40649247 2024-01-01 2024-12-31 40649247 2024-01-01 2024-12-31 1 40649247 2024-01-01 2024-12-31 2 40649247 2024-01-01 2024-12-31 1 40649247 2024-01-01 2024-12-31 2 40649247 2024-01-01 2024-12-31 3 40649247 2024-01-01 2024-12-31 1 40649247 2024-01-01 2024-12-31 2 40649247 2023-01-01 2023-12-31 40649247 2024-12-31 40649247 2023-12-31 40649247 2023-12-31 fsa:ContributedCapitalMember 40649247 2023-12-31 fsa:SharePremiumMember 40649247 2023-12-31 fsa:RetainedEarningsMember 40649247 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 40649247 2024-01-01 2024-12-31 fsa:SharePremiumMember 40649247 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 40649247 2024-12-31 fsa:ContributedCapitalMember 40649247 2024-12-31 fsa:SharePremiumMember 40649247 2024-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Christian Ludwig Dummler Statement by management on the annual reportThe supervisory board and executive board have today discussed and approved the annualreport of Zeppelin Danmark A/S for the financial year 1 January - 31 December 2024.The annual report is prepared in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the company's financialposition at 31 December 2024 and of the results of the company's operations for the financialyear 1 January - 31 December 2024.In our opinion, management's review includes a fair review of the matters dealt with in themanagement's review.Management recommends that the annual report should be approved by the company ingeneral meeting. Brøndby Volker Possögel Christoph Lindhuber Christian Ludwig Dummler chairman Alexandra Mebus Stanislav Chládek To the shareholder of Zeppelin Danmark A/S OpinionIn our opinion, the Financial Statements give a true and fair view of the financial position of theCompany at 31 December 2024, and of the results of the Company’s operations for thefinancial year 1 January - 31 December 2024 in accordance with the Danish FinancialStatements Act.We have audited the Financial Statements of Zeppelin Danmark A/S for the financial year 1January - 31 December 2024, which comprise income statement, balance sheet statement ofchanges in equity and notes, including a summary of significant accounting policies (“theFinancial Statements”). Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and theadditional requirements applicable in Denmark. Our responsibilities under those standards andrequirements are further described in the “Auditor’s responsibilities for the audit of theFinancial Statements” section of our report. We are independent of the Company inaccordance with the International Ethics Standards Board for Accountants’ International Codeof Ethics for Professional Accountants (IESBA Code) and the additional ethical requirementsapplicable in Denmark, and we have fulfilled our other ethical responsibilities in accordancewith these requirements and the IESBA Code. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion. Statement on Management’s ReviewManagement is responsible for Management’s Review.Our opinion on the Financial Statements does not cover Management’s Review, and we do notexpress any form of assurance conclusion thereon.In connection with our audit of the Financial Statements, our responsibility is to readManagement’s Review and, in doing so, consider whether Management’s Review is materiallyinconsistent with the Financial Statements or our knowledge obtained during the audit, orotherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether Management’s Review provides theinformation required under the Danish Financial Statements Act.Based on the work we have performed, in our view, Management’s Review is in accordancewith the Financial Statements and has been prepared in accordance with the requirements ofthe Danish Financial Statements Act. We did not identify any material misstatement inManagement’s Review. Management’s responsibilities for the Financial StatementsManagement is responsible for the preparation of financial statements that give a true and fairview in accordance with the Danish Financial Statements Act, and for such internal control asManagement determines is necessary to enable the preparation of financial statements thatare free from material misstatement, whether due to fraud or error.In preparing the Financial Statements, Management is responsible for assessing the Company’sability to continue as a going concern, disclosing, as applicable, matters related to goingconcern and using the going concern basis of accounting in preparing the Financial Statementsunless Management either intends to liquidate the Company or to cease operations, or has norealistic alternative but to do so. Auditor’s responsibilities for the audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the Financial Statements as awhole are free from material misstatement, whether due to fraud or error, and to issue anauditor’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 additionalrequirements 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 inthe aggregate, they could reasonably be expected to influence the economic decisions of userstaken on the basis of these Financial Statements.As part of an audit conducted in accordance with ISAs and the additional requirementsapplicable in Denmark, we exercise professional judgement and maintain professionalscepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the Financial Statements, whetherdue to fraud or error, design and perform audit procedures responsive to those risks, andobtain 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 oneresulting from error as fraud may involve collusion, forgery, intentional omissions,misrepresentations, or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design auditprocedures that are appropriate in the circumstances, but not for the purpose of expressingan opinion on the effectiveness of the Company’s internal control.Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by Management.Conclude on the appropriateness of Management’s use of the going concern basis ofaccounting in preparing the Financial Statements and, based on the audit evidenceobtained, whether a material uncertainty exists related to events or conditions that maycast significant doubt on the Company’s ability to continue as a going concern. If weconclude that a material uncertainty exists, we are required to draw attention in ourauditor’s report to the related disclosures in the Financial Statements or, if such disclosuresare inadequate, to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor’s report. However, future events or conditions maycause the Company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the Financial Statements,including the disclosures, and whether the Financial Statements represent the underlyingtransactions and events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, theplanned scope and timing of the audit and significant audit findings, including any significantdeficiencies in internal control that we identify during our audit. Hellerup PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Martin