Årsredovisning 2024

ITAB | Annual & Sustainability Report 2024    131
Auditor’s report
Auditor’s report
To the General Meeting of Shareholders of ITAB Shop Concept AB (publ), corporate identity number 556292-1089  
Report on the annual accounts 
and consolidated accounts 
Opinions
We have audited the annual accounts and consolida -
ted accounts of ITAB Shop Concept AB (publ) except 
for the corporate governance statement on pages 
78-82 for the year 2024. The annual accounts and 
consolidated accounts of the company are included 
on pages 67-130 in this document.
 I
n our opinion, the annual accounts have been pre -
pared in accordance with the Annual Accounts Act 
and present fairly, in all material respects, the financial 
position of the parent company as of 31 December 
2024 and its financial performance and cash flow for 
the year then ended in accordance with the Annual 
Accounts Act. The consolidated accounts have been 
prepared in accordance with the Annual Accounts Act 
and present fairly, in all material respects, the financial 
position of the group as of 31 December 2024 and their 
financial performance and cash flow for the year then 
ended in accordance with IFRS Accounting Standards, 
as adopted by the EU, and the Annual Accounts Act. 
Our opinions do not cover the corporate governance 
statement on pages 78-82. The statutory administration 
report is consistent with the other parts of the annual 
accounts and consolidated accounts.
 W
e therefore recommend that the General Meeting 
of Shareholders adopts the income statement and 
balance sheet for the parent company and the group.
 Our opinions in this report on the annual accounts 
and consolidated accounts are consistent with the 
content of the additional report that has been submit -
ted to the parent company’s Audit Committee in accor-
dance with the Audit Regulation (537/2014) Article 11.
Basis for Opinions
We conducted our audit in accordance with Internatio -
nal Standards on Auditing (ISA) and generally accep -
ted auditing standards in Sweden. Our responsibilities 
under those standards are further described in the 
Auditor’s Responsibilities section. We are independent 
of the parent company and the group in accordance 
with professional ethics for accountants in Sweden and 
have otherwise fulfilled our ethical responsibilities in 
accordance with these requirements. This includes 
that, based on the best of our knowledge and belief, 
no prohibited services referred to in the Audit Regula -
tion (537/2014) Article 5.1 have been provided to the 
audited company or, where applicable, its parent com -
pany or its controlled companies within the EU.
We believe that the audit evidence we have obtained 
is sufficient and appropriate to provide a basis for our 
opinions.
Key Audit Matters
Key audit matters of the audit are those matters that, in 
our professional judgment, were of most significance in 
our audit of the annual accounts and consolidated 
accounts of the current period. These matters were 
addressed in the context of our audit of, and in forming 
our opinion thereon, the annual accounts and consoli -
dated accounts as a whole, but we do not provide a 
separate opinion on these matters. For each matter 
below, our description of how our audit addressed the 
matter is provided in that context. 
 
 W
e have fulfilled the responsibilities described in the 
Auditor’s Responsibilities for the audit of the financial 
statements section of our report, including in relation to 
these matters. Accordingly, our audit included the per -
formance of procedures designed to respond to our 
assessment of the risks of material misstatement of the 
financial statements. The results of our audit procedu -
res, including the procedures performed to address the 
matters below, provide the basis for our audit opinion 
on the accompanying financial statements. 
Valuation of goodwill and shares  
in Group companies 
Description
As of 31 December 2024, the carrying amount of 
goodwill amounts to MSEK 1,844 in the Group’s 
balance sheet which corresponds to 26,0% of total 
assets. Shares in Group companies are reported in 
the Parent Company’s balance sheet at MSEK 2,095, 
which corresponds to 59.3% of total assets. Every 
year, and when there is an indication of a fall in 
value, ITAB tests that the carrying amount does not 
exceed the calculated recoverable amount. The 
recoverable amount is determined for each 
cash-generating unit by means of a current value 
calculation of future cash flows. Future cash flows 
are based on the management’s business plans 
and forecasts and include a number of assump -
tions, including regarding profit trend, growth, 
investment needs and discount rate. For participa -
tions in Group companies, the recoverable amount 
is determined as fair value or value in use, 
whichever is the highest. 
 Al
tered assessments of the assumptions that the 
management has made in the calculation of the 
recoverable amount and the assumptions that the 
company has applied are therefore very important 
in the assessment of the need for impairment. We 
have therefore judged that the recognition of good -
will and shares in Group companies are a key audit 
matter. 
 A d
escription of the impairment test can be found 
in Note 18 “Intangible assets” and in Note 3 “Impor-
tant estimates and assessments”.
