iso4217:DKK765476102019-01-012019-12-31765476102019-01-012019-12-311765476102019-01-012019-12-311765476102019-01-012019-12-312765476102019-01-012019-12-313765476102019-01-012019-12-314765476102019-01-012019-12-315765476102019-01-012019-12-316765476102019-01-012019-12-311765476102018-01-012018-12-31765476102019-12-31765476102018-12-31765476102019-01-012019-12-311765476102018-01-012018-12-311765476102019-01-012019-12-3141765476102018-01-012018-12-3141765476102019-01-012019-12-3142765476102018-01-012018-12-3142765476102019-01-01765476102018-01-01RevisionspåtegningÅrsrapport76547610Frontmatec Kolding A/SPlatinvej86000Kolding2019-01-012019-12-312018-01-012018-12-312020-09-01Thomas StenagerThomas Nybo StenagerCEOHenrik AndersenThomas Nybo StenagerKurt Godsk AndersenMorten Albin OlsenKurt KarlsenFinn Ejsing AndreasenChairman33963556Deloitte Statsautoriseret RevisionspartnerselskabCity Tower, Værkmestergade2DK-8000Aarhus C33963556Deloitte Statsautoriseret RevisionspartnerselskabCity Tower, Værkmestergade 2DK-8000 Aarhus CTo the shareholders of Frontmatec Kolding A/SOpinionWe have audited the financial statements of Frontmatec Kolding A/S for the financial year 01.01.2019 - 31.12.2019, which comprise the income statement, statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.<br/><br/>In our opinion, the financial statements give a true and fair view of the Company’s financial position at 31.12.2019, and of the results of the operations and cash flows for the financial year 01.01.2019 - 31.12.2019 in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.<br/>Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are fur-ther described in the Auditor’s responsibilities for the audit of the financial statements section of this audi-tor’s report. We are independent of the Company in accordance with the International Ethics Standards Board of Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional re-quirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropri-ate to provide a basis for our opinion.Management is responsible for the management commentary.<br/><br/>Our opinion on the consolidated financial statements and the parent financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon.<br/><br/>In connection with our audit of the financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.<br/><br/>Moreover, it is our responsibility to consider whether the management commentary provides the infor-mation required under the Danish Financial Statements Act.<br/><br/>Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the management commen-tary.Management is responsible for the preparation of financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.<br/><br/>In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either in-tends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that in-cludes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always de-tect a material misstatement when it exists. Misstatements can arise from fraud or error and are consid-ered material if, individually or in the aggregate, they could reasonably be expected to influence the eco-nomic decisions of users taken on the basis of these financial statements.<br/><br/>As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Den-mark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: <br/><br/>• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evi-dence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal con-trol.<br/>• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity’s internal control. <br/>• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting es-timates and related disclosures made by Management.<br/>• Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s abil-ity 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 financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evi-dence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Entity to cease to continue as a going concern.<br/>• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, and whether the financial statements represent the underlying transac-tions and events in a manner that gives a true and fair view.<br/>• Obtain sufficient appropriate audit evidence regarding the financial information of the Entity or busi-ness activities within the Entity to express an opinion on the financial statements. We are responsi-ble for the direction, supervision and performance of The Company audit. We remain solely respon-sible for our audit opinion.<br/><br/>We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.Aarhus2020-08-31Søren Alsen LauridsenState-Authorised Public Accountantmne40040For the statutory report on corporate social responsibility, in accordance with Danish Financial State-ments Act §99a, The Company has implemented measures for Corporate Social Responsibility which are included in the UN global compact communication on progress report which is available on the Frontmatec website via the following link: https://www.frontmatec.com/media/4987/frontmatec-cop_2019.pdf.https://www.frontmatec.com/media/4987/frontmatec-cop_2019.pdfFrontmatec Group aims to promote diversity, e.g. with a fair representation of women on the board of directors as well as in the executive management group, based on a desire to strenghthen the compa-ny’s versatility, broaden its competences and improve its decision-making processes.<br/><br/>The board of directors aims to ensure that its members complement each other in the best possible way with respect to age, experience, nationality, gender, etc. for the purpose of ensuring a competent and versatile contribution to the work of the board. These factors are taken into account when new candidates for the board of directors are identified, and the nomination of candidates will always be based on an assessment of their competences, how they will contribute to the overall efficiency of the board of directors.<br/><br/>With reference to the Danish Companies Act section 139a stk. 5 policies are developed and reporting on progress is conducted on group level. Reference is therefore made to the annual report for Front-matec Group ApS.427042000318543000251000146200003941890002641300003265300031431000451000376020003333700026024000-3288600011578000113300008367000-11254000-7427000-55470000-421600012324500012108000146270001196600053148000-4074000-13685000-184300066833000-2231000-234000-96500052000212000-183000-75300066650000-2984000347000196000149780008520000809000075650002341500016281000437200002010000114700016760001327000103540003563000184110006037000125892000121486000148030003558000140695000125044000182521000147362000407660003617900020290009960006037900046943000633800005048400041098000300080003940005233000167279000133664000575000575000153360002383400022395600019425200040647700034161400099220009922000953140002316800087260008726000-854000-67100015877000213210001115330004501400079480002016000794800020160002200000174200002858000580830005553100015827000015903200012510000372670002533600027473000483580002869960002946000002452000174200029494400029660000040647700034161400085260006304000473000-26240004587000-1337000-33616000-45268000-1790000-2946000-814800039095000143290001196600012324500012108000-2492000-5808000Operating lossOperating loss-55470000-1883600020375000-1109600097200024008000222160006886000440600065430000-25650000-48308000Capital movementsCapital movementsContracting of long-term liabilitiesContracting of long-term liabilities-365000919600000-12639000-36500079321000-5640000199170002097600010590001533600020976000