73297710 2021-04-01 2022-03-31 73297710 2021-04-01 2022-03-31 1 73297710 2021-04-01 2022-03-31 1 73297710 2021-04-01 2022-03-31 2 73297710 2021-04-01 2022-03-31 3 73297710 2021-04-01 2022-03-31 1 73297710 2021-04-01 2022-03-31 2 73297710 2022-03-31 73297710 2020-04-01 2021-03-31 73297710 2021-03-31 73297710 2019-04-01 2020-03-31 73297710 2020-03-31 73297710 2018-04-01 2019-03-31 73297710 2019-03-31 73297710 2017-04-01 2018-03-31 73297710 2018-03-31 73297710 2021-03-31 fsa:ContributedCapitalMember 73297710 2022-03-31 fsa:ContributedCapitalMember 73297710 2021-03-31 fsa:ReserveForDevelopmentExpenditureMember 73297710 2021-04-01 2022-03-31 fsa:ReserveForDevelopmentExpenditureMember 73297710 2022-03-31 fsa:ReserveForDevelopmentExpenditureMember 73297710 2021-03-31 fsa:RetainedEarningsMember 73297710 2021-04-01 2022-03-31 fsa:RetainedEarningsMember 73297710 2022-03-31 fsa:RetainedEarningsMember 73297710 2021-04-01 2022-03-31 fsa:RetainedEarningsMember 73297710 2020-04-01 2021-03-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Simon Gibbins 73297710 Flux A/S Industrivangen 5 4550 Asnæs Copenhagen Simon Mark Gibbins Chairman John Willum Andersen Søren Lau Jensen Søren Lau Jensen Pricewaterhousecoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup Today the Board of Directors and Board of Executives have considered and adopted the AnnualReport of Flux A/S for the year 1 April 2021 - 31 March 2022.The Annual Report is presented in accordance with the Danish Financial Statements Act.In our opinion the Financial Statements give a true and fair view of the Company's financialposition at 31 March 2022 and of the results of the Company's operations for the financial year1 April 2021 - 31 March 2022.The Management's Review includes in our opinion a true and fair account of the matters addressed inthe review.We recommend the Annual Report be adopted at the Annual General Meeting. Copenhagen To the Shareholders of Flux A/S Management is responsible for Management’s Review.Our opinion on the financial statements does not cover Management’s Review, and we do not ex-press any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether 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 Management’s Review provides the infor-mation required under the Danish Financial Statements Act.Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Fi-nancial Statements Act. We did not identify any material misstatement in Management’s Review. 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 Manage-ment 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 abil-ity 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 Manage-ment either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 March 2022, and of the results of the Company’s operations for the financial year 1 April 2021- 31 March 2022 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of Flux A/S for the financial year 1 April 2021 - 31 March 2022, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“financial statements”). We conducted our audit in accordance with International Standards on Auditing (ISAs) and the addi-tional requirements applicable in Denmark. Our responsibilities under those standards and re-quirements 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 Inter-national Ethics Standards Board for Accountants’ International Code of Ethics for Professional Ac-countants (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. Hellerup 33771231 Kaare von Cappeln Thomas Lauritsen State Authorised Public Accountant State Authorised Public Accountant mne11629 mne34342 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 state-ments.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism 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 de-tecting 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 over-ride of internal control.●Obtain an understanding of internal control relevant to the audit in order to design audit proce-dures 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 ma-terial 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 ex-ists, we are required to draw attention in our auditor’s report to the related disclosures in the fi-nancial 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. 79253000 104730000 89620000 14233000 29270000 22901000 -5072000 10372000 6187000 102000 -1057000 -436000 646000 -1221000 -4346000 8645000 3818000 52094000 59977000 58537000 40355000 44701000 36056000 1144000 244000 341000 1447000 650000 47 43 44 53 55 23.1 23.0 18.0 27.9 25.6 70.8 72.7 77.5 74.5 61.6 8.0 3.7 -10.2 21.4 12.3 4.4 3.6 -6.4 9.9 6.9 7.2 5.5 -9.1 17.5 10.8 The ratios stated in the list of key figures and ratios have been calculated as follows:Gross margin:Gross profit x 100Net revenueSolvency ratio:Equity at year end x 100Total equity and liabilities, at year endReturn on equity:Profit/loss after tax x 100Average equityOperating margin:Operating profit x 100Net revenueReturn of investment:Operating profit x 100Average assetsThe ratios follow in all material respects the recommendations of the Danish Finance Society. Principal activitiesThe Flux Group's primary activity is to design and manufacture customised magnetic components foruse across the range of industrial, high reliability and space grade applications.Design and manufacturing take place in Flux A/S and in the subsidiary in Thailand, whereas Flux A/Shandles sales and marketing.New products and technologies are developed in close cooperation with Flux A/S‘s customers as well aswith research institutions.Flux Group consists of Flux A/S and Flux International Limited, Thailand and is part of the discoverIEGroup plc, a leading international