Agern Alle 5A, 2.
2970 Hørsholm
1 November 2023 - 31 October 2024
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Management has today considered and approved the annual report for the financial year 1 November 2023 - 31 October 2024 for ANALOG DEVICES A/S.
The annual report is presented in accordance with the Danish Financial Statements Act.
Management believes that the financial statements give a true and fair view of the company's assets, liabilities and financial position and of the result.
The annual report is submitted for approval by the General Assembly.
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The Company's activity is to provide sales of digital integrated circuit for Analog Devices International as well as design and development of technical solutions for the communication market.
Business review
The Company's income statement for 2023/24 shows a profit of DKK 455,139 and the balance sheet at 31 October 2024 shows shareholders' equity of DKK 6,457,816.
The Management finds the result of the year satisfactory.
Events after end of financial year
No material events affecting the Company's financial position have occured after the balance sheet date.
Accounting Policies are consistent with those of last year.
Foreign currency translation
The annual report is represented in Danish Kroner (DKK).
On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date and the rate at the date of payment are recognised in the income statement as financial income or financial expenses.
Receiveables and payables and other monetary items denominated in foreign currencies are translated at closing rates. The difference between the exchange rates at the balance sheet date and the date at which the receiveable or payable arose or was recognised in the latest financial statements is recognised in the income statemement as financial income or financial expenses.
Income statement Revenue
The company has as interpretation contribution for including revenue chosen IAS 11/IAS 18. Revenue consist of Commission income and cost reimbursement.
Income from the sale of goods is recognised in revenue when the most significant rewards and risks have been transferred to the buyer and provided the income can measured reliably and payment is expected to be received.
Other external expenses
Other external expenses comprise expenses relating to sale, advertisment, administration, operating leases etc.
Staff costs
Staff costs comprise wages and salaries, including holiday allowance and pensions and other social security costs etc. for the Company's employees. Refunds received from public authorites are deducted from staff costs.
Other operation costs
Other operating costs include accounting items of secundary nature to those of the business principal activity, including profit or loss on the sale of property, plant and equipment.
Financial income and expenses
Financial income and expenses comprise interest income and expenses, realised and unrealised gains and losses on transactions denominated in foreign currencies as well as surcharges and refunds under the on-account tax scheme, etc.
Tax for the year
Tax for the year comprises current tax for the year and changes in deferred tax. The tax expense relation to the profit/loss for the year is recognised in the income statement, and the tax expense relation to amounts directly recognised in equity is recognised directly in equity. The tax expense recognised in the income statement relating to the extraordinary profit/loss for the year is allocated to this item whereas the remaining tax expense is allocated to the profit/loss for the year from ordinary activities.
Balance sheet
Property, plant and equipment
On initial recognition, items of property, plant and equipment are measured at cost.
Fixures and fittings, other plant and equipment and leasehold improvements are measured at cost less accumulated depreciation.
The basis of depreciation is based on the residual value of the asset at the end of its useful life and is reduced by impairment losses, if any. The depreciation period and the residual value are determined at the time of acquisition and are reassessed every year. Where the residual value exceeds the carrying amount of the asset, no further depreciation charges are recognised.
In case of changes in the depreciation period or the residual value, the effect on the depreciation charges is recognised prospectively as a change in accounting estimates.
Cost comprises the purchase price and any costs directly attributable to the acqusition until the date when the asset is available for use.
Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as seperate items, which are depreciated separately.
Depreciation is provided on a straight-line basis over the expected useful lives of the assets, which are as follows:
Fixture and fittings, other plant and equipment 3-8 years
Leasehold improvements 10 years
Gains and losses on the disposal of property, plant and equipment are calculated as the difference between the selling price less costs to sell and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating expenses, respectively.
Financial assets
Financial assets comprises deposit.
Impairment of non-current assets
The carrying amount of property, plant and equipment is tested annually for evidence of impairment other than the decrease in value reflected by amortisation/depreciation.
Impairment tests are conducted on individual assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount).
The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is determined as the present value of the anticipated net cash flows from the use of the asset or group of assets.
Previously recognised impairment losses are reversed when the reason for recognition no longer exists.
Receivables
Receivablels are measured at amortised cost.
The company has a single re-interpretation contribution write-down of financial receivable selected from IAS 39.
