24 2024/25
Change in other provisions -829 1,947
Other non-cash operating items, net -347 2.201
Adjustment for other non-cash operating items -1,175 4,148
Inventories -2,509 -23,962
Trade receivables 22,219 -7,799
Other receivables -5,962 5,628
Trade and other payables etc. 34,142 -12,125
Changes in working capital 47,890 -38,259
2023/24 2024/25
DKK 1,000 Lease liability
Credit
facilities
Total Lease liability
Credit
facilities
Total
Balance at 1 May 125,291 74,183 199,474 150,084 34,015 184,098
Additions during the year 25,327 0 25,327 23,139 0 23,139
Cashflows -48,966 -40,168 -89,134 -52,085 34,699 -17,386
Remeasurements 47,356 0 47,356 25,667 0 25,667
Interests 2,079 0 2,079 6,326 0 6,326
Exchange and other adjustments -1,003 0 -1,003 2,079 0 2,079
Balance at 30 April 150,084 34,015 184,099 155,209 68,714 223,924
Note 21 - Cash and cash equivalents
DKK 1,000 2024 2025
Balance at 30 April
Bank deposits, short term 19,780 23,112
Cash and cash equivalents 19,780 23,112
Accounting Policies:
The cash flow statement shows the Group’s cash flows for the year broken down by operating, investing and financing activities,
changes for the year in cash and cash equivalents as well as the Group’s cash and cash equivalents at the beginning and end of the
year. Cash flows from operating activities are calculated using the indirect method based on operating profit (EBIT) adjusted for non-
cash operating items, changes in net working capital, financial items and taxes paid. Working capital comprises current assets less
short-term debt, excluding items included in cash and cash equivalents. The cash flow statement cannot be derived directly from the
balance sheet and income statement. Cash flows from investing activities comprise cash flows from acquisitions and disposals of
businesses and non-current assets. Cash flows from financing activities comprise cash flows from the raising and repayment of long-
term debt and principal element on lease payments as well as payments to and from shareholders. Cash and cash equivalents
com
p
rises cash and bank balances.
Accounting Policies:
Cash and cash equivalents, recognised under current assets, comprise bank deposits and cash at hand and are measured at
amortised cost.
44
Note 22 - Contingent liabilities and security
As part of the normal course of business, AudioNord Group is involved in pending litigations, claims and investigations. Provisions for
probable losses have been made for those matters Management has assessed as needed, but there are uncertainties associated with
these estimates.
DKK 1,000 2024 2025
30-apr
Bank Guarantee of payment to certain suppliers 486 0
The Group enterprises are jointly and severally liable for tax on the jointly taxed income etc. of the Group. The total accrued corporation
tax is disclosed in the Annual Report of Lyngdorf Familie Holding ApS, which is the management company under the joint taxation.
Moreover, the group enterprises are jointly and severally liable for Danish withholding taxes by way of dividend tax, royalty tax and tax
on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company’s liability.
As part of the Group’s financing arrangement, the property located at Tilst Søndervej 136, which is recognised under Property, Plant
and Equipment (PPE), has been pledged as security for both current and non-current borrowings.
As of 30 April 2025, the carrying amount of the pledged property is DKK 15,873 thousand. The outstanding loan balance secured by the
property amounts to DKK 9,132 thousand as of the same date.
No additional assets have been pledged as collateral.
Note 23 - Events occurring after the balance sheet date
No events have occurred after the balance sheet date which are deemed to have a material impact on the financial results or equity at
30 April 2025.
Note 24 - Related parties
AudioNord Group’s related parties with significant influence comprise the companies’ boards of directors and executive boards and their
related family members. Further, related parties comprise companies in which the above mentioned persons have significant interests
as well as associates.
The Company is included in the Group Annual Report of the ultimate Parent Company Lyngdorf Familie Holding ApS. Board Member
Johan Peter Lyngdorf is the primary shareholder in the ultimate parent company.
The Group Annual Report of Lyngdorf Familie Holding ApS, CVR No 38 64 09 09 may be obtained at the Danish commerce agency.
The total accrued corporation tax is disclosed in the Annual Report of Lyngdorf Familie Holding ApS, which is the management
company under the joint taxation. The Group enterprises are jointly and severally liable for tax on the jointly taxed income etc. of the
Group.
