Årsrapport25160037Piaster Revisorerne, Statsautoriseret RevisionsaktieselskabEngholm Parkvej, 83450, Allerød2021-01-012021-12-312022-01-012022-12-3121409286ifm electronic A/SRingager 2A,2.2605Brøndby1998-10-01BrøndbyPiaster Revisorerne, Statsautoriseret Revisionsaktieselskab25160037Stefan Sølvhøj Johanssonstatsautoriseret revisormne34123Engholm Parkvej83450AllerødDanmark45 81 45 912023-05-09Merete JørgensenRegnskabsklasse BRevisionspåtegningCaseWare fra Revisorgruppen DanmarkaktionærerneAllerød2023-05-09Brøndby2023-05-09Grundlag for konklusionKonklusion2787922417807226166040201406871613736901113783537385101106821551261452221099377735932902415772792755857800528005357500000010780052800535240052902400529024005290322933932889192907279576347204034328697402910324231121669715383598190630074780383824353007478005000005000004803016372501175000000128030164225011845010845010185612481988636312719922903285661678567307825494918258497692549491825849769383824353007478015068482123169801362939160760817259914412816604020140687162017130914632614203598896155126145222243660253789827815582436601373693810292400529500000500000500000500000372501192447610780052800535480301637250117500000075000000Today, the board of directors and the executive board have presented the annual report of ifm electronic A/S for the financial year 1 January - 31 December 2022. The annual report has been presented in accordance with the Danish Financial Statements Act. We consider the accounting policies appropriate and, in our opinion, the financial statements provide a fair presentation of the company’s assets, equity and liabilities, and financial position at 31 December 2022 and of the company’s results of activities in the financial year 1 January – 31 December 2022. We are of the opinion that the management commentary presents a fair account of the issues dealt with. We recommend that the annual report be approved at the Annual General Meeting. Jørn PoulsenMerete JørgensenSimon Peter EvansMarkus WolfJørn PoulsenWe have audited the financial statements of ifm electronic A/S for the financial year 1 January - 31 December 2022, which comprise income statement, balance sheet, statement of changes in equity, notes and a summary of significant accounting policies, for the Company. The financial statements are prepared under 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 2022, and of the results of the Company's operations for the financial year 1 January - 31 December 2022 in accordance with the Danish Financial Statements Act. 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. 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 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 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. Statement on Management’s Review Management is responsible for Management’s Review. Our opinion on the financial statements does not cover 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 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 information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that Management’s Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of Management’s Review. The principal activities of the company The significant activities in the fiscal year of the company has been sale and marketing of electronically components for industrial automation under the trademarks ''efector'', ''ecosys'' and ''ecomat''. Development in activities and financial matters The company's profit for the year is considered satisfying. It has been planned to increase the activity of the company in order to obtain significantly improvement of the net result within the coming years. Events occurring after the end of the financial year No events materially affecting the financial position of the company have occurred after the end of the financial year. Group information ifm electronic a/s is a part of the ifm Group as a 100% owned subsidiary of ifm electronic GmBH, Essen Deutschland. The ifm group owns undertaking and has representing agents in more than 90 countries. 5. Charges and security The company has issued a bank guarantee related to a customer. The total amount of the guarantee is T.DKK 318. The guarantee will expire in April 2024. 6. Contingencies The company has entered rentcontracts which can be terminated within 43-63 months. The total lease obligations are T.DKK 4.660. The company has leases for which the company is the lessee. The lease agrements terminate within 3 and 35 mounts. The total leasing fee obligation is T.DKK 2.596. 7. Related parties Controlling interest ifm electronic GmbH, Friedrichstr. 1, D 45128 Essen, Germany, who makes for the ifm Group. the annual report Transactions The following shareholder is registered in the Register of Shareholders as holding a minimun of 5 % of the votes or at least 5 % of the share capital: ifm electronic GmbH Friedrichstr. 