Sinful Holdco A/S

Beskrivelse af virksomhedens væsentligste aktiviteter

The purpose of the Company is to invest in and hold shares in companies.

Beskrivelse af udviklingen i virksomhedens aktiviteter og økonomiske forhold

The income statement for 2024 shows a loss of DKK 116.3 million against a loss of DKK 115.5 last year, and the balance sheet at 31 December 2024 shows equity of DKK 132.7 million.
Management considers the Company’s financial performance in the year unsatisfactory.
The result for the year in the subsidiary Sinful Bidco A/S is impacted by impairments in the company’s subsidiary Sinful ApS as a result of lower long-term growth expectations. Based on a discounted cash flow model, with the main parameters being a weighted average cost of capital (WACC) of 14%, an 8-year forecast period, and a terminal growth assumption of 2%, the value of Sinful ApS is impaired with DKK 264m. Impairment tests are always associated with uncertainty, including management's expectations for the company's budget for the coming years, growth rate during the terminal period and discount factor.
Additionally, as a consequence of the altered expectations, remissions of debt of DKK 251m have been agreed with the Company's Lenders. This ensures a healthy capital structure in the company going forward.
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.
Non-financial matters
Capital structure and resources
The Sinful HoldCo A/S share capital is divided into two share classes. Refer to Note 11 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 2025.
The company’s subsidiary Sinful BidCo A/S' current loan agreements with lenders remain valid until the sale of the subsidiary, Sinful ApS. Under the terms of these agreements, interest will be capitalized and added to the outstanding principal balances of the respective loans.
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 did not engage in transactions involving its treasury shares during the year.
Employees in numbers
Employees constitute the most important asset in the Sinful Group. By the end of 2024 the number of employees within the group has decreased with 31 headcounts to 118, compared to 2023, where the number of employees was 149, compared to 228 by the end of 2022. All employees are currently employed in Denmark.
Board of Directors and Management

Omtale af betydningsfulde hændelser, som er indtruffet efter regnskabsårets afslutning

No events materially affecting the Group's financial position have occurred subsequent to the financial year-end.