Immediate parent company is ANI Holding A/S, CVR No 56 03 99 10.
AudioNord Group has had the following material transactions and balances with related parties:
DKK 1,000 2023/24 2024/25
Transactions with parent companies
Dividend 0 10,000
Financial income 170 0
Joint taxation contribution, paid -6,538 -3,791
Balance end of year 9,093 2,389
Transactions with other related parties
Purchase of goods 61,592 91,523
Rental cost 2,394 3,139
Consulting cost 272 173
Deposits (Other receivables) 2,432 2,505
Lease liability end of year -10,994 -7,307
Balance end of year -712 86
45
Note 24 - Related parties (continued)
In addition to the disclosures provided in this note, more details on the remuneration of Executive Management and Directors are
provided in note 5.
Note 25 - Group Overview
The AudioNord Group consists of a number of independent public limited companies. In the case of internal trading, which has a
significant scope, or when a company performs work for another company, settlement takes place on market-based terms or on a cost-
covering basis. The trading conditions are documented by written agreements, unless these are immaterial transactions.
The group consists of the following companies:
AudioNord Group A/S, Denmark HiFi Klubben International A/S, Denmark 100%
- HiFi Klubben Danmark A/S, Denmark
100%
- Hi-Fi Klubben Sverige AB, Sweden
100%
- Hi-Fi Klubben AS, Norway
100%
- Hi-Fi Klubben Netherlands B.V., the Netherlands
100%
- Hi-Fi Klubben Deutschland GmbH, Germany
100%
- HiFi Klubben Finland Oy, Finland
100%
Nordic Hi-Fi A/S, Denmark 100%
Note 26 - Definition of key ratios
The ratios are calculated and applied in accordance with Recommendations & Financial Ratios issued by the Danish Society of
Financial Analysts. Key ratios are shown on page 1.
Key figures and ratios Definition
Retail revenue The Group's total retail revenue is defined as sales from both the physical shops and online of
AudioNord Group irrespective of whether sales are affected from own chain shops or from
franchise shops.
EBIT Earnings before interest and tax
EBITDA Earnings before interest, tax, depreciation and amortization
EBIT margin, % EBIT as a percentage of revenues
Return on equity, % Profit for the year attributable to AudioNord Group as a percentage of equity before minority
interests (average)
Equity ratio, % Equity at year-end as a percentage of total assets at year-end
46
PARENT
COMPANY
FINANCIAL
STATEMENT
AUDIONORD GROUP A/S
47
PARENT COMPANY FINANCIAL STATEMENTS –
AUDIONORD GROUP A/S
PARENT COMPANY INCOME STATEMENT
1 May - 30 April
DKK 1,000 Note 2023/24 2024/25
Other external costs -533 -649
Depreciation of property, plant and equipment 0 -53
Operating Profit (EBIT) -533 -702
Profit from investments in subsidiaries 33,000 20,000
Financial income 4 102 0
Financial expenses 4 -32 -677
Profit before tax 32,537 18,621
Tax on profit for the year 5 102 293
Profit for the year
32,639 18,914
48
PARENT COMPANY ASSETS AT 30 APRIL
DKK 1,000 Note 2024 2025
Property plant and equipment 6 0 15,950
Investments in subsidiaries 7 166,897 166,897
Deferred tax asset 0 10
Non-current assets
166,897 182,857
Receivables from group enterprises 113,854 101,850
Other receivables 202 581
Income tax
102 1,199
Current assets
114,158 103,630
Assets
281,055 286,487
49
PARENT COMPANY EQUITY AND LIABILITIES AT 30 APRIL
DKK 1,000 Note 2024 2025
Share capital 50,000 50,000
Retained earnings 149,401 138,315
Proposed dividend 10,000 30,000
Equity
209,401 218,315
Credit institutions 8 0 8.786
Non-current liabilities 0 8,786
Payables to group enterprises 37,062 23,975
Credit institutions 8 34,015 34,576
Trade payables 528
349
Other payables 0
486
Income tax 49 0
Current liabilities 71,654 59,386
Equity and liabilities 281,055 286,487
Note
1 Accounting policies
2 Accounting estimates and judgements
3 Staff costs
8 Credit Institutions
9 Contingent liabilities and security
10 Related party disclosures
11 Remuneration to executive board and board of directors
12 Recommended appropriation of profit
50
STATEMENT OF CHANGES IN EQUITY
2024/25
DKK 1,000 Share capital
Proposed
dividend
Retained
earnings
Total
Equity at 1 May 50,000 10,000 149,401 209,401
Net profit for the year 0 30,000 -11,086 18,914
Dividend paid during the year 0 -10,000 0 -10,000
Equity at 30 April 2025 50,000 30,000 138,315 218,315
2023/24
DKK 1,000 Share capital
Proposed
dividend
Retained
earnings
Total
Equity at 1 May 50,000 0 126,762 176,762
Net profit for the year 0 10,000 22,639 32,639
Equity at 30 April 2024 50,000 10,000 149,401 209,401
Share capital
The nominal value of the share capital is DKK 50,000k divided into shares of DKK 10, equivalent to 5,000,000 shares and 5,000,000
votes. The shares are not divided into share classes.
