Sinful Holdco A/S

The income statement for 2022 shows a loss of DKK 94.2 million against a loss of DKK 33.7 last year, and the balance sheet at 31 December 2022 shows equity of DKK 295 million.
Recognized income from investments in Sinful ApS is negatively affected by amortization of goodwill and other amortization related to fair value adjustments of identifiable assets in connection with the acquisition of Sinful ApS.
Management considers the Company’s financial performance in the year unsatisfactory.
Non-financial matters
P-Sinful 2021 A/S, which holds the majority of shares in Sinful HoldCo A/S, was established in 2021 by Polaris Private Equity, and the Group successfully acquired the majority of Sinful ApS. Polaris is a leading Nordic private equity company investing in mid-sized companies with the objective to invest in strong companies with great potential and grow them substantially in partnership with Management and the Board.
Capital structure and resources
The Sinful HoldCo A/S share capital is divided into two share classes. Refer to Note 7 for additional information. Management regularly assesses whether Sinful has a capital structure that corresponds to the Company’s need for the financing of working capital.

Together with the Group’s owners and Board of Directors, the Executive Board assesses the combination of equity and loans from shareholders and external financing on a recurring basis.

Management maintains an ongoing dialogue with the Group’s most important lenders and shareholders, who show a high level of confidence in the Group. Management assesses that the Group’s current capital structure and resources are adequate and sufficient to carry through the activities planned for the financial year 2023.
Reporting guidelines of Active Owners
The Sinful Group is partly owned by private equity and follows certain reporting guidelines issued by the Danish Venture Capital and Private Equity Association. You may find the guidelines here www.aktiveejere.dk.
Shareholder information
The Company’s shares are owned by P-Sinful 2021 (55%) and other investors (45%).
Treasury Shares
During the year, the company engaged in transactions involving its treasury shares. Refer to Note 6 for additional information.
Employees in numbers
Employees constitute the most important asset in the Sinful Group. By the end of 2022 the number of employees within the group has increased with 23 headcounts to 228, compared to 2021, where the number of employees were 205, compared to 140 by the end of 2020. This is a net increase of 23 persons during 2022. All employees are currently employed in Denmark.

Account of the gender composition of Management
The Group’s objective is to have both genders represented amongst the members of the Board of Directors by at least 25% by 2026. Currently, the Board of Directors of Sinful HoldCo A/S has a 50% female representation and 50% male representation. There were no changes in the board of directors in 2022, which means the goal has been met in this legal entity.
The main activities behind the goal of increased female representation at management level are centered around internal and external recruiting as well as making sure that all female internal talents get the needed attention and support in their leadership development to compete for leadership positions.
We pursue a general policy for the Group that states everyone should have equal opportunities, regardless of gender. We believe that having diverse management strengthens our business and brings value for development and innovation. The Company believes that diversity among employees and management, including gender distribution, contributes positively to the working environment and strengthens the company’s performance and competitiveness.