40649247 2022-01-01 2022-12-31 40649247 2022-01-01 2022-12-31 1 40649247 2022-01-01 2022-12-31 2 40649247 2022-12-31 40649247 2022-01-01 2022-12-31 101 40649247 2021-01-01 2021-12-31 cmn:PreviousYearMember 40649247 2021-12-31 cmn:PreviousYearMember 40649247 2021-01-01 2021-12-31 cmn:PreviousYearMember 101 40649247 2020-01-01 2020-12-31 cmn:TwoYearsAgoMember 40649247 2020-12-31 cmn:TwoYearsAgoMember 40649247 2020-01-01 2020-12-31 cmn:TwoYearsAgoMember 101 40649247 2019-01-01 2019-12-31 cmn:ThreeYearsAgoMember 40649247 2019-12-31 cmn:ThreeYearsAgoMember 40649247 2019-01-01 2019-12-31 cmn:ThreeYearsAgoMember 101 40649247 2021-01-01 2021-12-31 40649247 2021-12-31 40649247 2021-12-31 fsa:ContributedCapitalMember 40649247 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 40649247 2022-12-31 fsa:ContributedCapitalMember 40649247 2021-12-31 fsa:SharePremiumMember 40649247 2022-01-01 2022-12-31 fsa:SharePremiumMember 40649247 2022-12-31 fsa:SharePremiumMember 40649247 2021-12-31 fsa:RetainedEarningsMember 40649247 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 40649247 2022-12-31 fsa:RetainedEarningsMember 40649247 2022-01-01 2022-12-31 1 40649247 2021-01-01 2021-12-31 1 40649247 2022-01-01 2022-12-31 1 40649247 2022-01-01 2022-12-31 2 40649247 2022-01-01 2022-12-31 3 40649247 2021-01-01 2021-12-31 1 40649247 2021-01-01 2021-12-31 2 40649247 2021-01-01 2021-12-31 3 40649247 2020-12-31 40649247 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 40649247 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 40649247 2022-01-01 2022-12-31 1 40649247 2022-01-01 2022-12-31 2 40649247 2022-01-01 2022-12-31 1 40649247 2022-01-01 2022-12-31 2 40649247 2022-01-01 2022-12-31 3 iso4217:DKK xbrli:pure Michael Heidemann Statement by the Supervisory Board and the Executive Board The Supervisory Board and the Executive Board have today discussed end approved the annual report of Zeppelin Danmark A/S for the financial year 1 January - 31 December 2022. The annual report has been 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 assets, liabilities and financial position at 31 December 2022 end of the results of the Company's operations for the financial year 1 January - 31 December 2022. Further, in our opinion, the Managements review gives a fair review of the development in the Company's operations and financial matters, of the results for the year and of the Company's financial position. We recommend that the annual report be approved at the annual general meeting. Brøndby Volker Possögel Henrik Stordal Michael Heidemann Christian Dummler Alexandra Mebus Chairman Independent auditor's report To the shareholders of Zeppelin Danmark, A/S Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2022 and of the results of the Company’s operations and cash flows for the financial year 1 January - 31 December 2022 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Zeppelin Danmark A/S for the financial year 1 January - 31 December 2022, which comprise income statement, balance sheet, statement of cash flows, statement of changes in equity and notes, including a summary of significant accounting policies (“financial statements”). Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company 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. Statement on the Management's review Management is responsible for the Managements review. Our opinion on the financial statements does not cover the Management's review, 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 Managements review and in doing so, consider whether the Management's review is materially inconsistent with the financial statements, or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Managements review provides the information required under the Danish Financial Statements Act. Based on the work we have performed; we conclude that the Managements review 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's review. Management's responsibility for the financial statements 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 that 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 Company's ability to continue as a going concern, disclosing, as applicable, maters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance as to 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 in Denmark will always detect a material misstatement when it exists. Misstatements may 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 made 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: - identify and assess the risks of material misstatement of the company 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 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 expressing anopinion 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 evidence obtained,whether a material uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. If we conclude that a materialuncertainty exists. we are required to draw attention in our auditor's report to the relateddisclosures in the financial statements or, if such disclosures are inadequate, to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor’s report. However, future events or conditions may cause the Company to cease tocontinue as a going concern.- evaluate the overall presentation, structure and contents of the financial statements, includingthe disclosures, and whether the financial statements represent the underlying transactionsand events in a manner that gives a true and fair view.