How our audit addressed this key audit matter
In our audit, we have evaluated and tested the 
company’s process for establishing impairment 
tests, including by evaluating the accuracy of fore -
casts and assumptions in previous years. With the 
aid of our valuation specialists, we have assessed 
the selected discount rate and assumptions regar -
ding long-term growth. We have also reviewed the 
company’s model and method for implementing 
impairment tests and have evaluated the compa -
ny’s sensitivity analysis. We have reviewed the addi -
tional information provided in the annual accounts.
Other Information than the annual 
accounts and consolidated accounts
This document also contains other information than 
the annual accounts and consolidated accounts 
and is found on pages 1-66. The other information 
also includes the remuneration report and were 
obtained before the date of this auditor’s report. The 
Board of Directors and the Managing Director are 
responsible for this other information. 
 O
ur opinion on the annual accounts and consoli -
dated accounts does not cover this other informa -
tion and we do not express any form of assurance 
conclusion regarding this other information.
 I
n connection with our audit of the annual 
accounts and consolidated accounts, our responsi -
bility is to read the information identified above and 
consider whether the information is materially 
inconsistent with the annual accounts and consoli -
dated accounts. In this procedure we also take into 
account our knowledge otherwise obtained in the 
audit and assess whether the information otherwise 
appears to be materially misstated.
 I
f we, based on the work performed concerning 
this information, conclude that there is a material 
misstatement of this other information, we are requi -
red to report that fact. We have nothing to report in 
this regard.
Responsibilities of the Board of  
Directors and the Managing Director
The Board of Directors and the Managing Director 
are responsible for the preparation of the annual 
accounts and consolidated accounts and that they 
give a fair presentation in accordance with the 
Annual Accounts Act and, concerning the consoli -
dated accounts, in accordance with IFRS Accoun -
ting Standards as adopted by the EU. The Board of 
Directors and the Managing Director are also 
responsible for such internal control as they deter-
mine is necessary to enable the preparation of 
annual accounts and consolidated accounts that 
are free from material misstatement, whether due to 
fraud or error.
 I
n preparing the annual accounts and consolida -
ted accounts, The Board of Directors and the Mana -
ging Director are responsible for the assessment of 
the company’s and the group’s ability to continue 
as a going concern. They disclose, as applicable, 
matters related to going concern and using the 
This is a translation from the Swedish original

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ITAB | Annual & Sustainability Report 2024    132
Auditor’s report
going concern basis of accounting. The going concern 
basis of accounting is however not applied if the Board of 
Directors and the Managing Director intends to liquidate 
the company, to cease operations, or has no realistic 
alternative but to do so.
The Audit Committee shall, without prejudice to the 
Board of Director’s responsibilities and tasks in general, 
among other things oversee the company’s financial 
reporting process.
Auditor’s responsibilities
Our objectives are to obtain reasonable assurance 
about whether the annual accounts and consolida -
ted accounts as a whole are free from material missta -
tement, whether due to fraud or error, and to issue an 
auditor’s report that includes our opinions. Reasona -
ble assurance is a high level of assurance, but is not a 
guarantee that an audit conducted in accordance 
with ISAs and generally accepted auditing standards 
in Sweden will always detect a material misstatement 
when it exists. Misstatements can arise from fraud or 
error and are considered material if, individually or in 
the aggregate, they could reasonably be expected to 
influence the economic decisions of users taken on 
the basis of these annual accounts and consolidated 
accounts.
 A
s part of an audit in accordance with ISAs, we exer-
cise professional judgment and maintain professional 
skepticism throughout the audit. We also:
•
 I
dentify and assess the risks of material misstate -
ment of the annual accounts and consolidated 
accounts, whether due to fraud or error, design and 
perform audit procedures responsive to those risks, 
and obtain audit evidence that is sufficient and 
appropriate to provide a basis for our opinions. The 
risk of not detecting a material misstatement resul-
ting from fraud is higher than for one resulting from 
error, as fraud may involve collusion, forgery, inten -
tional omissions, misrepresentations, or the override 
of internal control.
•
 O
btain an understanding of the company’s internal 
control relevant to our audit in order to design audit 
procedures that are appropriate in the circumstan-
ces, but not for the purpose of expressing an opinion 
on the effectiveness of the company’s internal control. 
•
 E
valuate the appropriateness of accounting poli -
cies used and the reasonableness of accounting 
estimates and related disclosures made by the 
Board of Directors and the Managing Director. 