Lunden State Authorised Public Accountant mne32209 Maj-Britt Nørskov Nannestad State Authorised Public Accountant mne32198 Zeppelin Danmark A/S Park Allé 363 2605 Brøndby 40649247 Brøndby Strandvejen 44 2900 Hellerup Financial highlightsSeen over a 5-year period, the development of the Company may be described by means of thefollowing financial highlights:20242023202220212020TDKKTDKKTDKKTDKKTDKKKey figuresProfit/lossRevenue 1.155.795 1.165.976 1.053.720 916.472 827.746Gross profit 290.228 260.746 256.824 210.995 177.478Earnings before interest and taxes(EBIT) 52.745 34.557 21.805 10.314 2.780Net financials -36.740 -21.810 -8.003 -3.778 -3.544Profit/loss for the year 3.880 -10.648 10.504 5.025 -665Balance sheetBalance sheet total 1.238.019 1.378.256 838.675 612.248 488.326Investment in property, plant andequipment 48.680 294.818 185.072 114.685 26.046Equity 313.477 309.597 145.245 134.741 129.716Number of employees 310 321 287 271 258Financial ratiosGross margin %25,1 %22,4 %24,4 %23,0 %21,4EBIT margin %4,6 %3,0 %2,1 %1,1 %0,3Solvency ratio %25,3 %22,5 %17,3 %22,0 %26,6Return on equity %1,2 %-4,7 %7,5 %3,8 %-1,0ROIC %14,5 %7,3 %4,4 %2,9 %1,8Current ratio %165,3 %143,3 %173,5 %149,5 %143,7The financial ratios are calculated in accordance with the Danish Finance Society'srecommendations and guidelines. For definitions, see the summary of significant accountingpolicies.Profit/(loss) for the year relative to the expectations most recently expressedZeppelin Danmark A/S did not meet expectations on revenue and result for the year in 2024.Revenue of DKK'000 1,155,795 was below the expectation of DKK'000 1,200,000 and the netresult concluded at DKK'000 3,880 against the expectation of DKK'000 37,486. While theCompany’s Power Systems division has had a profitable year, high interest rate and challengingmarket conditions within the construction industry affected the business overall.Statutory corporate social responsibility reportAs a part of the Zeppelin Group a strong focus on CSR is given. Since 2016 the Zeppelin Grouphas been a member of the UN Global Compact reporting (on group level as well as for eachcompany within the group) the development within human rights, labor standards andenvironmental and climate protection. The reporting is done annually in accordance with theGlobal Reporting Initiatives (the GRI standards) and is published on a Zeppelin GmbH website .The CSR policy is incorporated into Zeppelin Danmark's business strategy, which means that wefocus on our actions. Zeppelin Danmark A/S adheres to the Code of Conduct of the Zeppelin Group and expect oursuppliers to perform in accordance with the Zeppelin Groups’ Code of Conduct for Suppliers.Furthermore, Zeppelin Danmark A/S reports all data requested by the Zeppelin Group for theannual CSR reporting.Description of the company's business modelZeppelin Danmark A/S operates as a construction and power systems Caterpillar dealer inDenmark, Greenland, and the Faroe Islands. Zeppelin Danmark A/S’ overall business model consists of import, distribution and retail salesof construction machinery and power engines produced by Caterpillar Inc. including otherproducts such as MaK and third-party products. This includes the sale of spare parts andaccessories as well as aftermarket services. Most activities are in Denmark, but in recent years the Zeppelin Danmark A/S has expanded itsbusiness model with import, distribution and retail of machinery, spare parts, and accessoriesas well as aftermarket services to also include the markets Greenland and Faroe Islands. Description of the company's corporate social responsibility policiesPolicies on the environmentDescription of the company's corporate social responsibility standards, guidelines and principles: We take responsibility for the environment and climate seriously. We want to appear as aresponsible company that protects the environment and continuously improves our ownenergy and environmental performance and helps our customers improve theirs. As a part ofthe Zeppelin Group, we are working towards CO2 neutrality in 2030 (scope 1 and 2).Zeppelin Danmark A/S is committed to having a strong focus on climate and the environment.We recognise that by being a supplier of power solutions and construction machines, ZeppelinDanmark A/S operates in an area of potential significant impact on the climate and theenvironment.We contribute as much as possible to limit the environmental and climate impacts of ourproducts through close relationships and dialogue with customers. Due to the nature of ourproducts, it is important for us that we help our customers take care of the environment andthe climate. We do this, among other things, by offering more fuel-saving engine solutions,which are developed in close collaboration with customers, including conversion of existingengines, by offering catalyst units that can reduce NOX emissions and by instructing customersin the correct use and maintenance of our products. This ensures less fuel consumption, lesslubricating oil consumption, fewer emissions, and an extended life of the product.Description of the company's assessment of the results achieved from its corporate socialresponsibility efforts: It was a stated target that Zeppelin Danmark A/S’ in 2024 should be involved in costumerprojects within the marine business corresponding to a minimum value of 1 500 000 DKK inrelation to fuel savings by focusing on sales utilizing different combinations of technologies .Especially conversion of existing engines for lower fuel consumption – and thereby lower CO2emission – has been requested by our customers due to the new EEXI/CII legislation that cameinto force January 1st, 2023. As a result, Zeppelin Danmark A/S has been involved in 4 projectsin relation to fuel reduction by conversion of exiting engines. It has been estimated that thecustomers can lower their CO2 emissions between 2 - 20 % in the respective projects. The 4projects resulted in a revenue in 2024 of approximately 1.033.000 DKK. The target for sales inrelation to marine customer projects concerning fuel/emission reduction will in 2025 continueto be 1.500.000 DKK.Within the area of construction equipment, did Zeppelin Denmark A/S in 2024 continue theimplementation of the Caterpillar Remote Service tool. The tool enables our technicians andsupport teams to assist customers remotely by adjusting, tuning, and troubleshooting theirequipment as needed. Utilizing the remote service tool reduces the necessity for travel,resulting in cost savings for our customers and a reduction in fuel consumption per service andtroubleshooting job. In addition to extending the use of the remote service tool in 2025 and beyond, ZeppelinDanmark A/S has implemented the “Performance Operator Training”, which is designed to helpour customers reducing fuel consumption and emissions by training the operators bestpractices, operation techniques and improved setup at the site. It is estimated that customerscan save up to 10 % fuel by the proper training and awareness. The training courses dofurthermore also