Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Dirch Passers Allé 36 Postboks 250, 2000 Frederiksberg 2024-01-01 2024-12-31 2023-01-01 2023-12-31 27013473 Svedan Industri Køleanlæg A/S Håndværkerbyen 8 2670 Greve 2003-02-13 Greve 43907111 43907153 Sydbank A/S PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 DK-2 00 Hellerup 2025-04-29 Sören Malherbes Jensen Regnskabsklasse B Revisionspåtegning Grundlag for konklusion Konklusion true true 2025-04-29 2025-04-29 CaseWare Working Papers Greve Peter Gotholdt Anskjær Director Sören Malherbes Jensen Chairman Lars Østergaard Kerstin Levin Hellerup Bo Schou-Jacobsen Ahmed Shah Ahmedzay State Authorised Public Accountant mne28703 State Authorised Public Accountant mne50717 24358930 25096795 16989369 14671141 184057 224718 7185504 10200936 640000 480000 42679 68387 382833 255693 7485350 10493630 1513092 2204882 5972258 8288748 0 6000000 5972258 2288748 0 10277 0 10277 469821 495713 469821 495713 3320000 320000 10000 10000 3330000 330000 3799821 835990 1085216 852496 1085216 852496 10055240 25021857 8310640 9080340 565 13308 108680 101705 229950 62063 18705075 34279273 3056621 5591304 22846912 40723073 26646733 41559063 1000000 1000000 17719633 11747375 0 6000000 18719633 18747375 2122486 2183644 2122486 2183644 156234 6459855 2143400 8840138 1574250 1917460 1930730 3410591 5804614 20628044 5804614 20628044 26646733 41559063 1000000 9458627 4500000 2288748 6000000 0 4500000 1000000 11747375 6000000 5972258 0 0 6000000 1000000 17719633 0 15376215 13213824 907427 756030 90615 120534 615112 580753 16989369 14671141 23 24 1671 0 381162 255693 1574250 1917460 -61158 287422 273950 273950 263673 10277 273950 0 1769112 152888 358300 1563700 1273399 173780 353300 1093879 469821 320000 10000 3000000 0 3320000 10000 3320000 10000 Svedan Marine Industriservice A/S Greve 100 1710627 1016673 NVPT Holding ApS Holstebro 25 102096 -8510 54871240 96692273 Today, the Board of Directors and the Executive Board have discussed and approved the annual report of Svedan Industri Køleanlæg 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 financial position of the Company at 31 December 2024 and of the results of the Company's operations for the financial year 1 January - 31 December 2024. We recommend that the annual report be approved at the annual general meeting. To the shareholder of Svedan Industri Køleanlæg A/S In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2024, and of the results of the Company’s operations for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Svedan Industri Køleanlæg A/S for the financial year 1 January - 31 December 2024, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies] (“the Financial Statements”). 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. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters 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. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the 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 underlying transactions and 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. The annual report of Svedan Industri Køleanlæg A/S for 2024 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provisions applying to reporting class C entities. Pursuant to section 112(1) of the Danish Financial Statements Act, the Company has not prepared consolidated financial statements. The financial statements of Svedan Industri Køleanlæg A/S are included in the consolidated financial statements of Francks Kylindustri Holding AB, Norrköping, Sweden, (reg. no. 559174-4767) The accounting policies used in the preparation of the financial statements are consistent with those of last year. Reporting currency The financial statements are presented in Danish kroner (DKK). On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate 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 and payables and other monetary items denominated in foreign currencies are translated at the exchange rate 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 most recent financial statements is recognised in the income statement as financial income or financial expenses. The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition. Income from the sale of commercial goods and goods for resale is recognised in revenue at the time of delivery and when the risk passes to the buyer, provided that the income can be made up reliably and payment is expected to be received. Revenue is measured net of VAT and other indirect taxes and discounts/rebates granted. Income from construction contracts involving a high degree of customisation is recognised as revenue by reference to the stage of completion. Accordingly, revenue corresponds to the market value of the contract work performed during the year (percentage-of-completion method). This method is used where the total income and expenses and the degree of completion of the contract can be measured reliably. Where income from a construction contract cannot be estimated reliably, contract revenue corresponding to the expenses incurred is recognised only in so far as it is probable that such expenses will be recoverable from the counterparty. The items revenue, cost of sales, other operating income and external expenses have been aggregated into one item in the income statement called gross profit in accordance with section 32 of the Danish Financial Statements Act. Other operating income comprise items secondary to the principal activities of the Company, including refund of wages and salaries, gains on disposal of tangible assets and property, plant and equipment. Cost of sales includes the cost of goods used in generating the year's revenue. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. Staff costs comprise wages and salaries, including holiday allowance and pensions, and other social security costs, etc., for the Company's employees. The item comprises amortisation/depreciation of intangible assets and property, plant and equipment. The basis of amortisation/depreciation, which is calculated as cost less any residual value, is amortised/depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows: Acquired intangible assets 3 years Other fixtures and fittings, tools and equipment 5 years The item includes dividend received from group entities and participating interests in so far as the dividend does not exceed the accumulated earnings in the group entity and participating interest in the period of ownership. Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc. Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity. The entity is jointly taxed with other group entities. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption). Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company. Other intangible assets include acquired intangible rights. Other intangible assets are measured at cost less accumulated amortisation and impairment losses. Property, plant and equipment Property, plant and equipment comprises fixtures and fittings, tools and equipment. Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. All lease agreements are treated as operating leases. Payments relating to operating leases and other leases are recognised in the income statement over the term of the contract. The company's total liabilities regarding operating leases and leases are disclosed under contingent items. Investments in group entities and participating interests are measured at cost, which includes the cost of acquisition calculated at fair value plus direct costs of acquisition. If there is evidence of impairment, an impairment test is conducted. Where the carrying amount exceeds the recoverable amount, a write-down is made to such lower value. The carrying amount of intangible assets, property, plant and equipment and investments in group entities is assessed for impairment on an annual basis. Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Previously recognised impairment losses are reversed when the reason for recognition no longer exists. Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value. The net realisable value of inventories is calculated as the sales amount less costs of completion and expenses required to effect the sale and is determined taking into account marketability, obsolescence and development in the expected selling price. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Service supplies and contract work in progress for third parties are measured at the market value of the work performed less progress billings. The market value is calculated based on the stage of completion at the balance sheet date and the total expected income from the relevant contract. The stage of completion is calculated based on the expenses incurred relative to the expected total expenses relating to the relevant contract. Where the outcome of contract work in progress cannot be estimated reliably, the market value is measured at the expenses incurred in so far as they are expected to be paid by the purchaser. Where the total expenses relating to the work in progress are expected to exceed the total market value, the expected loss is recognised as a loss-making agreement under "Provisions" and is expensed in the income statement. The value of work in progress less progress billings is classified as assets when the selling price exceeds progress billings and as liabilities when progress billings exceed the market value. Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Cash comprises cash and short-term securities that are readily convertible into cash and subject only to minor risks of changes in value. Proposed dividends Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively. Deferred tax is measured according to 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. Deferred tax assets are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recognised in the income statement. Debts are measured at amortised cost, substantially corresponding to nominal value. The most important activities of the Company are to provide efficient and good services as well as new cooling plants for our corporate customers and to extend our activities within industrial heating pumps. No events materially affecting the Company's financial position have occurred subsequent to the financial year-end. Other contingent liabilities The Company is jointly taxed with the other enterprises in the group and are jointly and severally liable for the taxes that concern the joint taxation. Other rent and lease liabilities: DKK 2024 2023 Rent and lease liabilities 1,464,802 920,327 Rent and lease liabilities include a rent obligation totalling DKK 203.418 (2023: DKK 200 thousand) in interminable rent agreements. Furthermore, the Company has liabilities under operating leases for cars and IT equipment, totalling DKK 1.261.384 (2023: DKK 720 thousand) with remaining contract terms of 1-5 years. Performance guarantees and payment guarantees As security for the Company's work in progress, the Company has provided warranty for at total amount of DKK 6,188 thousand (2023: DKK 6.188 thousand). Information about consolidated financial statements Parent Domicile Francks Kylindustri Holding AB Box 238 601 04 Norrköping, Sweden 27013473 2024-01-01 2024-12-31 27013473 2023-01-01 2023-12-31 27013473 2023-12-31 27013473 2024-12-31 27013473 2024-01-01 2024-12-31 1 27013473 2024-01-01 2024-12-31 2 27013473 2024-01-01 2024-12-31 3 27013473 2024-01-01 2024-12-31 1 27013473 2024-01-01 2024-12-31 2 27013473 2024-01-01 2024-12-31 1 27013473 2024-01-01 e:AcquiredIntangibleAssetsMember 27013473 2024-01-01 2024-12-31 e:AcquiredIntangibleAssetsMember 27013473 2024-12-31 e:AcquiredIntangibleAssetsMember 27013473 2024-01-01 e:FixturesFittingsToolsAndEquipmentMember 27013473 2024-01-01 2024-12-31 e:FixturesFittingsToolsAndEquipmentMember 27013473 2024-12-31 e:FixturesFittingsToolsAndEquipmentMember 27013473 2024-01-01 e:InvestmentsInGroupEnterprisesMember 27013473 2024-01-01 2024-12-31 e:InvestmentsInGroupEnterprisesMember 27013473 2024-12-31 e:InvestmentsInGroupEnterprisesMember 27013473 2023-01-01 e:ContributedCapitalMember 27013473 2024-01-01 e:ContributedCapitalMember 27013473 2024-12-31 e:ContributedCapitalMember 27013473 2024-01-01 e:RetainedEarningsMember 27013473 2024-01-01 2024-12-31 e:RetainedEarningsMember 27013473 2024-12-31 e:RetainedEarningsMember 27013473 2023-01-01 e:RetainedEarningsMember 27013473 2023-01-01 2023-12-31 e:RetainedEarningsMember 27013473 2024-01-01 e:ProposedDividendRecognisedInEquityMember 27013473 2024-01-01 2024-12-31 e:ProposedDividendRecognisedInEquityMember 27013473 2024-12-31 e:ProposedDividendRecognisedInEquityMember 27013473 2023-01-01 e:ProposedDividendRecognisedInEquityMember 27013473 2023-01-01 2023-12-31 e:ProposedDividendRecognisedInEquityMember 27013473 2024-01-01 2024-12-31 e:SubsidiaryMember 1 27013473 2024-12-31 e:SubsidiaryMember 1 27013473 2024-01-01 e:ParticipatingInterestsMember 27013473 2024-01-01 2024-12-31 e:ParticipatingInterestsMember 27013473 2024-12-31 e:ParticipatingInterestsMember 27013473 2024-01-01 2024-12-31 e:OtherRelatedEntitiesMember 1 27013473 2024-12-31 e:OtherRelatedEntitiesMember 1 iso4217:DKK xbrli:pure