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. Hellerup PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Martin Lunden State Authorised Public Accountant Maj-Britt Nørskov Nannestad State Authorised Public Accountant Park Allé 363 DK-2605 Brøndby Brøndby PRICEWATERHOUSECOOPERS STATSAUTORISERET REVISIONSPARTNERSELSKAB Strandvejen 44 DK-2900 Hellerup 1053720000 916472000 827746000 0 256824000 210995000 177478000 -2116000 21805000 10314000 2780000 -12238000 -8003000 -3778000 -3544000 -46000 10504000 5025000 -665000 -9615000 838675000 612248000 488326000 512882000 145245000 134741000 129716000 130382000 185072000 114685000 26046000 110389000 0.24 0.23 0.21 0.00 0.02 0.01 0.01 0.00 Current ratio Current ratio Current ratio Current ratio 1.74 1.49 1.44 0.90 0.07 0.04 -0.01 -0.15 0.17 0.22 0.27 0.25 287 271 258 1 0.03 0.02 0.03 -0.13 Management's review Operating review Principal activities Zeppelin Danmark A/S operates as a construction and power systems Caterpillar dealer in Denmark, Greenland and the Faroe Islands.Development in activities and financial position The Company's income statement for 2022 shows a profit of DKK'000 10,504 as against DKK'000 5,025 in 2021. Equity in the Company's balance sheet at 31 December 2022 amounted to DKK'000 145,245 compared to DKK'000 134,741 at 31 December 2021. The result for the year is in line with expectations for Zeppelin Danmark A/S.Events after the balance sheet date After the end of the financial year, no events have occurred which may change the financial position of the Company substantially. Outlook For 2023, Management plans for a positive net result of approx. DKK’000 23,794. Intellectual capital The Company's ability to create value for customers and co-operators goes hand in hand with the continued development of our core values, Sale and service of Caterpillar engines and construction machinery places high demands on both technical and personal skills. The systemization of staff development meetings and the acquisition of new knowledge through training and practice is the key to preserve and strengthen present competitiveness. Uncertainty relating to recognition and measurement The measurement of certain assets and liabilities are based on accounting estimates performed by Management. The estimates are performed in accordance with the accounting policies applied and are based on assumptions and experiences considered realistic and reasonable by Management. Financial instruments The Company's goals and policies for management of financial risks Business exposure to currency and interest risk is modest and hedged to the greatest extent possible. The Company's credit exposure is normal in its line of business. The Company's risk exposure As a supplier of equipment to the Danish construction Industry, the Company's activities end performance are highly dependent on the level of private and public building and construction levels. These construction levels are generally highly sensitive to cyclical fluctuations and political climate. The Company is also a supplier of engines to the oil and gas industry, which has seen increased volatility over the past years. This volatility can affect the Company's results. Corporate Social Responsibility Business Model Zeppelin Danmark A/S operates as a construction and power systems Caterpillar dealer in Denmark, Greenland and the Faroe Islands. Zeppelin Danmark A/S’ overall business model consists of import, distribution and retail sales of construction machinery and power engines produced by Caterpillar Inc. including other products such as MaK and third-party products. This includes the sale of spare parts and accessories as well as aftermarket services. Most activities are in Denmark, but in recent years the Zeppelin Danmark A/S has expanded its business model with import, distribution and retail of machinery, spare parts, and accessories as well as aftermarket services to also include the markets Greenland and Faroe Islands. Corporate social responsibility policies As a part of the Zeppelin Group a strong focus on CSR is given. Since 2016 has the Zeppelin Group been a member of the UN Global Compact and reports annually (on group level as well as for each company within the group) the development within human rights, labor standards and environmental and climate protection. The reporting is done in accordance with the Global Reporting Initiatives (the GRI standards). In 2022 the Nordic Business Unit of the Zeppelin Group established a CSR Manager position to strengthen the CSR work. The CSR Manager is responsible for CSR related issues in both Denmark and Sweden. The CSR policy is incorporated into Zeppelin Danmark's business strategy, which means that we focus on our actions. Zeppelin Danmark's CSR strategy has the following focus areas: • Human Rights: At Zeppelin Danmark A/S we respect Human rights, and see this as a natural part of doing business, • Working environment and social conditions: Zeppelin Danmark A/S focuses on the safety, health, work accidents and sickness absence of the employees as documented in our KPls. Furthermore, we monitor the employee satisfaction and work actively on improving it, • Social responsibility: Zeppelin Danmark A/S focuses on diversity and equality. Our group of employees includes apprentices as well as employees with different handicaps. • Ethics & Anti-Corruption: We will appear as a company that does business in an ethical and responsible manner. It is mandatory that all employees complete a compliance training. For new employees this is a part of the introduction program. • Environment & climate impact: We take responsibility for the environment and climate seriously. We want to appear as a responsible company that protects the environment and continuously improves our own environmental performance and helps our customers improve theirs. We work towards CO2 neutrality in 2030 at all our locations. Zeppelin Danmark A/S adheres to the Code of Conduct of the Zeppelin Group and expect our suppliers to perform in accordance with the Zeppelin Groups’ Code of Conduct for Suppliers. Furthermore, does Zeppelin Danmark A/S report all data requested by the Zeppelin Group for the annual CSR reporting. Human rights At Zeppelin Danmark A/S we do not tolerate discrimination of any sort. In the case of any human rights