Tresu Investment Holding A/S
Venusvej 44
DK-6000 Kolding
Central Business Reg. No.: 37 55 37 27  
Annual Report 2024  
The Annual General Meeting adopted the Annual Report on 30.04.2025  
Chairman of the General Meeting  
Name: Jean-Marc Lechêne  
_________________________________  
 
Tresu Investment Holding A/S  
1
Contents  
Entity details .......................................................................................................................................................2  
Statement by Management on the Annual Report...............................................................................................3  
Independent auditor´s report...............................................................................................................................4  
Management review..........................................................................................................................................10  
Consolidated statement of comprehensive income...........................................................................................21  
Consolidated balance sheet...............................................................................................................................22  
Consolidated statement of changes in equity....................................................................................................24  
Consolidated cash flow statement.....................................................................................................................25  
Notes to consolidated financial statements .......................................................................................................26  
Parent statement of comprehensive income...................................................................................................................73  
Parent balance sheet..........................................................................................................................................74  
Parent statement of changes in equity...............................................................................................................76  
Parent cash flow statement................................................................................................................................77  
Notes to the parent financial statement...........................................................................................................................78  
 
Tresu Investment Holding A/S  
2
Entity details  
Entity  
Tresu Investment Holding A/S
Venusvej 44
DK-6000 Kolding
Denmark  
Central Business Registration No.: 37 55 37 27  
Registered in: Kolding
Financial period: 01.01.2024 - 31.12.2024  
Phone: +45 76323500  
Web site: www.tresu.com  
Board of Directors  
Jean-Marc Lechêne, chairman  
Ola Harald Erici  
Søren Dan Johansen  
Stephan Plenz  
Executive Board  
Stephan Plenz  
Torben Børsting  
Entity auditors  
PricewaterhouseCoopers  
Statsautoriseret Revisionspartnerselskab  
Central Business Registration No.: 33 77 12 31  
Herredsvej 32  
DK-7100 Vejle  
 
Tresu Investment Holding A/S  
3
Management’s Statement
The Board of Directors and Executive Board have today considered and adopted the Annual Report of Tresu  
Investment Holding A/S for the financial year 1 January – 31 December 2024.  
The Consolidated Financial Statements and the Parent Company Financial Statements have been prepared in  
accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish  
Financial Statements Act. Management’s Review has been prepared in accordance with the Danish Financial  
Statements Act.  
In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a  
true and fair view of the financial position at 31 December 2024 of the Group and the Parent Company and of  
the results of the Group and Parent Company operations and cash flows for 2024.  
In our opinion, Management’s Review includes a true and fair review of the development in the operations and  
financial circumstances of the Group and the Parent Company, of the results for the year and of the financial  
position of the Group and the Parent Company as well as a description of the most significant risks and  
elements of uncertainty which the Group and the Parent Company are facing.  
In our opinion, the annual report of Tresu Investment Holding A/S for the financial year 1 January to 31  
December 2024 with the file name tresu-2024-12-31-en.zip is prepared, in all material respects, in compliance  
with the ESEF Regulation.  
We recommend that the Annual Report be adopted at the Annual General Meeting.  
Kolding, 30.04.2025  
Executive Board  
Stephan Plenz
Torben Børsting
CEO
CFO
Board of Directors  
Jean-Marc Lechêne
Ola Harald Erici
Søren Dan Johansen
Chairman
Stephan Plenz
 
Tresu Investment Holding A/S  
4
Independent Auditor’s Reports
To the shareholders of Tresu Investment Holding A/S
Report on the audit of the Financial Statements
Our opinion
I In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a  
true and fair view of the Group’s and the Parent Company’s financial position at 31 December 2024 and of  
the results of the Group’s and the Parent Company’s operations and cash flows for the financial year 1 January  
to 31 December 2024 in accordance with IFRS Accounting Standards as adopted by the EU and further  
requirements in the Danish Financial Statements Act.  
Our opinion is consistent with our Auditor’s Long-form Report to the Audit Committee and the Board of  
Directors.  
What we have audited  
The Consolidated Financial Statements and Parent Company Financial Statements of Tresu Investment  
Holding A/S for the financial year 1 January to 31 December 2024 comprise statement of comprehensive  
income, balance sheet, statement of changes in equity, cash flow statement and notes, including material  
accounting policy information for the Group as well as for the Parent Company. Collectively referred to as the  
“Financial Statements”.  
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional  
requirements applicable in Denmark. Our responsibilities under those standards and requirements are further  
described in the Auditor’s responsibilities for the audit of the Financial Statements section of our report.  
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our  
opinion.  
Independence  
We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’  
International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical  
requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance  
with these requirements and the IESBA Code.  
To the best of our knowledge and belief, prohibited non-audit services referred to in Article 5(1) of Regulation  
(EU) No 537/2014 were not provided.  
Appointment  
We were first appointed auditors of Tresu Investment Holding A/S on 23 July 2020 for the financial year 2020.  
We have been reappointed annually by shareholder resolution for a total period of uninterrupted engagement  
of 5 years including the financial year 2024.  
Material Uncertainty Related to Going Concern  
We draw attention to note 1 in the Financial Statements, where Management's basis for presenting the financial  
statements on the basis of going concern are set forth. The conditions described in note 1 indicate that a material  
uncertainty exists that may cast significant doubt on the Group and the parent’s ability to continue as a going  
concern. Our opinion is not modified in respect of this matter.  
 
Tresu Investment Holding A/S  
5
Key audit matters  
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit  
of the Financial Statements for 2024. These matters were addressed in the context of our audit of the Financial  
Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these  
matters. In addition to the matter described in the Material Uncertainty Related to Going Concern section, we  
have determined the matters described below to be the key audit matters to be communicated in our report.  
Key audit matter
How our audit addressed the key audit matter
Valuation of intangible assets
Brand with indefinite lifetime and other intangible
In assessing the impairment test performed by  
assets might be impaired due to for example
Management, we obtained and evaluated  
Management’s future cash flow forecasts, and the  
underlying process by which they were prepared  
including the mathematical accuracy of the cash  
flow model and agreeing future revenue growth and  
profit margin assumptions to the latest Board  
approved budgets and financial forecasts.  
increased competition in markets, changes in global  
economy and changes in the strategy of the Group.  
Brand with indefinite life is tested annually for  
impairment. Other intangibles are assessed for  
impairment annually, and if indicators exist, an  
impairment test is performed.  
Furthermore, we assessed whether the model  
applied by Management comply with the  
requirements of IFRS Accounting Standards.  
As a result of the impairment tests, an impairment  
loss DKK 45 million have been recorded in 2024.  
We used our valuation specialist to assist us in  
evaluating the appropriateness of key assumptions  
in Management’s discount rates and the impairment  
model used.  
The impairment tests performed by Management  
contain significant assumptions for revenue growth,  
profit margins and discount rates.  
We focused on this area because the impairment test  
and the impairment assessment of these assets are  
complex and are dependent on subjective  
judgements by Management.  
We challenged the reasonableness of Management’s  
future forecasts of revenue growth, investment and  
profit margin included in the cash flow forecasts in  
light of the historical accuracy of such forecasts, the  
current operational results and expected market  
development.  
We refer to notes 2 and 12 in the Consolidated  
Financial Statements.  
Finally, we assessed the adequacy of disclosures  
provided by Management in the Financial  
Statements.  
 
Tresu Investment Holding A/S  
6
Recognition and measurement of contract work in  
progress  
We performed risk assessment procedures with the  
purpose of achieving an understanding of it-systems,  
business procedures and relevant controls regarding  
the recognition and measurement of contract work in  
progress. In respect of controls, we assessed whether  
they were designed and implemented effectively to  
address the risk of material misstatement.  
At 31 December 2024 the carrying value of contract  
work in progress of the group amounts to a net  
liability of DKK -17 million (31 December 2023 –  
DKK -43 million) corresponding to a sales value of  
contract work in progress of DKK 179 million (31  
December 2023 – DKK 210 million).  
In accordance with IFRS 15, revenue from contract  
work is recognised over time based on the progress  
towards complete satisfaction of the individual  
performance obligations of the contract work  
(percentage -of-completion method). The progress  
(stage of completion) is determined and assessed by  
the proportion of the contract costs incurred at the  
balance sheet date compared to the total costs  
including the estimated cost to complete the contract.  
We assessed the accounting policies applied and the  
Group’s application and interpretation of relevant  
reporting standards.  
We obtained from Management an overview of the  
Group’s contract work in progress at 31 December  
2024 and contract work completed during the year.  
Based on project risk and materiality we selected a  
sample of contracts where we tested the underlying  
data for calculating sales value of the contract work  
in progress including change orders, original budget,  
project report including estimate of costs to complete  
and risk provision per contract.  
The preparation of reliable forecasts of the total  
expected contract costs involves significant  
accounting estimates.  
We focused on the recognition and measurement of  
contract work in progress as the application of the  
percentage-of-completion is complex and requires  
that Management make significant accounting  
estimates.  
For the selected contracts, we assessed and  
challenged  
Management’s  
assumptions  
for  
determining stage of completion including their  
assessment of risk provisions and estimated profit  
through interviews with CEO, CFO and project  
managers responsible for the individual projects.  
We refer to note 16 in the Consolidated Financial  
Statements.  
 
Tresu Investment Holding A/S  
7
Statement on Management’s Review
Management is responsible for Management’s Review.  
Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form  
of assurance conclusion thereon.  
In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and,  
in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or  
our knowledge obtained in the audit, or otherwise appears to be materially misstated.  
Moreover, we considered whether Management’s Review includes the disclosures required by the Danish  
Financial Statements Act.  
Based on the work we have performed, in our view, Management’s Review is in accordance with the  
Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in  
accordance with the requirements of the Danish Financial Statements Act. We did not identify any material  
misstatement in Management’s Review.  
Management’s responsibilities for the Financial Statements
Management is responsible for the preparation of consolidated financial statements and parent company  
financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted  
by the EU and further requirements in the Danish Financial Statements Act, and for such internal control as  
Management determines is necessary to enable the preparation of financial statements that are free from  
material misstatement, whether due to fraud or error.  
In preparing the Financial Statements, Management is responsible for assessing the Group’s and the Parent  
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern  
and using the going concern basis of accounting unless Management either intends to liquidate the Group or  
the Parent Company or to cease operations, or has no realistic alternative but to do so.  
Auditor’s responsibilities for the audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free  
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our  
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in  
accordance with ISAs and the additional requirements applicable in Denmark will always detect a material  
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,  
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of  
users taken on the basis of these Financial Statements.  
 
Tresu Investment Holding A/S  
8
As part of an audit in accordance with ISAs and the additional requirements applicable in Denmark, we  
exercise professional judgement and maintain professional scepticism throughout the audit. We also:  
Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error,  
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and  
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from  
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,  
misrepresentations, or the override of internal control.  
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that  
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness  
of the Group’s and the Parent Company’s internal control.  
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates  
and related disclosures made by Management.  
Conclude on the appropriateness of Management’s use of the going concern basis of accounting and based  
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that  
may cast significant doubt on the Group’s and the Parent Company’s ability to continue as a going concern.  
If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report  
to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our  
opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report.  
However, future events or conditions may cause the Group or the Parent Company to cease to continue as  
a going concern.  
Evaluate the overall presentation, structure and content of the Financial Statements, including the  
disclosures, and whether the Financial Statements represent the underlying transactions and events in a  
manner that gives a true and fair view.  
Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial  
information of the entities or business units within the group as a basis for forming an opinion on the  
Consolidated Financial Statements. We are responsible for the direction, supervision and review of the  
audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.  
We communicate with those charged with governance regarding, among other matters, the planned scope and  
timing of the audit and significant audit findings, including any significant deficiencies in internal control that  
we identify during our audit.  
We also provide those charged with governance with a statement that we have complied with relevant ethical  
requirements regarding independence, and to communicate with them all relationships and other matters that  
may reasonably be thought to bear on our independence and, where applicable, actions taken to eliminate threats  
or safeguards applied.  
From the matters communicated with those charged with governance, we determine those matters that were of  
most significance in the audit of the Financial Statements of the current period and are therefore the key audit  
matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure  
about the matter.  
Report on compliance with the ESEF Regulation  
As part of our audit of the Financial Statements we performed procedures to express an opinion on whether the  
annual report of Tresu Investment Holding A/S for the financial year 1 January to 31 December 2024 with the  
filename tresu-2024-12-31-en.zip is prepared, in all material respects, in compliance with the Commission  
Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which  
includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of  
the Consolidated Financial Statements including notes.  
 
Tresu Investment Holding A/S  
9
Management is responsible for preparing an annual report that complies with the ESEF Regulation. This  
responsibility includes:  
●
●
The preparing of the annual report in XHTML format;  
The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and  
the anchoring thereof to elements in the taxonomy, for all financial information required to be tagged using  
judgement where necessary;  
●
●
Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements presented  
in human-readable format; and  
For such internal control as Management determines necessary to enable the preparation of an annual  
report that is compliant with the ESEF Regulation.  
Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material  
respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a  
report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditor’s  
judgement, including the assessment of the risks of material departures from the requirements set out in the  
ESEF Regulation, whether due to fraud or error. The procedures include:  
●
●
Testing whether the annual report is prepared in XHTML format;  
Obtaining an understanding of the company’s iXBRL tagging process and of internal control over the  
tagging process;  
●
●
Evaluating the completeness of the iXBRL tagging of the Consolidated Financial Statements including notes;  
Evaluating the appropriateness of the company’s use of iXBRL elements selected from the ESEF  
taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has  
been identified;  
●
●
Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and  
Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements.  
In our opinion, the annual report of Tresu Investment Holding A/S for the financial year 1 January to 31  
December 2024 with the file name tresu-2024-12-31-en.zip is prepared, in all material respects, in compliance  
with the ESEF Regulation.  
Vejle, 30 April 2025  
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR no 33 77 12 31
Lars Almskou Ohmeyer
State Authorised Public Accountant
mne24817
Heidi Bonde
State Authorised Public Accountant
mne42815
 
Tresu Investment Holding A/S  
10  
Management review  
2024  
2023  
2022  
2021  
2020  
DKK'000 DKK'000 DKK'000 DKK'000 DKK'000  
Key figures  
Revenue  
339.979  
(25.398)  
(106.147)  
(58.263)  
(146.924)  
331.537  
388.781  
(108.676)  
(188.939)  
(50.470)  
(215.231)  
470.898  
359.035  
(68.607)  
(155.229)  
(33.288)  
(165.305)  
643.218  
340.917  
23.193  
302.089  
17.160  
Gross profit/loss  
Operating profit/loss  
Net financials  
(51.988)  
12.302  
(63.338)  
(29.540)  
(74.673)  
815.534  
Profit/loss for the year  
Total assets  
(31.485)  
761.981  
Investments in property, plant  
and equipment  
1.698  
(490.742)  
(3.196)  
804  
3.189  
(344.765)  
(7.047)  
3.459  
(147.930)  
(17.518)  
(6.733)  
919  
(11.947)  
16.332  
1.268  
(50.713)  
13.445  
Equity  
EBITDA  
EBITDA excl. non-recurring items  
(2.229)  
20.281  
31.593  
Ratios  
Gross margin (%)  
Net margin (%)  
Return on assets  
(7,5)  
(43,2)  
(32,0)  
(28,0)  
(55,4)  
(40,1)  
(19,1)  
(46,0)  
(24,1)  
6,8  
(9,2)  
(6,8)  
5,7  
(24,7)  
(7,8)  
Ratios  
Gross margin (%)  
Calculation formula  
Gross profit x 100  
Revenue  
The entity's operating gearing.  
Net margin (%)  
Profit/loss for the year x 100  
Revenue  
The entity's operating profitability.  
Return on equity (%)  
Equity ratio (%)  
Profit/loss for the year x 100  
Average equity  
The entity's return on capital invested in the  
entity by the owners.  
Equity x 100  
Total assets  
The financial strength of the entity.  
Profit from invested capital  
Return of assets (%)  
Profit before financials x 100  
Total assets  
 
Tresu Investment Holding A/S  
11  
Management review  
Group chart as per 31 December 2024  
Tresu  
Investment  
Holding A/S  
100%  
TRESU A/S  
100%  
100%  
100%  
100%  
TRESU Japan  
Co. Ltd.  
TRESU Vertriebs  
GmbH  
TRESU Royse, Inc.  
TRESU Italia S.r.l.  
 