focus highly on safe operation of the equipment. The first training sessiontook place in December 2024, and the next two sessions are planned for July 2025.In 2024 Zeppelin Danmark A/S got the first electric commercially working 12 ton excavator. InFebruary 2025 it will be supplemented with a 906 wheel loader. Zeppelin Danmark A/S will incooperation with Zeppelin Rental Danmark A/S continue toexpand the availability of electricmachines and electrical infrastructure for the customers jobsites.We take care of our surroundings and comply with all applicable environmental requirementsand regulations, including our environmental approvals. Through our environmental approvalsand other measures and routines we minimise the risk of pollution and limit emissions fromour locations. Zeppelin Danmark A/S is holding an ISO 50001 certificate, furthermore thePower Systems division is ISO 14001 certified ensuring that we are constantly working toimprove our energy and environmental performance. Environment and sustainability are internally related to waste management, safe storage andhandling of chemicals, routines for maintenance of extraction systems, monitoring of tanksystems and the selection of suppliers and materials. We focus strongly on our energyconsumption and CO2 footprint as it is a stated target that the Zeppelin Group’s own businessshould be CO2 neutral by 2030 from a scope 1 and 2 perspective. During 2023 and 2024 theZeppelin Group has been preparing for the coming mandatory CSRD reporting from fiscal year2025. Including working with the data collection process and data quality for scope 3 emissionsreporting. The total energy consumption in Zeppelin Danmark A/S in 2024 was 4.845.025 kWh which is5.8 % less than in 2023. The total energy consumption is calculated by adding the totalelectricity consumption , the total heat consumption and the total fuel consumption at eachbranch and by adding the kWh consumption of the company cars belonging to each branch.The development in total energy consumption can be read in figure 1. Please note thatnumbers from previous year have been adjusted to only included the consumption of thebranches that Zeppelin Danmark A/S has in 2024 to make the numbers comparable.Figure 1. Development in the total energy consumption in Zeppelin Danmark A/S from 2020 to 2024.The total energy consumption in 2024 was forecasted to be on the same level as in 2023 basedon expected increase in activities in the Power business and status quo or less activities in theConstruction business. The general trend is that electricity consumption has increased atbranch level in 2024 compared to 2023 whereas the heat consumption (actual numbers) hasbeen at same level or slightly lower in 2024. The main contributor to a lower energyconsumption is therefore that company car fleet consumed less kWh in 2024 compared to2023. Furthermore, was the kWh consumption in relation to internal diesel consumption alsolower in 2024 than in 2023.The number of full-time employees (FTEs) was expected to be on the same level in 2024 as in2023 but at the end of 2024 the number of FTEs was 296 compared to 324 at the end of 2023.The decrease in FTEs is reflected in a 3.4 % increase in the total energy consumption per FTE in2024 compared to 2023. See figure 2 showing the development in total energy consumptionper FTE from 2020 to 2024. In the previous years a steady decrease was seen mainly becausethe number of FTEs increased every year from 2020 to 2023. It should though be noted theenergy consumed per FTE in 2024 is less than in the period from 2020 to 2022.Figure 2. Development in total consumed energy per FTE in Zeppelin Danmark A/S from 2020 to 2024.To support the Zeppelin Group target in relation to reducing the consumed heat and electricityZeppelin Danmark A/S does have a stated target that the heat and electricity consumption perFTE shall be reduced by 9.5 % in 2027 compared to 2022. Due to the reduced number of FTEsat the end of 2024 Zeppelin Danmark A/S has only reduced the consumed heat and electricityper FTE in 2024 by 0.5 % compared to 2022. See figure 3.Figure 3. Development in the in the consumed heat and electricity per FTE in Zeppelin Danmark A/S from 2022 to2024.In 2024 the total energy consumption in Zeppelin Danmark A/S resulted in a total CO2 emission(scope 1 & scope 2) of 810.6 tons which is approx. 86 tons less than in 2023. The developmentin the CO2 emission of Zeppelin Danmark A/S is shown in figure 4. whereas the development inCO2 emission per FTE is shown in figure 5. Figure 4. Development in the total CO2 emission of Zeppelin Danmark A/S from 2020 to 2024.The reasons for the lower emission in 2024 compared to the previous years are several. SinceJanuary 1st, 2023, all Zeppelin Danmark A/S’ locations have, except one rented office, beensupplied with green electricity by means of REC certificates. The CO2 contribution from theelectricity consumption has therefore been close to zero in 2023 as well as in 2024. For theconsumed heat a significant reduction in CO2 emission is seen in 2024 compared to 2023.Thereduction is mainly driven by the district heating companies supplying greener heat. This trendis expected to continue in the coming years. In relation to company cars has a lower dieselconsumption in 2024 compared to 2023 contributed to less CO2 emission in 2024 and thegradual transfer from diesel cars to electric cars in our car fleet does also contribute to a loweremission.Figure 5. Development in CO2 emission per FTE in Zeppelin Danmark A/S from 2020 to 2024.The development in Zeppelin Danmark A/S’s CO2 emission is very positive but we are fullyaware that there still is a long way to go to obtain CO2 neutrality in 2030 in relation to scope 1and 2. Especially the company car fleet (passenger cars and service vans) continues to be achallenge that we need to work with in the coming years. The company car fleet contributedwith 86 % of the total CO2 emission in 2024. The transfer from company cars fuelled by diesel to electric cars has started and ZeppelinDanmark A/S is targeting that at least 50 % of the company passenger car fleet should beelectric by 2027. At the end of 2024 29 % of the passenger car fleet were electric cars and thepercentage is expected to increase by another 10 % in 2025. No target has yet been set for thetransition of service vans from diesel to electric versions as it is more challenging. The electricvans available on the market do in general not meet the requirements of Zeppelin DanmarkA/S regarding load capacity and range to be able to conduct field service. In 2024 did ZeppelinDanmark A/S get the first electric service van and a project is ongoing to map possibilities fortransferring more of service vans from diesel to electric van in the coming years.Zeppelin Danmark A/S produced in total 778 tons of waste in 2024, of which 448 tons wereclassified as hazardous waste. The hazardous waste consists mainly of oil, waste originatingfrom cleaning equipment and engine parts (wastewater, contaminated soil, and waste from oilseparators) at our workshops. The total amount of waste decreased with approximately 76tons compared to 2023 when only taking the present Zeppelin Danmark A/S locations intoconsideration. The Power divisions increased the amount of waste due to higher level ofactivity whereas the Construction division decreased their total waste amount due to lowerlevel of activity. 