•
 C
onclude on the appropriateness of the Board of 
Directors’ and the Managing Director’s use of the 
going concern basis of accounting in preparing the 
annual accounts and consolidated accounts. We 
also draw a conclusion, based on the audit evi -
dence obtained, as to whether any material uncer -
tainty exists related to events or conditions that may 
cast significant doubt on the company’s and the 
group’s ability to continue as a going concern. If we 
conclude that a material uncertainty exists, we are 
required to draw attention in our auditor’s report to 
the related disclosures in the annual accounts and 
consolidated accounts or, if such disclosures are ina -
dequate, to modify our opinion about the annual 
accounts and consolidated accounts. Our conclu -
sions are based on the audit evidence obtained up 
to the date of our auditor’s report. However, future 
events or conditions may cause a company and a 
group to cease to continue as a going concern.
•
 E
valuate the overall presentation, structure and 
content of the annual accounts and consolidated 
accounts, including the disclosures, and whether 
the annual accounts and consolidated accounts 
represent the underlying transactions and events in 
a manner that achieves fair presentation.
•
 P
lan and perform the group audit to obtain sufficient 
and appropriate audit evidence regarding the finan -
cial information of the companies and business enti -
ties within the group as a basis for our opinion on the 
consolidated accounts. We are responsible for the 
direction, supervision and performance of the audit 
conducted for the purpose of the group audit. We 
remain solely responsible for our opinions. 
We must inform the Board of Directors of, among other 
matters, the planned scope and timing of the audit. 
We must also inform of significant audit findings during 
our audit, including any significant deficiencies in 
internal control that we identified.
We must also provide the Board of Directors with a 
statement that we have complied with relevant ethical 
requirements regarding independence, and to com -
municate with them all relationships and other matters 
that may reasonably be thought to bear on our inde-
pendence, and where applicable, actions taken to eli -
minate threats or related safeguards applied.
From the matters communicated with the Board of 
Directors, we determine those matters that were of 
most significance in the audit of the annual accounts 
and consolidated accounts, including the most 
important assessed risks for material misstatement, 
and are therefore the key audit matters. We describe 
these matters in the auditor’s report unless law or 
regulation precludes disclosure about the matter. 
Report on other legal and 
regulatory requirements
Report on the audit of the administration and the 
proposed appropriations of the company’s profit or loss
Opinions
In addition to our audit of the annual accounts and 
consolidated accounts, we have also audited the 
administration of the Board of Directors and the Mana -
ging Director of ITAB Shop Concept AB (publ) for the 
year 2024 and the proposed appropriations of the 
company’s profit or loss.
 W
e recommend to the General Meeting of Sharehol -
ders that the profit be appropriated in accordance with 
the proposal in the statutory administration report and 
that the members of the Board of Directors and the 
Managing Director be discharged from liability for the 
financial year.
Basis for opinions
We conducted the audit in accordance with generally 
accepted auditing standards in Sweden. Our responsi -
bilities under those standards are further described in 
the Auditor’s Responsibilities section. We are indepen-
dent of the parent company and the group in accor-
dance with professional ethics for accountants in 
Sweden and have otherwise fulfilled our ethical respon -
sibilities in accordance with these requirements.
We believe that the audit evidence we have obtained 
is sufficient and appropriate to provide a basis for our 
opinions.
Responsibilities of the Board of Directors  
and the Managing Director
The Board of Directors is responsible for the proposal 
for appropriations of the company’s profit or loss. At 
the proposal of a dividend, this includes an assess-
ment of whether the dividend is justifiable considering 
the requirements which the company’s and the 
group’s type of operations, size and risks place on the 
size of the parent company’s and the group’s equity, 
consolidation requirements, liquidity and position in 
general.
 T
he Board of Directors is responsible for the compa -
ny’s organization and the administration of the compa -
ny’s affairs. This includes among other things conti -
nuous assessment of the company’s and the group’s 
financial situation and ensuring that the company’s 
organization is designed so that the accounting, 
management of assets and the company’s financial 
affairs otherwise are controlled in a reassuring manner. 
The Managing Director shall manage the ongoing 
administration according to the Board of Directors’ gui -
delines and instructions and among other matters take 
measures that are necessary to fulfill the company’s 
accounting in accordance with law and handle the 
management of assets in a reassuring manner.
Auditor’s responsibilities
Our objective concerning the audit of the administra -
tion, and thereby our opinion about discharge from lia -
bility, is to obtain audit evidence to assess with a reaso -
nable degree of assurance whether any member of the 
Board of Directors or the Managing Director in any 
material respect:
•
 h
as undertaken any action or been guilty of any omis-
sion which can give rise to liability to the company, or
•
 i
n any other way has acted in contravention of the 
Companies Act, the Annual Accounts Act or the 
Articles of Association.