Tresu Investment Holding A/S  
12  
Management review  
Primary activities
The Group develops, produces and sells custom made in-line flexo printing machines for the packaging
manufacturing industry and ancillary products for the digital, flexo and offset printing industry worldwide.
Development in activities  
In 2024 we focused on strategic initiatives to strengthen our portfolio, project execution and organization.  
By standardization and market driven innovations we are improving our platform of our core business within  
custom made in-line flexo printing machines for the packaging industry and ancillary products for the digital,  
flexo and offset printing industry worldwide and we increased our aftersales offering to build an even stronger  
annuity business. We continue the development of our people and the future organization to support the growth.  
In 2024 we experienced a temporary slowdown in market activities in our System business segment mainly  
driven by a slowdown in packaging and lower demands in corrugated. We expect to return to growth at the  
beginning of 2025.  
In addition, we have seen postponed customers’ investment decisions in the Machines & Units segment due to  
the uncertainties in the market. We expect decisions to be taken in the first half of 2025.  
The Customer Care business had a growth of 10,5% in order intake in 2024 and was close to the plan level for  
the year.  
Financial developments in the fiscal year 2024  
The result of the Group was impacted by the slowdown in market activities in our System business segment  
and the postponed customer investment in our Machines & Units segment. Furthermore, additional resources  
and a price reduction have been needed for a project. The project is near completion, and we do not expect this  
project to affect 2025 by a significant amount. Even taking above into account, the financial results for 2024  
are below expectations but according to guidance October 2024.  
Due to the slowdown in order intake in the beginning of 2024 we have also made a reduction in staff during  
2024 which will have full effect from beginning of 2025.  
Consolidated revenue for the financial year 2024 is DKK 340,0m (2023: DKK 388,8m).  
Operating profit (EBIT) for the year 2024 was DKK -106,1m (2023: DKK -188,9m).  
Average number of headcounts in the Group in 2024 was 179 FTE (2023: 184).  
Cash flow from operating activities in 2024 amounted to DKK -8,2m (2023: DKK -109,3m) and net  
investments in property, plant and equipment equaled DKK 1,7m (2023: DKK 3,2m).  
At the end of 2024, total assets were DKK 331,5m (2023: 470,9m) and total equity amounted to  
DKK -490,7m (2023: DKK -344,8m).  
 
Tresu Investment Holding A/S  
13  
Management review  
Capital resources and Liquidity  
The Group has in 2024 realized a loss of DKK 146,9m and equity of the Company amounts to DKK -490,7m  
on 31 December 2024.  
On this basis, section 119 of the Companies Act regarding capital loss applies.  
The budget for 2025 shows that there is sufficient liquidity available for continued operations, which is based,  
among other things, on the above, as well as an increase in revenue, improved project execution and adjustment  
in cost base in 2024. Predictions about the future are inherently uncertain especially given the current macro  
economics in 2025. It is Management’s view that the liquidity budget will be met, including signing additional  
customer contracts, and the Financial Statements has therefore been prepared on a going concern basis. We  
refer additionally to note 1 – Going concern.  
Overall, it is the assessment of the company's management and board of directors that the annual report for  
2024 can be submitted under the going concern premise.  
Further, it is noted that the equity is expected to be re-established with future earnings or with sales of TRESU  
A/S  
The management will continue to assess the capital base and the need for re-establishing the equity.  
 
Tresu Investment Holding A/S  
14  
Management review  
Objective and outlook  
Driven by our relentless focus on constantly improving print quality and simultaneously reducing our  
customers’ total cost of print, we expect to expand our market position as we continue to penetrate the global  
market with our Flexo Innovator machines. We predict continued consolidation among our customers in the  
Liquid Packaging, Folding Carton and Lottery Tickets industry and expect machine demand to be driven by  
both replacements as well as new installations.  
The ancillary product segment continues to follow the general market development and supports our  
development in the Aftermarket segment.  
Against this outlook the Group expects revenue growth in the area of 0-10% and EBITDA margin in the area  
of 0-5% (adjusted for non-recurring items) as well as a positive cash flow from operating activities in 2025.  
Internal control  
Internal control systems are designed for reporting in accordance with IFRS Accounting Standards as adopted  
by the EU and additional disclosure requirements for annual reports of listed companies. The system  
contributes to TRESU’s financial statements, providing fair presentations without material misstatements.  
Comprehensive monthly accounting data is reported from all group subsidiaries. Such data is then analyzed  
and monitored at group, company and other operational levels.  
Operating risks  
To ensure a stable supply TRESU has entered into long-term agreements with relevant sub-suppliers for the  
delivery of essential components.  
Credit risk  
The credit risks of the Group are primarily related to trade receivables and customer specific projects included  
as part contract work in progress. The major part of the Group’s products and projects are delivered to well-  
reputed, large international companies in the international packaging market.  
Credit risk is monitored on an ongoing basis, and we perform an in-depth credit assessment of new customers  
and ongoing assessment of existing customers. In recent years, no significant debtor losses have been recorded.  
Currency risks  
The consolidated financial statements are influenced by changes in exchange rates, as the result, and equity of  
the subsidiaries are converted into Danish kroner at year-end based on the average and year-end rates.  
The currency risk of the Group is primarily related to EUR and USD and mainly managed through matching  
of incoming and outgoing payment currencies, whereas active hedging e.g. instruments is only used to a limited  
extent in line with the established policy. In connection with considerations about the future financing structure  
of the Group, Management has examined various possibilities of covering risks connected with loan financing,  
cash flow in foreign currency and related interest costs.  
 
Tresu Investment Holding A/S  
15  
Management review  
Interest rate risks  
Since the interest-bearing net liabilities have a variable interest, changes in the interest rate level may have a  
significant direct effect on the earnings. Hedging of interest rate risk is not carried out.  
Intellectual capital resources  
The competitive advantage of the Group is the development and production of leading technology printing  
machines and associated products, which entails particularly high demands on the intellectual capital resources  
both in the development and production divisions.  
It is essential that the Group can recruit, develop and retain employees with a high level of education and the  
right set of skills to maintain our high level of technical competence and innovation.  
The Group has implemented a quality management system which documents the individual methods and  
procedures to secure the critical business processes in relation to development, production and sales. The  
system is maintained and updated as part of the ISO 9001:2015 certification.  
Research and development activities  
Development activities comprise continuous development of our technology, product portfolio and  
development of new products with the ultimate objective of increasing our customers’ uptime and reducing  
their cost of operations and/or climate footprint.  
The Group’s total costs for R&D make up to approx. 4% of the revenue. We have, as in previous years, invested  
significantly in future technology in line with the requirements to support the strategy and not at least meet the  
customers’ demand  
Corporate social responsibility (CSR)  
Business model and approach to CSR  
Being a global technology provider, TRESU are dedicated to offer a contribution to limiting the Group´s and  
our customer’s environmental and climate footprint, fighting corruption as well as securing good conditions  
for its employees. For business model see page 12 Primary activities.  
Corporate responsibility policy  
The Group is dedicated to being a responsible employer and a good corporate citizen. Our Code of Conduct  
represents our core values and reflects our continued commitment to ethical business practice and regulatory  
compliance.  
We take a serious view of any suspicion of breach of the Group’s Code of Conduct, which all employees must  
comply with, and in case of non-compliance with the Code of Conduct, we will act immediately.  
Requirements, guidelines and daily practice for social responsibility and working environment conditions are  
fully incorporated parts of the company’s management system which consists of:  
•
•
Certified quality management system DNV/ISO 9001:2015  
Certified environmental management system DNV/ISO 14001:2015  
The basic idea of the management system is involvement of the employees and a high degree of  
decentralization in decisions making. In this way we foster a high level of social capital, good working climate  
and job satisfaction among the employees.  
 
Tresu Investment Holding A/S  
16  
Management review  
Anti-corruption and bribery  
The Group is dedicated to upholding a high degree of business ethics. The Group operates out of Denmark and  
adheres to laws and rules concerning corruption and bribery. The Group considers the area to have a limited  
risk. However, we dress our employees, so they know how to handle any situations, and all employees are  
aware that it is not permitted to receive gifts, money or services from any stakeholders with exceptance of  
Christmas gifts to a reasonable extent.  
The Group´s expectations regarding anti-corruption and bribery are specified in our Employee handbook and  
Code of Conduct, which all the employees of the Group must comply with. The Group is not aware of any  
breaches regarding anti-corruption and bribery in 2024 and we do not expect any breaches in 2025 either.  
Human rights  
The Group endeavors to comply with applicable local and international legislation and to conduct its business  
with strong dedication to human rights including ethical and responsible practices.  
We have not identified any material risks regarding human rights in our operations and we strive to manage the  
potential risks in relations to our employees and suppliers with our employee handbook and Code of Conduct.  
We have in our code of Conduct adopted policies on group level related to ethics and with respect to compliance  
with applicable laws in each jurisdiction. These policies apply to each subsidiary in the Group. Accordingly,  
each subsidiary shall comply with applicable laws, rules and regulations, including those that may relate to  
protection of human rights in each jurisdiction where it operates.  
The Group strives to continually improve our work environment. We aim to strengthen and implement a shared  
corporate culture to help us treat all colleagues equally. The Group supports and respects the protection of the  
UN’s Universal Declaration of Human Rights and the Core Conventions of the International Labor Organization  
(ILO) and makes sure that the Group is not complicit in abuse of human rights. Use of child labour is prohibited.  
The focus in 2025 will be to conduct awareness campaigns internally and to secure, that our suppliers conduct  
its business in compliance with our corporate standards.  
The Group´s expectations regarding human rights are specified in our Employee handbook and Code of  
Conduct, which all the employees of the Group must comply with. The Group is not aware of any breaches  
regarding human rights in 2024 and does not expect any in 2025 either.  
Social & Labor conditions  
The employees of the Group are essential to maintain our high level of technical competence and innovation.  
The Group prioritizes safety and health and wants to be regarded as a company with high standards in relation  
to the physical and psychological working environment. Preventive measures and high ethical standards are  
central themes in our Working Environment Policy.  
This means that the Group complies with the rules of the authorities in force at any time, has a number of  
governance policies and continuously implements improvements to the working environment. The Group has  
an active safety organization and motivates the employees to be aware of the working environment and to  
understand the importance of the efforts of each individual person. Further, for 2024 the group has required that  
suppliers are aware of the working environment and continue to make the suppliers aware of our expectations  
to them to comply with our Code of Conduct.  
 
Tresu Investment Holding A/S  
17  
Management review  
Social & Labor conditions  
The Safety organization is active in supporting the physical and psychological working environment, and  
reaches out to management and HR, when action and focus is needed both on an individual level as well as  
related to departments or group of employees.  
The Group strives towards achieving broader gender representation by recruitment, taking into account the  
industry in which the Group operates where basis for candidates is predominantly male. Both male and female  
employees are encouraged to develop their competences and careers. In all cases the best qualified person will  
be employed for the job.  
In addition, we plan to conduct a job satisfaction survey during 2025.  
Environment and climate  
The Group strives to minimize the environmental and climate footprint. The primary risk is related to the  
environmental impact, e.g. electricity consumption and raw material consumption in relation to production of  
printing machines and ancillary products.  
The environmental policy of the Group is to act as an environmentally aware company at the forefront of the  
expectations of customers and surroundings and at all time to be in compliance with the requirements of the  
authorities.  
This means that the Group:  
•
•
•
•
•
•
•
•
•
complies with the requirements of DNV/EN ISO 14001:2015  
continuously implements and documents improvement to the environment  
continuously reduces the environmental footprint  
motivates the employees to be environmentally aware  
documents the environmental footprint of the products in an objective way  
involves the employees actively to carry out improvements to the environment  
requires that suppliers are environmentally aware  
can explain purchased equipment’s impact on the environment  
informs the public of the result of the environmental initiatives  
The environmental policy is based on responsible environmental operations and is an integrated part of the  
Group’s targets in terms of both manufacturing our equipment and customers using our equipment in their  
production.  
As such, we have adopted and committed to the Science Based Target initiative (SBTi) moving from  
compliance- to real commitment to climate change and greenhouse gas (GHG) emissions.  
 
Tresu Investment Holding A/S  
18  
Management review  
Results achieved and expectations for future CSR activities  
The Group’s aim for 2024 was to carry through improvements of our products so that our customer’s  
contribution to the global CO2 emission would be reduced by at least 7.500 tons per year. The Group’s external  
CO2 reduction impact focuses on the current installed base for two main machines i.e., VT FLEX ES machines  
and the portfolio of Flexo Innovator machines delivered to TRESU customers. The result in 2024 was a total  
annual CO2 reduction of 7.450 tons on the external energy consumption associated with the specific TRESU  
products using the heat recovery systems in the drying design.  
2024 was a year of addressing immediate GHG reducing levers, while laying grounds for future footprint-  
reducing program following the SBTi- framework.  
Planning for future commitment to significantly reduce total CO2 footprint, we managed to map the TRESU  
footprint across entire value chain, from up- to down-stream activities. Coming from our 2023 baseline, we  
have officially committed to reduce scope 1, 2 & 3 emissions by:  
Short-term (2033)  
o
o
Scope 1 & 2:  
Scope 3:  
54,6%  
32,5%  
Long-tern (2050)  
Scope 1 & 3:  
o
90,0%  
While concluding activity roadmap during 2025, it is clear that TRESUs journey towards net-zero is one of  
focusing on scope 3 – specifically purchased goods and use of sold products.  
The goal of the Group for 2024 was an absenteeism of maximum 2,8%. In 2024 we have realized a small  
increase in absenteeism amounting to 3,8% versus 3,6% in 2023.  
In 2025 the Group will have a continued focus on preventive measures and information. The goal of the Group  
is an absenteeism of maximum 2,8% covering both short term and long-term absenteeism.  
 
Tresu Investment Holding A/S  
19  
Management review  
Statement of data ethics Policy  
We have in 2024 not established a policy for data ethics. Over time it will become relevant for TRESU Group,  
but until now we do not process data or uses algorithms for data analysis, and it is not an integrated part of the  
TRESU Group’s business strategy and business activity. We will continue to follow the best practice within data  
ethics, and we can confirm that we despite no formal established data ethics policy still among others use  
awareness campaigns, secure compliance with code of conduct and communicate the importance of protecting  
fundamental rights for alle stakeholders.  
We commit to comply with all applicable data and privacy laws and regulations. We expect employees to prevent  
and mitigate all data and privacy risks and to inform, through our management system or grievance mechanisms,  
any breach of this expectation or doubts that our expectations are being met.  
TRESU Investment Holding A/S wants to be a good corporate citizen. We support high-quality standards for  
data protection and integrity.  
Corporate governance  
The Board of Directors and Executive Board of TRESU Group constantly seek to ensure that the management  
structure and control systems of the group are appropriate.  
On an ongoing basis, Management assesses whether this remains the case. The tasks and responsibilities of  
Management are, among others, based on the Danish Companies Act, the Danish Financial Statements Act,  
the Company’s Articles of Association and generally accepted practice for enterprises of the same size and  
with the same international reach as TRESU Group. In this connection and because the Group’s principal  
shareholder is Altor Fund IV, who is a member of Danish Venture Capital and Private Equity Association  
(www.dvca.dk), the TRESU Group in all material respects and also complies with the guidelines for  
responsible ownership and corporate governance of DVCA.  
Shareholder relations  
On an ongoing basis, the Board of Directors assesses whether the Company’s capital structure is in accordance  
with the Company’s and its stakeholders’ interests. The overall objective is to ensure a capital structure that  
supports long-term, profitable growth.  
The Company’s Articles of Association stipulate no limits of ownership or voting rights.  
The Tresu Investment Holding A/S’s indirect principal shareholder is Altor Fund IV, who indirectly possesses  
99,9% of the Company’s shares. Former key employees and board members hold a minority of 0,1% of the  
Company’s shares. By the end of 2024 TRESU Investment Holding A/S owns none of its own shares.  
 
Tresu Investment Holding A/S  
20  
Management review  
Board of Directors  
Jean-Marc Lechene  
Elected by Altor Fund IV in 2020. Chairman in Norican Global A/S and Caillau group, Independent Director  
with Hydro Quebec and McPhy, and Head of the Advisory board of Baettr.  
Previously worked as COO for Vestas (2012-2019) and holds an MBA from Instead and Ingenieur Civil,  
Ecole Nationale supérieure des Mines de Paris.  
Ola Harald Erici  
Elected by Altor Fund IV. Member of the Board of Directors since 2017. Chairman of the Board of Finqr AB,  
The Akkermansia Company SA and Alogis AB. Member of the Board of TRESU A/S and Dermalab Lund  
AB.  
Søren Dan Johansen  
Elected by Altor Fund IV. Joined Altor in 2011 and Member of the Boards of C Worldwide Holding A/S,  
Hamlet Protein A/S, Multi-Wing A/S, Norican Global A/S, Wrist Ship Supply A/S and TRESU A/S.  
Previously worked at Kromann Reumert (1989-2011) and holds a MSc in Law from Copenhagen University.  
Stephan Plenz  
Elected by Altor Fund IV in 2021. Also, a member of the Board of Directors for Sennheiser, Landa Digital  
Print, nominated by Altana as observer since 2022 and independent consultant.  
Over 30 years’ experience in the high-tech industry including more than 20 years in leading management  
positions and from 2008 to 2020 Member of the Management Board (CTO) of Heidelberger  
Druckmaschinen AG. He is holding a degree of Mechanical Engineering.  
Responsibilities of the Board of Directors  
The Board of Directors have monitored the preparation of the financial reporting, the internal controls and the  
audit of the financial statements.  
The Board of Directors ensures that the Executive Board complies with the objectives, strategies and  
procedures laid down by the Board of Directors. The reporting from the Executive Boards of the respective  
companies takes place systematically, both at meetings and through written and verbal reporting on ongoing  
basis.  
Among other things, this reporting includes a description of the development in key markets, as well as the  
Group’s operational and financial development. The Board of Directors holds meetings according to a fixed  
plan, with at least five meetings a year and extraordinary meetings, if required.  
Events after the balance sheet date  
No events have occurred after the balance date to this date which will influence the evaluation of this annual  
report.  
Parent company’s primary activities  
Tresu Investment Holding A/S activities comprise the ownership of 100% of the shares in TRESU A/S and  
fully owned subsidiaries.  
 