64 % of the collected waste at the Danish locations was handed in for recyclingwhereas 7 % were combusted and 28 % had to be landfilled (the contaminated soil). As thetotal waste amount is very dependent on the activity level one of our focus areas is to increasethe material recycling rate. The challenge is that the share of contaminated soil in theConstruction division keeps growing making it very difficult at present to improve the recyclingrate.Policies on social conditions and labour practicesDescription of the company's corporate social responsibility standards, guidelines and principles: Zeppelin Danmark A/S focuses on the safety, health, work accidents and sickness absence ofthe employees as documented in our KPls. Furthermore, we monitor the employee satisfactionand work actively on improving it.Zeppelin Danmark A/S focuses on diversity and equality. Our group of employees includesapprentices as well as employees with different disabilities.Zeppelin Danmark A/S is determined to be recognized as a business partner that creates highquality solutions in a safe manner. We are committed to providing safe and healthy workingconditions and to continually assess and remove or mitigate any risks that arise in our workprocesses. The goal is to prevent any work-related accidents or illnesses, but we also seek to beprepared in case anything happens. The company therefore holds at least one defibrillator ateach location and first-aid courses are held regularly for employees.We comply with applicable legal occupational health and safety requirements as well asrequirements from the Zeppelin Group and Caterpillar. We monitor our health and safetyperformance, and we continually seek to improve it by involving the organization. Health andsafety plans - including objectives - are formulated and implemented.We encourage all employees to speak up regarding safety and we expect them to report if theysee any actions or experience situations that could lead to an accident. These reports arehandled by Zeppelin Danmark A/S' Safety Officer, who ensures communication to themanagement and supports the organisation in following-up on the cases with appropriatecorrective measures. Based on the reports, safety statistics are compiled on a monthly andannual basis.All accidents are thoroughly analysed to determine the cause of the accident, and how asimilar accident can be avoided in the future. Accidents with absence are reported as requiredto the authorities.Description of the company's assessment of the results achieved from its corporate socialresponsibility efforts: In 2024 Zeppelin Danmark A/S did not reach its safety targets which was zero accidents and aRecordable Injury Frequency (RIF) below 1.5. In total there were 15 accidents in ZeppelinDanmark A/S. One accident less than in 2023 but still far from an acceptable level and thenumber of accidents with absence increased compared to 2023. Ten of the accidents wereaccidents with absence, two were accidents without absence but where professional medicaltreatment was needed and three were minor accidents that did not require medical treatmentnor result in absence. The twelve recordable injuries (the injuries with absence and medicaltreatment) gave an overall RIF = 4.3 which is far from target and inferior to the RIF in 2023which was 2.8.In Zeppelin Danmark A/S we strongly believe that by monitoring and follow-up on incidents asunsafe situations, unsafe acts and near-miss the risk of serious injuries is significantly reduced.Therefore, an improved focus on reporting unsafe situations/acts and near-miss was on theagenda again in 2024 supported by a target stating that six safety reports must be made pertechnician. We did not reach the target as only 2.2 safety reports were made per technicianwhich is slightly lower than the 2.6 reports that were made per technician in 2023.Relevant and required protective equipment is always made available to our employees and itis expected that all employees wear the personal protective equipment in accordance with ourinternal rules and communicated customer requirements. Tools, lifting gear and otherequipment are maintained and checked on an ongoing basis. In our workshops andwarehouses, requirements for safe traffic and behaviour have been introduced, just asrequirements are set for safe behaviour for everyone who works in the field. It is mandatory tomake a safe job analysis before starting any job in the field, and it is an expressed expectationthat all employees contribute to a safe everyday life. At Zeppelin Danmark A/S, we focus on the well-being of our employees. We provide allemployees a good health insurance, massage scheme as well as coffee and fruit scheme. Thewell-being of Zeppelin Danmarks’ employees can be read in the employee satisfaction and alow sickness rate. This was verified by the group employee satisfaction survey conducted in2024.Policies on human rightsDescription of the company's corporate social responsibility standards, guidelines and principles: At Zeppelin Danmark A/S we respect Human rights, and see this as a natural part of doingbusiness.At Zeppelin Danmark A/S we do not tolerate discrimination of any sort. In the case of anyhuman rights violations, there are very clear guidelines in place to assist employees inreporting violations.Description of the content of the company's corporate social responsibility policies: Through Zeppelin’s implementation of so-called 'complaint mechanisms', Zeppelin Denmarkmakes it possible for individuals to lodge a complaint when they are directly affected byactions or inaction caused by Zeppelin's activities, or when they believe that their ownfundamental rights have been violated.Description of the company's assessment of the results achieved from its corporate socialresponsibility efforts: In 2024 Zeppelin Danmark A/S experienced zero cases of human rights violations. We do havespecial focus on article 2 in the Universal Declaration of Human Rights, saying that we shall notmake any distinction of any kind such as race, color, sex, language, religion, political or otheropinion, national or social origin, property, birth or other status. We do not tolerate anydiscrimination either in the daily business amongst our employees and business partners, orwhen hiring new employees to Zeppelin Danmark A/S. Zeppelin Danmark A/S does not expectany Human rights violations in 2025.Anti-corruption and bribery policiesDescription of the company's corporate social responsibility standards, guidelines and principles: We will appear as a company that does business in a transparent way, and in an ethical andresponsible manner. It is mandatory that all employees regularly complete compliance training.For