PG 2020 ApS

Piste Group ApS was established on 11 November 2016 and acquired on December 2016 the companies behind the trademarks Nortlander, Danski and Slopetrotter. The activities of the Piste Group consist in the sale of ski holiday travel products in Denmark, Sweden and Norway through the Nortlander, Danski, Slopetrotter, SummitWeek and Rollin’ Snow trademarks and its own hotel and bar activities at the destinations. The Company runs its business through a number of subsidiaries and a branch in France. Profit for the year and expectations for the future Profit for the year after tax totals a loss of DKK’000 3.392 and are as expected. The financial period covers the periode July 1 2018 – 30 June 2019 whereas the comparative figures covers the period May 1 – 30 June 2018 hence the figures are not comparable. Capital resources and funding. The Piste Group has a solid relationship with the main bank. During financial year 2018/19 the main bank prolonged the long- and short-term financing of the Group on an uncommitted basis with next renegotiation in August 2020. Based on the budget for the financial year 2019/2020 Management believes that the Group’s capital resources, and funding are to be considered acceptable for the Group’s needs in 2019/20. Uncertainty relating to recognition and measurement Investments in group enterprises are measured at cost less impaiment. Management has assessed indication of impairment based on expected earnings. The expected earnings are based on estimates as well as expected future events and is thus subject to uncertainty.