Tresu Investment Holding A/S  
21  
Consolidated statement of comprehensive income  
1/1 - 31/12  
2024  
1/1 - 31/12  
2023  
Notes  
DKK'000  
DKK'000  
Revenue  
3
4
339.979
(365.377)
(25.398)
388.781
(497.457)
(108.676)
Production costs  
Gross profit/loss  
Distribution costs  
(41.461)
(40.282)
994
(42.435)
(37.763)
(65)
Administrative costs  
5
Other operating income  
Operating profit/loss (EBIT)  
6,7  
(106.147)
(188.939)
Financial income  
8
9
157
(58.420)
(164.410)
3.719
(54.189)
(239.409)
Financial expenses  
Profit/loss before tax  
Tax on profit/loss for the year  
10  
17.486
24.178
Loss for the year  
(146.924)
(215.231)
Items that may be recycled subsequently to the income statement:  
Exchange rate adjustments, foreign companies  
Tax on other comprehensive income  
947
0
(924)
0
Other comprehensive income, net of tax  
947
(924)
Total comprehensive income/(loss)  
(145.977)
(216.155)
 
Tresu Investment Holding A/S  
22  
Consolidated balance sheet  
31.12.2024 31.12.2023  
DKK'000 DKK'000  
Notes  
11  
Goodwill  
0
0
21.336
102.607
37.900
27.414
189.257
Completed development projects  
Patents and licenses  
Brand  
24.561
61.450
22.900
8.878
Customer relationship  
Intangible assets  
7,12  
7,13  
117.789
Plant and machinery  
15.098
2.228
22.075
5.372
Other fixtures and fittings, tools and equipment  
Leasehold improvements  
Lease assets  
1.807
2.192
74.005
93.138
79.324
108.963
Property, plant and equipment  
Deposits  
10.248
10.191
Other non-current assets  
10.248
10.191
Non-current assets  
Inventories  
221.175
52.560
308.411
79.839
14  
Trade receivables  
Contract work in progress  
Receivable parent companies  
Tax receivables  
15  
16  
36.935
6.084
0
47.786
6.387
482
2.320
4.369
2.522
52.230
17.752
3.469
2.797
78.673
Other receivables  
Prepayments  
Receivables  
Cash  
5.572
110.362
331.537
3.975
162.487
470.898
Current assets  
Assets  
 
Tresu Investment Holding A/S  
23  
Consolidated balance sheet  
31.12.2024 31.12.2023  
Notes  
17  
DKK'000  
DKK'000  
Contributed capital  
Other reserves  
Retained earnings  
Equity  
2.925
3.337
2.925
2.390
(497.004)
(490.742)
(350.080)
(344.765)
Provisions for deferred tax  
Corporate bonds  
18  
19  
17.568
485.765
66.964
71.340
8.926
37.687
444.750
72.332
64.974
8.781
Lease liability  
Payable parent companies  
Other payables  
Non-current liabilities  
650.563
628.524
Current portion of long-term lease liabilities  
Bank debt  
11.112
65.923
248
10.593
40.926
248
20  
Payable parent companies  
Contract work, liabilities  
Other provisions  
16  
21  
22.296
3.860
47.453
4.805
Prepayment customers  
Trade payables  
16.475
27.045
368
9.876
43.776
1.431
Income tax payable  
Other payables  
22  
24.389
171.716
28.031
187.139
Current liabilities  
Total liabilities  
822.279
331.537
815.663
470.898
Equity and liabilities  
 
Tresu Investment Holding A/S  
24  
Consolidated statement of changes in equity  
Contri-  
buted  
capital  
Other  
Reserves  
Retained  
earnings  
Total  
DKK'000 DKK'000 DKK'000 DKK'000  
Equity at 1 January 2024  
Loss for the period  
2.925
2.390
(350.080)
(344.765)
0
0
(146.924)
(146.924)
947
Other comprehensive income  
Comprehensive income  
Equity at 31 December 2024  
0
0
947
0
947
(146.924)
(145.977)
3.337
(497.004)
(490.742)
2.925
Equity at 1 January 2023  
Loss for the period  
2.923
3.314
(154.167)
(147.930)
0
0
(215.231)
(215.231)
(1)
(925)
Other comprehensive income  
Comprehensive income  
Capital increase  
0
0
(924)
(924)
(215.232)
(216.156)
19.319
19.321
2.390
(350.080)
(344.765)
2
0
Equity at 31 December 2023  
2.925
Other reserves consist of exchange differences on translating foreign companies.  
 
Tresu Investment Holding A/S  
25  
Consolidated cash flow statement  
1/1 - 31/12 1/1 - 31/12  
2024  
2023  
Notes  
DKK'000  
DKK'000  
Operating profit/loss  
(106.147)
102.951
(9.012)
(188.939)
181.892
(14.840)
(33.484)
(55.371)
Amortization, depreciation and impairment  
Other provisions and payables  
Working capital changes  
25  
(1.123)
Cash flows from ordinary operating activities  
(13.331)
Financial income received  
5
(6.916)
12.010
(8.232)
298
(41.043)
(13.142)
(109.258)
Financial expenses paid  
Income taxes refunded/(paid)  
Cash flow from operating activities  
Acquisition etc. of intangible assets  
(10.498)
(1.698)
(54)
(3.204)
(3.189)
(82)
Acquisition etc. of property, plant and equipment  
Proceeds from disposal of financial fixed assets  
Disposal ect. of property, plant and equipment  
Cash flow from investing activities  
0
69
(12.250)
(6.406)
Change in the bank overdraft facility  
Capital increase  
24.997
0
21.236
19.321
64.974
(9.577)
95.954
Process from (repayments of) related party borrowings  
Leasing  
6.848
(9.766)
22.079
Cash flows from financing activities  
Increase/decrease in cash and cash equivalents  
1.597
(19.710)
Cash and cash equivalents at 1 January  
3.975
23.685
Cash and cash equivalents end of year  
26  
5.572
3.975
Cash and cash equivalents at year end are composed of:  
Cash  
5.572
3.975
Cash and cash equivalents end of year  
5.572
3.975
 
Tresu Investment Holding A/S  
26  
Notes to consolidated financial statements  
Overview notes  
0. Accounting policies and material accounting policy information  
1. Going concern  
2. Use of estimates and judgement  
3. Revenue and segmentation of operations  
4. Production costs  
5. Fees to auditors appointed at the Annual General Meeting  
6. Staff costs  
7. Amortization, depreciation and impairment  
8. Financial income  
9. Financial expenses  
10. Income tax  
11. Goodwill  
12. Other intangible assets  
13. Property, plant and equipment  
14. Inventories  
15. Trade receivables  
16. Contract work in progress  
17. Share capital  
18. Deferred tax  
19. Corporate bonds  
20. Bank debt  
21. Other provisions  
22. Other payables  
23. Contingent liabilities  
24. Pledged assets etc.  
25. Changes in working capital  
26. Cash and cash equivalents  
27. Financial risks  
28. Related parties with controlling interest  
29. Shareholder relations  
30. Consolidation  
31. Events after the balance sheet date  
32. Adopting the annual report for publication  
33. Accounting policies  
 
Tresu Investment Holding A/S  
27  
Notes to consolidated financial statements  
0. Accounting policies and material accounting policy information  
The Annual Report of Tresu Investment Holding A/S, a Danish company, and its subsidiary companies has  
been prepared in accordance with IFRS Accounting Standards, as adopted by the EU, and additional Danish  
requirements applicable to reporting class D, including the statutory order on adoption of IFRS issued pursuant  
to the Danish Financial Statements Act.  
The consolidated financial statements are presented for the period 1 January 2024 to 31 December 2024,  
including its consolidated subsidiaries.  
The consolidated financial statements are presented in Danish kroner, which is the Parent Company’s  
functional currency.  
The material accounting policy information adopted can be found in note 33.  
Few comparative figures have been reclassified in order to present the figures correctly. This includes  
‘adjustments prior years’ for intangible and tangible assets in note 12 and 13. It has no effect on the equity or  
the fair view of the Annual Report.  
Implementation of new standards, amendments, and interpretations  
The Company has implemented the following amendments or new standards (IFRS) for financial year 2024:  
The amendments came into effective for financial years beginning on or after 1 January 2024:  
IAS 1, Presentation of Financial Statements: Clarify that the definition of current liabilities  
must be based on the rights existing on the balance sheet date. The requirement for an  
unconditional right to postpone payment for 12 months from the balance sheet date is  
therefore changed to a right to defer payment for 12 months from the balance sheet date.  
IAS 7 Cash Flow Statement and IFRS 7 Financial Instruments: Disclosures: The  
amendment introduces disclosure requirements for supplier finance arrangements (reverse  
factoring), regarding terms and conditions in the arrangements, including payment terms  
for both the liabilities comprised by the agreements and similar for those not covered by the  
arrangements. Significant variances must be explained. The amendment also requires  
disclosure of recognised values at both the beginning and the end of the year for the liabilities  
comprised by the arrangements.  
IFRS 16, Leasing: The amendment to IFRS 16 clarifies that the leased share in a sale and  
leaseback transaction should be measured in such a way that no gain or loss arises from  
recognition of the lease asset. Furthermore, it is clarified that the lease liability should be  
measured to reflect the present value of the expected future lease payments.  
Tresu Investment Holding A/S has assessed the effect of the new standards, amendments, and interpretations.  
Tresu Investment Holding A/S has concluded that all standards, amendments, and interpretations effective for  
financial years beginning on or after 1 January 2024 are either not relevant to the Tresu Investment Holding  
A/S or have no significant effect on the Financial Statements of the Tresu Investment Holding A/S.  
 
Tresu Investment Holding A/S  
28  
Notes to consolidated financial statements  
New standards, interpretations and amendments adopted by the Group  
The following new standards, amendments, and interpretations of relevance to the Tresu Investment Holding  
A/S have been adopted by the IASB and adopted by the EU. The standards are not yet effective and will  
therefore not be implemented in the Annual Reports until they take effect.  
IAS 21, Foreign exchange rates: The amendment clarifies the procedures relating to the  
assessment of whether a currency is exchangeable into another currency, and when it is not,  
how to determine the exchange rate to use and which disclosures to provide.  
The amendment will be effective for financial years beginning on or after 1 January 2025.  
The IASB has issued the following new standards, amendments and new interpretations which could be  
relevant to Tresu Investment Holding A/S, but which have not yet been adopted by the EU:  
IAS 21, Foreign exchange rates: The amendment clarifies the procedures relating to the  
assessment of whether a currency is exchangeable into another currency, and when it is not,  
how to determine the exchange rate to use and which disclosures to provide.  
The amendment will be effective for financial years beginning on or after 1 January 2025.  
IFRS 7 and 9, Classification and measurement of financial instruments: The amendment  
clarifies the requirements for the timing of derecognition of some financial asset and  
financial liability. The amendment clarifies it is the date of settlement which determines the  
derecognition of a financial asset or a financial liability, although financial liabilities settled  
by electronic transfer under certain circumstance may be derecognized earlier. Furthermore,  
the amendment contains an assessment of how to determine whether a payment for financial  
assets satisfies the SPPI test, when the instrument is linked to the achievement of  
sustainability targets.  
A The amendment will be effective for financial years beginning on or after 1 January 2026.  
IFRS 18,
Presentation and Disclosure in Financial Statements: This new standard replaces  
IAS 1 and it implements set of new requirements for presentation and disclosures in the  
financial statements. The new standard requires the income statement to be structured into  
five categories, while also introducing two new subtotals. Furthermore, the new term  
“Management Performance Measures (MPM)” is introduced, which must be disclosed in the  
notes of the financial statements. The new requirements for presentation and disclosure is  
applicable for all financial statements, including consolidated financial statements, separate  
financial statements and interim financial statements.  
The amendment will be effective for financial years beginning on or after 1 January 2027.  
Tresu Investment Holding A/S expects to implement these new standards, amendments, and interpretations  
when they take effect. The Group has assessed the effect of the new standards, amendments, and interpretations  
and apart from IFRS 18, we have concluded that all standards, amendments and interpretations are either not  
relevant to the Group or have no significant effect on the Financial Statements of the Group. Management is  
currently assessing the detailed implications of applying IFRS 18 on the group’s consolidated financial  
statements.  
 
Tresu Investment Holding A/S  
29  
Notes to consolidated financial statements  
1. Going concern  
The Group has in 2024 realized a loss of DKK 146.9m and equity of the Group amounts to DKK -490.7m on  
31 December 2024.  
The Group is financed by a bond-loan of DKK 485.8m on 31 December 2024 and an overdraft facility of DKK  
112.0m, which expires January 2027 and November 2026 respectively.
The bond-loan includes a roll-up of  
interest only being paid if the Group has a certain positive liquidity.  
The budget for 2025 shows that there is sufficient liquidity available for continued operations, which is based,  
among other things, on the above, as well as a revenue growth in the area 0-10% derived from the current order  
book and additional customer contracts.  
Tresu is a project company, where changes compared to what is expected can happen quickly, and the liquidity  
budget is subject to uncertainty, as it includes expected cash flow from recurring customers and additional  
customer contracts not placed yet. In recent years, the group has not met the budgeted expectations, which,  
combined with the fact that the Group and Company is generally in a liquidity-pressured situation, indicates  
that material uncertainty exists that may cast significant doubt on the Group’s and Company's ability to  
continue as a going concern. However, it is Management's view that the liquidity budget will be met, including  
additional customer contracts being placed, and the Financial Statements has therefore been prepared on a  
going concern basis.  
2. Use of estimates and judgement  
Management of the Company has made a number of estimates and assumptions related to the reporting of  
assets and liabilities and the disclosure of contingent assets and liabilities in the preparation of these  
consolidated financial statements in conformity with IFRS. Actual results could differ from those estimates.  
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates  
are recognised in the period in which the estimate is revised if the revision affects only that period or in the  
period of the revision and future periods if the revision affects both current and future periods.  
 
Tresu Investment Holding A/S  
30  
Notes to consolidated financial statements  
2. Use of estimates and judgement  
Intantible assets - impairment  
During annual testing of intangible assets for impairment, or when an indication of impairment exists, an  
assessment is made as to how those activities of the Group (cash-generating units) supports the value of the  
intangible assets. Due to the nature of the business, estimates are made of cash flows for many years ahead,  
which inherently results in some uncertainty.  
Please see specification in note 12.  
Contract work in progress  
The method for estimating work in progress is based on total cost for calculation of percentage of completion  
(POC). Contract work in progress is continuously assessed to see if the net realizable value is higher than cost  
incurred.  
The stage of completion on Contract work in progress is based on an estimate of cost to finish the asset. These  
estimates might change as assets evolve, cf. note 33 accounting policies on revenue.  
It may be necessary to change previous estimates due to changes in those circumstances on which the estimates  
are based, or due to new information or subsequent events.  
Lease of property  
The Company’s property leases allow for extension at the discretion of the Company. The determination of  
the lease term is significant to the calculation of lease liabilities and right-of-use assets, and consequently, due  
to discounting, to depreciation and interest costs of the year. Management has assessed the probable lease term  
for individual leases in relation to the Company’s strategic goals and current plans. If these goals and plans are  
changed, the lease liabilities and right-of-use assets are revised. The matter is described in further detail in note  
33.  
 