Capital structure
The Company regularly assesses the need for adjustment of the capital structure. The capital is managed for the Group as a whole. The
ratio of equity to total equity and liabilities was 76.2% at 30 April 2025 (30 April 2024: 74.5%).
51
NOTES TO THE FINANCIAL STATEMENTS
Note 1 – Accounting policies
The financial statements of the parent company are prepared in accordance with the Danish Financial Statements Act.
Description of accounting policies
Basis of preparation
The Parent company financial statements for 2024/25 has been prepared in accordance with the provisions in the Danish Financial
Statements Act applying to large enterprises of reporting class C.
The accounting policies of the parent Company are unchanged from last year.
Omission of a cash flow statement
With reference to section 86(4) of the Danish Financial Statements Act, no cash flow statement is prepared for the parent company, as
its cash flows are reflected in the consolidated cash flow statement.
Fee to auditors appointed at the general meeting
With reference to section 96(3) of the Danish Financial Statements Act and to the note to the Consolidated Financial Statements of
AudioNord Group A/S on the fee to the auditors appointed at the annual general meeting, the Company has omitted to prepare
disclosure in the notes of fee to the auditor appointed by the general meeting.
Reporting currency
The financial statements are presented in Danish kroner (DKK'000). Figures are rounded to the nearest DKK thousand, unless
otherwise stated.
Foreign currency translation
On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date.
Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the
income statement as financial income or financial expenses.
Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rate at the
balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or
payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or
financial expenses.
Income statement
Other external expenses
Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to
administration etc.
Profit from investments in subsidiaries
The item includes dividends from investments in subsidiaries. Dividend distributions that either exceed the profit for the year or where
the carrying amount of the investments exceeds the consolidated carrying amounts of the subsidiary's net assets will indicate
impairment for which reason an impairment test will have to be conducted.
Financial income and expenses
Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials
include interest income and expenses as well as allowances and surcharges under the advance payment of tax scheme, etc.
52
Note 1 – Accounting policies, continued
Tax
Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the
tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to
transactions taken to equity is recognised in equity.
The Company and its group entities are jointly taxed. The total income tax charge is allocated between profit/loss making entities in
proportion to their taxable income (full absorption).
Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest
allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest
surcharges to the management company.
Balance sheet
Property plant and equipment
Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Cost comprises the cost
of acquisition and expenses directly attributable to an acquisition until the asset is ready for use. In case of assets manufactured by
the company, cost comprises materials, components, sub-supplier services, direct labour and costs directly attributable to the
manufactured asset. In addition, borrowing costs are recognised as part of cost.
Depreciation is provided on a straight-line basis over the expected useful lives of the assets. The expected useful lives are:
Land: not depreciated
Buildings: 10 – 30 years
Other fixtures and fittings, tools and equipment: 5 – 10 years
At the balance sheet date, the residual values, remaining useful lives and depreciation pattern of the assets are reassessed. Any
changes are treated as changes to accounting estimates. Gains and losses on the sale or scrapping of an item of property, plant
and equipment are recognised in the income statement as other operating income and other operating expenses, respectively.
Impairment of fixed assets
The carrying amounts of property, plant and equipment and investments are reviewed on an annual basis to determine whether there is
any indication of impairment other than that expressed by depreciation.
The recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where a recoverable amount
cannot be determined for the individual asset, the assets are assessed in the smallest group of assets for which a reliable recoverable
amount can be determined based on a total assessment.