new employees compliance training is a part of the introduction program.The Zeppelin Trust line - is part of our internal compliance guideline. It is a safe andconfidential online channel where the individual employee can raise concerns that cannot beresolved internally within the organization. The employee can be anonymous.Description of the content of the company's corporate social responsibility policies: Zeppelin Danmark A/S is an ethical and responsible company. Zeppelin's Code of Conduct andspecial company policies provide details on how the Company expects its employees tobehave, whether internally or externally. During 2024, Zeppelin Danmark A/S did not find anybreach of our corporate social responsibility standards regarding ethics or corruption. We areobliged to report any compliance issues quarterly.Zeppelin Danmark A/S’ Code of Conduct provides guidelines to employees about ethicalstandards with a focus on integrity and professionalism. All new employees receive our Code ofConduct as a part of the onboarding before they start in the company. Every first working dayin a month we have a common introduction day for new employees where employees areintroduced to the Zeppelin group, our organization, policies and about health and safety.Upon discovering any criminal activity, the individual employee must go to HR or theimmediate superior. Zeppelin Danmark A/S estimates the risk of breaches to our Ethic's andAnti-corruption standards as minimal, due to the continuous focus on this area. In 2024 noallegations of corruption or bribery have been made.Description of the company's assessment of the results achieved from its corporate socialresponsibility efforts: Zeppelin Danmark has a whistle-blower program where employees, in the case of witnessingcorruption or illegal action, can anonymously report to an independent party. In 2024 no callswere received to the whistleblower line.Zeppelin Danmark A/S expects that there will not be allegations of corruption or bribery madein the future. Despite this expectation Zeppelin Danmark A/S will continue focusing on ethicsand anti-corruption at all levels of our business to maintain an ethical and responsiblecompany. Every Year the Zeppelin Group provides mandatory on-line training on Compliance,which includes Ethics and anti-corruption in the workplace. Data EthicsZeppelin Group has since 2013 had a Group Data protection policy (such policy being updatedin 2018) which all Zeppelin businesses must comply to.The objective of this data protection policy is to create a uniform level of data protectionthroughout the Zeppelin Group, taking into account the respective locally valid laws andjurisdiction regarding data protection law. This applies equally to companies within the scopeof the GDPR as well as for companies outside the EU.The Zeppelin group commits to the principles of data protection set forth in the EuropeanGeneral Data Protection Regulation (GDPR). Personal data must be processed in a lawful andtransparent manner in accordance with the duty of utmost good faith for a clearly determinedpurpose in such a way that data integrity and confidentiality are always ensured. The rights ofdata subjects, whether customers, business partners or employees of the Zeppelin group shallbe upheld without restriction. Appropriate support must be provided to the respective datasubject in the exercise of its rights. Zeppelin Group including Zeppelin Danmark A/S has a global HR system (Workday) which alsois set up and works in accordance with GDPR.Zeppelin Danmark A/S is continuously working to ensure compliance with the Group Dataprotection policy, GDPR and any local laws, regulations and guidance related to dataprotection. Such work has been ongoing in 2024. The annual report of Zeppelin Danmark A/S for 2024 has been prepared in accordance with theprovisions of the Danish Financial Statements Act applying to large entities of reporting class C.The annual report for 2024 is presented in TDKK.Pursuant to section 96(3) of the Danish Financial Statements Act, the Company has notdisclosed the fee to the auditors appointed at the annual general meeting.Basis of recognition and measurementIncome is recognised in the income statement as earned, including value adjustments offinancial assets and liabilities. All expenses, including amortisation, depreciation andimpairment losses, are also recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefitswill flow to the company and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economicbenefits will flow from the company and the value of the liability can be measured reliably.On initial recognition, assets and liabilities are measured at cost. On subsequent recognition,assets and liabilities are measured as described below for each individual accounting item.Certain financial assets and liabilities are measured at amortised cost using the effectiveinterest method. Amortised cost is calculated as the historic cost less any installments andplus/less the accumulated amortisation of the difference between the cost and the nominalamount.On recognition and measurement, allowance is made for predictable losses and risks whichoccur before the annual report is presented and which confirm or invalidate matters existing atthe balance sheet date.Foreign currency translationOn initial recognition, transactions denominated in foreign currencies are translated at the ex-change rates at the transaction date. Foreign exchange differences arising between theexchange rates at the transaction date and the date of payment are recognised in the incomestatement as financial income or financial expenses.Receivables, payables and other monetary items denominated in foreign currencies aretranslated at the exchange rates at the balance sheet date. The difference between theexchange rates at the balance sheet date and the date at which the receivable or payable aroseor was recognised in the latest financial statements is recognised in the income statement asfinancial income or financial expenses.Income statementSegment informationSegment information is provided on business segments and geographical markets. Thesegment information is in line with the Group's accounting policies, risks, and internal financialmanagement.RevenueThe Company has chosen to use IFRS 15 Revenue from contracts with customers as the basis ofinterpretation when recognising revenue.IFRS 15 contains one overall and comprehensive model for the recognition of revenue. Thefundamental principle in IFRS 15 is that the Company is to recognise revenue, so it reflectsgoods or services provided to customers at the amounts to which the Company is expected tobe entitled for the provision of these goods or services.Change in inventories of finished goods and work in progressChanges in inventories of finished goods and work in progress comprises costs incurred togenerate revenue for the year. This item also comprises direct costs for goods for resale andchanges to inventory of goods for resale.Other external costsOther external costs comprise distribution