Tresu Investment Holding A/S  
31  
Notes to consolidated financial statements  
3. Revenue and segmentation of operations  
Management has analysed segmentation of the operations through the strategic management, decision and  
reporting structure used by Management. The analysis resulted in that two segment was identified.  
Machines  
& Units  
Ancillary  
Group  
2024  
DKK'000  
DKK'000  
DKK'000  
Revenue  
206.120  
133.859  
339.979  
Production costs  
(189.082)  
(90.554)  
(279.636)  
Distribution costs  
(21.361)  
(17.658)  
(39.019)  
Administrative costs  
(18.043)  
(14.915)  
(32.958)  
Other operating income  
544  
450  
994  
Allocated EBITDA  
(21.822)  
11.182  
(10.640)  
non-allocated costs  
7.444  
EBITDA  
(3.196)  
Amortization, depreciation and impairment  
(102.951)  
EBIT  
(106.147)  
Finacial net  
(58.263)  
Profit/loss before tax  
(164.410)  
Machines  
& Units  
Ancillary  
Group  
2023  
DKK'000  
DKK'000  
DKK'000  
Revenue  
258.105  
130.676  
388.781  
Production costs  
(246.596)  
(85.064)  
(331.660)  
Distribution costs  
(23.619)  
(16.408)  
(40.027)  
Administrative costs  
(18.021)  
(12.520)  
(30.541)  
Other operating income  
(38)  
(27)  
(65)  
Allocated EBITDA  
(30.169)  
16.657  
(13.512)  
non-allocated costs  
6.465  
EBITDA  
(7.047)  
Amortization, depreciation and impairment  
(181.892)  
EBIT  
(188.939)  
Finacial net  
(50.470)  
Profit/loss before tax  
(239.409)  
 
Tresu Investment Holding A/S  
32  
Notes to consolidated financial statements  
3. Revenue and segmentation of operations  
Revenue from sale of products and services split by type:  
2024  
2023  
DKK'000  
DKK'000  
Machines & Units  
206.120  
258.105  
Ancillary  
133.859  
130.676  
Revenue  
339.979  
388.781  
Revenue split by geography:  
2024  
2023  
DKK'000  
DKK'000  
Denmark
 
2.734  
2.592  
Germany  
46.033  
49.653  
Rest of Europe  
70.225  
81.095  
USA  
148.730  
169.901  
Rest of North and South America  
19.725  
23.571  
Asia  
31.399  
44.953  
Middle East, Africa and others  
21.133  
17.016  
Revenue  
339.979  
388.781  
Timing of revenue recognition:  
2024  
2023  
DKK'000  
DKK'000  
Products and services transferred at a point in time  
254.568  
248.672  
Products transferred over time  
85.411  
140.109  
Revenue  
339.979  
388.781  
The non-current assets for the total value of DKK 221,2m are per geographical area allocated in Denmark by  
DKK 214,5m, Germany DKK 0,2m, Rest of Europe DKK 0,5m, USA DKK 5,5m and Asia DKK 0,3m.  
The split by geography refers to the customers' place of residence.  
 
Tresu Investment Holding A/S  
33  
Notes to consolidated financial statements  
4. Production costs  
2024  
2023  
DKK'000  
DKK'000  
Materials consumption  
168.779  
225.473  
Write-down of inventories  
6.462  
2.364  
Other production costs  
889  
2.188  
Staff costs  
73.004  
68.890  
Depreciation, amortization and impairment  
93.185  
172.262  
Research and development  
5.439  
5.252  
Indirect production costs  
17.619  
21.028  
Production costs  
365.377  
497.457  
5. Fees to auditors appointed at the Annual General Meeting  
2024  
2023  
DKK'000  
DKK'000  
PricewaterhouseCoopers  
Statutory audit  
1.215  
932  
Other services  
0
142  
Total fees to auditors appointed at the Annual General Meeting  
1.215  
1.074  
Other services in 2023 relates to extra work in relation to the capital situation.  
 
Tresu Investment Holding A/S  
34  
Notes to consolidated financial statements  
6. Staff costs  
2024  
2023  
DKK'000  
DKK'000  
Board fees  
1.260  
1.151  
Wages and salaries  
108.789  
108.788  
Pensions  
8.961  
8.569  
Other social security costs  
2.530  
2.361  
Total staff costs  
121.540  
120.869  
Staff costs are distributed as follows:  
Production  
73.004  
69.848  
Sales and distribution  
27.079  
33.127  
Administration  
21.457  
17.894  
Total staff costs  
121.540  
120.869  
Average number of employees  
179  
184  
Remuneration of management  
Other key management  
Board of Directors  
Executive board  
personnel  
2024  
2023  
2024  
2023  
2024  
2023  
DKK'000  
DKK'000  
DKK'000  
DKK'000  
DKK'000  
DKK'000  
Board fee  
1.260  
1.151  
0
0
0
0
Salary and wages  
0
0
9.078  
6.977  
6.445  
6.725  
Pension  
0
0
170  
356  
628  
571  
1.260  
1.151  
9.248  
7.333  
7.073  
7.296  
Remuneration of the executive directors and key management personnel is based on a fixed salary, bonus and  
non-monetary benefits such as company car, telephone etc. Executive directors and other key management  
personnel are covered by the same pension agreement as other employees. The usual notification period applies  
in the event of resignation of management. The total amount for key management amounts to 17.581 DKK’000  
in 2024 (2023: 15.780 DKK’000).  
 
Tresu Investment Holding A/S  
35  
Notes to consolidated financial statements  
7. Amortization, depreciation and impairment  
2024  
2023  
DKK'000  
DKK'000  
Amortization, intangible assets  
40.027  
39.972  
Impairment losses, intangible assets  
45.000  
125.000  
Depreciation, property, plant and equipment  
8.158  
7.343  
Amortization, lease assets  
9.766  
9.577  
Total amortization, depreciation and impairment  
102.951  
181.892  
Amortization, depreciation and impairment are distributed as follows:  
Production  
93.185  
172.262  
Other operating expenses  
9.766  
9.630  
Total amortization, depreciation and impairment  
102.951  
181.892  
 
Tresu Investment Holding A/S  
36  
Notes to consolidated financial statements  
8. Financial income  
2024  
2023  
DKK'000  
DKK'000  
Gain on foreign exchange  
131  
166  
Other financial income  
26  
3.553  
Total financial income  
157  
3.719  
Other financial income in 2023 is effected by a modification gain linked to renewed bonds  
agreement. Further information in consolidation note 19.  
9. Financial expenses  
2024  
2023  
DKK'000  
DKK'000  
Interest expenses  
43.735  
42.331  
Bond price adjustment  
1.767  
1.924  
Financial expenses from group enterprises  
6.366  
566  
Loss on foreign exchange  
919  
2.806  
Other financial expenses  
3.485  
4.363  
Interest expenses regarding leasing liabilities  
2.148  
2.199  
Total financial expenses  
58.420  
54.189  
Further information in consolidation note 19.
 
Tresu Investment Holding A/S  
37  
Notes to consolidated financial statements  
10. Income tax  
2024  
2023  
DKK'000  
DKK'000  
Current tax for the year  
(1.058)  
(10.446)  
Deferred tax for the year  
(20.119)  
(12.862)  
Adjustments tax from deferred tax previous years  
0
(793)  
Adjustments recognized for current tax from prior periods  
3.691  
(77)  
Corporation tax for the year  
(17.486)  
(24.178)  
Income tax expense attributable to income before income taxes differed from the amounts computed by applying  
the Danish income tax rate of 22%. For foreign entities the actual tax rate in the country concerned is used.  
Tax on profit the year breaks down as follows:  
Calculated tax on profit for the year before tax  
22,0%  
22,0%  
Tax effect of:  
Adjustment prior year  
(2,2%)  
0,0%  
Non-deductible expenses/non-taxable income  
(9,2%)  
(12,0%)  
Effective tax rate (%)  
10,6%  
10,0%  
11. Goodwill  
2024  
2023  
DKK'000  
DKK'000  
Cost at the beginning of the year  
249.000  
249.000  
Cost at the end of the year  
249.000  
249.000  
Impairment losses at the beginning of the year  
(249.000)  
(150.000)  
Impairment losses for the year  
0
(99.000)  
Impairment losses at the end of the year  
(249.000)  
(249.000)  
Carrying amount at the end of the year  
0
0
Goodwill has been fully written down in prior years.
 
Tresu Investment Holding A/S  
38  
Notes to consolidated financial statements  
12. Other intangible assets  
Completed  
Patents  
Customer  
development  
and  
relation-  
DKK'000 2024  
projects  
licenses  
Brand  
ships  
Total  
Cost at beginning of the year  
52.299  
220.688  
37.900  
212.700  
523.587  
Adjustment prior year  
4.718  
15.787  
0
(445)  
20.060  
Additions during the year  
8.659  
1.839  
0
0
10.498  
Disposals during the year  
0
0
0
445  
445  
Cost at the end of the year  
65.676  
238.314  
37.900  
212.700  
554.590  
Amortization and impairment  
at the beginning of the year  
(30.963)  
(118.081)  
0
(185.286) (334.330)  
Adjustment prior year  
(4.718)  
(12.726)  
0
445  
(16.999)  
Impairment for the year  
0
(30.000)  
(15.000)  
0
(45.000)  
Amortization for the year  
(5.434)  
(16.057)  
0
(18.536)  
(40.027)  
Reversal regarding disposals  
0
0
0
(445)  
(445)  
Amortization and impairment  
losses at the end of the year  
(41.115)  
(176.864)  
(15.000)  
(203.822) (436.801)  
Carrying amount at the end  
of the year  
24.561  
61.450  
22.900  
8.878  
117.789  
 
Tresu Investment Holding A/S  
39  
Notes to consolidated financial statements  
12. Other intangible assets  
Completed  
Patents  
Customer  
development  
and  
relation-  
DKK'000 2023  
projects  
licenses  
Brand  
ships  
Total  
Cost at beginning of the year  
50.817  
220.688  
37.900  
212.700  
522.105  
Additions during the year  
3.204  
0
0
0
3.204  
Disposals during the year  
(1.722)  
0
0
0
(1.722)  
Cost at the end of the year  
52.299  
220.688  
37.900  
212.700  
523.587  
Amortization and impairment  
at the beginning of the year  
(26.604)  
(89.667)  
0
(153.750) (270.021)  
Impairment for the year  
0
(13.000)  
0
(13.000)  
(26.000)  
Amortization for the year  
(6.022)  
(15.414)  
0
(18.536)  
(39.972)  
Reversal regarding disposals  
1.663  
0
0
0
1.663  
Amortization and impairment  
losses at the end of the year  
(30.963) (118.081)  
0
(185.286) (334.330)  
Carrying amount at the end  
of the year  
21.336  
102.607  
37.900  
27.414  
189.257  
Apart from brand, all other intangible assets are regarded has having determinable useful lives over which the  
assets are amortized; see accounting practices in note 33. Estimated useful life of Patents are on average 14  
years. Estimated useful life of Customers Relations are between 4-10 years. Estimated useful life of Completed  
development projects are between 3-12 years.  
Management has tested the carrying amount of the above-mentioned intangibles using the assumptions as listed  
below and by using the same principles as used in the original purchase price allocation, where to intangible  
assets were identified and valued.  
In the impairment test the discounted value of future net cash flows are compared with the carrying amount of  
the cash generating units.  
The key assumptions underlying the calculation of value in use are the determination of revenue, gross margin,  
CAPEX, discount rate and terminal value growth rate.  
Key assumptions from the impairment testing are as follows:  
Revenue growth for 2025 of 3% and 2% for the terminal period (2023: revenue growth for 2024-  
2026 of 8,5% and 2% for the terminal period).  
Gross margin of 30% (2023: improvement in gross margin from 22% in 2023 to 29% in 2028). It  
should be noted the gross margin in 2023 and 2024 has been negatively impacted by overruns on a  
larger project. Adjusted for overrun on the larger project the realized gross margin in 2024 was 29%.  
CAPEX at the same level as current depreciations.(2023: the same assumption).  
The discount rate is determined based on the Group's borrowing rate plus a risk premium that  
reflects the risk involved in investing in shares and the risk involved in the activity performed. A  
base after-tax discount rate of 11,3% (12,3% in 2023) is used (equivalent to a before-tax discount  
rate of 14,5% (15,7% in 2023) and is supported by equivalent external benchmarks.  
 
Tresu Investment Holding A/S  
40  
Notes to consolidated financial statements  
Management has assessed impair losses to patents (DKK 30,0m) and brand (DKK 15,0m) based on the fact  
that expected future revenues will be lower than assessed in prior years and that current sales on some larger  
capital sales projects have been below expectations.  
Patents and brand are supporting both segments and the underlying impairment testing and impairment loss is  
not allocated to a specific segment but the Company as a whole.  
The Company's development expenses relate to capitalization of costs in respect of continuous development  
of product range and new ancillary products with the ultimate objective of increasing our customers’ uptime  
and reducing their cost of operations and/or climate footprint. In addition, it is the intention with these projects  
to manufacture, market or use the projects for future commercial purposes.  
The Group regularly reviews the carrying amounts of its definite-lived intangible assets to determine whether  
there is an indication of an impairment loss.  
Development projects are tested for impairment annually if there is an indication that the asset should be  
impaired.  
The cost of development projects comprises costs such as salaries and amortization that are directly and  
indirectly attributable to the development projects.  
 
Tresu Investment Holding A/S  
41  
Notes to consolidated financial statements  
13. Property, plant and equipment  
Other  
fixtures  
and  
fittings,  
Leasehold  
Plant and  
tools and  
improve-  
DKK'000 2024  
machinery  
equipment  
ments  
Total  
Cost at beginning of the year  
56.653  
6.859  
5.122  
68.634  
Adjustment prior year  
(4.900)  
33  
(343)  
(5.210)  
Exchange rate adjustments  
11  
127  
0
138  
Additions during the year  
186  
404  
78  
668  
Disposals during the year  
(4.080)  
0
0
(4.080)  
Transfer of assets  
(119)  
121  
0
2
Cost at the end of the year  
47.751  
7.544  
4.857  
60.152  
Amortization at the  
beginning of the year  
(34.578)  
(1.487)  
(2.930)  
(38.995)  
Adjustment prior year  
4.901  
(3.094)  
344  
2.151  
Exchange rate adjustments  
(5)  
(92)  
0
(97)  
Amortization for the year  
(7.122)  
(572)  
(464)  
(8.158)  
Amortization reversed the year  
4.080  
0
0
4.080  
Transfer of assets  
71  
(71)  
0
0
Amortization and impairment  
losses at the end of the year  
(32.653)  
(5.316)  
(3.050)  
(41.019)  
Carrying amount at the end  
of the year  
15.098  
2.228  
1.807  
19.133  
 
Tresu Investment Holding A/S  
42  
Notes to consolidated financial statements  
13. Property, plant and equipment  
Other  
fixtures  
and fittings,  
Leasehold  
Plant and  
tools and  
improve-  
DKK'000 2023  
machinery  
equipment  
ments  
Total  
Cost at beginning of the year  
58.466  
9.567  
5.122  
73.155  
Exchange rate adjustments  
(7)  
(68)  
0
(75)  
Additions during the year  
1.451  
1.738  
0
3.189  
Disposals during the year  
(3.257)  
(4.378)  
0
(7.635)  
Cost at the end of the year  
56.653  
6.859  
5.122  
68.634  
Depreciation at the  
beginning of the year  
(32.266)  
(4.670)  
(2.331)  
(39.267)  
Adjustment prior year  
2
47  
0
49  
Depreciation for the year  
(5.548)  
(1.196)  
(599)  
(7.343)  
Depreciation reversed the year  
3.234  
4.332  
0
7.566  
Depreciation and impairment  
losses at the end of the year  
(34.578)  
(1.487)  
(2.930)  
(38.995)  
Carrying amount at the end  
of the year  
22.075  
5.372  
2.192  
29.639  
 
Tresu Investment Holding A/S  
43  
Notes to consolidated financial statements  
13. Property, plant and equipment – lease assets  
Other  
DKK'000 2024  
Property  
Cars  
assets  
Total  
Cost at Jan 1, 2024  
109.819  
3.560  
2.130  
115.509  
Foreign exchange rate adjustment  
309  
(16)  
(2)  
291  
Additions  
0
1.030  
0
1.030  
Disposals  
0
(1.220)  
0
(1.220)  
Re-measurre / modification of lease assets  
3.126  
0
0
3.126  
Cost at Dec 31, 2024  
113.254  
3.354  
2.128  
118.736  
Depreciations and impairment at Jan 1, 2024  
(34.134)  
(1.706)  
(345)  
(36.185)  
Disposals  
0
1.220  
0
1.220  
Depreciations  
(8.460)  
(869)  
(437)  
(9.766)  
Depreciations and impairment  
at Dec 31, 2024  
(42.594)  
(1.355)  
(782)  
(44.731)  
Carrying amount at Dec 31, 2024  
70.660  
1.999  
1.346  
74.005  
Other  
DKK'000 2023  
Property  
Cars  
assets  
Total  
Cost at Jan 1, 2023  
110.020  
3.211  
2.678  
115.909  
Foreign exchange rate adjustment  
(201)  
(10)  
(49)  
(260)  
Additions  
0
1.488  
1.923  
3.411  
Disposals  
0
(1.064)  
(2.422)  
(3.486)  
Re-measurre / modification of lease assets  
0
(65)  
0
(65)  
Cost at Dec 31, 2023  
109.819  
3.560  
2.130  
115.509  
Depreciations and impairment at Jan 1, 2023  
(26.024)  
(1.793)  
(2.324)  
(30.141)  
Foreign exchange adjustment  
0
9
53  
62  
Disposals  
0
1.054  
2.417  
3.471  
Depreciations  
(8.110)  
(976)  
(491)  
(9.577)  
Depreciations and impairment  
at Dec 31, 2023  
(34.134)  
(1.706)  
(345)  
(36.185)  
Carrying amount at Dec 31, 2023  
75.685  
1.854  
1.785  
79.324  
 
Tresu Investment Holding A/S  
44  
Notes to consolidated financial statements  
14. Inventories  
2024  
2023  
DKK'000  
DKK'000  
Raw materials  
39.645  
36.299  
Work in progress  
14.404  
33.931  
Finished goods  
15.644  
23.106  
Write-down inventories  
(17.133)  
(13.497)  
Total inventories  
52.560  
79.839  
Write-down of inventories for the year 2024 was DKK 6,5m (2023: DKK 2,4m).  
15. Trade receivables  
2024  
2023  
DKK'000  
DKK'000  
Account receivable  
38.720  
49.045  
Allowance for bad debts  
(1.785)  
(1.259)  
Accounts receivable  
36.935  
47.786  
Impairment losses at 1 January  
1.259  
3.863  
Impairment loss provisioned  
688  
122  
Realized for the period  
(32)  
(2.590)  
Reversed  
(130)  
(136)  
Impairment losses on receivables*  
1.785  
1.259  
2024  
2023  
Distributed by age  
DKK'000  
DKK'000  
Not overdue  
20.862  
25.463  
0-30 days  
5.101  
11.540  
31-60 days  
2.400  
6.428  
61-90 days  
252  
1.897  
Above 91 days  
10.105  
3.717  
Accounts receivable  
38.720  
49.045  
*Related to trade receivables overdue above 91 days.
 