Our objective concerning the audit of the proposed app-
ropriations of the company’s profit or loss, and thereby 
our opinion about this, is to assess with reasonable 
degree of assurance whether the proposal is in accor-
dance with the Companies Act.
 R
easonable assurance is a high level of assurance, but 
is not a guarantee that an audit conducted in accor-
dance with generally accepted auditing standards in 
Sweden will always detect actions or omissions that can 
give rise to liability to the company, or that the proposed 
appropriations of the company’s profit or loss are not in 
accordance with the Companies Act.
 A
s part of an audit in accordance with generally 
accepted auditing standards in Sweden, we exercise 
professional judgment and maintain professional skepti-
cism throughout the audit. The examination of the admi-
nistration and the proposed appropriations of the com-
pany’s profit or loss is based primarily on the audit of the 
accounts. Additional audit procedures performed are 
based on our professional judgment with starting point in 
risk and materiality. This means that we focus the exami-
nation on such actions, areas and relationships that are 
material for the operations and where deviations and vio-
lations would have particular importance for the compa-
ny’s situation. We examine and test decisions underta-
ken, support for decisions, actions taken and other 
circumstances that are relevant to our opinion concer-
ning discharge from liability. As a basis for our opinion on 
the Board of Directors’ proposed appropriations of the 
company’s profit or loss we examined whether the propo-
sal is in accordance with the Companies Act.

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ITAB | Annual & Sustainability Report 2024    133
Auditor’s report
Joakim Falck  (born 1972)
Auditor for ITAB since 2018 
Authorized Public Accountant
Member of FAR SRS, Ernst & Young AB
The company’s auditor is the registered auditing company Ernst & Young AB, with 
authorised public accountant Joakim Falck as auditor in charge. Aside from his 
duties for ITAB Shop Concept AB, Joakim Falck also has auditing assignments for 
Nolato AB, Absolent Group AB, Hexpol AB, Nefab AB, and Gyllensvaans Möbler AB.
Auditors
The auditors are appointed by the shareholders at 
the Annual General Meeting. The auditors examine 
the company’s annual accounts, consolidated 
accounts and accounting records as well as the 
administration of the Board of Directors and CEO. 
The auditor’s examination of the 
ESEF report
Opinion
In addition to our audit of the annual accounts and 
consolidated accounts, we have also examined that the 
Board of Directors and the Managing Director have pre-
pared the annual accounts and consolidated accounts 
in a format that enables uniform electronic reporting 
(the ESEF report) pursuant to Chapter 16, Section 4(a) of 
the Swedish Securities Market Act (2007:528) for ITAB 
Shop Concept AB (publ) for the financial year 2024.
 O
ur examination and our opinion relate only to the 
statutory requirements.
 I
n our opinion, the ESEF report has been prepared in 
a format that, in all material respects, enables uniform 
electronic reporting.
Basis for opinion
We have performed the examination in accordance 
with FAR’s recommendation RevR 18  Examination of 
the ESEF report. Our responsibility under this recom -
mendation is described in more detail in the Auditors’ 
responsibility section. We are independent of ITAB 
Shop Concept AB (publ) in accordance with professi-
onal ethics for accountants in Sweden and have 
otherwise fulfilled our ethical responsibilities in accor -
dance with these requirements. 
We believe that the evidence we have obtained is suffi-
cient and appropriate to provide a basis for our opinion.
Responsibilities of the Board of Directors and  
the Managing Director
The Board of Directors and the Managing Director are 
responsible for the preparation of the ESEF report in 
accordance with Chapter 16, Section 4(a) of the 
Swedish Securities Market Act (2007:528), and for such 
internal control that the Board of Directors and the 
Managing Director determine is necessary to prepare 
the ESEF report without material misstatements, 
whether due to fraud or error.
Auditor’s responsibility
Our responsibility is to obtain reasonable assurance 
whether the ESEF report is in all material respects prepa -
red in a format that meets the requirements of Chapter 
16, Section 4(a) of the Swedish Securities Market Act 
(2007:528), based on the procedures performed.
 R
evR 18 requires us to plan and execute procedures 
to achieve reasonable assurance that the ESEF report 
is prepared in a format that meets these requirements. 
 R
easonable assurance is a high level of assurance, 
but it is not a guarantee that an engagement carried 
out according to RevR 18 and generally accepted audi-
ting standards in Sweden will always detect a material 
misstatement when it exists. Misstatements can arise 
from fraud or error and are considered material if, indi -
vidually or in aggregate, they could reasonably be 
expected to influence the economic decisions of users 
taken on the basis of the ESEF report. 