violations, there are very clear guidelines in place to assist employees in reporting of violations. Through Zeppelin’s implementation of so-called 'complaint mechanisms', Zeppelin Denmark makes it possible for individuals to lodge a complaint when they are directly affected by actions or inaction caused by Zeppelin's activities, or when they believe that their own fundamental rights have been violated. In 2022 Zeppelin Danmark A/S experienced zero cases of human rights violations. We do have special focus on article 2 in the Universal Declaration of Human Rights, saying that we shall not make any distinction of any kind such as race, color, sex, language, religion, political or other opinion, national or social origin, property, birth or other status. We do not tolerate any discrimination neither in the daily business amongst our employees and business partners, nor when hiring new employees to Zeppelin Danmark A/S. Zeppelin Danmark A/S does not expect any Human rights violations in 2023. Environmental matters and Climate impact 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, Zeppelin Danmark A/S operates in an area of potential significant impact on the climate and the environment. We contribute as much as possible to limit the environmental and climate impacts of our products through close relationships and dialogue with customers. Due to the nature of our products, it is important for us that we help our customers take care of the environment and the 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 existing engines, by offering catalyst units that can reduce NOX emissions and by instructing customers in the correct use and maintenance of our products. This ensures less fuel consumption, less lubricating oil consumption, fewer emissions, and an extended life of the product. When delivering construction equipment to our customers they are always instruction to operate the equipment in the correct mode, which can save them up to 10 % in fuel consumption and thereby they also reduce the CO2 emission. The request from shipowners for alternative fuels continued in 2022 and projects are still going on to verify if customers can use alternative fuels in the engine solutions supplied by us. The alternative fuels of interest are synthetic oils as methanol, hydrotreated oils (HVOs) and fatty acid methyl esters (FAME). The use of alternative fuels will help our customers to an improved CO2footprint. Zeppelin Danmark A/S has also during 2022 supported our marine customers with knowledge and information regarding possible solutions to lower the fuel consumption and thereby the CO2emission of their engines. The customers’ inquiries have mainly been driven by the new legislation stfrom the International Marine Organization (IMO) that came into force January 1, 2023, which requires that ships of 400 Gt or above calculate their Energy Efficiency Existing Ship Index (in short EEXI) and their operational Carbon Intensity Indicator (CII). The calculated EEXI value expresses the energy efficiency of the ship, and the CII value determines the annual reduction factor for carbon intensity of the ship to ensure continuous improvement of the CO2 footprint. The EEXI and CII requirements have been established to support the overall target that all ships in 2030 must have reduced their carbon intensity with 40 % compared to 2008. In 2023 and forward Zeppelin Danmark A/S will therefore continue supporting our customers in finding means to lower their fuel consumption and/or to use alternative fuels and thereby reduce their CO2 footprint. The first installations of fuel reduction technology will take place in 2023 for our marine customers. Zeppelin Danmark A/S’ target is that we shall be involved in at least four projects in 2023 in relation to either fuel reduction or use of alternative fuels. In relation to construction equipment will Zeppelin Danmark A/S start build a group which offers support to the equipment operators on distance contributing to improved uptime for the customer and less kilometers for us on the road. The intention is also - over time – to arrange customer training courses in energy efficient operation of the equipment. We take care of our surroundings and comply with all applicable environmental requirements and regulations, including our environmental approvals. Through our environmental approval and other measures and routines we minimise any risks of pollution and limit emissions from our locations. Zeppelin Danmark A/S is holding an ISO 50001 certificate and the Power System division is furthermore ISO 14001 certified ensuring that we are constantly working to improve our energy and environmental performance. Environment and sustainability are internally related to waste sorting, safe storage and handling of chemicals, routines for maintenance of extraction systems, monitoring of tank systems and the selection of suppliers and materials. We focus on energy consumption and CO2 footprint. It is a stated target that our locations should be CO2 neutral by 2030. During 2022 chargers for electric cars were installed at our three largest locations and the car policy of Zeppelin Danmark A/S was updated making it possible to choose an electric alternative as company car. Both initiatives to reduce CO2 footprint. In 2022 two locations were operating stusing 100% green electricity, secured via REC certificates. From January 1, 2023, the use of green electricity by means of REC certificates will be extended to all Zeppelin Danmark /S’ locations, except for in one rented office. The total electrical power consumption in Zeppelin Danmark A/S increased with 1.5 % in 2022 compared to 2021. Our three largest branches did though all succeed in saving electrical power in 2022 compared to both 2021 and 2020 and contributed to the relatively small increase in the total consumption taking the opening of a new Rental branch in