Tresu Investment Holding A/S  
45  
Notes to consolidated financial statements  
15. Trade receivables  
The Group has no significant risk related to a single customer or market, and historical losses has been very  
limited.  
Write-downs for bad and doubtful receivables are based on individual evaluations of the aging profiles, and a  
% has been provisioned according to expected risk of the receivable.  
After this analysis it is still the expectation that future losses will be very limited, and we have therefor kept  
the method from prior years.  
Please see note 27 for further information.  
 
Tresu Investment Holding A/S  
46  
Notes to consolidated financial statements  
16. Contract work in progress  
2024  
2023  
DKK'000  
DKK'000  
Sales value of contract work in progress  
179.075  
210.023  
Progress billings regarding contract work in progress  
(196.288)  
(252.711)  
(17.213)  
(42.688)  
Net value in the balance sheet:  
Contract work in progress  
6.084  
6.387  
Other provisions  
(1.001)  
(1.622)  
Contract work, liabilities  
(22.296)  
(47.453)  
(17.213)  
(42.688)  
Amounts relating to contract work in progress are balances due from customers that arise when the Group  
carried out work at the balance sheet date. These agreements do not include a variable consideration. The  
Group receives payment from customers in line with the agreed payments terms at placing the order, prior to  
shipment of machines and a minor part after installation/commissioning acceptance. Any amount previously  
recognized as a contract work in progress is reclassified to trade receivables at the point at which it is invoiced  
to the customer. The Group expects that all performance obligations for ongoing projects will be met within a  
period of 18 months. End of 2024 we still have 3 projects started before this actual year, which are not 100%  
finalized, with total sales value of mDKK 113,7 recognized prior to 2024.  
17. Share capital  
The share capital consists of share with a nominal value of DKK 1 each. The shares have been paid in full.  
The shares have not been divided into classes and no special rights have been attached to the share.  
The share capital can be made up as follows:  
2024  
2023  
DKK'000  
DKK'000  
Number of share 1 January  
2.925  
2.923  
Capital increase  
0
2
Number of shares 31 December  
2.925  
2.925  
 
Tresu Investment Holding A/S  
47  
Notes to consolidated financial statements  
18. Deferred tax  
2024  
2023  
DKK'000  
DKK'000  
Deferred tax liabilities  
17.568  
37.687  
Total deferred taxes  
17.568  
37.687  
Recognized  
Deferred  
Recognized Recognized  
in other  
Total  
tax 01.01  
in profit  
equity  
comp.inc.  
31.12  
2024  
DKK'000  
DKK'000  
DKK'000  
DKK'000  
DKK'000  
Intangible assets  
33.300  
(13.361)  
0
0
19.939  
Property, plant and equipment  
4.267  
(781)  
0
0
3.486  
Inventories  
232  
0
0
0
232  
Receivables  
(58)  
(48)  
0
0
(106)  
Profits, contract work in progress  
5.530  
(3.579)  
0
0
1.951  
Liabilities and other provisions  
(5.584)  
(2.350)  
0
0
(7.934)  
Temporary differences  
37.687  
(20.119)  
0
0
17.568  
Recognized  
Deferred  
Recognized Recognized  
in other  
Total  
tax 01.01  
in profit  
equity  
comp.inc.  
31.12  
2023  
DKK'000  
DKK'000  
DKK'000  
DKK'000  
DKK'000  
Intangible assets  
47.118  
(13.818)  
0
0
33.300  
Property, plant and equipment  
5.239  
(972)  
0
0
4.267  
Inventories  
(859)  
1.091  
0
0
232  
Receivables  
(88)  
30  
0
0
(58)  
Profits, contract work in progress  
4.857  
673  
0
0
5.530  
Liabilities and other provisions  
(4.925)  
(659)  
0
0
(5.584)  
Temporary differences  
51.342  
(13.655)  
0
0
37.687  
 
Tresu Investment Holding A/S  
48  
Notes to consolidated financial statements  
19. Corporate bonds  
2024  
2023  
DKK'000  
DKK'000  
Corporate bonds  
488.908  
448.984  
Corporate bonds fees, amortized  
(3.143)  
(4.234)  
485.765  
444.750  
Corporate bonds in the balance sheet:  
Non-current liabilities  
485.765  
444.750  
485.765  
444.750  
Interest  
Amortized  
Nominal  
Fair  
fixed or  
cost  
Value  
Value  
Currency  
Expires  
variabel  
DKK'000  
DKK'000  
DKK'000  
Corporate bond, 3m  
Euribor + 500 bps  
EUR  
Jan. 2027  
Variable  
485.765  
479.489  
71.923  
31 December 2024  
485.765  
479.489  
71.923  
Interest  
Amortized  
Nominal  
Fair  
fixed or  
cost  
Value  
Value  
Currency  
Expires  
variabel  
DKK'000  
DKK'000  
DKK'000  
Corporate bond, 3m  
Euribor + 500 bps  
EUR  
Jan. 2027  
Variable  
444.750  
441.340  
64.561  
31 December 2023  
444.750  
441.340  
64.561  
Since the issue in September 2017, the bonds have been adjusted with the exchange rate EUR/DKK at the end  
of the year. Level 2 from the fair value hierarchy has been used.  
In the second half of 2023, the Group obtained an extension of the repayment date on the bond loan from  
January 2025 to January 2027.  
The Group obtained an extension of the repayment date on the bond loan from January 2025 to January 2027.  
Further, interest payments may be rolled up. No other changes to the terms were made. On this basis,  
Management has assessed that the terms are not substantially different from the terms applying before the  
amendment and that consequently, the bond liability is remeasured at the revised contractual cash flows  
discounted at the original effective interest rate.  
The fair value is based on a single trade in January 2024. The fair value is calculated based on level 2. The fair  
value is thus subject to some uncertainty.  
Borrowings are subject to standard trade covenants as well as certain financial leverage ratio covenants.  
Further information in consolidation note 9.  
 
Tresu Investment Holding A/S  
49  
Notes to consolidated financial statements  
20. Bank debt  
2024  
2023  
DKK'000  
DKK'000  
Overdraft facilities  
65.923  
40.926  
Total bank debt  
65.923  
40.926  
Debts to banks are recognized in the balance sheet:  
Current liabilities  
65.923  
40.926  
65.923  
40.926  
Interest  
Amortized  
Nominal  
Fair  
fixed or  
cost  
Value  
Value  
Currency  
Expires  
variabel  
DKK'000  
DKK'000  
DKK'000  
Overdraft facility  
DKK  
2026  
Variable  
65.923  
65.923  
65.923  
31 December 2024  
65.923  
65.923  
65.923  
Interest  
Amortized  
Nominal  
Fair  
fixed or  
cost  
Value  
Value  
Currency  
Expires  
variabel  
DKK'000  
DKK'000  
DKK'000  
Overdraft facility  
DKK  
2026  
Variable  
40.926  
40.926  
40.926  
31 December 2023  
40.926  
40.926  
40.926  
The Group has unutilized drawings rights on overdraft facilities DKK 46,1m (2023: DKK 71,1m)
 
Tresu Investment Holding A/S  
50  
Notes to consolidated financial statements  
21. Other provisions  
2024  
2023  
DKK'000  
DKK'000  
Other provisions 1 January  
4.805  
19.895  
Realized for the period  
(286)  
(630)  
Provisioned for the year  
(25)  
1.307  
Adjustment for the year  
(14)  
(602)  
Specific customer projects  
(620)  
(15.165)  
Other provisions  
3.860  
4.805  
Provisions are recognized in the balance sheet:  
Current liabilities  
3.860  
4.805  
3.860  
4.805  
Other provisions consist of warranties and loss making customer projects, and are primarily due within one  
year.  
22. Other payables  
2024  
2023  
DKK'000  
DKK'000  
Payable staff costs  
8.034  
13.110  
Payable VAT  
478  
279  
Other liabilities  
15.877  
14.642  
Total other payables  
24.389  
28.031  
 
Tresu Investment Holding A/S  
51  
Notes to consolidated financial statements  
23. Contingent liabilities  
The Group´s Danish companies are jointly and severally liable for tax on the Group´s jointly taxed income etc.  
Total corporation tax payable is stated in the Annual Report of Nortre Administration ApS, which is the  
management company in the joint taxation. The Group´s Danish companies are moreover jointly and severally  
liable for Danish withholding taxes in the form of dividend tax, royalty tax and tax on interest. Any subsequent  
adjustments to corporation taxes and withholding taxes may imply that the Company will be liable for a higher  
amount.  
24. Pledged assets etc.  
There has been given a negative pledge in the Group´s assets.  
25. Changes in working capital  
2024  
2023  
DKK'000  
DKK'000  
Increase/decrease in inventories  
27.279  
(6.599)  
Increase/decrease in receivables  
10.529  
4.523  
Increase/decrease in trade payables etc.  
(38.931)  
(31.408)  
(1.123)  
(33.484)  
 
Tresu Investment Holding A/S  
52  
Notes to consolidated financial statements  
26. Cash and cash equivalents  
2024  
2023  
DKK'000  
DKK'000  
Cash and cash equivalents  
5.572  
3.975  
5.572  
3.975  
The Group has unutilized drawings rights on overdraft facilities DKK 46,1m (2023: DKK 71,1m)
Non-cash changes  
Adjustment  
Accrued  
Exchange  
New leases/  
01.01  
Cashflow  
of debt  
Interest  
rate adjust.  
Remeassure  
31.12  
2024  
DKK'000  
DKK'000  
DKK'000  
DKK'000  
DKK'000  
DKK'000  
DKK'000  
Corporate  
bonds  
444.750  
0
2.848  
37.747  
420  
0
485.765  
Lease debts  
82.925  
(9.766)  
3.595  
0
292  
1.030  
78.076  
Payable to  
group  
enterprises  
64.974  
0
0
6.366  
0
0
71.340  
Bank debt  
40.926  
24.997  
0
0
0
0
65.923  
633.575  
15.231  
6.443  
44.113  
712  
1.030  
701.104  
Non-cash changes  
Adjustment  
Accrued  
Exchange  
New leases/  
01.01  
Cashflow  
of debt  
Interest  
rate adjust.  
Remeassure  
31.12  
2023  
DKK'000  
DKK'000  
DKK'000  
DKK'000  
DKK'000  
DKK'000  
DKK'000  
Corporate  
bonds  
434.211  
0
(415)  
9.967  
987  
0
444.750  
Lease debts  
88.824  
(9.577)  
527  
0
(260)  
3.411  
82.925  
Payable to  
group  
enterprises  
0
64.974  
0
0
0
0
64.974  
Bank debt  
19.690  
21.236  
0
0
0
0
40.926  
542.725  
76.633  
112  
9.967  
727  
3.411  
633.575  
 
Tresu Investment Holding A/S  
53  
Notes to consolidated financial statements  
27. Financial risks  
Categories of financial instruments  
2024  
2023  
DKK'000  
DKK'000  
Deposits  
10.248  
10.191  
Trade receivables  
36.935  
48.268  
Other short-term receivables  
4.369  
3.469  
Cash  
5.572  
3.975  
Financial assets at amortized cost  
57.124  
65.903  
Corporate bonds  
485.765  
444.750  
Lease liabilities  
78.076  
82.925  
Non-current other payables  
8.926  
8.781  
Bank debt  
65.923  
40.926  
Payable to group company  
71.588  
65.222  
Trade payables  
27.045  
43.776  
Other payables  
24.389  
28.031  
Financial liabilities measured at amortized cost  
761.712  
714.411  
Policy for controlling financial risks  
The Group, due to its operations, investments and financing, is exposed to market risks in the form of changes  
in exchange rates and interest rates, as well as credit risk and liquidity risks. The Group manages the financial  
risk centrally and coordinates the Group´s liquidity management, including capital procurement and placement  
of surplus funds.  
It is the Group´s policy not to make any speculation in financial risks.  
The Group manages the financial risks through the use of three different tools for cash flow budgeting; a model  
covering a rolling three-month period, a model that covers a period of one year, and a model covering a period  
of three years.  
Currency risks  
The Group´s currency risks are primarily hedged by matching payments received and made in the same  
currency. The difference between ingoing and outgoing payments denominated in the same currency is a  
measure of currency risk.  
 
Tresu Investment Holding A/S  
54  
Notes to consolidated financial statements  
27. Financial risks  
Interest risks  
Both corporate bonds and bank debt has a variable interest rate, and therefore the Group has a significant  
interest rate risk. Other payables have a short repayment profile, and the Group only has a low interest rate risk  
on those payables.  
Liquidity risks  
The Group aims to have adequate cash resources to continuously carry out transactions appropriately as regards  
operations and investments. The Group´s cash reserve consists of cash and cash equivalents as well as undrawn  
credit facilities. The Group´s liquidity is mainly based on operating profits and the difference between the time  
of payment and the time of settlement.  
Credit risks  
The Group is not exposed to significant credit risks. Customers must pay in advance if they are considered to  
have any increased risk in relation to other accounts receivables.  
Credit risks on going contract work for the account of a third party is limited. Invoices on account are thus  
agreed to follow minimum the cost of incurred on contract work, Furthermore, all contract customers must pay  
a part of the total consideration at placing the order, which in itself reduces the credit risk substantially.  
Currency risks  
The Group has not entered into any derivatives financial instruments to hedge recognized financial assets and  
liabilities. The Group´s currency exposure is specified below.  
 
Tresu Investment Holding A/S  
55  
Notes to consolidated financial statements  
27. Financial risks  
Cash and  
Recei-  
Bond  
Other  
Unsecured  
cash equiva.  
vables  
debt  
Liabilities  
net position  
2024  
DKK'000  
DKK'000  
DKK'000  
DKK'000  
DKK'000  
EUR  
1.198  
20.622  
(488.908)  
(6.187)  
(473.275)  
USD  
3.001  
14.367  
0
(2.399)  
14.969  
JPY  
1.328  
851  
0
(1.036)  
1.143  
5.527  
35.840  
(488.908)  
(9.622)  
(457.163)  
Cash and  
Recei-  
Bond  
Other  
Unsecured  
cash equiva.  
vables  
debt  
Liabilities  
net position  
2023  
DKK'000  
DKK'000  
DKK'000  
DKK'000  
DKK'000  
EUR  
1.949  
28.797  
(445.196)  
(11.923)  
(426.373)  
USD  
1.055  
15.281  
0
(3.680)  
12.656  
JPY  
617  
958  
0
(548)  
1.027  
3.621  
45.036  
(445.196)  
(16.151)  
(412.690)  
Sensitivity analysis regarding currency risks  
The Group´s main currency exposure relates to debt in EUR. The following shows the net impact on equity  
and profit for the year if the exchange rate of the currencies in question had been 1% lower at the end of the  
year than the actual rate used. If the rate had been 1% higher priced than the actual exchange rate, then it would  
have had a corresponding net negative impact on equity and profit for the year.  
 