supplier of customised electronics. Development in activities and financial positionProfit for the year amounts to DKK 3,5 mill. which is primarily caused by increasing revenue.In spite of a difficult year with Covid-19 and supply change challenges the sales and profit increasedand the result for 2021/22 is considered satisfactory. As part of the discoverIE Group plc, Flux A/S has access to a base of over 25.000 customers, many of whomhave a requirement for products that can operate to a higher reliability standard in a harsh environment.Last year the company expected a revenue of DKK 100 mill. And a profit of around DKK 4 mill. which isvery close to the actual figures for 2021/22.InvestmentsIntangible assetsDuring the year Flux A/S has made no investments in intangible assets.TechnologyFor Flux Group to be able to maintain and expand its market position, further development of theunderlying technologies is essential on a current basis. In the financial year, Flux A/S continued itsinvestments in new technology and development through collaboration with customers as well aswith international agencies and institutions.Significant events after the end of the financial yearThere are no significant events after the end of the financial year.Special risksBusiness risksFlux Group's main business risk is associated with the ability of being strongly positioned in relationto the selected markets and customers who demand Flux Group's products and services. It istherefore, important to be at the forefront of the technological development in the business areas andbeing able to manufacture at cost competitive levels.Financial risksFlux A/S manages financial risks and coordinates Flux Group’s cash management, including funding,with the discoverIE Group. Flux A/S is exposed to fluctuations in THB and USD due to purchase of rawmaterials and purchase from our subsidiary company Flux International Limited.Credit risksFlux Group is not exposed to major risks from single customers or partners. All major customers andother partners are subject to ongoing credit rating.LiquidityFlux A/S is firmly based and has access to a Credit Facility in discoverIE Group.Uncertainty regarding recognition or measurementNo uncertainty connected with recognition or measurement has been identified.No unusual matters affecting the recognition or measurement has been identified.Know-howFlux A/S has achieved the European Space Agency Technology Flow Qualification as 1 out of 5 companiesand the only one in magnetics. Flux Int. has achieved IATF Automotive certification. This will be veryimportant for the future performance.EnvironmentalFlux A/S try to reduce the impact on the external environment as much as possible. Flux A/S sorts anddisposes waste according to the environmental regulations. Flux A/S is working on an environmental policytogether with our parent company discoverIE Group.Research and development Flux are developing new products in several areas. For the Space market we develop components forelectrical propulsion for satellites and for the Industrial market we develop components for renewableenergy solutions and for electrical vehicles and chargers.Future expectationsAt the beginning of the new financial year, the company has a record high backlog due to increased demands from our customers, but we still experience difficulties with shortage of raw materials, and the freight from Asia to Europe with high freight rates and long delivery times and this will put some pressure on the revenue and profit. Management expects revenue to be in the area of DKK 110 mill. The company expects a profit of around DKK 6 mill. for 2022-2023. 99912943 83457430 76858756 64251441 23054187 19205989 5585887 5058799 13070469 12230007 0 -1087366 4397831 3004549 210091 2508 108241 1059261 4499681 1947796 991463 429051 3508218 1518745 63118 196758 0 228946 63118 425704 1481985 775590 139205 248917 159708 271478 1780898 1295985 21771484 21771484 190000 190000 21961484 21961484 23805500 23683173 2046233 2517827 1342214 1149406 16136769 9525567 19525216 13192800 20572291 20031689 0 589847 77346 0 115265 83325 20764902 20704861 6039 4101 40296157 33901762 64101657 57584935 2100000 2100000 49232 153479 43232899 39620434 45382131 41873913 4623 85765 4623 85765 1964342 1977368 1964342 1977368 3106597 3062445 7022461 6735728 1571993 499388 5049510 3350328 16750561 13647889 18714903 15625257 64101657 57584935 2100000 153479 39620434 3508218 -104247 104247 0 2100000 49232 43232899 Wages and salaries ...................................................... 23.052.133 19.003.515 Pensions ................................................................... 763.736 603.235 Social security costs ..................................................... 270.302 256.907 Other staff costs ......................................................... 411.153 205.948 24.497.324 20.069.605 By reference to section 98B(3), (ii), of the Danish Financial Statements Act, remuneration tomanagement is not disclosed. Special itemsIncomeCovid-19 payroll relief package - 1.087.366 Special items are recognised in the below items of the financial statementsOther operationg income 1.087.366 Net profit on special items - 1.087.366 Other interest income ................................................. 210.091 2.508 210.091 2.508 Other interest expenses................................................. 108.241 1.059.261 108.241 1.059.261 Calculated tax on taxable income of the year ...................... 1.072.605 499.388 Adjustment of tax for previous years ................................ - - Adjustment of deferred tax. ........................................... -81.142 -70.337 991.463 429.051 3508218 1518745 Developmentprojects Intangible fixedcompleted assets acquiredCost at 1 April 2021 ................................................................. 3.825.399 1.417.646 Additions ............................................................................. - - Disposals………………………………………………………. - - Cost at 31 March 2022 ..............................................................3.825.399 1.417.646 Amortisation at 1 April 2021 ....................................................... 3.628.641 1.188.700 Depreciation for the year ...................................................... 133.640 228.946 Reversal of depreciation of assets disposed of - - Depreciation at 31 March 2022 .............................................3.762.281 1.417.646 Carrying amount at 31 March 2022 .............................................63.118 - Other plant,Production plant machinery, tools Leaseholdand machinery and equipment improvementsCost at 1 April 2021 .................................................................5.603.629 2.663.107 846.626 Additions .............................................................................1.081.078 35.000 27.844 Disposals……………………………………………………….- - - Cost at 31 March 2022 ..............................................................6.684.707 2.698.107 874.470 Amortisation at 1 April 2021 .......................................................4.828.039 2.414.190 575.148 Depreciation for the year ...................................................... 374.683 144.712 139.614 Reversal of depreciation of assets disposed of- - - Depreciation at 31 March 2022 .............................................5.202.722 2.558.902 714.762 Carrying amount at 31 March 2022 .............................................1.481.985 139.205 159.708 Investment in Rent deposit andsubsidiaries other receivablesCost at 1 April 2021 ................................................................. 21.771.484 190.000 Additions ............................................................................. - - Disposals............................................................................. - - Cost at 31 March 2022 ..............................................................21.771.484 190.000 Investments in subsidiaries (DKK)Name and registered office Equity Profit/loss Ownershipfor the yearFlux International Limited, Bangchalong,Bangplee, Thailand ................................... 18.954.285 2.418.095 100% Prepayments Insurances………………………………………………………………..63.240 66.964 Other prepayments…………………………………………………………..52.025 16.361 115.265 83.325 Share capital Specification of the share capital:Shares, 2.100 in the denomination of 1.000 DKK ................... 2.100.000 2.100.000 2.100.000 2.100.000 Provision for deferred tax comprises deferred tax on inventory and intangible and tangible fixed assets.Deferred tax at 1 April……………………………………………………………………….85.765 156.102 Adjustment of deferred tax .......................................................................... -81.142 -70.337 Provision for deferred tax 31 March........................................... 4.623 85.765 Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt.The debt falls due for payment as specified below:2021/22 2020/21DKK DKKBetween 1 and 5 years 31.006 131.606 More than 5 years 1.933.336 1.845.762 1.964.342 1.977.368 Contingent liabilitiesRent and lease liabilities include a rent obligation totalling DKK 393 thousand (2020/21: DKK 380thousand) interminable rent agreements with remaining contract terms next year. Furthermore,Flux A/S has liabilities under operating leases for cars and IT equipment DKK 532 thousand(2020/21: DKK 878 thousand), with remaining contract terms of 0.5 - 3.0 years.Joint taxationFlux A/S is jointly and severally liable together with the other Danish group companies in the jointly taxed group for tax on the group’s jointly taxed income and for certain possible withholding taxes such as dividend tax and royalty tax, and for the joint registration of VAT.Noratel Denmark A/S serves as management company for the joint taxation. Charges and securities Flux A/S, together with other group entities, act as Guarantor for a Revolving Credit Facility for DiscoverIE Group Plc, whereby some Group companies can borrow an amount of up to GBP 180 million.The Company’s guarantee is limited if and to the extent that the same would constitute unlawfulfinancial assistance, within the meaning of section 206 and 210 of the Danish Companies Act, andfurthermore, the Company can only be held liable for the free equity at any given time. Parties exercising controldiscoverIE Holding B.V., HollandTransactions with related parties2021/22 2020/21DKKk DKKkRevenue - 2.001 Cost of sales 51.613 46.226 Expenses 560 768 There are no significant events after the end of the financial year Flux A/S is included in the consolidated financial statements of discoverIE Group plc (England)the consolidated financial statement can be obtained by contacting the Company or by visitingthe Company's website http://www.discoverieplc.com/discoverie/en/home. The annual report of Flux A/S for 2021/22 has been presented in accordance with the provisions of theDanish Financial Statements Act for enterprises in reporting class C, medium enterprise.INCOME STATEMENTNet revenueNet revenue from sale of merchandise and finished goods is recognised in the Income Statement ifsupply and risk transfer to purchaser has taken place before the end of the year and if the income canbe measured reliably and is expected to be received. Net revenue is recognised exclusive of VAT,duties and less discounts related to the