xbrli:pureiso4217:DKK169261912018-07-012019-12-311169261912018-07-012019-12-31169261912018-07-012019-12-311169261912018-07-012019-12-311169261912018-07-012019-12-311169261912018-07-012019-12-312169261912018-07-012019-12-313169261912018-07-012019-12-31169261912017-07-012018-06-30169261912018-07-012019-12-31fsa:RetainedEarningsMember169261912018-07-012019-12-31fsa:RetainedEarningsMember169261912017-07-012018-06-30fsa:RetainedEarningsMember169261912019-12-31169261912018-06-30169261912018-07-01fsa:ContributedCapitalMember169261912018-07-01fsa:RetainedEarningsMember169261912018-07-01169261912019-12-31fsa:ContributedCapitalMember169261912019-12-31fsa:RetainedEarningsMember169261912018-07-012019-12-31fsa:BoardOfDirectorsMember169261912017-07-012018-06-30fsa:BoardOfDirectorsMemberRegnskabsklasse C, mellemstor virksomhed339635562017-07-012018-06-30Kolding60004Egtved AlléDeloitte Statsautoriseret RevisionspartnerselskabHedenstedBarrit7150Revisionspåtegning2019-12-312018-07-01<br />190<br />188Barrit LanggadeStenhøj A/S16926191339635560900 København CWeidekampsgade 6, Postboks 1600Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Board of Directors and the Executive Board have today considered and approved the annual report of Stenhøj A/S for the financial year 01.07.2018 - 31.12.2019.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2019 and of the results of its operations for the financial year 01.07.2018 - 31.12.2019.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting.Barrit2020-09-03Claudio SpiritellidirektørClaudio SpiritelliGiulio CorghiCinzia CorghiformandnæstformandTo the shareholders of Stenhøj A/SWe have audited the financial statements of Stenhøj A/S for the financial year 01.07.2018 - 31.12.2019, which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. ​ ​In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2019 and of the results of its operations for the financial year 01.07.2018 - 31.12.2019 in accordance with the Danish Financial Statements Act.We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board of Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements 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 appropriate to provide a basis for our opinion.Management is responsible for the preparation of financial statements that give a true and fair view in accordance with 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. In preparing the financial statements, Management is responsible for assessing the Entity’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 intends 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 includes 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 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 financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:<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 evidence 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 control. <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 estimates 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 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 financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence 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 transactions and events in a manner that gives a true and fair view.<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.Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon. 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. Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act.<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 commentary.Kolding2020-09-03Lars Dam Østergaardmne34501State Authorised Public AccountantFinancial highlights2018/19 DKK'0002017/18 DKK'0002016/17 DKK'0002015/16 DKK'0002014/15 DKK'000Key figuresGross profit/loss25,39625,08720,48619,86018,948Operating profit/loss(22,312)3,401537(217)(7,054)Net financials(1,623)(1,056)(958)(892)(1,463)Profit/loss for the year(28,763)1,815(351)(487)(6,563)Total assets104,77173,93166,31461,90669,439Equity(20,245)8,5196,7047,9737,543RatiosEquity ratio (%)(19.32)11.5210.1112.8810.86Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Equity ratio (%) : Equity * 100 Total assetsPrimary activitiesThe Company’s activities are manufacturing and trade of uplifting equipment for the automotive sector. The products are distributed through group companies within the Stenhøj Group as well as a network of distributors. Development in activities and financesDue to a strategic decision sales and distribution activities were transferred to the German group company AutopStenhoj GmbH which have been in charge of distribution activities from the middle of the fiscal year. In this way Stenhøj A/S will focus on the manufacturing activities going forward. Profit/loss for the year in relation to expected developmentsLoss for the year amount to DKK 28.8 million which is considered unsatisfactory. The loss is affected significantly due to changes in accounting estimates, particularly related to valuation of inventories and to a minor extent recognition of guarantee provisions. Also the fiscal year is affected positively by DKK 6.3 million from the transfer of sales and distribution activities. These items are related to the fiscal year 2018/19 and is of a non-recurring nature. OutlookFor the fiscal year 2020 it was expected to realize a minor profit. At the time of adopting the annual report expectations are however revised, as set out in the paragraph “events after the balance sheet date”. At year end the equity is negative. It's the expectation that equity will be reestablised through future earnings or debt conversion. Until then the Parent has expressed it's commitment to provide necessary financial support.Events after the balance sheet dateFollowing the outbreak of COVID-19 the company experienced a decrease in short-term demand due to uncertainty related to the impacts from the pandemic. Demand have however increased at the time of adopting the annual report, but it is no longer considered realistic to realize a profit for the year. Furthermore matters are subject to the continued impact from the pandemic and the effects are inherently uncertain. Apart from this no other events have arisen after the balance sheet date which are relevant to the evaluation of the annual report. 253956502508666223459066124101892401407392757612341670-2231165634007127284536616303221061748-2393469423443304828553529613-287632471814717-28763247-2876324718147171656346419899030113403161599551311813378103374870101103439717158472430643553719390823622346237881633048285531393808279826801104711103119563519565014997266391833918349183104771338739314301047713387393143060000006000000-262446202518627-2024462085186276000000251862785186276000000-262446202414250024142500159290101592901002477271416458620656089101574229321295845269992123794031210088076541280312260170865412803104771338739314301 Going concern At year end the equity is negative. It's the expectation that equity will be reestablised through future earnings or debt conversion. Until then the Parent has expressed it's commitment to provide necessary financial support.2 Events after the balance sheet dateFollowing the outbreak of COVID-19 the company experienced a decrease in short-term demand due to uncertainty related to the impacts from the pandemic. Demand have however increased at the time of adopting the annual report, but it is no longer considered realistic to realize a profit for the year. Furthermore matters are subject to the continued impact from the pandemic and the effects are inherently uncertain. Apart from this no other events have arisen after the balance sheet date which are relevant to the evaluation of the annual report. 3 Staff costs2018/19 DKK2017/18 DKKWages and salaries64,931,90343,273,455Pension costs5,530,2433,555,040Other social security costs1,649,317929,575Other staff costs8,317,7997,379,26480,429,26255,137,334Average number of full-time employees114112Remuneration of management 2018/19 DKKRemuneration of management2017/18 DKKBoard of Director132,00096,000132,00096,000114112132000960004 Other operating incomeOther operation income consist of a non-recurring profit of DKK 6.3 million arising from the sale of sales and distribution activities to the group company AutopStenhoj GmbH.5 Other financial expenses2018/19 DKK2017/18 DKKFinancial expenses from group enterprises1,319,181781,190Other interest expenses8,8294,753Other financial expenses302,312275,8051,630,3221,061,748<br />2018/19 DKK2017/18 DKKFinancial expenses from group enterprises1,319,181781,190Other interest expenses8,8294,753Other financial expenses302,312275,8051,630,3221,061,7486 Tax on profit/loss for the year2018/19 DKK2017/18 DKKChange in deferred tax4,828,553529,6134,828,553529,6137 Proposed distribution of profit and loss2018/19 DKK2017/18 DKKRetained earnings (28,763,247)1,814,717 (28,763,247)1,814,7178 Deferred tax2018/19 DKK2017/18 DKKProperty, plant and equipment0216,869Inventories0(1,378,758)Receivables0(139,743)Tax losses carried forward06,130,185Deferred tax04,828,553 Changes during the year2018/19 DKKBeginning of year4,828,553Recognised in the income statement(4,828,553)End of year09 PrepaymentsPrepayments consits off costs related to the following year such as rent and lease.10 Share capitalNumberPar value DKKNominal value DKKShare6,00010006,000,0006,0006,000,00011 Other provisionsOther provisions comprise anticipated costs of non-recurse guarantee commitments. 12 Non-current liabilities other than provisionsDue after more than 12 months 2018/19 DKKOther payables1,592,9011,592,90113 Unrecognised rental and lease commitments2018/19 DKK2017/18 DKKLiabilities under rental or lease agreements until maturity in total712,6201,269,166Liabilities under rental agreements or leases with group enterprises until expiry10,899,60010,336,93614 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where LSDM ApS serves as the administration company until 07.03.2019 and subsequently Stenhøj Holding A/S serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements.15 Assets charged and collateralThe Entity has guaranteed Stenhøj Holding A/S's debt with Nykredit Bank by floating charge for a maxium of 50,000K DKK. ​ ​The floating charge covers receivable from sales, inventory, intangible, and tangible assets. The carrying amount is 40.073K DKK.16 Related parties with controlling interestStenhøj Holding A/S, Barrit owns all stock in the Entity and thereby controlling interest.17 Non-arm’s length related party transactionsOnly related party transactions not conducted on an arm’s length basis are disclosed in the annual report.​ No such transactions have been conducted in the financial year.18 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group: Nexion S.p.A., Correggio, ItalyName and registered office of the Parent preparing consolidated financial statements for the smallest group: Stenhøj Holding A/S, BaritCopies of the consolidated financial statements of Nexion S.p.A. may be ordered at the following address: Barrit Langgade 188 - 190, 7150 Barit This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).The accounting policies applied to these financial statements are consistent with those applied last year.falseNon-comparabilityThe financial years are not comparable do to a change in length off the financial year. The current financial year covers 18 months, where last financial year covered 12 months.Changes in accounting estimatesDuring the year Management have adopted different assumptions for the assessments related to valuation of inventories, recognition of guarantee provisions and valuation of trade receivables. This have caused a negativ impact on the loss for the year 2018/19.Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.Gross profit or lossGross profit or loss comprises revenue, production costs and other operating income.RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement when delivery is made and risk has passed to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.Production costsProduction costs comprise expenses incurred to earn revenue for the financial year. Production costs comprise direct and indirect costs for raw materials and consumables, wages and salaries, rent and lease, and amortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment included in the production process. In addition, the item includes ordinary write-down of inventories. Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for ordinary inventory writedowns.Distribution costsDistribution costs comprise costs incurred for sale and distribution of the Entity’s products, including wages and salaries for sales staff, advertising costs, travelling and entertainment expenses, etc, and amortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment involved in the distribution process.Administrative expensesAdministrative expenses comprise expenses incurred for the Entity’s administrative functions, including wages and salaries for administrative staff and Management, stationery and office supplies, and amortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment used for administration of the Entity.Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary activities.Other operating expensesOther operating expenses comprise expenses of a secondary nature as viewed in relation to the Entity’s primary activities.Other financial incomeOther financial income comprises interest income, including interest income on receivables from group enterprises, net capital or exchange gains on securities, payables and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish Tax Prepayment Scheme etc.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies, amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.The Entity is jointly taxed with all Danish group enterprises. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses).InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value. Cost consists of purchase price plus delivery costs. Cost of manufactured goods and work in progress consists of costs of raw materials, consumables, direct labour costs and indirect production costs. Indirect production costs comprise indirect materials and labour costs, costs of maintenance of, depreciation of and impairment losses relating to machinery, factory buildings and equipment used in the manufacturing process, and costs of factory administration and management. Finance costs are not included in cost. The net realisable value of inventories is calculated as the estimated selling price less completion costs and costs incurred to execute sale.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset.owever, no deferred tax is recognised for amortisation of goodwill disallowed for tax purposes and temporary differences arising at the date of acquisition that do not result from a business combination and that do not have any effect on profit or loss or on taxable income. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.Joint taxation contributions receivable or payableCurrent joint taxation contributions payable or joint taxation contributions receivable are recognised in the balance sheet, calculated as tax computed on the taxable income for the year, which has been adjusted for prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are expected to be used under the joint taxation arrangement.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.CashCash comprises cash in hand and bank deposits.Other provisionsOther provisions comprise anticipated costs of non-recourse guarantee commitments. Other provisions are recognised and measured as the best estimate of the expenses required to settle the liabilities at the balance sheet date. Provisions that are estimated to mature more than one year after the balance sheet date are measured at their discounted value. Non-recourse guarantee commitments comprise commitments to remedy defects and deficiencies within the guarantee period.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the goods agreed or completion of the service agreed.Cash flow statementWith reference to the Danish Financial Statements Act § 86 section 4 a cash flow statement is not prepared for Stenhøj A/S since this is included in the consolidated cash flow statement for Stenhøj Holding A/S.2020-09-03Martin Klitgaard