costs and costs related to sales, sales campaigns,administration, office premises, operating leases, etc.Staff costsStaff costs comprise wages and salaries, including holiday allowance, pension and other socialsecurity costs, etc. to the Company's employees, excluding reimbursements from publicauthorities.Depreciation, amortisation and impairment of intangible assets and property, plant andequipmentDepreciation, amortisation and impairment of intangible assets and property, plant andequipment comprise the year's depreciation, amortisation and impairment of intangible assetsand property, plant and equipment.Financial income and expensesFinancial income and expenses comprise interest income and expense, financial costs regardingfinance leases, gains and losses on securities, payables and transactions denominated inforeign currencies, amortisation of financial assets and liabilities as well as surcharges andrefunds under the on-account tax scheme, etc.Income from investments in subsidiariesDividend from investments is recognised in the reporting year in which the dividend isdeclared.Tax on profit/loss for the yearThe Company is subject to the Danish rules on compulsory joint taxation of the Group's Danishsubsidiaries. The subsidiaries are included in the joint taxation from the date when they areincluded in the consolidated financial statements and up to the date when they are excludedfrom the consolidation.The Company is the administrative company for the joint taxation and accordingly settles allpayments of corporation tax to the tax authorities.On payment of joint taxation contributions, current Danish corporation tax is allocatedbetween the jointly taxed entities in proportion to their taxable income. Entities with tax lossesreceive joint taxation contributions from entities that have used the losses to reduce their owntaxable profit.Tax for the year comprises current corporation tax for the year and changes in deferred tax,including changes in tax rates. The tax expense relating to the profit/loss for the year isrecognised in the income statement, and the tax expense relating to amounts directlyrecognised in equity is recognised directly in equity.Balance sheetIntangible assetsCustomer base acquired is measured at cost less accumulated amortisation. Customer base isamortised on a straight-line basis over its useful life, which is assessed to be 10 years. Theamortisation period is based on an assessment of the acquiree's market position and earningscapacity.Gains and losses on the disposal of intangible assets are determined as the difference betweenthe selling price less selling costs and the carrying amount at the date of disposal. Gains orlosses are recognised in the income statement as other operating income or other operatingexpenses.Tangible assetsLand and buildings, plant and machinery and fixtures and fittings, tools and equipment aremeasured at cost less accumulated depreciation and impairment losses.Cost comprises the purchase price and any costs directly attributable to the acquisition untilthe date on which the asset is available for use. Indirect production overheads and borrowingcosts are not recognised in cost.Where individual components of an item of property, plant and equipment have differentuseful lives, they are accounted for as separate items, which are depreciated separately.The basis of depreciation is cost less any projected residual value after the end of the usefullife. Depreciation is provided on a straight-line basis over the estimated useful life. Theestimated useful lives are as follows:Useful lifeBuildings10-25yearsPlant and machinery2-10yearsFixtures and fittings, tools and equipment2-7yearsThe useful life and residual value are reassessed annually changes are treated as accountingestimates, and the effect on depreciation is recognised prospectively.Land is not depreciated.Gains and losses on the disposal of property, plant and equipment are stated as the differencebetween the selling price less selling costs and the carrying amount at the date of disposal.Gains and losses are recognised in the income statement as other operating income or otheroperating costs, respectively.Impairment of fixed assetsThe carrying amount of intangible assets and property, plant and equipment is subject to anannual test for indications of impairment other than the decrease in value reflected bydepreciation or amortisation.Impairment tests are conducted of individual assets or groups of assets when there is anindication that they may be impaired. Write-down is made to the recoverable amount if this islower than the carrying amount.Leased assets and lease liabilitiesThe Company has chosen to use IFRS 16 Leases as the basis of interpretation for recognisingand measurement of teases to which the Company is the lessee.When entering into a contract, the Company assesses whether the contract is a lease orcontains a lease component. A lease is defined as a contract or part of a contract that conveysthe right to control the use of an identified asset for a period of time in exchange forconsideration. When assessing whether a contract contains a lease component, it must beconsidered whether, during the period of use, the lessee has the right to substantially alleconomic benefits from the use of the identified asset and the right to direct the use of theidentified asset.The Company recognises a right-of-use asset and a lease liability at the commencement date.Lease liabilities recognised as "Lease liabilities" are initially measured at the present value ofthe lease payments that are not paid at the date. The lease payments are discounted using theinterest rate implicit in the lease, if that rate can be readily determined. If that rate cannot bereadily determined, the Company uses its incremental borrowing rate.The lease payments consist of fixed and variable lease payments that depend on an index or arate, guaranteed residual values, purchase options and extension options if the Company isreasonably certain to exercise the option and termination penalties if the lease term reflectsthe Company exercising an option to terminate the tease. The lease liability is subsequentlyadjusted as follows if:-The value of the index or rate on which the lease payments are based is changed-The exercise of options is changed in order to extend or terminate the tease due to significantevents or a significant change in circumstances within the Company's control-The lease term is changed if the option is exercised in order to extend or terminate the lease-Estimated residual value guarantee is changed-The contract is renegotiated or modified.Any subsequent adjustment of the future lease liability is recognised as an adjustment to theright-of-use asset, If the carrying amount of the right-of-use asset is DKK 0, a negativeadjustment to the right-of-use asset is, however, recognised in the income statement.The right-of-use asset is initially measured at cost comprising amount of initial measurement ofthe lease liability plus any initial direct costs and any estimated costs of