sale.Production costsProduction costs comprise costs, including wages and salaries and write-off, incurred to achieve thenet revenue for the year. Commercial enterprises recognise cost of sales, and the manufacturingenterprises recognise production costs equal to the revenue for the year, including direct and indirectcosts of raw materials and consumables, wages and salaries, rent and leasing and depreciation ofproduction plant.Amortisation of capitalised development and research costs and the development costs that do notfulfil the criteria for capitalisation are also recognised in production costs.Impairment losses are recognised in connection with expected losses on project contracts.Distribution costsThe costs incurred for distribution of goods sold during the year and for sales campaigns carried outduring the year are recognised in distribution costs. The costs of the sales personnel, advertising andexhibition costs and amortisation are also recognised in distribution costs.Administrative expensesAdministrative expenses recognise costs incurred during the year regarding management andadministration of the group, inclusive of costs relating to the administrative staff, executives, officepremises, office expenses etc. and related amortisation.Investments in subsidiaries and associatesDividend from subsidiary and associated enterprise is recognised as income in the financial year whenthe dividend is declared.Financial income and expenses in generalFinancial income and expenses include interest income and expenses, financial expenses of financeleases, realised and unrealised gains and losses arising from investments in financial assets, debt andtransactions in foreign currencies, amortisation of financial assets and liabilities as well as charges andallowances under the tax-on-account scheme etc. Financial income and expenses are recognised in theincome statement by the amounts that relate to the financial year.Tax on profit for the yearThe tax for the year, which consists of the current tax for the year and changes in deferred tax, isrecognised in the income statement by the portion that may be attributed to the profit for the year, and isrecognised directly in the equity by the portion that may be attributed to entries directly to the equity.BALANCE SHEETIntangible fixed assetsPatents are measured at the lower of cost less accumulated amortisation or the recoverable amount.Patents are amortised over the residual patent term and licences are amortised over the term of theagreement, however, no more than 5 years.Development costs comprise costs, including wages and salaries, and amortisation, which directly orindirectly can be related to Flux A/S’ development activities and which fulfil the criteria for recognition.Capitalised development costs are measured at the lower of cost less accumulated amortisation orrecoverable amount.Capitalised development costs are amortised on a straight-line basis over the estimated useful lifeafter completion of the development work. The amortisation period is normally 5 years.Intangible fixed assets are generally written down to the lower of recoverable value and carryingamount.Profit or loss from sale of intangible fixed assets is calculated at the difference between the salesprice and the carrying amount at the time of the sale. Profit and loss are recognised in the IncomeStatement under other operating income or other operating expenses.Tangible fixed assetsLand and buildings, production plant and machinery, other plants, fixtures and equipment aremeasured at cost less accumulated depreciation and impairment losses. Land is not depreciated.The depreciation base is cost less estimated residual value after end of useful life.The cost includes the acquisition price and costs incurred directly in connection with the acquisitionuntil the time when the asset is ready to be used. As regards self-manufactured assets, the cost priceincludes cost of materials, components, subcontractors, direct payroll and indirect production costs.Straight-line depreciation is provided on the basis of an assessment of the expected useful lives of theassets and their residual value:Useful lifeResidual valueProduction plant and machinery .................................................................. 5-10 years 0Other plants, fixtures and equipment ........................................................................................3-5 years 0Leasehold improvements ...........................................................................................................10 years 0Profit or loss on disposal of tangible fixed assets is stated as the difference between the sales priceless selling costs and the carrying amount at the time of sale. Profit or loss is recognised in the incomestatement as other operating income or other operating expenses.Revaluation of residual value (scrap value) and depreciation period are performed annually.Investments in subsidiariesInvestments in subsidiaries and associates are measured at cost. If the cost exceeds the net realisablevalue, this is written down to the lower value.Impairment of fixed assetsThe carrying amount of intangible fixed and tangible assets together with fixed assets, which are notmeasured at fair value, are valued on an annual basis for indications of impairment other than thatreflected by amortisation and depreciation.In the event of impairment indications, an impairment test is made for each asset or group of assets,respectively. If the net realisable value is lower than the carrying amount, the assets are written downto the lower value.The recoverable amount is calculated at the higher of net selling price