Rødby and a general increase in activities into consideration. Especially the Esbjerg branch succeeded in reducing their electrical power consumption. They saved 17.2 % compared to 2020 and 8.5 % compared to 2021. These savings were acheivec by replacing all lights with LED in 2021/2022 combined with switching the outdoors light off during night-time in the second half year of 2022. Looking at the electrical consumption per full time employee Zeppelin Danmark A/S has reduced the consumption with 10.2 % in 2022 compared with 2021. The new Rental branch meant that Zeppelin Danmark A/S had 1500 m2 more to heat in 2022 than in 2021 and the total heat consumption increased with 2.9 %. Again, the increase was kept on a relatively small increase as our three largest branched all succeed in reducing their heat consumption. The heat consumption per square meter in 2022 was 108 kWh compared to 117 kWh in 2021. Based on the consumed amount of energy (power, heat, and fuels) at all Zeppelin Danmark A/S branches the total CO2 emission of Zeppelin Danmark A/S has been estimated to be 950 tons in 2022, which is an increase of 8 % compared to 2021. The car fleet of Zeppelin Danmark A/S is the main consumer of energy and therefore at present also the main contributor to the CO2 emission. The increase in CO2 emission is mainly caused by expanding the car fleet in 2022 and getting one more branch into operation. Per full time employee the CO2 emission decrease with 4% in 2022 compared to 2021. Zeppelin Danmark A/S produced in total 705 tons of waste in 2022 of which 436 tons were classified as hazardous waste mainly waste oil and waste originating from cleaning equipment and engine parts at our workshops (wastewater, contaminated soil, and waste from oil separators). The total amount of waste increased with approximately 30 tons compared to 2021 mainly caused by increased activity at our workshop in Nuuk and the new Rental branch. Increased activity will inevitably lead to increased amounts of waste for which reason one of our main focus continuous to be proper waste sorting to be able to recycle as much of the waste as possible. Working environment and social conditions Zeppelin Danmark A/S is determined to be recognized as a business partner that creates high quality solutions in a safe manner. We are committed to providing safe and healthy working conditions and to continually assess and remove or mitigate any risks that arise in our work processes. The goal is to prevent any work-related accidents or illnesses. We comply with applicable legal occupational health and safety requirements as well as requirements from the Zeppelin Group and Caterpillar. We monitor our health and safety performance, and we continually seek to improve it by involving the organization. Health and safety plans - including objectives - are formulated and implemented. We encourage all employees to speak up regarding safety and we expect them to report if they see any actions or experience situations that could lead to an accident. These reports are handled by Zeppelin Danmark A/S' Safety Officer, who ensures communication to the management and support the organisation in following-up on the cases with appropriate corrective measures. Based on the reports, safety statistics are compiled on a monthly and annual basis. All accidents are thoroughly analysed to determine the cause of the accident, and how a similar accident can be avoided in the future. Accidents with absence are reported as required to the authorities. In 2022 Zeppelin Danmark A/S did not reach its safety targets which was zero accidents and a Recordable Injury Frequency (RIF) below 1.5. In total there were 17 accidents in Zeppelin Danmark A/S. Seven of these were minor accidents (first aid accidents) that did not require medical treatment. One accident required professional medical treatment and nine accidents resulted in absence. It total one accident less than in 2021 but far from an acceptable level. In Zeppelin Danmark A/S we strongly believe that by monitoring and follow-up on incidents as unsafe situations, unsafe acts and near-miss the risk of serious injuries is significantly reduced. Our incident management program is in place but despite that did we not succeed in increasing the reporting in 2022 as intended. Therefore, an improved focus on reporting unsafe situations/acts and near-miss will be on the agenda again in 2023 supported by a target stating that six safety reports must be made per technician. Relevant and required protective equipment is always made available to our employees. The company holds a defibrillator at each location and first-aid courses are held for employees. Tools, lifting gear and other equipment are maintained and checked on an ongoing basis. In our workshops and warehouses, requirements for safe traffic and behaviour have been introduced, just as requirements are set for safe behaviour for everyone who works in the field, and it is an expressed expectation that all employees contribute to a safe everyday life. Zeppelin Danmark A/S conducts half-yearly employee satisfaction surveys. In 2022 we have seen a significant increase in satisfaction both for the company in general and for all three business units and all locations. Interviews are performed with new employees after two months of employment to align expectations and to keep employee satisfaction. At Zeppelin Danmark A/S, we have focus on the well-being of our employees. We ensure all employees a good health insurance, massage scheme and coffee and fruit scheme. The well-being can be read in an increasing employee satisfaction and a low sickness rate. Ethics and anti-corruption Zeppelin Danmark A/S is an ethical and responsible company. Zeppelin's Code of Conduct and special company policies provide details on how the Company expects its employees to behave, whether internally or externally. During 