Tresu Investment Holding A/S  
56  
Notes to consolidated financial statements  
27. Financial risks  
2024  
2023  
Equity sensitivity to exchange rate fluctuations  
DKK'000  
DKK'000  
Impact if EUR-rate was 1% lower than actual rate  
4.733  
4.264  
4.733  
4.264  
2024  
2023  
Sensitivity of the result to exchange rate fluctuations  
DKK'000  
DKK'000  
Impact if EUR-rate was 1% lower than actual rate  
4.733  
4.264  
4.733  
4.264  
The Corporate bonds are issued in EUR and the principal amount is subject to exchange rate fluctuations  
between the Company´s functional currency (DKK) and EUR. A 1% change in the EUR rate at 31st December  
2024 would have affected comprehensive income and equity by approximately DKK 4,7m.  
Interest rate risks  
The Group has a significant degree of interest-bearing financial liabilities and as a consequence is exposed to  
interest rate risks. In regard to the Group´s financial assets and financial liabilities, the following contractual  
interest rate adjustment dates or maturity date can be specified, depending which date is the earlier, and how  
much of the interest-bearing assets and liabilities are at a fixed-rate. Variable rate loans are deemed to have  
interest rate adjustment dates that fall within one year.  
2024  
2023  
Sensitivity to interest rate fluctuations  
DKK'000  
DKK'000  
Impact if interest rate was 1% higher than actual rate  
(4.889)  
(4.452)  
(4.889)  
(4.452)  
2024  
2023  
Sensitivity to interest rate fluctuations  
DKK'000  
DKK'000  
Impact if interest rate was 1% lower than actual rate  
4.889  
4.452  
4.889  
4.452  
 
Tresu Investment Holding A/S  
57  
Notes to consolidated financial statements  
27. Financial risks  
Liquidity risks  
Due dates for financial liabilities are specified below, broken down by the time interval used in the Group´s  
liquidity management. The specified amounts represent the amounts that fall due for payment, including  
interest, etc.  
Less than  
6-12  
1-5  
After  
6 months  
months  
years  
5 years  
Total  
2024  
DKK'000  
DKK'000  
DKK'000  
DKK'000  
DKK'000  
Non-derivative financial liabilities  
Bank debt  
0
0
74.625  
0
74.625  
Corporate bonds  
0
0
560.713  
0
560.713  
Payable to group entreprises  
248  
0
85.013  
0
85.261  
Lease debts  
5.628  
5.629  
41.281  
33.919  
86.457  
Trade payables  
27.045  
0
0
0
27.045  
Other payables  
24.389  
0
839  
10.055  
35.283  
57.310  
5.629  
762.471  
43.974  
869.384  
Less than  
6-12  
1-5  
After  
6 months  
months  
years  
5 years  
Total  
2023  
DKK'000  
DKK'000  
DKK'000  
DKK'000  
DKK'000  
Non-derivative financial liabilities  
Bank debt  
0
0
40.926  
0
40.926  
Corporate bonds  
0
0
556.840  
0
556.840  
Payable to group entreprises  
248  
0
85.825  
0
86.073  
Lease debts  
5.364  
5.365  
40.303  
41.896  
92.928  
Trade payables  
43.776  
0
0
0
43.776  
Other payables  
28.031  
0
786  
7.995  
36.812  
77.419  
5.365  
724.680  
49.891  
857.355  
The financial impact from, and uncertainty created by the fact that the cash flow is subject to additional  
contracts on big machines not placed yet means that the timing of a refinancing at par is difficult to assess. The  
future calculation of interest for the bonds is done based on the EUR exchange rate end 2024 and the actual  
interest rate for the bonds in Q4 2024.  
 
Tresu Investment Holding A/S  
58  
Notes to consolidated financial statements  
27. Financial risks  
The Group liquidity reserve consists of liquid assets and unused credit facilities.  
Management assesses the Group´s liquidity requirements on a regular basis.  
2024  
2023  
DKK'000  
DKK'000  
The liquidity reserve comprises of as follows:  
Cash  
5.572  
3.975  
Unused credit facility  
46.077  
71.074  
51.649  
75.049  
Credit risks  
The primary credit risk in the Group is related to trade receivables from the sale of goods and services and  
contract work in progress. The Group´s most significant credit risks related to the Group´s largest customers.  
Those customers are required to partly pay advance payments in order to reduce the credit risks.  
The maximum credit risk related to trade receivables from the sale of goods and services and contract work in  
progress corresponds to their carrying amount. Information about detained payments for completed work can  
be found in note 16.  
Default of loan agreement  
The Group has not neglected or defaulted loan agreements, during the financial year or the comparative year.  
Optimization of capital structure  
The company´s management continuously assesses whether the Group´s capital structure is in line with the  
interests of the company and its owners. The overall objective is to secure a capital structure that supports  
long-term economic growth while maximizing returns to the Group´s stakeholders through an optimization of  
the equity/debt ratio. The Group´s overall strategy is that the Group´s capital structure shall consist of debt  
comprising financial liabilities in the form of corporate bonds, bank debt and financial leasing liabilities, cash  
equivalents and equity.  
 
Tresu Investment Holding A/S  
59  
Notes to consolidated financial statements  
27. Financial risks  
Financial gearing  
The company´s board of directors reviews the Group´s capital structure twice a year in connection with the  
presentation of half-yearly reports and annual reports. As part of this review, the board assesses the Group´s  
capital costs and the risk associated with the individual types of capital. The financial gearing as per 31st  
December 2024 is below zero which also was the case per 31st December 2023. Based on the latest review of  
the Group´s capital structure, the board expects the financial gearing in 2025 to remain at approximately the  
same level as 2024.  
At balance sheet date the financial gearing can be calculated accordingly:  
2024  
2023  
DKK'000  
DKK'000  
Bank debt  
65.923  
40.926  
Lease debts  
78.076  
82.925  
Corporate bonds  
485.765  
444.750  
Payable group company  
71.588  
65.222  
Income tax payable.  
368  
1.431  
Cash and cash equivalents  
(5.572)  
(3.975)  
Net interest-bearing debt  
696.148  
631.279  
Equity  
(490.742)  
(344.765)  
Financial gearing  
-
-
 
Tresu Investment Holding A/S  
60  
Notes to consolidated financial statements  
28. Related parties with controlling interest  
The following parties have a controlling interest:  
Altor Fund IV Holding AB, Stockholm, shareholder, ultimate owner (99,9% ownership)  
Tresu Group Holding A/S, CBR-no. 37752088, Kolding, shareholder (100% ownership), parent  
Other related parties include the company’s Board of Directors and Executive Board. There have been no  
transactions in the financial year with members of the Board of Directors and Executive Board other than those  
which appear from note 6.  
Transactions with related parties  
2024  
2023  
DKK'000  
DKK'000  
Remuneration etc. of key management personnel, cf. note 6  
17.581  
15.780  
Capital increase  
0
19.321  
Payable parent companies, non-current liability  
71.340  
64.974  
Payable parent companies, current liability  
248  
(234)  
Management fee from group subsidiaries  
10.304  
7.771  
Management fee to related party  
438  
527  
Interest on interim account  
461  
(56)  
Transactions with subsidiaries are eliminated in the consolidated financial statement in accordance with  
accounting policies, note 33.  
 
Tresu Investment Holding A/S  
61  
Notes to consolidated financial statements  
29. Shareholder relations  
The Company has registered the following shareholders, owning more than 5% of the share capital:  
a. Altor
Fund IV Holding AB, Stockholm, shareholder, ultimate owner  
b. Tresu
Group Holding A/S, CBR-no. 37752088, Kolding, shareholder  
30. Consolidation  
Name and registered office of the Parent preparing consolidated financial statement:  
a. Tresu
Group Holding A/S, CBR-no. 37752088, Venusvej 44, DK-6000 Kolding  
31. Events after the balance sheet date  
No event after the balance date has happened that will affect the matter of this report.  
32. Adopting the annual report for publication  
The board members have on the board meeting the 30.04.2025 approved present Annual Report for publication.  
The Annual Report will be submitted to the shareholders for approval at the Annual General Meeting the  
30.04.2025.  
 
Tresu Investment Holding A/S  
62  
Notes to consolidated financial statements  
33. Accounting policies  
The Annual Report of Tresu Investment Holding
A/S
and its subsidiary companies has been prepared in  
accordance with IFRS Accounting Standards, as adopted by the EU, and additional Danish requirements  
applicable to reporting class D enterprises.  
The accounting policies applied to these Consolidated Financial Statements and Parent Financial Statements  
are consistent with those applied last year.  
The Consolidated and Parent Company Financial Statements for 2024 are presented in TDKK.  
Consolidated financial statements  
The consolidated financial statements comprise the Parent (Tresu Investment Holding A/S) and the group  
subsidiaries that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly,  
holding more than 50% of the voting rights or in any other way possible or actually exercising controlling  
influence. See also Group chart under Management review, page 11.  
Basis of consolidation  
The consolidated financial statements are prepared on the basis of the annual report of the Parent and its  
subsidiaries. The consolidated financial statements are prepared by combining uniform items. On  
consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and  
losses on transactions between the consolidated subsidiaries are eliminated. The financial statements used for  
consolidation have been prepared applying the Group´s accounting policies.  
Subsidiaries´ financial statement items are recognized in full in the consolidated financial statements.  
Foreign currency translation  
On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction  
date. Receivables, payables and other monetary items denominated in foreign currencies that have not been  
settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange  
differences that arise between the rate at the transaction date and the one on effect at the payment date, or the  
rate at the balance sheet date are recognized in the income statement as financial income or financial expenses.  
Property, plant and equipment, intangible assets, inventory and other non-monetary assets that have been  
purchased in foreign currencies are translated using historical rates.  
When recognising foreign subsidiaries and associates that are entities with a functional currency different from  
the functional currency of the parent company, the income statements are translated at average exchange rates  
for the month that do not significantly deviate from rates at the transaction date. Balance sheet items are  
translated using the exchange rate at the balance sheet date. Exchange difference arising out of the translations  
of foreign subsidiaries´ equity at the beginning of the year at the balance sheet date exchange rates as well as  
out if the translation of income statements from average rates to the exchange rates at the balance sheet date  
are recognized in other comprehensive income.  
 
Tresu Investment Holding A/S  
63  
Notes to consolidated financial statements  
33. Accounting policies  
Tax on profit/loss for the year  
Tax for the year, which consists of current tax and changes in deferred tax, is recognized in the income  
statement by the portion attributable to the profit for the year and in other comprehensive income or recognized  
directly in equity by the portion attributable to entries respectively in other comprehensive income or directly  
in equity.  
Current tax payable and tax receivables is recognized in the balance as calculated tax of the years´ taxable  
income, regulated with paid tax on account, using rates enacted at the balance sheet date.  
Deferred tax on all temporary differences between the carrying amount and the tax base of assets and liabilities  
is measured using the balance sheet liability method. However, deferred tax is not recognized on temporary  
differences relating to goodwill. Where alternative tax rules can be applied to determine the tax base, deferred  
tax is measured based on management´s planned use if the asset or settlement of the liability. If specific  
dividend plans exist for subsidiaries in countries levying withholding tax on distributions, deferred tax is  
recognized on expected dividend payments. Deferred tax assets, including the tax base of tax loss carry  
forward, are recognized under other non-current assets at the expected value of their utilization, either as a set-  
off against tax on future income or as a set-off against deferred tax liabilities in same legal tax entity and  
jurisdiction.  
Deferred tax assets and tax liabilities are offset if the entity has a legally enforced right to offset current tax  
liabilities and tax assets or intends either to settle current tax liabilities and tax assets or to realize the assets  
and settle the liabilities simultaneously. Deferred tax assets are subject to annual impairment tests and reced  
only to the extent that it is probable that the assets will be utilized. Adjustments are made to deferred tax  
resulting from elimination of unrealized intra-group profits and losses.  
Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at  
the end of the reporting period and when the deferred tax is expected to crystallize as current tax. The change in  
deferred tax as a result of changes in tax rates is recognized in the income statement. Changes to deferred tax  
on items recognized in other comprehensive income are, however, recognized in other comprehensive income.  
Segment information  
The reporting on business segments follows the structure of TRESU’s internal management reporting to  
internal stakeholders and the group Executive Board. The group Executive Board uses business segmentation  
when allocating resources and following up on results. The internal reporting does not allocate assets or  
liabilities to the segments.  
Revenue  
The Group recognized revenue from the following major sources:  
Sales of Machines and Units – mostly recognized as contract work in progress  
Sales of ancillary products  
Revenue from sales of manufactured goods and goods for resale is recognized in the income statement when  
delivery is made, and control is transferred to the buyer, and the consideration agreed is expected to received.  
Control is generally deemed to be transferred upon delivery of the components in accordance with the agreed  
delivery plan.  
 
Tresu Investment Holding A/S  
64  
Notes to consolidated financial statements  
33. Accounting policies  
Revenue from ancillary products is generally recognized upon shipment of products, provided there are no  
significant uncertainties regarding customer acceptance, persuasive evidence of an arrangement exists, the  
sales prices are fixed and determinable, and it is probable that the sales are collectible. Amounts billed to  
customers for shipping and handlings are included in net sales and are recorded upon shipment of goods to  
customers. Costs of providing these services are included in costs of sales.  
Customized solutions, with a high degree of customisation, are recognized over time as machines are  
constructed based on the stage of completion of the individual contracts based on actual costs, as contract work  
in progress. The cost to cost as the method to calculate the stage of completion is due to the fact that both  
labour hours and materials are significant part of the costs. See also descriptions below regarding contract work  
in progress. Where the profit from a contract work cannot be estimated reliably, revenue is only recognized  
equalling the cost incurred to the extent that it is probable that the cost will be recovered. Revenue from sales  
of services is recognized in the income statement over the term if agreement as the services are provided.  
Revenue is recognized net of VAT, duties and sales discounts is measured at fair value if the consideration  
fixed. Payment for the service contract can be paid in advance or over the service period´s execution.  
Contract work in progress  
Revenue from project work in progress relates to production of assets without an alternative use to the Group  
and the Group has an enforceable right to payment for performance completed to date.  
If the selling price of a project work in progress can be measured reliably, revenue and costs related to the  
contract is recognized according to the stage of completion on balance sheet date.  
If the selling price of a project work in progress cannot be made up reliably, revenue is recognized according  
to costs, if these costs are likely to be regained.  
Cost of sales work and contracting are recognized in the income statement as occurred.  
Production costs  
Production costs comprise expenses incurred to earn revenue for the financial period. Production costs  
comprise direct and indirect costs for raw materials and consumables, wages and salaries, rent and lease as  
well as amortization, depreciation and impairment losses relating to intangible assets and property, plant and  
equipment included in the production process. In addition, the item includes ordinary write-down of  
inventories.  
Also, provisions for loss on contract work in progress are recognized under production costs.  
Also, research and development costs include research costs, costs of development projects that do not meet  
the criteria for recognition in the balance sheet.  
 
Tresu Investment Holding A/S  
65  
Notes to consolidated financial statements  
33. Accounting policies  
Distribution costs  
Distribution costs comprise costs incurred for sale and distribution of products, including wages and salaries  
for sales staff, advertising costs, traveling and entertainment expenses, etc. as well as amortization,  
depreciations and impairment losses relating to intangible assets and property, plant and equipment attached  
to the distribution process.  
Administrative costs  
Administrative costs comprise costs incurred for administrative functions, including wages and salaries for  
administrative staff and Management, stationary and office supplies as well as amortization, depreciation and  
impairment losses relating to intangible assets and property, plant and equipment for administration of the  
entity.  
Other operating income  
Other operating income comprises gain on sale of fixed assets.  
Other operating expenses  
Other operating expenses comprises loss on sale of fixed assets.  
Financial income  
Financial income comprises interest income, net capital gains on securities, payables and transactions in  
foreign currencies, amortization of financial assets.  
Financial expenses  
Financial expenses comprise interest expenses, net capital losses on payables and transactions in foreign  
currencies, amortization of financial liabilities.  
 