dismantling andremoval of the asset at the end of the lease term which the Company is under an obligation toincur and any prepaid lease payments and less any lease incentives received.The right-of-use asset is depreciated over the shorter of the lease term and the useful life ofthe right-of-use asset.Short-term leases with a maximum lease term of 12 months and leases for low-value assets arenot recognised in the balance sheet.Investments in subsidiariesInvestment in subsidiaries are measured at cost price. The cost price includes the purchaseconsideration calculated at fair value plus direct purchase costs. If there is an indication of theneed for impairment, an impairment test is carried out. Where the accounting value exceedsthe recovery value, is written down to this lower value. Dividends received that exceed the accumulated earnings in the subsidiary during theownership period are treated as a reduction of the cost price.DepositsDeposits are recognised at amortised cost. Deposits consists of lease deposits.InventoriesInventories are measured at cost using theFIFO method. Where the net realisable value islower than the cost, inventories are recognised at this lower value.Goods for resale and raw materials and consumables are measured at cost, comprisingpurchase price plus delivery costs.Finished goods and work in progress are measured at cost, comprising the cost of rawmaterials, consumables, direct wages and salaries and indirect production overheads. Indirectproduction overheads comprise indirect materials and wages and salaries as well as themaintenance and depreciation of production machinery, buildings and equipment as well asfactory administration and management. Borrowing costs are not included in cost.The net realisable value of inventories is calculated as the sales amount less costs ofcompletion and costs necessary to make the sale and is determined taking into accountmarketability, obsolescence and development in expected selling price.ReceivablesReceivables are measured at amortised cost.Write-down is made for bad debt losses where there is an objective indication that a receivablehas been impaired. If there is an objective indication that an individual receivable has beenimpaired, write-down is made on an individual basis.Write-downs are calculated as the difference between the carrying amount of receivables andthe present value of forecast cash flows, including the realisable value of any collateralreceived. The effective interest rate for the individual receivable or portfolio is used asdiscount rate.EquityDividendsProposed dividends are disclosed as a separate item under equity. Dividends are recognised asa liability when declared by the annual general meeting of shareholders.ProvisionsProvisions are recognised when, as a result of an event occurred before or on the balancesheet date, the Company has a legal or constructive obligation, and it is probable that theremay be an outflow of resources embodying economic benefits to settle the obligation.Provisions for work concerning services or warranties are recognised and measured on thebasis of experience from warranty work and relate to equipment delivered before the balancesheet date.Corporation tax and deferred taxCurrent tax payable and receivable is recognised in the balance sheet as tax computed on thetaxable income for the year, adjusted for tax on the taxable income of prior years and for taxpaid on account. Deferred tax is measured using the balance sheet liability method on alltemporary differences between the carrying amount and the tax value of assets and liabilitiesbased on the planned use of the asset or settlement of the liability. However, deferred tax isnot recognised on temporary differences relating to goodwill non-deductible for tax purposesand on office premises and other items where the temporary differences arise at the date ofacquisition without affecting either profit/loss or taxable income.Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at thebalance sheet date when the deferred tax is expected to crystallise as current tax. Changes indeferred tax as a result of changes in tax rates are recognised in the income statement orequity, respectively.Liabilities other than provisionFinancial liabilities are recognised at the date of borrowing, corresponding to the proceedsreceived less transaction costs paid. In subsequent periods, the financial liabilities aremeasured at amortised cost, corresponding to the capitalised value using the effective interestrate. Accordingly, the difference between the cost and the nominal value is recognised in theincome statement over the term of the loan together with interest expenses.Other liabilities are measured at amortised cost, which usually corresponds to nominal value.Deferred incomeDeferred income comprises payment received regarding income in subsequent years.Financial HighlightsDefinitions of financial ratios.Gross Profit x 100Gross margin ratioRevenueEarnings before interest and taxes (EBIT) x 100EBIT marginRevenueEquity at year end x 100Solvency ratioTotal assetsNet profit for the year x 100Return on equityAverage equityEBITA x 100ROICAverage invested capital excluding goodwillIntangible assets and items of property, plant andInvested capitalequipment and net working capitalCurrent assets total x 100Current ratioShort-term liabilities true Pursuant to sections §112, of the Danish Financial Statements Act, the company has notprepared consolidated financial statements. Cash flow statementNo cash flow statement has been prepared for the parent company, as the parent company'scash flows are included in the consolidated cash flow statement of Zeppelin GmbH, Germany,see section 86(4) of the Danish Financial Statements Act. 1155795000 1165976000 801809000 842809000 2301000 4197000 66059000 66618000 290228000 260746000 197744000 191900000 39739000 34289000 52745000 34557000 1512000 747000 38252000 22557000 16005000 12747000 12125000 7188000 3880000 5559000 0 -16207000 3880000 -10648000 3880000 -10648000 3880000 -10648000 40741000 54322000 62854000 68121000 76913000 49811000 2536000 3623000 142303000 121555000 587907000 587907000 1428000 1435000 589335000 589342000 772379000 765219000 55199000 32182000 210387000 317707000 265586000 349889000 145811000 149936000 10883000 77834000 23860000 16325000 2858000 1396000 4300000 6609000 187712000 252100000 12342000 11048000 465640000 613037000 1238019000 1378256000 43000000 43000000 261349000 261349000 9128000 5248000 313477000 309597000 9363000 7035000 9363000 7035000 26583000 0 31371000 36242000 519709000 582215000 55739000 15417000 633402000 633874000 11449000 10975000 52955000 2940000 71674000 56381000 14417000 202704000 85790000 90459000 45492000 64291000 281777000 427750000 915179000 1061624000 1238019000 1378256000 43000000 261349000 5248000 309597000 0 0 3880000 3880000 43000000 261349000 9128000 313477000 1 Information on segmentsActivities - primary segmentConstructiont.kr.machines Power system Total2024Revenue 540.946 614.849 1.155.7952023Revenue 589.803 576.173 1.165.976Geographical - secondary segmentRest of theDenmark EUworld Total2024Revenue 721.086 344.096 90.613 1.155.7952023Revenue 751.281 232.880 181.815 1.165.976 20242023TDKKTDKK2 Other operating incomeGain on sale of assets 394 0Other operating income 1.907 4.1972.301 4.197 3 Staff costsWages and salaries 173.589 169.388Pensions 21.931 21.072Other social security costs 2.224 1.440197.744 191.900 310 321 The Excecutive Board received remuneration of 5,7 million DKK in 2024 (DKK 5,7 millionDKK in 2023). The Supervisory Board received no remuneration. 