An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.
Prepayments
Prepayments comprise costs incurred concerning subsequent financial years.
Equity Dividend
Dividend proposed for the year is recognised as a liability at the date when it is adopted at the annual general meeting (declaration date). Dividend expected to be distributed for the financial year is presented as a separate line item under "Equity".
Income taxes and deferred tax
Current tax payables and receivables are recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on prior-year taxable income and tax paid on account.
Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on the planned use of the asset or settlement of the liability, respectively.
Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which they are expected to be utilised, either through elimination against tax on future earnings or through a set-off against deferred tax liabilities within the same legal tax entity. Any deferred net assets are measured at net realisable values.
Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax due to changes in the tax rate are recognised in the income statement.
Liabilities
Liabilities are measured at net realisable value.
Disclosure | 2023/24 | 2022/23 | |
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DKK | DKK | ||
Revenue |
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External expenses |
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Gross Result |
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Employee expense | 1 |
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- |
Depreciation, amortisation expense and impairment losses of property, plant and equipment and intangible assets |
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Profit (loss) from ordinary operating activities |
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Other finance income |
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Other finance expenses |
- |
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Profit (loss) from ordinary activities before tax |
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Tax expense |
- |
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Profit (loss) |
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Proposed distribution of results | |||
Proposed dividend recognised in equity |
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Retained earnings |
- |
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Proposed distribution of profit (loss) |
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Disclosure | 2023/24 | 2022/23 | |
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DKK | DKK | ||
Fixtures, fittings, tools and equipment |
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Leasehold improvements |
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Property, plant and equipment | 2 |
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Deposits |
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Investments |
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Total non-current assets |
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Receivables from group enterprises |
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Current deferred tax assets |
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Other receivables |
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Deferred income assets |
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Receivables |
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Cash and cash equivalents |
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Current assets |
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Total assets |
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Disclosure | 2023/24 | 2022/23 | |
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DKK | DKK | ||
Contributed capital |
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Retained earnings |
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Proposed dividend |
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Total equity |
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Trade payables |
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Payables to group enterprises |
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Other payables, including tax payables, liabilities other than provisions | 3 |
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Short-term liabilities other than provisions, gross |
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Liabilities other than provisions, gross |
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Liabilities and equity, gross |
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Contributed capital | Retained earnings | Proposed dividend recognised in equity | Total | |
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DKK | DKK | DKK | DKK | |
Equity, beginning balance |
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Profit (Loss) |
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- |
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Equity, ending balance |
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2023/24 | 2022/23 | |
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DKK | DKK | |
Wages and salaries | 18,390,099 | 24,748,482 |
Post employment benefit expense | 1,864,570 | 1,931,871 |
Social security contributions | 129,837 | 154,914 |
20.384,506 | 26,835,267 |
Leasehold improvements |
Fixtures, fittings, tools and equipment | |
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DKK | DKK | |
Cost, beginning of year | 51,162 | 4,204,548 |
Additions | 205,954 | 727,349 |
Cost, end of year | 257,116 | 4.931.897 |
Depreciations, beginning of year | 2,984 | 1,141,952 |
Depreciations | 5,117 | 797,608 |
Depreciations, end of year | 8,101 | 1,939,560 |
Carrying value, end of year | 249,015 | 2,992,337 |
2023/24 | 2022/23 | |
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DKK | DKK | |
Payroll related taxes | 24,552 | 723,005 |
Liabilities, other than provisions | 1,650,556 | 3,778,580 |
1,675,108 |
4,501,585 |
2023/24 | 2022/23 | |
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DKK | DKK | |
Leasehold liability until March 2027 exceeds | 2,157,247 | 3,057,381 |
Obligation resulting from operating leasing contracts for vehicle exceeds | 541,741 | 300,963 |
The company has registered the following shareholder holding more than 5% of the voting rights or nominal value of the share capital:
Analog Devices Holding B.V., Claudius Prinsenlaan 126, Netherland.
Consolidated financial statements are prepared by the parent company, Analog Devices Inc., Norwood 02062, USA.
Consolidated financial statements can be obtained via these links:
http://investor.analog.com/financial-info/annual-reports
http://investor.analog.com/financial-info/quarterly-results
2023/24 | |||
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Average number of employees |
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