The audit firm applies ISQM 1 Quality Management 
for Firms that Perform Audits or Reviews of Financial Sta-
tements, or other Assurance or Related Services Enga-
gements which requires the firm to design, implement 
and operate a system of quality management, inclu-
ding policies and procedures regarding compliance 
with professional ethical requirements, professional 
standards and applicable legal and regulatory requi -
rements.
 T
he examination involves obtaining evidence, 
through various procedures, that the ESEF report has 
been prepared in a format that enables uniform 
electronic reporting of the annual and consolidated 
accounts. The procedures selected depend on the 
auditor’s judgment, including the assessment of the 
risks of material misstatement in the report, whether 
due to fraud or error. In carrying out this risk assess -
ment, and in order to design audit procedures that 
are appropriate in the circumstances, the auditor 
considers those elements of internal control that are 
relevant to the preparation of the ESEF report by the 
Board of Directors and the Managing Director, but not 
for the purpose of expressing an opinion on the effecti -
veness of those internal controls. The examination also 
includes an evaluation of the appropriateness and 
reasonableness of assumptions made by the Board of 
Directors and the Managing Director. 
 T
he procedures mainly include a validation that the 
ESEF report has been prepared in a valid XHTML format 
and a reconciliation of the ESEF report with the audi-
ted annual accounts and consolidated accounts.
 F
urthermore, the procedures also include an assess -
ment of whether the consolidated statement of finan -
cial performance, financial position, changes in equ -
ity, cash flow and disclosures in the ESEF report have 
been marked with iXBRL in accordance with what fol -
lows from the ESEF regulation.
The auditor’s examination of the 
Corporate Governance Statement
The Board of Directors is responsible for that the corpo-
rate governance statement on pages 78-82 has been 
prepared in accordance with the Annual Accounts 
Act.
 O
ur examination of the corporate governance state-
ment is conducted in accordance with FAR´ s standard 
RevR 16 The auditor´s examination of the corporate gover-
nance statement. This means that our examination of the 
corporate governance statement is different and substan-
tially less in scope than an audit conducted in accor-
dance with International Standards on Auditing and 
generally accepted auditing standards in Sweden. We 
believe that the examination has provided us with suffi-
cient basis for our opinions.
 A
 corporate governance statement has been prepa -
red. Disclosures in accordance with chapter 6 section 
6 the second paragraph points 2-6 of the Annual 
Accounts Act and chapter 7 section 31 the second 
paragraph the same law are consistent with the other 
parts of the annual accounts and consolidated 
accounts and are in accordance with the Annual 
Accounts Act.
 E
rnst & Young AB Box 7850, 103 99 Stockholm, 
Sweden, was appointed auditor of ITAB Shop Concept 
AB (publ) by the General Meeting of Shareholders on 
15 May 2024. ITAB Shop Concept AB (publ) has been 
a public interest entity since 28 May 2004.
Jönköping, 4 April 2025
  
Ernst & Young AB
Joakim Falck
Authorized Public Accountant

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ITAB | Annual & Sustainability Report 2024    134
Annual General Meeting 2025
The 2025 Annual General Meeting for ITAB Shop Concept AB (publ) will be 
held on Wednesday, 7 May 2025 at 3:00 p.m. CEST at ITAB’s head office at 
Instrumentvägen 2 in Jönköping, Sweden.
The notice to attend the Annual General Meeting will be published in 
early April 2025 through a press release and on the company’s website, 
and through an advertisement in Post- och Inrikes Tidningar. An 
announcement of the publication of the notice will be made in Dagens 
Industri. The notice will encompass the proposed agenda and the 
proposals of the Nomination Committee and Board of Directors for 
resolutions at the Meeting.
Refer to itabgroup.com for more information,  
and to download and order reports.
Financial information for 2025
Interim Report 3 months – 1 Jan-31 Mar 2025 29 April 2025
Annual General Meeting 2025 7 May 2025
Interim Report 6 months – 1 Jan-30 Jun 2025 11 July 2025
Interim Report 9 months – 1 Jan-30 Sep 2025 30 October 2025
Year-End Report 2024 – 1 Jan-31 Dec 2025 10 February 2026
Annual & Sustainability Report 2025 April 2026
ITAB Group Contact – Investor Relations
Mats Karlqvist, Head of Investor Relations
mats.karlqvist@itab.com

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ITAB Shop Concept AB (publ)
Box 9054
SE-550 09 Jönköping, Sweden
Instrumentvägen 2 (Visiting address)
Tel. +46 (0)36-31 73 00
info@itab.com • ir@itab.com
www.itabgroup.com • www.itab.com