Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M 2024-01-01 2024-12-31 2023-01-01 2023-12-31 38616196 Nord Modules A/S Hollufgårdsvej 31 5260 Odense S 2017-05-03 EY Godkendt Revisionspartnerselskab 30700228 Cortex Park Vest 3 5230 Odense M 2025-05-27 Erik Mønster Regnskabsklasse B Erklæring om udvidet gennemgang Grundlag for konklusion Konklusion true true 2025-05-27 2025-05-27 CaseWare Working Papers Odense Erik Mønster Christian Majgaard Nielsen Chairman Søren Michael Juul Jørgensen Erik Mønster Jesper Cort Banke Odense Søren Smedegaard Hvid State Authorised Public Accountant mne31450 6573126 4135900 7740670 3630317 1164072 74390 -2331616 431193 7775 26408 747633 327584 -3071474 130017 -786091 -683850 -2285383 813867 2936416 3273306 -5221799 -2459439 2182204 0 2936416 3273306 5118620 3273306 44164 117133 44164 117133 53507 52458 53507 52458 5216291 3442897 5655205 3188530 5655205 3188530 5461887 2124286 0 278233 1064324 683850 814696 362285 490731 101518 7831638 3550172 13486843 6738702 18703134 10181599 4132292 3967000 3992523 2553179 -10110930 -6310817 -1986115 209362 1126097 720127 1126097 720127 4272084 263008 4272084 263008 11089527 6854378 3535616 1778529 263 263 665662 355932 15291068 8989102 19563152 9252110 18703134 10181599 3967000 0 -3851378 3273306 -2459439 720127 0 3967000 2553179 -6310817 165292 330584 2936416 -5221799 1091102 -1091102 405970 0 4132292 3992523 -10110930 6688716 3237805 806113 301212 153910 70529 91931 20771 7740670 3630317 17 8 -1064324 -683850 278233 0 0 3273306 3273306 2936416 0 3273306 3273306 2936416 0 0 1091102 0 1091102 0 2182204 2936416 541539 268535 273004 424406 72969 -268535 228840 44164 3967000 2967000 467000 467000 0 1000000 2500000 0 3967000 3967000 2967000 467000 Today, the Board of Directors and the Executive Board have discussed and approved the annual report of Nord Modules 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. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. To the shareholders of Nord Modules A/S We have conducted an extended review of the financial statements of Nord Modules 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 accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. Based on the work we have performed, 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 conducted our extended review in accordance with the Danish Business Authority's standard on extended review for Small entities and FSR - Danish Auditors' standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the extended review of the financial statements" section. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Independence 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. 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, 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 responsibility is to express a conclusion on the financial statements. This requires that we plan and perform procedures to obtain limited assurance for our conclusion on the financial statements and perform specifically required supplementary procedures to obtain additional assurance for our conclusion. An extended review comprises procedures that primarily consist of making enquiries of Management and others within the Company, as appropriate, analytical procedures and the specifically required supplementary procedures as well as evaluation of the evidence obtained. The procedures performed in an extended review are less than those performed in an audit, and accordingly, we do not express an audit opinion on the financial statements. Management is responsible for the Management's review. Our conclusion 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 extended review of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the extended review, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the 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 the Management's review. The company's purpose is to develop and sell equipment to companies and hospitals. The income statement for 2024 shows a loss of DKK 2,285,383 against a profit of DKK 813,867 last year, and the balance sheet at 31 December 2024 shows a negative equity of DKK 1,986,115. The company's equity as of 31 December 2024 has been lost. In accordance with section 119 of the Danish Companies Act, the management will explain at the upcoming general meeting how the share capital is expected to be re-established. Management expects to re-establish the share capital through own future profits. Development of Activities and Financial Conditions During the fiscal year, Nord Modules A/S has continued its strategic focus on development and innovation. The company has invested more than DKK 5 million in the development of new products that support the mission to deliver efficient and flexible modular solutions for the automation industry. These investments have been essential in strengthening our product portfolio and our competitive position in the market. Expectations for the Future The significant development activities carried out during the year are expected to have a markedly positive impact on the company's revenue in the coming years. With the introduction of new products and increased market adoption, we anticipate doubling our revenue in 2025. We observe a growing global demand for automation solutions, and Nord Modules A/S is well positioned to capitalize on this growth. To support the expected expansion, we will continue to invest in product development, sales and distribution capacity, and strategic partnerships. At the same time, we will focus on optimizing our internal processes to ensure efficient, profitable, and scalable operations. The ownership group is ready to provide the necessary capital to drive this ongoing development and innovation, if deemed necessary. Risks and Uncertainty Factors The company operates in a market characterized by technological development and international competition. Any delays in product development or changes in market demand could impact the expected growth. Additionally, macroeconomic factors such as currency fluctuations, raw material prices, political uncertainty, and supply chain challenges may influence our results. Management actively works on risk management to minimize potential negative impacts. Final Remarks Nord Modules A/S is well equipped for the future with a solid strategy and a clear focus on innovation. Management is confident that the investments made will create long-term value for both the company and its stakeholders. We look forward to exciting years of continued significant growth and new market opportunities. No events materially affecting the Company's financial position have occurred subsequent to the financial year-end. The annual report of Nord Modules 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. 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). The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition. Income from the rendering of services is recognised as revenue as the services are rendered. Accordingly, revenue corresponds to the market value of the services rendered during the year (percentage-of-completion method). Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. 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 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 cost net of the expected residual value for completed development projects and acquired IP rights is amortised over the expected useful life. Acquired IP rights include patents, rights and licences. 