1 D 45128 Essen Germany The annual report for ifm electronic A/S has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. The accounting policies are unchanged from last year, and the annual report is presented in DKK. Recognition and measurement in general Income is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, writedowns for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Foreign currency translation Transactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Fixed assets acquired and paid for in foreign currency are measured at the exchange rate prevailing at the date of the transaction. Gross profit With reference to section 32 of the Danish Financial Statement Act, the items ''Revenue'', ''Cost of sales'', 'Other operating income'' and ''other external expenses'' are consolidated into one item designated ''Gross rofit''. Revenue Revenue includes invoiced sales of goods and rendering of services, recognition is done, when • delivery and transfer of risk to the buyer has taken place before year end • a commiting sales agreement exists • sales price is determined, and • payment is received, or there are reasonable security that it will be received Revenue is recognized excluding value added tax and after deduction of provisions rebates and trade iscounts relating to the sale. Cost of sales include costs incurred to achieve revenue for the year. Cost of sales include freight and orwarding costs. Other operating income comprises items of a secondary nature as regards the principal activities of the nterprise, including profit from the disposal of intangible and tangible assets. Other external costs comprise costs incurred for distribution, sales, advertising, administration, premises, oss on receivables, and operational leasing costs. Staff costs Staff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. Depreciation, amortisation, and writedown for impairment Depreciation, amortisation, and writedown for impairment comprise depreciation on, amortisation of, and writedown for impairment of intangible and tangible assets, respectively. Financial income and expenses Financial income and expenses are recognized in the income statement with the amounts related to the year. Financial income and expenses comprise interest receivable and payable, realised and unrealised capital gains on securities and curency translation adjustments. Tax on net profit or loss for the year Tax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity. Fixed tangible assets Fixed tangible assets are measured at hisotic cost less accumulated depreciation and impairment losses. Historic cost comprise the purchase price and any cost directly attributable to the acquistion until the date when the asset is avaliable for use. Depreciation is done on a straight-line basis according to an assessment of the expected useful life and the residual value of the individual assets: Plant and machinery Useful life 5 years Residual value 0-20 % Other fixtures and fittings, tools and equipment Useful life 3 years Residual value 0-20 % Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Gains and losses on disposals are determined as the difference between selling price less sales cost and carrying amount at time of disposal and are recognized in the income statement. Gains or losses are recognized in the income statement under other operating income or other operating expenses. Receivables Receivables are measured at amortised cost, which usually corresponds to nominal value. The value is reduced with provisions for expected bad debts. Cash on hand and demand deposits Cash on hand and demand deposits comprise cash at bank and on hand. EquityDividend Dividend expected to be distributed for the year is recognised as a separate item under equity. Income tax and deferred tax Current tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Liabilities other than provisions Other liabilities are measured at amortised cost which usually corresponds to the nominal value. 214092862022-01-012022-12-31214092862021-01-012021-12-31214092862021-12-31214092862022-12-31214092862022-01-012022-12-311214092862022-01-012022-12-312214092862022-01-012022-12-313214092862022-01-012022-12-312214092862022-01-012022-12-311214092862022-01-012022-12-311214092862022-01-012022-12-31e:ProposedDividendRecognisedInEquityMember214092862021-01-012021-12-31e:ProposedDividendRecognisedInEquityMember214092862022-01-012022-12-31e:RetainedEarningsMember214092862021-01-012021-12-31e:RetainedEarningsMember214092862022-01-01e:FixturesFittingsToolsAndEquipmentMember214092862022-01-012022-12-31e:FixturesFittingsToolsAndEquipmentMember214092862022-12-31e:FixturesFittingsToolsAndEquipmentMember214092862022-01-01e:ContributedCapitalMember214092862022-12-31e:ContributedCapitalMember214092862022-01-01e:RetainedEarningsMember214092862022-01-012022-12-31e:RetainedEarningsMember214092862022-12-31e:RetainedEarningsMember214092862022-01-012022-12-31e:ProposedDividendRecognisedInEquityMember214092862022-12-31e:ProposedDividendRecognisedInEquityMember214092862021-01-01e:ContributedCapitalMember214092862021-12-31e:ContributedCapitalMember214092862021-01-01e:RetainedEarningsMember214092862021-01-012021-12-31e:RetainedEarningsMember214092862021-12-31e:RetainedEarningsMember214092862021-01-012021-12-31e:ProposedDividendRecognisedInEquityMember214092862021-12-31e:ProposedDividendRecognisedInEquityMemberiso4217:DKKxbrli:pure