2022, Zeppelin Danmark A/S did not find any breach of our corporate social responsibility standards regarding ethics or corruption. We are obliged to report any compliance issues every third month. Zeppelin Danmark A/S’ Code of Conduct provides guidelines to employees about ethical standards with a focus on integrity and professionalism. All new employees receive our Code of Conduct as a part of the onboarding before they start in the company. Every first working day in a month we have a common introduction day for new employees where employees are introduced to the Zeppelin group, our organization, and policies and about health and safety. Upon discovering any criminal activity, the individual employee must go to HR or the immediate superior. Zeppelin Danmark A/S estimates the risk of breaches to our Ethic's and Anti-corruption standards as minimal, due to the continuous focus on this area. In 2022 no allegations of corruption or bribery have been made. Zeppelin Danmark has a whistle-blower program where employees, in the case of witnessing any corruption or illegal action, can anonymously report to an independent party. In 2022 no calls received to the whistleblower line. Zeppelin Danmark A/S expects that there will not be allegations of corruption or bribery made in the future. Despite this expectation Zeppelin Danmark A/S will continue focusing on ethics and anti-corruption at all levels of our business to maintain an ethical and responsible company. Every Year the Zeppelin Group provides mandatory on-line training on Compliance, which includes Ethics and anti-corruption in the workplace. Data Ethics Zeppelin Group has since 2013 had a Group Data protection policy (such policy being updated in 2018) which all Zeppelin businesses must comply to. The objective of this data protection policy is to create a uniform level of data protection throughout the Zeppelin Group, taking in to account the respective locally valid laws and jurisdiction regarding data protection law. This applies equally to companies within the scope of the GDPR as well as for companies outside the EU. The Zeppelin group commits to the principles of data protection set forth in the European General Data Protection Regulation (GDPR). Personal data must be processed in a lawful and transparent manner in accordance with the duty of utmost good faith for a clearly determined purpose in such a way that data integrity and confidentiality are always ensured. The rights of data subjects, whether customers, business partners or employees of the Zeppelin group shall be upheld without restriction. Appropriate support must be provided to the respective data subject in the exercise of its rights. In 2022 the Zeppelin Group including Danmark A/S implemented a global HR system (Workday) which also is set up and works in accordance with GDPR. Zeppelin Denmark is continuously working to ensure compliance with the Group Data protection policy, GDPR and any local laws, regulations and guidance related to data protection. Such work has been ongoing in 2022 Goals and policies for the underrepresented gender Zeppelin Danmark A/S has a Nordic diversity policy. We are convinced, that equality and diversity help ensure business results and makes us an attractive employer. It is Zeppelin Danmark A/S' aim to seek an equal distribution as possible between genders at all management levels. We have set a goal to have 20% of our managers as women in 2025. As of December 31st, 2022 we have 18% as women management. We have a goal of minimum 33% female board members to be elected at the Annual general meeting. The Supervisory Board consist of 3 leading management members from Zeppelin GmbH and is constituted in accordance with Article 7 of the German Codetermination Act. The current elected board member representation achieves this goal for 2022 with 1 female board member. Zeppelin Danmark A/S is working with different initiatives to improve the composition of female within its employee population. Zeppelin Danmark A/S has a policy to provide equal opportunities for both male and female employees with respect to salary, promotion and ensuring a good work environment for all employees to best utilize their skills and management responsibilities. One of these initiatives to attract more female employees has been to specifically state that Zeppelin Danmark A/S is an equal opportunities employer on all job announcements.Zeppelin Danmark’s policies support the goal of wanting to achieve a broad composite of gender, nationalities, age, education, qualifications, and competences. Zeppelin Danmark A/S is working with different initiatives to improve the composition of female within its employee population. In the recruitment process for management positions, Zeppelin Danmark A/S ensures that 33% of the candidates that come to interview are female if possible. 916472000 -739735000 -654271000 1575000 543000 58736000 51749000 210995000 175360000 162655000 59659000 37661000 0 365000 10314000 690000 349000 8693000 4127000 13802000 6536000 3298000 1511000 5025000 67902000 81483000 76444000 77365000 255669000 119032000 4045000 6941000 336158000 203338000 1941000 1519000 406001000 286340000 40088000 19927000 215126000 154178000 255214000 174105000 145716000 123033000 17856000 2834000 5369000 13168000 4049000 1813000 172990000 140848000 4470000 10955000 432674000 325908000 612248000 42000000 42000000 97997000 97997000 5248000 -5256000 134741000 5790000 1402000 6468000 6941000 12258000 8343000 44024000 43878000 40307000 21315000 347500000 185910000 431831000 251103000 11304000 10522000 58426000 0 58056000 72428000 26237000 26215000 61571000 75712000 33747000 33184000 249341000 218061000 681172000 469164000 838675000 612248000 42000000 97997000 -5256000 0 0 10504000 10504000 42000000 97997000 5248000 Adjustments for non-cash items Adjustments for non-cash items 55188000 37138000 -141710000 -8703000 0 0 -64717000 38749000 185072000 114685000 422000 234000 3791000 1369000 -181704000 -113550000 Movement in interest bearing loan from parent company Movement in interest bearing loan from parent company 161590000 65804000 Proceeds from Bank, non-current liabilities Proceeds from Bank, non-current liabilities 77418000 9686000 -10991000 -12927000 Repayment of lease liabilities Repayment of lease liabilities -10063000 -9679000 239936000 78738000 -6485000 3937000 7018000 1. Accounting policies The annual report of Zeppelin Danmark A/S for 2022 has been prepared in accordance with the provisions applying to reporting class C large entities under the Danish Financial Statements Act. Omission of fee to the auditors Pursuant to section 96(3) of the Danish Financial Statements Act, the Company has not disclosed the fee to the auditors appointed at the annual general meeting. Foreign currency translation On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. Income statement Revenue The Company has chosen to use IFRS 15 Revenue from contracts with customers es the basis of interpretation when recognising revenue. IFRS 15 contains one overall and comprehensive model for the recognition of revenue. The fundamental principle in IFRS 15 is that the Company is to recognise revenue, so it reflects goods or services provided to customers at the amounts to which the Company is expected to be entitled for the provision of these goods or services. Changes in inventories of finished goods and work in progress Changes in inventories of finished goods and work in progress comprises costs incurred to generate revenue for the year. This item also comprises direct costs for goods for resale and changes to inventory of goods for resale. Other external costs Other external costs comprise distribution costs and costs related to sales, sales campaigns, administration, office premises, operating leases, etc. Staff costs Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs, etc„ to the Company's employees, excluding reimbursements from public authorities. Financial income and expenses Financial income and expenses comprise interest income and expense, financial costs regarding finance leases. gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc. Dividends from equity investments measured at cost are recognised as income in the Parent Company's income statement in the financial year when the dividends are declared. Tax on profit/loss for the year The Company is subject to the Danish rules on compulsory joint taxation of the Group's Danish subsidiaries. The subsidiaries are included in the joint taxation from the date when they are included in the consolidated financial statements and up to the date when they are excluded from the consolidation. The Company is the administrative company for the joint taxation and accordingly settles all payments of corporation tax to the tax authorities. On payment of joint taxation contributions. current Danish corporation tax is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have used the losses to reduce their own taxable 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 is recognised in the income statement, and the tax expense relating to amounts directly recognised in equity is recognised directly in equity. Balance sheet Intangible assets Customer base Customer base that are acquired and have finite useful lives are measured at cost less accumulated amortisation and any accumulated impairment losses. The estimated useful live for customer base is 10 years. Gains and losses on the disposal of intangible assets are determined as the difference between 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 other operating costs, respectively. Property, plant and equipment Land and buildings. plant and machinery and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use. Indirect production overheads and borrowing costs are not recognised in cost. Where individual components of an item of property, plant and equipment have different useful 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 useful life. Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful lives are as follows: Buildings 10-25 years Plant and machinery 2-10 years Fixtures and fittings, tools and equipment 2-7 years The useful life and residual value are reassessed annually changes are treated as accounting estimates, 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 difference between 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 other operating costs, respectively. Leased assets and lease liabilities The Company has chosen to use IFRS 16 Leases as the basis of interpretation for recognising and measurement of teases to which the Company is the lessee. When entering into a contract, the Company assesses whether the contract is a lease or contains a lease component. A lease is defined as a contract or part of a contract that conveys the right to control the use of an identified asset for a period of time in exchange for consideration. men an assessing whether a contract contains a lease component, it must be considered whether, during the period of use, the lessee has the right to substantially all economic benefits from the use of the identified asset and the right to direct the used of the identified 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 of the lease payments that are not paid at the date. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the Company uses its incremental borrowing rate. The lease payments consist of fixed and variable lease payments that depend on an index or a rate, guaranteed residual values, purchase options and extension options if the Company is reasonably certain to exercise the option and termination penalties if the lease term reflects the Company exercising an option to terminate the tease. The lease liability is subsequently adjusted 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 significant events 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 the right-of-use asset, If the carrying amount of the right-of-use asset is DKK 0, a negative adjustment 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 of the lease liability plus any initial direct costs and any estimated costs of dismantling and removal of the asset at the end of the lease term which the Company is under an obligation to incur 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 of the right-of-use asset. Short-term leases with a maximum lease term of 12 months and leases for low-value assets are not recognised in the balance sheet. Impairment of fixed assets The carrying amount of intangible assets and property, plant and equipment is subject to an annual test for indications of impairment other than tie decrease in value reflected by depreciation or amortisation. Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount of this is lower than the carrying amount. Investments Deposits are recognised at amortised cost. Deposits consists of lease deposits. Inventories Inventories are measured at cost in accordance with FIFO method. the net realisable value is lower than cost inventories are written down to this lower value. Goods for resale and raw materials and consumables are measured at cost, comprising purchase price plus delivery costs. Finished goods and work in progress are measured at cost, comprising the cost of raw materials, consumables, direct wages and salaries and indirect production overheads. Indirect production overheads comprise indirect materials and wages and salaries as well as the maintenance of depreciation of production machinery, buildings and equipment as well as factory administration and management. Borrowing costs are not included in cost. The net realisable value of inventories is calculated as the sales amount less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and development in expected selling price. Receivables Receivables are measured at amortised cost. Write-down is made for bad debt losses where here is an objective indication that a receivable has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis. Write-downs are calculated as the difference between the carrying amount of receivables and the present value of forecast cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Corporation tax and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities based on the planned use of the asset or settlement of the liability. However, deferred tax is not recognised on temporary differences relating to goodwill non-deductible for tax purposes and on office premises and other items where the temporary differences arise at the date of acquisition 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 the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively. Provisions Provisions are recognised when, as a result of an event occurred before or on the balance sheet date, the Company has a legal or constructive obligation, and it is probable that there may be an outflow of resources embodying economic benefits to settle the obligation. Provisions for work concerning services or warranties are recognised and measured on the basis of experience from warranty work and relate to equipment delivered before the balance sheet date. Liabilities other than provision Financial liabilities are recognised at the date of borrowing, corresponding to the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between the cost and the nominal value is recognised in the income 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 income Deferred income comprises payment received regarding income in subsequent years. Segment information Segment information is provided on business segments and geographical markets. The segment information is in line with the Group's accounting policies, risks, and internal financial management. Cash flow statement Cashflows in currencies other than the functional currency are translated at the average exchange rate for the month in question. The cash flow statement is prepared by the indirect method based on consolidated profit before income tax, and shows cash flows from operating, investing and financing activities as well as the Zeppelin Danmark A/S cash at banks at opening and closing. Cashflow from operating activities Cash flow from operating activities is specified as the profit before income tax for the year adjusted for non-cash operating items, changes in the working capital, and corporation tax paid. Cashflow from investing activities Cash flow from investing activities includes the purchase and sale of intangible and tangible fixed assets. Cashflow from financing activities Cash flow from financing activities includes the raising and repaying of long-term liabilities, short-term bank loans and the payment of dividends. Cash at banks comprises cash that can readily be converted into cash. true 2. Segment information Activities - primary segment Construction Power DKK'000 machines Systems Rental Total Revenue 2022 578,192 428,164 47,364 1,053,720 2021 498,990 401,166 16,317 916,472 Geographical - secondary segment Rest of the DKK'000 Denmark EU world Total Revenue 2022 767,228 156,019 130,473 1,053,720 2021 637,666 183,010 95,796 916,472 3. Other operating income DKK'000 2022 2021 Proceeds from sales of fixed assets 1,348 543 Other income 227 0 1,575 543 4. Staff costs DKK'000 2022 2021 Wages and salaries 154,967 149,182 Pensions 17,603 12,749 Other social security cost 2,790 724 175,360 162,655 The Executive Board received remuneration of 4,9 million DKK in 2022 (4,2 million DKK in 2021). The Supervisory Board received no remuneration. 