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: Completed development projects 3 years New line years Fixtures and fittings, other plant and equipment 3-5 years Financial expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest 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 Company and its Danish group entities are jointly taxed. 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 development projects and other acquired intangible rights, including software licences, distribution rights and development projects. Other intangible assets are measured at cost less accumulated amortisation and impairment losses. Development costs comprise expenses, salaries and amortisation directly or indirectly attributable to development activities. Development projects that are clearly defined and identifiable, where the technical feasibility, sufficient resources and a potential future market or development opportunities areidentifiable and where the Company intends to produce, market or use the project, are recognised as intangible assets provided that the cost can be measured reliably and that there is sufficient assurance that future earnings can cover production costs, selling costs and administrative expenses and development costs. Other development costs are recognised in the income statement as incurred. Development costs that are recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses. On completion of a development project, development costs are amortised on a straight-line basis over the estimated useful life. The amortisation period is usually # years and cannot exceed # years. Patents and licences are measured at cost less accumulated amortisation and impairment losses. Patents are amortised on a straight line basis over the remaining term of the patent, and licences are amortised over the term of the licence, but not exceeding # years. Property, plant and equipment Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use. Gains or losses are calculated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses from the disposal of property, plant and equipment are recognised in the income statement as other operating income or other operating expenses. Deposits, investments The carrying amount of intangible assets and property, plant and equipment 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. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables. Receivables are measured at amortised cost. An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis. Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors' domicile and credit ratings in line with the Company's risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience. Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected 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. Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. 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. Other payables Other payables are measured at net realisable value. The company has lost its share capital as a result of the years loss. The years loss was primarily affected by massive development of general initiatives and customer-specific ínitiatives. The investment has meant that the level of activity is at a record high. In 2025, the management has prepared a budget where a profit of DKK thousand 350 is expected before financing and tax. Year to date the company are behind budget, but is still in belief that the budget is realistic for the full year. In terms of credit lines and cash position, the loss and development costs are primarily financed by reduced bank debt, which has increased to almost DKK mio.12, which is the company's max credit limit. Management expects the company to have sufficient financing in the coming 12 months at the current credit facilities. The company's main shareholder has provided a guarantee for the company's current banking arrangement. Of the long-term liabilities, DKK 272 thousand falls due for payment after more than 5 years after the balance sheet date. Of the long-term liablities DKK 4.000 thousand relates to loans which are due for payment in May 2026. The Company is jointly taxed with its parent, Juul Holding ApS, which acts as management company, and is jointly and severally liable with other jointly taxed group entities for payment of income taxes as well as withholding taxes on interest, royalties and dividends. Rent obligation includes rent obligation with a total of DKK 180 thousand regarding lease Hollufgårdsvej 31, Odense S. The lease can, from the landlord's side, be terminated with prior contractual notice at the earliest, ending on 1 April 2025. As security for the debt to the Danish Growth Fund (the debt amounts to DKK 0 as of 31 December 2024) with a mortgage on operating equipment and equipment, goodwill, receivables from sales and services as well as inventory, the company has provided a company charge of a nominal DKK 750 thousand. 38616196 2024-01-01 2024-12-31 38616196 2023-01-01 2023-12-31 38616196 2023-12-31 38616196 2024-12-31 38616196 2024-01-01 2024-12-31 1 38616196 2024-01-01 2024-12-31 2 38616196 2024-01-01 2024-12-31 3 38616196 2024-01-01 2024-12-31 4 38616196 2024-01-01 2024-12-31 1 38616196 2024-01-01 2024-12-31 1 38616196 2024-01-01 e:CompletedDevelopmentProjectsMember 38616196 2024-01-01 e:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 38616196 2024-01-01 2024-12-31 e:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 38616196 2024-12-31 e:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 38616196 2024-01-01 2024-12-31 e:CompletedDevelopmentProjectsMember 38616196 2024-12-31 e:CompletedDevelopmentProjectsMember 38616196 2024-01-01 e:FixturesFittingsToolsAndEquipmentMember 38616196 2024-01-01 2024-12-31 e:FixturesFittingsToolsAndEquipmentMember 38616196 2024-12-31 e:FixturesFittingsToolsAndEquipmentMember 38616196 2023-01-01 e:ContributedCapitalMember 38616196 2024-01-01 e:ContributedCapitalMember 38616196 2024-01-01 2024-12-31 e:ContributedCapitalMember 38616196 2024-12-31 e:ContributedCapitalMember 38616196 2024-01-01 e:RetainedEarningsMember 38616196 2024-01-01 2024-12-31 e:RetainedEarningsMember 38616196 2024-12-31 e:RetainedEarningsMember 38616196 2023-01-01 e:RetainedEarningsMember 38616196 2023-01-01 2023-12-31 e:RetainedEarningsMember 38616196 2023-01-01 2023-12-31 e:ContributedCapitalMember 38616196 2023-12-31 e:ContributedCapitalMember 38616196 2002-01-01 e:ContributedCapitalMember 38616196 2022-01-01 2022-12-31 e:ContributedCapitalMember 38616196 2022-12-31 e:ContributedCapitalMember 38616196 2001-01-01 e:ContributedCapitalMember 38616196 2021-01-01 2021-12-31 e:ContributedCapitalMember 38616196 2021-12-31 e:ContributedCapitalMember 38616196 2000-01-01 e:ContributedCapitalMember 38616196 2020-01-01 2020-12-31 e:ContributedCapitalMember 38616196 2020-12-31 e:ContributedCapitalMember 38616196 2024-01-01 e:ReserveForDevelopmentExpenditureMember 38616196 2024-01-01 2024-12-31 e:ReserveForDevelopmentExpenditureMember 38616196 2024-12-31 e:ReserveForDevelopmentExpenditureMember 38616196 2023-01-01 e:ReserveForDevelopmentExpenditureMember 38616196 2023-01-01 2023-12-31 e:ReserveForDevelopmentExpenditureMember iso4217:DKK xbrli:pure