Assets for which a separate value in use cannot be determined as the asset does not on an individual basis generate future cash flows
are reviewed for impairment together with the group of assets to which they are attributable.
Investments in subsidiaries
Investments in subsidiaries and associates are measured at cost. If there is evidence of impairment, an impairment test is conducted.
Where the carrying amount exceeds the recoverable amount, a write down is made to such lower value.
Impairment testing of non-current assets
The carrying amount of investments in subsidiaries is assessed for impairment on an annual basis.
Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired
assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher
of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash
flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of
assets after the end of the useful life.
Previously recognised impairment losses are reversed when the reason for recognition no longer exists.
53
Receivables
Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal
value less provisions for bad debts.
Cash
Cash comprise cash and short term securities which are readily convertible into cash and subject only to minor risks of changes in
value.
Equity
Treasury shares Purchases and sales of treasury shares are taken directly to equity under "Retained earnings".
Income taxes
Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for
prior year taxes and tax paid on account. Deferred tax is measured according to the liability method on all temporary differences
between the carrying amount and the tax base of assets and liabilities. Where alternative tax rules can be applied to determine the tax
base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively. Deferred
tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to
crystallise as current tax. Deferred tax assets are recognised at the expected value of their utilisation; either as a set-off against tax on
future income or as a set-off against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the
tax rate are recognised in the income statement. Joint taxation contributions payable or receivable are recognised in the balance sheet
as income tax receivables or payables.
Liabilities
Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent
recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate.
Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the
loan. Financial liabilities also include capitalised residual lease liability in respect of finance leases.
Other liabilities are measured at net realisable value.
Credit institutions
Loans from credit institutions are recognised at the time of borrowing at the proceeds received less transaction and borrowing costs
incurred. In subsequent periods, the loans are measured at amortised cost, so that the difference between the proceeds and the
nominal value is recognised in the income statement as an interest expense over the loan period.
Mortgage debt is thus measured at amortised cost. For bond loans, amortised cost corresponds to a residual debt calculated as the
underlying cash value of the loan at the time of borrowing adjusted by amortisation of the value adjustment of the loan at the time of
borrowing over the repayment period.
Other borrowings from credit institutions are recognised at fair value less expenses incurred and subsequently at amortised cost using
the effective interest method.
Note 2 – Accounting estimates and judgements
Estimation uncertainty
The determination of the carrying amount of certain assets and liabilities requires estimates as to how future events will affect the value
of such assets and liabilities at the date of the statement of financial position. Estimates material to the parent company's financial
reporting are made, inter alia, by reviewing investments in subsidiaries for impairment.
The estimates used are based on assumptions which Management believes to be reliable, but which are inherently subject to
uncertainty. Such assumptions may be incomplete or inaccurate, and unexpected events or circumstances may arise. Furthermore, the
Company is subject to risks and uncertainties that may cause the actual results to differ from these estimates. The financial risks
affecting the AudioNord Group are described in note 19 to the consolidated financial statements.
The notes to the financial statements comprise disclosures on assumptions of future events and other estimation uncertainties at the
date of the statement of financial position involving a considerable risk of changes that could lead to a material adjustment of the
carrying amount of assets or liabilities in the coming financial year.
Note 3 – Staff costs
Average number of employees: 0 FTEs in 2024/25 (2023/24: 0 FTE)
54
Note 4 - Financial income and expenses
DKK 1,000 2023/24 2024/25
Financial income
Interest income, group entities
102
0
Total 102 0
Financial expenses
Interest expenses
-14
-618
Other financial expenses and fees
-18
-59
Total -32 -677
Note 5 – Tax
DKK 1,000
Current tax on profit for the year 102 283
Change in deferred tax on profit for the year 0 10
Total 102 293
Note 6 – Property, plant and equipment
DKK 1,000
Land and
buildings
Other tools and
equipment
Total property,
plant and
equipment
2024/25
Cost at 1 May 0 0 0
Additions and improvements during the year 15,924 79 16,003
Cost at 30 April 15,924 79 16,003
Amortisation at 1 May 0 0 0
Depreciation for the year -51 -2 -53
Depreciation at 30 April -51 -2 -53
Carrying amount at 30 April 15,873 77 15,950
Depreciation period 30 years 5 years
The Group’s property, plant and equipment primarily comprise buildings, technical installations, and other tools and equipment. The
building recognized under property, plant and equipment was acquired in 2025, hence no comparative figures are presented.