Tresu Investment Holding A/S  
66  
Notes to consolidated financial statements  
33. Accounting policies  
Balance Sheet  
Goodwill and other intangible assets  
On initial recognition, goodwill is recognized at cost in the balance sheet as described under “Business  
combinations”. Subsequently, goodwill is measured at cost any less accumulated impairment losses.  
The carrying amount of goodwill is allocated to the Group´s cash-generating units at the time of acquisition.  
Determination of cash-generating units complies with the management structure and management control of  
the Group.  
Goodwill is recognized as an asset and is tested for impairment annually, or on such other occasions that events  
or changes in circumstances indicate that it might be impaired. On disposal of a subsidiary, the amount  
attributable of unamortized goodwill that has not been subject to impairment is included in the determination  
of the gain or loss on disposal.  
Intangible assets other than goodwill are valued at cost less accumulated amortization and any impairment  
losses. Brands have been assigned an indefinite useful life. “TRESU" brand has been in existence since 1981  
and given the strength of the brand, it is likely to continue in the future. Capitalized development costs are  
amortized on a straight-line basis over a 3-12 useful life. Customer relationships, patens and other intangibles  
are amortized on a straight-line basis over a 3-14-year useful life. Costs for acquired assets represent the  
purchase price acquisition.  
Intangible assets with indefinite useful lives are not depreciated but are annually tested for impairments. If the  
carrying amount of the assets exceeds the recoverable value, it will be written down to lower value, see the  
section below regarding impairment.  
Development projects on clearly defined and identifiable products and process, for which the technical rate of  
utilization, adequate resources and potential future market or development opportunity in the enterprise can be  
established, and where the intention is to manufacture, market or apply the product or process in question, are  
recognized as intangible assets. Other development costs are recognized as costs in the income statement as  
incurred.  
The cost of development projects comprises costs such as salaries and amortization that are directly and  
indirectly attributable to the development projects.  
Indirect production costs in the form of indirect attributable staff costs and amortization of intangible assets  
and depreciation on property, plant and equipment used in the development process are recognized in costs  
based on time spent on each project.  
Profit and losses from sales of other intangible assets are calculated as the difference between selling price less  
selling costs and the carrying amount at the time of the sale. Profits or losses are recognized in the income  
statement under other operating income/-expenses.  
Estimated useful lives and residual values are reassessed annually.  
 
Tresu Investment Holding A/S  
67  
Notes to consolidated financial statements  
33. Accounting policies  
Property, plant and equipment  
Land and buildings are measured at costs less accumulated and impairment losses. Land is not depreciated.  
Plan and machinery as well as other fixtures, tools and equipment are measured at cost less accumulated  
depreciation and impairment losses.  
Cost comprises the acquisition price, costs directly attributable to the acquisition, and preparation costs of the  
assets until the time when it is ready to be put into operation. For company-manufactures assets, costs comprise  
direct and indirect costs of materials, components, sub suppliers and labor costs.  
For assets held under leases, cost is the lower of the asset´s fair value and present value of future lease  
payments.  
The basis of depreciation is cost less estimated residual value after end of useful life. Straight-line depreciation  
is made on the basis of the following estimated useful lives of the assets:  
Buildings  
33 years  
Plant and machinery  
3-20 years  
Other fixtures and fittings, tools and equipment  
3-20 years  
Leasehold improvements  
3-20 years  
Estimated useful lives and residual values are reassessed annually.  
Property, plant and equipment are written down to the lower of recoverable amount and carrying amount.  
Profits and losses from the sale of property, plant and equipment are calculated as the difference between  
selling price less selling costs and carrying amount at the time of sale. Profit or losses are recognized in the  
income statement under the operating income/-expenses.  
Impairment of intangible and tangible assets  
The carrying amount of both intangible and tangible assets and items of property, plant and equipment are  
reviewed annually for indicators of impairment in addition to that reflected through amortization and  
depreciation. However, goodwill and intangible assets with indefinite useful lives are tested annually.  
If any such indication exist, impairment tests are made of each assets and group of assets, respectively. Write-  
down is made to the lower of recoverable amount and carrying amount.  
The recoverable amount is the higher of net selling price and value in use. Value in use is the present value of  
the estimated net income from using the assets or the group of assets.  
 
Tresu Investment Holding A/S  
68  
Notes to consolidated financial statements  
33. Accounting policies  
Leases  
Leased assets and lease liabilities are recognized in the balance sheet when the leased asset under a lease  
entered into regarding a specific identifiable asset is made available to the Group in the lease term, and when  
the Group obtains the right to substantially all economic benefits from the use of the identified asset and the  
right to control the use of the identified asset.  
On initial recognition, lease liabilities are measured at the present value of the future lease payments discounted  
by an incremental borrowing rate. The following lease payments are recognized as part of the lease liabilities:  
Fixed payments  
Variable payments that change concurrently with changes to an index and an interest rate based on  
said index or interest rate  
Exercise price of call options that it is reasonably certain that management will exercise  
Payments subject to an extension option that it is reasonably certain that the Group will exercise  
Penalty related to a termination option unless it is reasonably certain that the Group will not exercise  
the option.  
The lease liabilities is measured at amortized cost according to the effective interest method. The lease  
liabilities is recalculated when the underlying contractual cash flows change due to changes in an index or an  
interest rate if the Group’s estimate of a residual value guarantee changes or if the Group changes its assessment  
of whether call options, extension options or termination option can reasonably be expected to be exercised.  
On initial recognition, the leased asset is measured at cost, corresponding to the value of the lease liabilities  
adjusted for prepaid lease payments plus directly related costs and estimated costs for demolition, repairs or  
the like and less discounts or other types of incentive payments received from the lessor.  
Subsequently, the asset is measured at cost less accumulated depreciations and impairment losses. The leased  
asset is depreciated over the shorter of the lease term and the useful life of the leased asset. Depreciations  
changes are recognized on a straight-line bass in the income statement.  
The leased asset is adjusted for changes to the lease liabilities due to changes to the term of the lease or changes  
to the cash flows of the lease concurrently with changes to an index or an interest rate.  
Leased assets are depreciated on a straight-line basis over the expected lease term, which is:  
Property  
10-15 years  
Cars  
3-5 years  
Other assets  
3-5 years  
The Group presents the leased asset and the lease liabilities separately in the balance sheet.  
The Group has chosen not to recognize leased assets of a low value and short-term leases in the balance sheet.  
Instead related payments are recognized on a straight-line basis in the income statement.  
The related lease liability is disclosed in the current and non-current other liabilities in the financial statement.  
 
Tresu Investment Holding A/S  
69  
Notes to consolidated financial statements  
33. Accounting policies  
Inventories  
Inventories are measured at the lower of the cost using the FIFO method and net realizable value. Costs consists  
of purchase price. Cost of manufactured goods and work in progress consists of costs of raw materials,  
consumables, direct labor costs and indirect productions costs.  
Indirect production costs comprise indirect materials and labor costs, costs of maintenance, of depreciations  
on and impairment losses relating to machinery, factory buildings and equipment applied for the manufacturing  
process as well as costs of factory administration and management. Financing costs are not included.  
The net realizable value of inventories is calculated as the estimated selling price less completion costs and  
costs incurred to execute sale.  
Receivables  
Receivables are measured at amortized cost, usually equaling nominal value less write-downs for bad and  
doubtful debts.  
Contract work in progress  
Contract work in progress is measured at the selling price of the work carried out at the balance sheet date.  
The selling price is measured based on the stage of completion and the total estimated income from the  
individual contracts in progress. Usually, the stage of completion is determined as the ratio of actual to total  
budgeted consumption of cost. The cost elements in projects are internal and external hours as well as the  
purchase of materials from subcontractors, and it is estimated that the total costs best reflect the progress of  
the projects. For some projects where the consumption of resources cannot be applied as a basis, the ratio  
between completed and total sub activities of the individual projects has been applied.  
If the selling price of a contract work in progress cannot be made up reliably, it is measured at the lower of  
cost incurred and net realizable value.  
Each contract work in progress is recognized in the balance sheet under receivables or liabilities other than  
provisions, depending on whether the net value, calculated as the selling price less prepayment received, is  
positive or negative.  
Cost of sales work and of securing contracts as well as financing costs are recognized in the income statement  
as incurred.  
Prepayments  
Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at  
costs.  
 
Tresu Investment Holding A/S  
70  
Notes to consolidated financial statements  
33. Accounting policies  
Other provisions  
Other provisions comprise anticipated cost of non-recourse guarantee commitments, loss on contract work in  
progress, decided and published restructurings, etc.  
Other provisions are recognized and measured as the best estimate of the expenses required to settle the  
liabilities at the balance sheet date. Provisions that are estimated to mature more than one year after the balance  
sheet date are measured at their discounted value.  
Once it is likely that total costs will exceed total income from a contract in progress, provision is made for the  
total loss estimated to result from the relevant contract.  
 
Tresu Investment Holding A/S  
71  
Notes to consolidated financial statements  
33. Accounting policies  
Liabilities  
Corporate bonds and bank debt are recognized at the time of borrowing at fair value less transaction costs  
incurred, equivalent to the proceeds received. Subsequently, corporate bonds and bank debt are recognized at  
amortized cost equal to the capitalized value using the effective interest method to the effect that the difference  
between the proceeds and nominal amount is recognized in the statement of comprehensive income over the  
term of the loan.  
If corporate bonds are redeemed, this is done at fair value and any gain or loss is recognized through the income  
statement.  
Other liabilities including debt to suppliers as well as other payables are measured at amortized cost which  
usually correspond to nominal value.  
Lease liabilities  
Lease liabilities relating to assets held under leases are recognized in the balance sheet as liabilities other than  
provisions, and at the time of inception of the lease, measured at the present value of future lease payments.  
Subsequent to initial recognition, lease liabilities are measured at amortized costs.  
The difference between present value and nominal amount of the lease payment is recognized in the income  
statement as financial expense over term of the leases.  
Contract liabilities  
Prepayments received from customers comprise amounts from customers prior to recognition of revenue, cf.  
section on contract work in progress.  
Prepayments received from customers  
Prepayments received from customers comprise amounts received from customers prior to delivery of the  
goods agreed or completion of the service agreed.  
Cash flow statement  
The cash flow statement shows cash flows from operating, investing and financing activities as well as cash  
and cash equivalents at the beginning and the end of the financial year.  
The cash flow from acquisition and disposal of entities comprises the cash consideration paid/received net of  
cash and cash equivalents acquired /disposed of with the entities.  
Cash flows from operating activities are presented using the indirect method and calculated as the operating  
profit/loss adjusted for non-cash operating items, working capital changes and income taxes paid.  
Cash flows from investing activities comprise payments in connection with acquisition and divestment of  
subsidiaries, activities and fixed asset investment as well as purchase, development, improvement and sale etc.  
of intangible assets and property, plant equipment, including acquisition of assets held under leases.  
Cash flow from financing activities comprise changes in the size or composition of the contributed capital and  
related costs as well as the raising of loans, inception of lease debt, instalments on interest-bearing debt, and  
purchase of treasury shares and payment of dividend.  
 
Tresu Investment Holding A/S  
72  
Notes to consolidated financial statements  
33. Accounting policies  
Cash flows in other currencies than basic currency is translated at average exchange rates for the months that  
do not significantly deviate from the rates at the transactions date. In the latter case is used the actual exchange  
rate for a specific date.  
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk.  
Tax exempt contribution  
Tax exempt contribution consist of cash and debt conversion. Cash is recognized at nominal value and debt  
conversions are recognized at fair value.  
 
Tresu Investment Holding A/S  
73  
Parent statement of comprehensive income  
1/1 - 31/12 1/1 - 31/12  
2024  
2023  
Notes  
DKK'000  
DKK'000  
Management fee  
10.304  
(12.110)  
(1.806)  
7.771  
(10.674)  
(2.903)  
Administration costs  
Operating profit/loss  
3,4  
Profit/loss in group subsidaries  
Financial income  
(101.517)  
2
(180.000)  
3.477  
5
6
Financial expense  
(41.970)  
(145.291)  
(41.595)  
(221.021)  
Profit/loss before tax  
Tax on profit/loss for the year  
7
(702)  
4.996  
Profit for the year  
(145.993)  
(216.025)  
Total comprehensive income  
(145.993)  
(216.025)  
 
Tresu Investment Holding A/S  
74  
Parent balance sheet  
31.12.2024 31.12.2023  
Notes  
DKK'000  
DKK'000  
Investments in group subsidiary  
8, 9  
1.691  
103.208  
Financial assets  
1.691  
103.208  
Deferred tax asset  
11  
6.673  
5.154  
Other non-current assets  
6.673  
5.154  
Non-current assets  
8.364  
108.362  
Prepayments  
309  
332  
Receivables  
309  
332  
Cash  
41  
350  
363  
695  
Current assets  
Assets  
8.714  
109.057  
 
Tresu Investment Holding A/S  
75  
Parent balance sheet  
31.12.2024 31.12.2023  
Notes  
10  
DKK'000  
DKK'000  
Contributed capital  
Retained earnings  
Equity  
2.925  
(493.667)  
(490.742)  
2.925  
(347.674)  
(344.749)  
Corporate bonds  
12  
13  
485.765  
444.750  
Non-current liabilities  
485.765  
444.750  
Income tax payable  
Trade payables  
199  
491  
978  
4.314  
948  
Payables group companies  
Other payables  
11.600  
1.401  
13.691  
2.816  
9.056  
Current liabilities  
Total liabilities  
499.456  
8.714  
453.806  
109.057  
Equity and liabilities  
 
Tresu Investment Holding A/S  
76  
Parent statement of changes in equity  
Contri-  
buted  
capital  
Retained  
earnings  
Total  
DKK'000 DKK'000 DKK'000  
Equity at 1 January 2024  
Profit for the period  
2.925 (347.674) (344.749)  
0
(145.993) (145.993)  
Equity at 31 December 2024  
2.925 (493.667) (490.742)  
Equity at 1 January 2023  
Capital increase  
2.923 (150.968) (148.045)  
2
0
19.319  
19.321  
Profit for the period  
(216.025) (216.025)  
Equity at 31 December 2023  
2.925 (347.674) (344.749)  
 
Tresu Investment Holding A/S  
77  
Parent cash flow statement  
1/1 - 31/12 1/1 - 31/12  
2024  
2023  
Notes  
DKK'000  
DKK'000  
Operating profit/loss  
(1.806)  
(6.168)  
(7.974)  
(2.903)  
1.623  
Working capital changes  
16  
Cash flows from ordinary operating activities  
(1.280)  
Financial income received  
2
(1)  
56  
(27.635)  
(3.638)  
Financial expenses paid  
Income taxes refunded/(paid)  
Cash flow from operating activities  
(3.001)  
(10.974)  
(32.497)  
Capital increase  
0
10.652  
10.652  
19.321  
(2.822)  
16.499  
Group receivables / payables  
Cash flows from financing activities  
Increase/decrease in cash and cash equivalents  
(322)  
(15.998)  
Cash and cash equivalents at 1 January  
363  
16.361  
Cash and cash equivalents end of year  
41  
363  
Cash and cash equivalents at year end are composed of:  
Cash  
41  
363  
Cash and cash equivalents end of year  
41  
363  
17  
 
Tresu Investment Holding A/S  
78  
Notes to the parent financial statement  
Overview notes  
0. Accounting policies and material accounting policy information  
1. Going concern  
2. Use of estimates and judgement  
3. Fees to auditors appointed at the Annual General Meeting  
4. Staff costs  
5. Financial income  
6. Financial expenses  
7. Income tax  
8. Investments in group subsidiaries  
9. Subsidiaries  
10. Share capital  
11. Deferred tax  
12. Corporate bonds  
13. Liabilities  
14. Contingent liabilities  
15. Pledge assets  
16. Change in working capital  
17. Cash and cash equivalents  
18. Financial risks  
19. Related parties with controlling interests  
20. Shareholder relations  
21. Consolidation  
22. Events after the balance sheet date  
23. Adopting the annual report for publication  
 
Tresu Investment Holding A/S  
79  
Notes to parent financial statement  
0. Accounting policies and material accounting policy information  
The Annual Report of Tresu Investment Holding A/S, a Danish company, has been prepared in accordance  
with IFRS Accounting Standards, as adopted by the EU, and additional Danish requirements applicable to  
reporting class D enterprises, including the statutory order on adoption of IFRS issued pursuant to the Danish  
Financial Statements Act.  
The Parent Company basically uses the same accounting policies as the Group. The cases where the Parent  
Company´s accounting policies differ from the Group are described below. For detailed description of the  
parent company´s use accounting policies are referred to note 33 of the consolidated financial statements.  
Instances where the parent company´s accounting policies differ from the Group  
Investment in group subsidiaries are measured at cost. If the acquisition cost exceeds the investments  
recoverable value, an impairment loss is recognized.  
1. Going concern  
The Group has in 2024 realized a loss of DKK 146.9m and equity of the Group amounts to DKK -490.7m on  
31 December 2024.  
The Group is financed by a bond-loan of DKK 485.8m on 31 December 2024 and an overdraft facility of DKK  
112.0m, which expires January 2027 and November 2026 respectively. The bond-loan includes a roll-up of  
interest only being paid if the Group has a certain positive liquidity.  
The budget for 2025 shows that there is sufficient liquidity available for continued operations, which is based,  
among other things, on the above, as well as a revenue growth in the area 0-10% derived from the current order  
book and additional customer contracts.  
Tresu is a project company, where changes compared to what is expected can happen quickly, and the liquidity  
budget is subject to uncertainty, as it includes expected cash flow from recurring customers and additional  
customer contracts not placed yet. In recent years, the group has not met the budgeted expectations, which,  
combined with the fact that the Group and Company is generally in a liquidity-pressured situation, indicates  
that material uncertainty exists that may cast significant doubt on the Group’s and Company's ability to  
continue as a going concern. However, it is Management's view that the liquidity budget will be met, including  
additional customer contracts being placed, and the Financial Statements has therefore been prepared on a  
going concern basis.  
2. Use of estimates and judgement  
Recoverable amounts for capital participation in subsidiaries  
On indication that the book value (cost) of investments in subsidiaries has fallen, any impairment requirement  
is determined based on the specification of the capital value of the subsidiary in question, cf. the section on  
intantible assets - impairment in the Consolidated financial statement note 2 and the section on impairment of  
intangible and tangible assets in note 33 of the Consolidated financial statements.  
If dividends are distributed for more than the subsidiary´s total income during the period in which dividends  
are to be distributed, this is considered an indication of impairment loss. If an impairment of goodwill is  
recognized in the consolidated financial statements which can be attributed to a subsidiary, this is also  
considered as an indication of impairment loss.  
Other significant estimates and judgement  
For a description of other significant estimates and judgements refer to note 2 of the consolidated financial  
statement.  
 