271 5. Other operating expenses DKK'000 2022 2021 Loss on disposal of fixed assets 0 365 6. Other financial income DKK'000 2022 2021 Other financial income 32 76 Gain on disposal of financial instruments 658 273 690 349 7. Other financial expenses DKK'000 2022 2021 Interest expense to group entities 4,899 1,680 Other financial costs 3,429 1,854 Loss on disposal of financial instruments 365 593 8,693 4,127 8. Tax on profit for the year DKK'000 2022 2021 Income tax charge for the year -2,216 -1,649 Income tax charge adjustment prior year 1,126 -1,009 Deferred tax adjustment for the year in the income statement 4,388 3,160 Deferred tax adjustment prior year 0 1,009 3,298 1,511 10504000 5025000 10. Intangible assets Customer DKK'000 base Cost at 1 January 2022 108,644 Disposals for the year 0 Cost at 31 December 2022 108,644 Amortisation and impairment losses at 1 January 2022 -27,161 Amortisation for the year -13,581 Amortisation and Impairment losses at 31 December 2022 -40,742 Carrying amount at 31 December 2022 67,902 11. Property, plant and equipment Fixtures, fittings, tools Land and Plant and and DKK'000 buildings machinery equipment Total Cost at 1 January 2022 92,413 139,247 9,895 241,555 Additions for the year 8,512 175,332 1,229 185,072 Disposals for the year -2,219 -13,388 -4,129 -19,735 Transfers for the year 0 0 0 0 Cost at 31 December 2022 98,706 301,192 6,995 406,893 Depreciation and impairment losses at 1 January 2022 -15,048 -20,215 -2,954 -38,217 Depreciation for the year -9,181 -35,216 -1,682 -46,079 Reversed depreciation and impairment losses for the year on assets sold 2,219 9,656 1,686 13,561 Transfers for the year -252 252 0 0 Depreciation and impairment losses at 31 December 2022 -22,262 -45,522 -2,950 -70,735 Carrying amount at 31 December 2022 76,444 255,669 4,045 336,158 Assets held under finance leases 43,965 11,511 0 55,476 12. Financial fixed assets DKK'000 2022 2021 Deposits at 1 January 1,519 1,285 Additions for the year 422 234 Deposits at 31 December 1,941 1,519 13. Deferred tax liability DKK'000 2022 2021 Customer base 1,280 854 Property, plant and equipment 5,515 2,473 Leased assets 12,205 12,017 Lease debt -12,172 -11,968 Deferred income from service contracts -365 806 Tax losses carry forwards -673 -2,779 Deferred tax liability 5,790 1,402 Deferred tax as at 1. January 1,402 -2,768 Deferred tax in the profit and loss account 4,388 4,170 Deferred tax as at 31. December 0 0 Deferred tax, net at 31 December 5,790 1,402 Management has chosen to capitalise the full deferred tax asset based on forecast for the coming 4-5 years for the companies in the Danish joint taxation. The forecast is by nature subject to uncertainty. 14. Prepayments Prepayments comprise prepayment of costs incurred relating to subsequent financial years. 15. Equity Contributed capital consists of: A share, 42,000,000 shares of nom. DKK 1 each. All shares rank equally. There have been no movements in contributed capital in 2022. 16. Other provisions The Company provides warranties of up to 3 years on some of its products and is therefore under an obligation to repair or replace goods which are not working satisfactorily. Based on previous experience respect of the quantity of repairs and returns, other provisions have been recognized for expected warranties. Of other provisions DKK 2,215 thousand are due with 1 year. 17. Non-current liabilities other than provisions Liabilities other than provisions can be specified as follows: 2022 2021 0-1 years 11,304 10,522 1-5 years 36,630 28,476 >5 years 7,394 15,402 55,328 54,400 Payables to group entities: 0-1 years 26,237 26,215 1-5 years 347,500 185,910 373,737 212,125 Other payables, including taxes payables: 0-1 years 61,571 75,712 1-5 years 0 0 61,571 75,712 Bank: 0-1 years 58,426 0 1-5 years 40,307 21,315 98,733 21,315 Total liabilities other than provisions 589,369 363,552 18. Deferred income Deferred income comprise deferred income on service contracts and deferred income on sale of machines sold with buyback contracts. 19. Contractual obligations, contingencies, etc. The Company is jointly taxed with other Danish group companies. As the administrative company, together with the other companies included in the joint taxation. the Company has joint and several unlimited liability for Danish corporation taxes and withholding taxes on dividends, interest, and royalties. 20. Cash flow specification DKK'000 2022 2021 Depreciation and amortisation of non-current assets 59,659 37,661 Net loss on sale of non-current assets -1,348 -2,027 Financial income and expenses -7,511 -2,666 Change in deferred tax adjustment 4,388 4,169 Adjustments for non-cash items 55,188 37,138 Inventories -81,109 -21,850 Trade receivables -32,142 -25,495 Trade payables -28,459 38,642 Change in working capital -141,710 -8,703 21. Related party disclosures Zeppelin Danmark A/S related parties comprise the following: Control Zeppelin GmbH, Graf-ZeppeIin-Platz 1, 85748 Garching near Munich, Germany Zeppelin GmbH holds 100% of the contributed capital in the Company. Zeppelin Danmark A/S 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 the consolidated financial statements of Zeppelin Group can be obtained by contacting the companies at the above addresses. Related party transactions In accordance with section 98 c (7) of the Danish Financial Statements Act, the Company has not disclosed any related party transactions as they were conducted on an arm's length basis. Payables to group entities are disclosed in the balance sheet and interest income and expenses are disclosed in note 6 and 7. 22. Events occurring after the reporting period Apart from the events recognised or disclosed in the financial statements, no events of importance to the financial statements have occurred after the reporting period. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2022-01-01 2022-12-31 2021-01-01 2021-12-31 2023-03-16 Zeppelin Danmark A/S Reporting class C, large enterprise 40649247 2019-06-01 2022-03-16 33771231 Strandvejen 44 2900 Hellerup Opinion Basis for Opinion 2023-03-16 mne32209 33771231 mne32198