Friheden Invest Holding Aps

For the financial year 2022/2023, the Group realized a loss before tax of DKK 107 million. The result was positively affected by gains on financial investments of DKK 125 million, while value adjustments of participating interest and real estate had a negative impact of DKK 180 million and DKK 16 million, respectively. The result is worse than expected despite a satisfying contribution from the financial investments. The value adjustments of participating interest were worse than expected after a challenging year operationally with difficult end markets, supply chain disruptions and ERP system implementation. The equity balance in Friheden Invest Holding ApS stands at DKK 1,843 million at financial year end.
Changes in accounting policies
The Parent Company has changed its accounting policy compared to last year, when the annual report was prepared in accordance with International Financial Reporting standards (IFRS), to the Danish Financial Statement Act. The accounting effect of the transition to the Danish Financial Statement Act is DKK 0.

In connection with the change of accounting policy from IFRS to ÅRL, the Parent Company has changed the accounting policy for investments in group entities and participating interest from applying the fair value principle to the cost price principle. The effect of this change has impacted equity as of 1 July 2022 by a negative DKK 515 million, the result in the Parent Company for 2021/22 by a negative DKK 73 million and investments in group entities and participating interests by a negative DKK 515 million. We refer to the accounting policies section “Changes in accounting policies” for further elaboration.