Tresu Investment Holding A/S  
80  
Notes to parent financial statement  
3. Fees to auditors appointed at the Annual General Meeting  
2024  
2023  
DKK'000  
DKK'000  
Statutory audit  
667  
283  
Other services  
0
142  
Total fees to auditors appointed at the Annual General Meeting  
667  
425  
Other services in 2023 relate to extra work in relation to the capital situation.  
4. Staff costs  
2024  
2023  
DKK'000  
DKK'000  
Board fees  
1.260  
9.078  
170  
1.151  
6.977  
356  
Wages and salaries to the Executive Board  
Pensions  
Other social security costs  
Total staff costs  
17  
24  
10.525  
8.508  
Average number of employees  
2
3
Staff costs are recognized in administration costs.  
Remuneration of management  
Board of Directors  
Executive Board  
2024  
2023  
2024  
2023  
DKK'000  
DKK'000  
DKK'000  
DKK'000  
Board fees  
1.260  
1.151  
0
0
Wages and salaries to the Executive Board  
Pensions  
0
0
0
0
9.078  
170  
6.977  
356  
Allocated to TRESU A/S  
(1.197)  
63  
(1.093)  
58  
(8.786)  
462  
(6.966)  
367  
 
Tresu Investment Holding A/S  
81  
Notes to parent financial statement  
5. Financial income  
2024  
2023  
DKK'000  
DKK'000  
Financial income from group companies  
Interest income  
0
56  
2
0
2
52  
3.369  
3.477  
Other financial income  
Total financial income  
Other financial income in 2023 is effected by a modification gain linked to renewed bonds agreement.  
6. Financial expenses  
2024  
2023  
DKK'000  
DKK'000  
Interest expense  
37.738  
461  
36.027  
0
Interest expenses group companies  
Bond price adjustment  
1.767  
432  
1.924  
1.014  
2.630  
41.595  
Loss on foreign exchange  
Other financial expenses  
Total financial expenses  
1.572  
41.970  
Interest expense consist primarily of interest for the bond obligation.  
 
Tresu Investment Holding A/S  
82  
Notes to parent financial statement  
7. Income tax  
2024  
2023  
DKK'000  
DKK'000  
Current tax for the year  
199  
(2.664)  
(263)  
Deferred tax for the year  
(1.519)  
2.022  
0
Adjustments recognized for current tax from prior periods  
Adjustments recognized for deferred tax from prior periods  
Corporation tax for the year  
(1.646)  
(423)  
702  
(4.996)  
Income tax expense attributable to income before income taxes differed from the amounts computed applying  
the Danish income tax rate of 22,0%.  
Tax on profit the year breaks down as follows:  
Calculated tax on profit for the year before tax  
Tax effect of:  
22,0%  
22,0%  
Adjustment prior year  
(1,4%)  
(21,1%)  
(0,5%)  
0,9%  
(20,6%)  
2,3%  
Non-deductible expenses/non-taxable income  
Effective tax rate  
8. Investments in group subsidiaries  
2024  
2023  
DKK'000  
DKK'000  
Cost at the beginning of the year  
1.054.619  
1.054.619  
Cost at the end of the year  
1.054.619  
1.054.619  
Impairment at the beginning of the year  
Impairment for the year  
(951.411)  
(101.517)  
(771.411)  
(180.000)  
(951.411)  
Impairment end of the year  
(1.052.928)  
Carrying amount end of year  
1.691  
103.208  
An impairment loss has been recognized in 2024 as the acquisition cost exceeds the investments recoverable  
value. The basis of the impairment test has been executed in line with steps outlined in note 11 to group  
financial statements and with respect of the net debt level in the group subsidiaries.  
 
Tresu Investment Holding A/S  
83  
Notes to parent financial statement  
9. Subsidiaries  
Interest  
and share  
of voting  
rights, %  
2024  
Interest  
and share  
of voting  
rights, %  
2023  
Corporate  
form  
Registered in  
TRESU A/S  
Kolding, Denmark  
Varese, Italy  
A/S  
S.r.l  
100,0  
100,0  
100,0  
100,0  
100,0  
100,0  
100,0  
100,0  
100,0  
100,0  
TRESU Italia S.r.l.  
TRESU Royse Inc.  
TRESU Japan Co. Ltd.  
TRESU Vertriebs GmbH  
Dallas, USA  
Inc.  
Osaka, Japan  
Ltd.  
Celle, Germany  
GmbH  
10. Share capital  
The share capital consists of shares with a nominal value of DKK 1 each. The shares have been paid in full.  
The shares have not been divided into classes and no special rights have been attached to the shares.  
The share capital can be made up as follows:  
2024  
2023  
DKK'000  
DKK'000  
Number of shares 1st January  
2.925  
0
2.923  
2
Capital increase by cash deposit  
Number of shares 31st December  
2.925  
2.925  
 
Tresu Investment Holding A/S  
84  
Notes to parent financial statement  
11. Deferred tax  
2024  
2023  
DKK'000  
DKK'000  
Deferred tax assets  
6.673  
5.154  
Total deferred tax  
6.673  
5.154  
The deferred tax assets relate to the difference between the tax rules and accounting rule for amortized bond  
fees, and we expect to utilize the tax asset within the next 2 years as it links to the expiration of the bonds as  
well.  
Recognized  
Deferred  
tax 01.01  
DKK'000  
Recognized  
in profit  
Recognized  
equity  
in other  
comp.inc.  
DKK'000  
Total  
31.12  
2024  
DKK'000  
DKK'000  
DKK'000  
Liabilities and other provisions  
(5.154)  
(1.519)  
0
0
(6.673)  
Temporary differences  
(5.154)  
(1.519)  
0
0
(6.673)  
Recognized  
in other  
Deferred  
tax 01.01  
DKK'000  
Recognized  
in profit  
Recognized  
Total  
31.12  
equity  
comp.inc.  
DKK'000  
2023  
DKK'000  
DKK'000  
DKK'000  
Liabilities and other provisions  
(4.468)  
(686)  
0
0
(5.154)  
Temporary differences  
(4.468)  
(686)  
0
0
(5.154)  
 
Tresu Investment Holding A/S  
85  
Notes to parent financial statement  
12. Corporate bonds  
2024  
2023  
DKK'000  
DKK'000  
Corporate bonds  
488.908  
(3.143)  
485.765  
448.984  
(4.234)  
444.750  
Corporate bonds fees, amortized  
Corporate bonds in the balance sheet:  
Non-current liabilities  
485.765  
444.750  
485.765  
444.750  
Interest  
fixed or  
variabel  
Amortized  
cost  
Nominal  
Value  
Fair  
Value  
Currency  
Expires  
DKK'000  
DKK'000  
DKK'000  
Corporate bond, 3m  
Euribor + 500 bps  
31st December 2024  
EUR  
Jan. 2027  
Variable  
485.765  
479.489  
71.923  
485.765  
479.489  
71.923  
Interest  
fixed or  
variabel  
Amortized  
cost  
Nominal  
Value  
Fair  
Value  
Currency  
Expires  
DKK'000  
DKK'000  
DKK'000  
Corporate bond, 3m  
Euribor + 500 bps  
31st December 2023  
EUR  
Jan. 2027  
Variable  
444.750  
441.340  
64.561  
444.750  
441.340  
64.561  
Since the issue in September 2017, the bonds have been adjusted with the exchange rate EUR/DKK at the end  
of the year. Level 2 from the fair value hierarchy has been used. Further information in consolidation note 19.  
Borrowings are subject to standard trade covenants as well as certain financial leverage ratio covenants.  
 
Tresu Investment Holding A/S  
86  
Notes to parent financial statement  
13. Liabilities  
2024  
2023  
DKK'000  
DKK'000  
Payable staff costs  
Other liabilities  
119  
2.004  
812  
1.282  
1.401  
2.816  
14. Contingent liabilities  
The Group´s Danish companies are jointly and severally liable for tax on the Group´s jointly taxed income etc.  
Total corporation tax payable is stated in the Annual Report of Nortre Administration ApS, which is the  
management company in the joint taxation. The Group´s Danish companies are moreover jointly and severally  
liable for Danish withholding taxes in the form of dividend tax, royalty tax and tax on interest. Any subsequent  
adjustments to corporation taxes and withholding taxes may imply that the Company will be liable for a higher  
amount. Tresu Investment Holding has provided a self-debtor's guarantee in Nykredit Bank A/S for Tresu A/S.  
15. Pledged assets etc.  
There has been given a negative pledge in the entity´s assets.  
16. Changes in working capital  
2024  
2023  
DKK'000  
DKK'000  
Increase/decrease in receivables  
23  
(6.191)  
(6.168)  
149  
1.474  
1.623  
Increase/decrease in trade payables etc.  
 
Tresu Investment Holding A/S  
87  
Notes to parent financial statement  
17. Cash and cash equivalents from financing activities  
2024  
2023  
DKK'000  
DKK'000  
Cash and cash equivalents  
41  
41  
363  
363  
18. Financial risks  
2024  
DKK'000  
2023  
DKK'000  
Categories of financial instruments  
Cash  
41  
363  
41  
363  
Corporate bonds  
485.765  
491  
444.750  
4.314  
Trade payables  
Payables to group companies  
Other payables  
11.600  
1.401  
948  
2.816  
Financial liabilities measured at amortized cost  
499.257  
452.828  
Practice for controlling financial risks  
Reference is made to note 27 of the consolidated financial statement for a description of the practice for  
controlling financial risks.  
It is Parent´s policy not to make any speculation in financial risks.  
 
Tresu Investment Holding A/S  
88  
Notes to parent financial statement  
18. Financial risks  
Currency risks  
The Parent has not entered into any derivative financial instruments to hedge recognized financial assets and  
liabilities. The Parent´s currency exposure is specified below:  
Unsecured  
Cash and  
cash equval.  
DKK'000  
Recei-  
vables  
Bond  
debt  
Other  
Net  
Liabilities  
DKK'000  
position  
DKK'000  
2024  
DKK'000  
DKK'000  
EUR  
5
0
(488.908)  
0
(488.903)  
31st December 2024  
5
0
(488.908)  
0
(488.903)  
Unsecured  
Net  
Cash and  
cash equval.  
DKK'000  
Recei-  
vables  
Bond  
debt  
Other  
Liabilities  
DKK'000  
position  
DKK'000  
2023  
DKK'000  
DKK'000  
EUR  
13  
0
(448.984)  
0
(448.971)  
31st December 2023  
13  
0
(448.984)  
0
(448.971)  
Sensitivity analysis regarding currency risks  
2024  
2023  
Equity sensitivity to exchange rate fluctuations  
DKK'000  
DKK'000  
Impact if EUR-rate was 1% lower than actual rate  
4.889  
4.490  
4.889  
4.490  
2024  
2023  
Sensitivity of the result to exchange rate fluctuations  
DKK'000  
DKK'000  
Impact if EUR-rate was 1% lower than actual rate  
4.889  
4.490  
4.889  
4.490  
The Corporate bonds are issued in EUR and the principal amount is subject to exchange rate fluctuations  
between the Company´s functional currency (DKK) and EUR. A 1% change in the EUR rate at 31st December  
2024 would have affected comprehensive income and equity by approximately DKK 4,9m. The sensitivity  
analysis shows the difference between the 31st December 2024 fair value calculated for the Group´s assets and  
liabilities denominated in EUR.  
 
Tresu Investment Holding A/S  
89  
Notes to parent financial statement  
18. Financial risks  
Interest rate risks  
Both corporate bonds and bank debt has a variable interest rate, and therefore the company has a significant  
interest rate risk. Other payables have a short repayment profile, and the company only has a low interest rate  
risk.  
The Parent has a significant degree of interest-bearing financial liabilities and as a consequence is exposed to  
interest rate risks. In regard to the Group´s financial assets and financial liabilities, the following contractual  
interest rate adjustment dates or maturity dates can be specified, depending which date is the earlier, and how  
much of the interest-bearing assets and liabilities are at a fixed-rate. Variable rate loans are deemed to have  
interest rate adjustment dates that fall within one year.  
2024  
2023  
Sensitivity to interest rate fluctuations  
DKK'000  
DKK'000  
Impact if interest rate was 1% higher than actual rate  
(4.889)  
(4.490)  
(4.889)  
(4.490)  
2024  
2023  
Sensitivity to interest rate fluctuations  
DKK'000  
DKK'000  
Impact if interest rate was 1% lower than actual rate  
4.889  
4.490  
4.889  
4.490  
 
Tresu Investment Holding A/S  
90  
Notes to parent financial statement  
18. Financial risks  
Liquidity risks  
Due dates for financial liabilities are specified below, broken down by the time intervals used in the Group´s  
liquidity management. The specified amounts represent the amounts that fall due for payment, including  
interest, etc.  
Less than 6  
months  
6-12  
1-5  
After  
5 years  
months  
DKK'000  
years  
Total  
2024  
DKK'000  
DKK'000  
DKK'000  
DKK'000  
Non-derivative financial liabilities:  
Corporate bonds  
0
0
0
0
0
560.713  
0
0
0
0
560.713  
11.600  
1.401  
Group payables  
11.600  
1.401  
13.001  
0
0
Other payables  
560.713  
573.714  
Less than 6  
months  
6-12  
1-5  
After  
5 years  
months  
DKK'000  
years  
Total  
2023  
DKK'000  
DKK'000  
DKK'000  
DKK'000  
Non-derivative financial liabilities:  
Corporate bonds  
0
948  
0
0
0
0
556.840  
0
0
0
0
556.840  
948  
Group payables  
0
0
Other payables  
2.816  
3.764  
2.816  
560.604  
556.840  
The Parent liquidity reserve consists of cash.  
Management assesses the Parent liquidity requirements on a regular basis.  
2024  
2023  
DKK'000  
DKK'000  
The liquidity reserve is compressed as follows:  
Cash  
41  
41  
363  
363  
 
Tresu Investment Holding A/S  
91  
Notes to parent financial statement  
18. Financial risks  
Credit risks  
The Group is not exposed to significant credit risks.  
Default of loan agreements  
The Group has not neglected or defaulted loan agreements during the financial year or the comparative year.  
Optimization of capital structure  
Capital structure is managed for the Group as a whole, and there is no policy for the parent company, cf. note  
27 in the consolidated financial statement.  
19. Related parties with controlling interests  
The following parties have a controlling interest:  
Altor Fund IV Holding AB, Stockholm, shareholder, ultimate owner (99,9% ownership)  
Tresu Group Holding A/S, CBR-no. 37752088, Kolding, shareholder (100% ownership), parent  
Other related parties include the company’s Board of Directors and Executive Board. There have been no  
transactions in the financial year with members of the Board of Directors and Executive Board other than those  
which appear from note 4.  
2024  
2023  
Transactions with related parties  
DKK'000  
DKK'000  
Remuneration etc. of key people cf. note 4  
Management fee from group subsidiaries  
Capital increase  
10.525  
10.304  
0
8.508  
7.771  
19.321  
527  
Management fee to related party  
Interest on interim account  
438  
461  
(56)  
20. Shareholder relations  
The company has registered the following shareholders, owning more than 5% of the share capital:  
Altor Fund IV Holding AB, Stockholm, shareholder, ultimate owner
Tresu Group Holding A/S, CBR-no. 37752088, Kolding, shareholder, parent
 
Tresu Investment Holding A/S  
92  
Notes to parent financial statement  
21. Consolidation  
Name and registered office of the Parent preparing consolidated financial statements:  
Tresu Group Holding A/S, CBR-no. 37752088, Venusvej 44, DK-6000 Kolding  
22. Events after the balance sheet date  
No event after the balance date has happened that will affect the matter of this report.  
23. Adopting the annual report for publication  
The board members have on the board meeting on the 30.04.2025 approved present Annual Report for  
publication. The Annual Report will be submitted to the shareholders for approval at the Annual General  
Meeting on 30.04.2025.