55
Note 7 – Investments in subsidiaries
DKK 1,000 2024 2025
Cost at 1 May 166,897 166,897
Carrying amount at 30 April 166,897 166,897
The AudioNord Group consists of a number of independent public limited companies. In the case of internal trading, which has a
significant scope, or when a company performs work for another company, settlement takes place on market-based terms or on a cost-
covering basis. The trading conditions are documented by written agreements unless these are immaterial transactions.
The group consists of the following companies:
AudioNord Group A/S, Denmark HiFi Klubben International A/S, Denmark 100%
- HiFi Klubben Danmark A/S, Denmark
100%
- Hi-Fi Klubben Sverige AB, Sweden
100%
- Hi-Fi Klubben AS, Norway
100%
- Hi-Fi Klubben Netherlands B.V., the Netherlands
100%
- Hi-Fi Klubben Deutschland GmbH, Germany
100%
- HiFi Klubben Finland Oy, Finland
100%
Nordic Hi-Fi A/S, Denmark 100%
Note 8 – Credit institutions
Payments due within 1 year are included in current liabilities. Other liabilities are included in non-current liabilities.
DKK 1,000 2024 2025
< 1 year 34,015 34,576
1 – 5 years 0 1,764
> 5 years 0 7,022
Total 34,015 43,362
Note 9 – Contingent liabilities and security
The Group enterprises are jointly and severally liable for tax on the jointly international taxed income etc. of the Lyngdorf Familie Group.
The total accrued corporation tax is disclosed in the Annual Report of Lyngdorf Familie Holding ApS, which is the management
company under the joint taxation. Moreover, the group enterprises are jointly and severally liable for Danish withholding taxes by way of
dividend tax, royalty tax and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may
increase the Company’s liability.
As part of the entity’s financing arrangement, the property located at Tilst Søndervej 136, which is recognised under Property, Plant and
Equipment (PPE), has been pledged as security for both current and non-current borrowings.
As of 30 April 2025, the carrying amount of the pledged property is DKK 15,873 thousand. The outstanding loan balance secured by the
property amounts to DKK 9,132 thousand as of the same date.
No additional assets have been pledged as collateral.
56
Note 9 – Contingent liabilities (continued)
AudioNord Group A/S has provided a guarantee as security for credit facilities granted to its subsidiary, Nordic Hi-Fi A/S. The guarantee
covers non-current borrowings under the facility agreement.
As of 30 April 2025, the total amount of credit facilities covered by the parent company’s guarantee amounts to DKK 17,138 thousand.
Note 10 - Related party disclosures
ANI Holding A/S, Dali Alle 1, DK-9610 Nørager is the Parent Company of AudioNord Group A/S.
AudioNord Group A/S is included in the Group Annual Report of the ultimate Parent Company Lyngdorf Familie Holding ApS, CVR-nr.
38 64 09 09, Aarhus, Denmark. The Group Annual Report may be obtained at the following address: Lyngdorf Familie Holding ApS,
Hørhavevej 66A, DK-8270 Højbjerg, Denmark.
Peter Lyngdorf is Primary shareholder through ownership in Lyngdorf Familie Holding ApS.
The Company has chosen only to disclose transactions which have not been made on an arm’s length basis in accordance with section
98(c)(7) of the Danish Financial Statements Act. No such transactions have occurred.
Note 11 - Remuneration to executive board and board of directors
AudioNord Group A/S, as the Parent Company, has no employees. The Board of Directors, Executive Management and other key
employees are not employed by or receive remuneration from the Parent Company. Accordingly, no salary or remuneration expenses
are recognized in the Parent Company’s financial statements.
Refer to note 5 of the consolidated financial statements for disclosure of remuneration to Executive Management and Board of
Directors.
Note 12 - Recommended appropriation of profit
DKK 1,000 2023/24 2024/25
Interim dividend paid out 0 10,000
Proposed dividend to be paid out 10,000 30,000
Retained earnings 22,639 -21,086
Total 32,639 18,914
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AudioNord Group A/S
Tilst Søndervej 136, 8381 Tilst, Denmark, CVR-nr. 43 22 28 99