and capital value. The capitalvalue is determined as the fair value of the expected net cash flows from the use of the asset or groupof assets and the expected net cash flows from sale of the asset or group of assets after the end of itsuseful life.InventoriesInventories are measured at cost using the FIFO-principle. If the net realisable value is lower thancost, the inventories are written down to the lower value.The cost of merchandise as well as raw materials and consumables is calculated at acquisition pricewith addition of transportation and similar costs.The cost of finished goods and work in progress includes cost of raw materials, consumables, directpayroll cost and indirect production cost. Indirect production costs include indirect materials andpayroll and maintenance and depreciation of the machines, factory buildings and equipment used inthe production process, cost of factory administration and management and capitalised developmentcosts relating to the products.The net realisable value of inventories is stated at sales price less completion costs and costs incurredto execute the sale and is determined with due regard to marketability, obsolescence and developmentin expected sales price.ReceivablesReceivables are measured at amortised cost which usually corresponds to nominal value. The value isreduced by impairment losses to meet expected losses.PrepaymentsPrepayments are recognised as assets include costs incurred relating to the subsequent financial year.Cash and cash equivalentsCash and cash equivalents comprise cash and short-term securities that can be converted to liquidassets without hindrance, and there are only insignificant risks of value changes.EquityReserve for development costsReserve for development costs comprise development costs recognised. The reserve cannot be usedfor dividends or payment of losses. The reserve is reduced or dissolved if the development costsrecognised are depreciated or flow out of Flux A/S. This is done by direct transfer to the distributablereserves of equity.Tax payable and deferred taxCurrent tax liabilities and receivable current tax are recognised in the balance sheet as the calculatedtax on the taxable income for the year, adjusted for tax on the taxable income for previous years andtaxes paid on account.Flux A/S is subject to joint taxation with Danish group companies. The current corporation tax isdistributed among the joint taxable companies in proportion to their taxable income and with fullallocation and refund related to tax losses. The joint taxable companies are included in the on accounttax scheme. Joint taxation contributions receivable and payable are recognised in the Balance Sheetunder current assets and liabilities, respectively.Deferred tax is measured on the temporary differences between the carrying amount and the tax valueof assets and liabilities.Deferred tax assets, including the tax value of tax loss carry-forwards, are measured at the expectedrealisable value of the asset, either by set-off against tax on future earnings or by set-off againstdeferred tax liabilities within the same legal tax entity.Deferred tax is measured on the basis of the tax rules and tax rates that under the legislation in forceon the balance sheet date would be applicable when the deferred tax is expected to crystallise ascurrent tax. Any changes in the deferred tax resulting from changes in tax rates, are recognised in theincome statement, except from items recognised directly in equity.LiabilitiesFinancial liabilities are recognised at the time of borrowing by the amount of proceeds received lessborrowing costs. In subsequent periods, the financial liabilities are measured at amortised cost equalto the capitalised value when using the effective interest, the difference between the proceeds andthe nominal value being recognised in the income statement over the term of loan.Amortised cost of current liabilities usually corresponds to nominal value.Deferred incomeDeferred income is recognised as liabilities include payments received regarding income in subsequentyears.Foreign currency translationOn initial recognition, transactions denominated in foreign currencies are translated at the exchangerates at the transaction date. Foreign exchange differences arising between the exchange rates at thetransaction date and at the date of payment are recognised in the income statement as financialincome or financial expenses.Receivables and payables and other monetary items denominated in foreign currencies are translatedat the exchange rates at the balance sheet date. The difference between the exchange rates at thebalance sheet date and at the date at which the receivable or payable arose or was recognised in thelatest financial statements is recognised in the income statement as financial income or financialexpenses. Consolidated financial statements have not been prepared because the group fulfils the exemptionprovisions of section 112 of the Danish Financial Statements Act on sub-groups. Flux A/S isincluded in the consolidated financial statements of discoverIE Group plc. With reference to Section 86(4) of the Danish Financial Statements Act, Flux A/S has not prepareda cash flow statement. The parent company's cash flows are part of the consolidated cash flowstatement of discoverIE Group plc. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2021-04-01 2022-03-31 2020-04-01 2021-03-31 2022-10-03 Reporting class B false false true false 1983-06-30 2022-10-03 73297710 Flux A/S Industrivangen 5 4550 Asnæs Opinion Basis for Opinion 2020-10-03 DK 33771231 Pricewaterhousecoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup DK