4 Financial incomeOther financial income 544 482Gain on disposal of financial instruments 968 2651.512 747 5 Financial expensesInterest paid to group entities 34.816 19.818Other financial costs 3.041 2.410Loss on disposal of financial instruments 395 32938.252 22.557 20242023TDKKTDKK6 Tax on profit/loss for the yearCurrent tax for the year 10.507 8.454Deferred tax for the year -1.462 -7.187Adjustment of current tax concerning previous years 3.080 0Current tax for the year, discontinued operations 0 5.92112.125 7.188 7 Intangible assetsCustomerbaseTDKKCost at 1 January 2024 108.644Cost at 31 December 2024108.644Impairment losses and amortisation at 1 January 2024 54.323Depreciation for the year 13.580Impairment losses and amortisation at 31 December 202467.903Carrying amount at 31 December 2024 40.741 8 Tangible assetsOther fixturesand fittings,Land andPlant andtools andbuildingsmachineryequipmentTDKK TDKK TDKKCost at 1 January 2024 97.025 76.395 7.611Additions for the year 4.580 43.901 198Disposals for the year -1.249 -6.401 -1.306Cost at 31 December 2024100.356 113.895 6.503Impairment losses and depreciation at 1January 2024 28.904 26.584 3.988Depreciation for the year 9.384 15.844 930Reversal of impairment and depreciation ofsold assets -786 -5.446 -951Impairment losses and depreciation at 31December 202437.502 36.982 3.967Carrying amount at 31 December 2024 62.854 76.913 2.536Value of leased assets 31.117 11.528 0 20242023TDKKTDKK9 Investments in subsidiariesCost at 1 January 587.907 587.907Cost at 31 December587.907 587.907Revaluations at 1 January 0 0Revaluations at 31 December0 0Carrying amount at 31 December 587.907 587.907Investments in subsidiaries are specified as follows:ShareOwnershipName Registered officecapitalinterestZeppelin Rental Danmark A/S Viby Sjælland 400.000 %10010 Fixed asset investmentsDepositsTDKKCost at 1 January 2024 1.435Disposals for the year -7Cost at 31 December 20241.428Carrying amount at 31 December 2024 1.428 20242023TDKKTDKK11 Deferred tax assetProvision for deferred tax at 1 January 1.396 -5.790Provision in year 1.462 7.186Provision for deferred tax at 31 December 2.858 1.396Provisions for deferred tax on:Customer base -2.134 -1.707Property, plant and equipment -740 213Leased assets -9.382 -10.348Lease debt 9.382 10.387Deferred income from service contracts 2.697 649Tax loss carry-forward 3.034 2.202Transferred to deferred tax asset 2.858 1.396Deferred tax assetCalculated tax asset 2.858 1.396Carrying amount 2.858 1.396 12 PrepaymentsPrepayments comprise prepayment of costs incurred relating to subsequent financial years. 13 EquityThe share capital consists of 43.000.000 shares of a nominal value of DKK1. No sharescarry any special rights.The share capital has developed as follows:20242023202220212020TDKKTDKKTDKKTDKKTDKKShare capital 43.000 42.000 42.000 42.000 42.000Additions for the year 0 1.000 0 0 0Share capital 43.000 43.000 42.000 42.000 42.000 20242023TDKKTDKK14 Other provisionsBalance at 1 January 7.035 6.468Provision in year 2.328 567Balance at 31 December 9.363 7.035The expected due dates of other provisions are:Within one year 3.288 2.512Between 1 and 5 years 6.075 4.5239.363 7.035The Company provides warranties of up to 3 years on some of its products and is thereforeunder an obligation to repair or replace goods which are not working satisfactorily. Basedon previous experience and respect of the quantity of repairs and returns, other provisionshave been recognised for expected warranties. 15 Long term debtDebtDebtat 31Debtat 1 JanuaryDecemberInstalmentoutstanding20242024next yearafter 5 yearsTDKK TDKK TDKK TDKKBanks 0 26.583 0 0Lease obligations 36.242 31.371 11.449 18.620Payables to group entities 582.215 519.709 0 0Other payables 15.417 55.739 0 0633.874 633.402 11.449 18.620 16 Deferred incomeDeferred income consists of payments received in respect of income in subsequentfinancial years. 17 Contingent liabilitiesThe Company is jointly taxed with other Danish group companies. As the administrativecompany, together with the other companies included in the joint taxation. the Companyhas joint and several unlimited liability for Danish corporation taxes and withholding taxeson dividends, interest, and royalties.At 31 December 2024, the Company had commitments of DKK 134.776 (2023: DKK208.967) relating to purchase commitments from Caterpillar, original equipmentmanufactorer. 18 Related parties and ownership structureTransactionsZeppelin Danmark A/S has had the following material transactions and balances withrelated parties:Parent companySale of services TDKK 1.898 (2023: TDKK 4.227)Purchase of services TDKK 11.329 (2023: TDKK 16.570)Interests paid TDKK 34.817 (2023: TDKK 32.050)Receivables at 31 December TDKK 345 (2023: TDKK 12.640)Loans at 31 December TDKK 519.709 (2023: TDKK 750.828)Sister companiesSale of services TDKK 10.502 (2023: TDKK 11.186)Sale of goods TDKK 3.151 (2023: TDKK 892)Purchase of services TDKK 6.615 (2023: TDKK 16.416)Purchase of goods TDKK 182.055 (2023: TDKK 167.109)Interests paid TDKK 66 (2023: TDKK 106)Receivables at 31 December TDKK 4.617 (2023: TDKK 3.723)Payables at 31 December TDKK 8.444 (2023: TDKK 23.274)Loans at 31 December TDKK 5.771 (2023: TDKK 9.715)Daughter companySale of services TDKK 11.189 (2023: TDKK 817)Sale of goods TDKK 707 (2023: TDKK 19.934)Purchase of services TDKK 450 (2023: TDKK 153)Purchase of goods TDKK 3.014 (2023: TDKK 825)Interest received TDKK 0 (2023: TDKK 395)Receivables at 31 December TDKK 5.921 (2023: TDKK 71.076)Payables at 31 December TDKK 201 (2023: TDKK 1.103)Ownership structureZeppelin GmbH holds 100% af the contributed capital of the Company.Consolidated financial statementsThe Company is part of the consolidated financial statements of Zeppelin GmbH, Germany,in which the Company is included as a subsidiary.The consolidated financial statements of Zeppelin GmbH and Zeppelin Group can beobtained at the following address:Zeppelin GmbHGraf-ZeppeIin-Platz 185748 GarchingGermanyhttps://www.zeppelin.com 19 Events occurring after the reporting periodApart from the events recognised or disclosed in the financial statements, no events ofimportance to the financial statements have occurred after the reporting period. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2024-01-01 2024-12-31 2023-01-01 2023-12-31 2025-05-08 Reporting class C, large enterprise 2019-07-01 2025-05-08 40649247 Zeppelin Danmark A/S Park Allé 363 2605 Brøndby Opinion Basis for Opinion 2025-05-08 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup