xbrli:pureiso4217:DKK169261912021-01-012021-12-31169261912021-01-012021-12-311169261912021-01-012021-12-311169261912021-01-012021-12-311169261912021-01-012021-12-312169261912021-01-012021-12-313169261912021-01-012021-12-312169261912021-01-012021-12-31169261912020-01-012020-12-31169261912021-01-012021-12-31fsa:RetainedEarningsMember169261912021-01-012021-12-31fsa:RetainedEarningsMember169261912020-01-012020-12-31fsa:RetainedEarningsMember169261912021-12-31169261912020-12-31169261912021-01-01fsa:ContributedCapitalMember169261912021-01-01fsa:RetainedEarningsMember169261912021-01-01169261912021-12-31fsa:ContributedCapitalMember169261912021-12-31fsa:RetainedEarningsMemberGrundlag for konklusionKonklusionRegnskabsklasse C, mellemstor virksomhed339635562020-01-012020-12-31Kolding60004Egtved AlléDeloitte Statsautoriseret RevisionspartnerselskabHedenstedBarrit7150Revisionspåtegning2021-12-312021-01-01<br />190<br />188Barrit LanggadeStenhøj A/S16926191339635562300 København SWeidekampsgade 6Deloitte 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 01.01.2021 - 31.12.2021.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 31.12.2021 and of the results of its operations for the financial year 01.01.2021 - 31.12.2021.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.Barrit2022-06-29Martin KlitgaardMartin KlitgaardCinzia CorghiGiulio CorghiTo the shareholders of Stenhøj A/SWe have audited the financial statements of Stenhøj A/S for the financial year 01.01.2021 -
31.12.2021, 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 31.12.2021 and of the results of its operations for the financial year 01.01.2021 - 31.12.2021 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 for
Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical
requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the IESBA Code. 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.
Kolding2022-06-29Bo Damgaard HansenThomas Aamand Lundmne34543mne47764State Authorised Public AccountantState Authorised Public AccountantFinancial highlights2021
DKK'0002020
DKK'0002018/19
DKK'0002017/18
DKK'0002016/17
DKK'000Key figuresGross profit/loss9,2473,85525,39625,08719.860Operating profit/loss(12,064)(13,249)(22,312)3,401537Net financials(287)(976)(1,623)(1,056)(958)Profit/loss for the year(12,350)(13,487)(28,763)(1815)(351)Total assets59,06445,108104,77173,93166.314Equity13,91811,268(20,245)8,5196.704RatiosEquity ratio (%)23.5624.98(19.32)11.5210.10Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.
The financial year 2018/2019 consists of 18 months, and can therefore not be compared to the other financial
years. 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 financesDuring the pandemic the company has been challenged by several exogenous factors. This has caused many changes and adjustments to the factory setup and despite the loss of DKK 12.4 million for 2021, to a large extent caused by the significant increase in raw material and utility prices, the underlying setup for the factory has been strengthened. Some planned investments into the factory will further strengthen the current setup.
The main raw material is steel and especially the steel prices have caused a significant unfavorable impact to the result. But also delays in the supply chain has contributed to the unsatisfactory loss for the year.
Profit/loss for the year in relation to expected developmentsLoss for the year amount to DKK 12.4 million which is considered unsatisfactory compared to an expectation of a
minor profit for 2021. The result is negatively impacted by increasing steel prices.OutlookFor the fiscal year 2022 a positive gross profit is expected in the level of DKK 0-3 million and a result before tax at
DKK 0 million.Environmental performanceThe Company’s activities are performed with respect to granted environmental approvals.
The use of materials injurious to the environment in the production process is very limited since these materials
to the widest extent possible are substituted by more environmentally neutral materials.Research and development activitiesThe Company is developing new products and developing designs on a continuous basis. The sales- and mar-
keting activities also comprise an ongoing development of concepts within sales and service in order to enhance
the customer experience. Apart from this no particular development activities are carried out throughout the
Company.Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of
this annual report.924731738547298143810437771813167148125897390136037-12063641-1324876516047693302601976631-12350195-142247030-737787-12350195-13486916-12350195-12350195-134869161554171514823025156445729574468942796310152803406142503455029636676521821516945130798260174924712140593458341109575184069761052445043227329645906445345107710590644534510771060000006000000791826952684641391826911268464600000052684641126846460000007918269105600017953501056000179535063131464431798631314644317981896848115250669988842945605168920128780091337777038276120984409018432043896590644534510771015000000150000001 Staff costs2021
DKK2020
DKKWages and salaries30,106,59330,509,518Pension costs2,730,7883,142,873Other social security costs807,282932,214Other staff costs7,078,4803,321,45240,723,14337,906,057Average number of full-time employees9296There has not been any cost to the board of directors in 2021.92962 Other operating incomeGross profit/loss in 2020 include other operating income items which include compensation received from the aid
schemes established as a result of the outbreak and spread of COVID-19.
The company has received compensation for wages and fixed costs and the total amount applied for at
31.12.2020 is 6,334k DKK split in 6,038k DKK from compensation for wages and salaries and 296k DKK from fixed
cost compensation.
3 Other financial expenses2021
DKK2020
DKKFinancial expenses from group enterprises298,474928,020Other interest expenses4,12748,611302,601976,631<br />2021
DKK2020
DKKFinancial expenses from group enterprises298,474928,020Other interest expenses4,12748,611302,601976,6314 Tax on profit/loss for the year2021
DKK2020
DKKAdjustment concerning previous years0(737,787)0(737,787)5 Proposed distribution of profit and loss2021
DKK2020
DKKRetained earnings (12,350,195)(13,486,916) (12,350,195)(13,486,916)6 PrepaymentsPrepayments consits off costs related to the following year such as rent and lease.7 Share capitalNumberPar value
DKKNominal
value
DKKShares6,0001006,000,0006,0006,000,0008 Other provisionsOther provisions comprise anticipated costs of non-recurse guarantee commitments.9 Non-current liabilities other than provisionsDue after more than 12 months
2021
DKKOther payables6,313,1466,313,14610 Unrecognised rental and lease commitments2021
DKK2020
DKKLiabilities under rental or lease agreements until maturity in total451,760344,755Liabilities under rental agreements or leases with group enterprises until expiry10,302,00010,302,00011 Contingent liabilitiesThe Entity participates in a Danish joint taxation
arrangement where 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.12 Assets charged and collateralThe Entity has guaranteed Stenhøj Holding A/S's debt with Nordea 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 40.981k DKK.
13 Related parties with controlling interestStenhøj Holding A/S, Barrit owns all stock in the Entity and thereby controlling interest.14 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..15 Group relationsName and registered office of the Parent preparing consolidated financial statements for the smallest group:
Nexion S.p.A., Correggio, ItalyCopies of the consolidated financial statements of Nexion S.p.A. may be ordered at the following address:
Barrit Langgade 188 - 190, 7150 BarritThis 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.falseRecognition 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.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.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 Nexion S.p.a.
2022-06-29Martin klitgaard