Gabriel_Annual_Report_2024-25 - Flipbook - Page 94
CONTENTS // CONSOLIDATED FINANCIAL STATEMENTS AND PARENT COMPANY FINANCIAL STATEMENTS // NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AND PARENT COMPANY FINANCIAL STATEMENTS
Deferred tax assets primarily concern the Group companies Gabriel North America (DKK 5.8 million) and Screen Solutions Ltd (DKK 0.8
million) and mainly relate to tax loss carryforwards. Both companies realised losses in 2024/25, and management therefore made a
detailed assessment of the possibilities of utilising the tax assets.
21
Lease liabilities
Lease liabilities are recognised as follows in the statement of financial position:
CONSOLIDATED
Gabriel North America
On the strength of major customer potential on the North American market and based on budgets/forecasts, management considered
that there is every probability that the tax asset in the USA can be utilised within the next four or five years. The full value of the tax
asset for Gabriel North America is DKK 14.2 million, of which DKK 5.8 million is recognised in the deferred tax asset.
tDKK
Lease liabilities
Budgets/forecasts have been prepared for Gabriel North America for the next five years. Projected earnings support utilisation within
four or five years, based on expected annual revenue growth in fabric sales of the order of 20%, plus slightly increasing earnings from
goods. Growth of 45% was realised in the 2024/25 financial year, which supports management’s assessment. We also refer to note 11
on impairment testing.
0-1 years
1-5 years
> 5 years
Interest component
Net present value of minimum lease
payments
Screen Solutions
Gross tax asset totals DKK 12.0 million, primarily concerning a tax loss carryforward. Via the potential for Screen Solutions products,
management expects to continue to utilise tax losses in the UK company within four or five years. On this basis, a deferred tax asset
of DKK 0.8 million has been recognised.
Minimum
lease
payment
15,812
33,023
14,639
63,474
-4,828
Carrying
amount
14,609
30,511
13,526
58,646
-
58,646
58,646
PARENT COMPANY
2023/24
Minimum
lease
Carrying
payment
amount
14,687
14,297
19,721
19,197
7,681
7,477
42,089
40,971
-1,118
-
2024/25
40,971
2024/25
2023/24
Carrying
amount
968
968
-15
Carrying
amount
420
420
-1
953
419
40,971
Please see note 11 on impairment testing and expected earnings.
22
20
Cash flows from financing activities
CONSOLIDATED
Credit institutions
CONSOLIDATED
tDKK
Amounts owed to credit institutions relate to:
Mortgage debt, mortgage lender
Drawing on ordinary credit facility at bank
Total carrying amount
Amounts owed to credit institutions were recognised in the statement
of financial position as follows:
Non-current liabilities
Current liabilities
Total carrying amount
Fair value is calculated at market value (level 1)
tDKK
PARENT COMPANY
2024/25
2023/24
2024/25
2023/24
33,732
263,050
296,782
36,383
314,058
350,441
-
-
31,043
265,739
296,782
296,782
33,742
316,700
350,441
350,441
-
-
The contractual cash flows from the mortgage debt are due as
follows:
0-1 years
1-5 years
> 5 years
1 October 2024
Repayment of amounts owed
to credit institutions
Increase in lease commitments
30 September 2025
2,689
10,541
20,502
2,642
10,934
22,807
Mortgage
debt
36,376
Drawing on
ordinary bank
Lease
credit facility commitments
314,058
63,524
Drawing on
ordinary bank
credit facility
-
-51,008
-25,168
-78,827
-
33,724
263,050
48,158
86,514
48,158
-30,669
-
Changes in
cash flows
Drawing on
ordinary bank
credit facility
2023/24
Mortgage
debt
Repayment of amounts owed
to credit institutions
Increase in lease commitments
30 September 2024
Changes in
cash flows
-
-2,651
tDKK
1 October 2023
PARENT
2024/25
Drawing on
ordinary bank
Lease
credit facility commitments
38,983
307,128
53,875
-
-
-2,607
6,930
-20,246
-15,923
5,729
-
-
29,895
-
-
36,376
314,058
63,524
-15,923
5,729
Other liabilities are classified as current liabilities and not included in the above.
Lines of credit available to the Group amount to DKK 465 million, of which DKK 263 million had been drawn on the date of the statement of financial position. Given the past record of undrawn lines of credit, the reduction of current liabilities in the financial year and
the expectations for continued strong cash flows, Gabriel subsequently chose to reduce its lines of credit to DKK 390 million at 2 October 2025. As a result of annual renegotiation of the open credit, current liabilities to credit institutions are not expected to be repaid in
the 2025/26 financial year. Please see note 23 on liquidity and interest rate risks.
Mortgage debt to mortgage lender comprises two loans: A fixed-rate annuity loan in DKK with interest of 0.75% p.a. and a principal of
tDKK 42.780 and a floating-rate bond loan with interest at present of 2.08% p.a. and a principal of tDKK 6.162.
The maturity analysis is based on all undiscounted cash flows, including estimated interest payments. Interest payments are estimated
on the basis of existing market conditions.
94
