falsefalseBente ChristensenÅrsrapport25578198KPMGØstre Havnegade 18DK-9000 Aalborg2021-05-012022-04-302020-05-012021-04-302022-06-282022-06-2813216002Allison A/SHjortkærvej 26740BrammingDKDenmark1989-06-01Esbjerg75 19 13 33www.allison.dkinfo@allison.dkKPMG25578198Steffen S. Hansenmne32737statsaut. revisorØstre Havnegade 22D22D9000AalborgDKDenmark45707077602022-06-28Regnskabsklasse C, mellemstor virksomhedfalsefalseRevisionspåtegningThe Board of Directors and the Executive Board have today discussed and approved the annual report of Allison A/S for the financial year 1 May 2021 – 30 April 2022.The annual report has been prepared in accordance with the Danish Financial Statements Act.We recommend that the annual report be approved at the annual general meeting.Bramming, Henrik Karup JørgensenBente ChristensenMette Kolling RothmannAnders Jacob Gad ThostrupChairmanJulie Gad ThostrupConradus Antonius Maria de JongTo the shareholders of Allison A/SWe 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.Aalborg,3331300044086000342110003533000035204000538500015478000868800086390007047000519600015328000862900085420006891000405600011955000677400067260005406000759550008073700078042000678440006753900052923000548680004881700046912000429680001902000104700010430002560003810008.931.818.517.51469.76862.669.363.653585656563331321544085700264607722694344114677961663810538464715478449273051773702163703277655195582153280541140073337305640555091195499872981967624904202503323677614858301055436010427248999266510427248999266522297221145763691219578416554588317520704374348105253183533114730005186158522186351229988028500300005105014675001548764131413232152298227495354655279887074391775955236807365823125000312500043798359457428506000000600000052923359548678509240009570009240009570002809410321836940698039602095518158976609117307334183868166599890234819298467216933632210787724911732759552368073658231250004574285060000000060000000-194449160000003125000437983596000000535860000006000000-19444915954998Control Related party transactions Allison A/S' related parties comprise the following: Nopa Nordic A/S Havrevænget 13, Hobro 9500 Hobro Nopa Nordic A/S holds the entire contributed capital in the Company. Allison A/S is part of the consolidated financial statements of Nopa Nordic A/S, Hobro, Denmark and the consolidated financial statements of Auka Holding ApS, which are the smallest and largest groups, respectively, in which the Company is included as a subsidiary. In accordance with section 98 c(7) of the Danish Financial Statements Act, the Company has not disclosed any related party transactions as they were conducted on an arm's length basis.In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 30 April 2022 and of the results of the Company's operations for the financial year 1 May 2021 – 30 April 2022. Further, in our opinion, the Management's review gives a fair review of the development in the Company's activities and financial matters, of the results for the year and of the Company's financial position.We have audited the financial statements of Allison A/S for the financial year 1 May 2021 – 30 April 2022 comprising 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. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 30 April 2022 and of the results of the Company's operations for the financial year 1 May 2021 – 30 April 2022 in accordance with the Danish Financial Statements Act.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 objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements in Denmark will always detect a material misstatement when it exists. Misstatements may arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users made on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also identify and assess the risks of material misstatement of the company financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for 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.Management is responsible for the Management's review. Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the 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 audit, 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 Statements Act. We did not identify any material misstatement of the Management's review. The financial ratios have been calculated as follows: Return on invested capital Operating profit/loss * 100 Average invested capital Solvency ratio Equity ex. non-controlling interests at year-end x 100 Total equity and liabilities at year-endAllison A/S' principal activities are to develop, produce and sell personal care products. The Company sells products under its own brand as well as under private brands for specialty retail and chains in Europe.The Company’s income statement for 2021/22 shows a profit of DKK 4,053,116, and at 30 April 2022, equity stood at DKK 52,916,850. Results and financial performance for 2020/21 were below budget, but we still consider it to be acceptable under the present market conditions.For the 2022/23 financial year, the profit is expected to improve somewhat, still below 2020/21 though, since we still fail to reflect the increase in cost prices in the sales prices by months.No events have occurred after the balance sheet date of material importance to the annual report for 2021/22. The annual report of Allison A/S for 2021/22 has been prepared in accordance with the provisions applying to reporting class C medium-sized entities under the Danish Financial Statements Act.Reclassifications have been made in the comparative figures. The reclassifications have no effect on the profit for the year or equity. Apart from the above mentioned, the accounting policies used in the preparation of the financial statements are consistent with those of last year.Pursuant to section 86(4) of the Danish Financial Statements Act, no cash flow statement has been prepared. The Company's cash flows are included in the cash flow statement in the consolidated financial statements of Nopa Nordic A/S.On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses.The financial items revenue, cost of sales, other external costs and other operating costs are summarise in the item gross profit, cf. section 32 of the Danish Financial Statements Act.Income from the sale of finished goods and goods for resale is recognised in revenue when delivery and transfer of risk to the buyer have taken place, and the income may be measured reliably and is expected to be received. The date of transfer of the most significant benefits and risks is determined using standard Incoterms ® 2020. Revenue is recognised excluding VAT, taxes and discounts related to the sale.Cost of sales comprises costs incurred to generate revenue for the year. This item also comprises direct costs for goods for resale and changes to inventory of goods for resale.Other external costs comprise distribution costs and costs related to sales, sales campaigns, administration, office premises, operating leases, etc.Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs, etc., to the Company's employees, excluding reimbursements from public authorities.Financial income and expenses comprise interest income and expense, financial costs regarding finance leases, gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc.The Company is subject to the Danish rules for compulsory joint taxation of the Group's Danish subsidiaries. Subsidiaries are included in the joint taxation from the time they are included in the consolidation in the consolidated financial statements until the time they are omitted from the consolidation. Current Danish corporation tax is distributed by settling joint taxation contributions between jointly taxed companies in relation to this taxable income. In relation to this, companies with tax losses receive joint taxation contributions from companies that have been able to use this deficit to reduce their own tax profits. Tax for the year comprises current tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement at the amount attributable to the profit/loss for the year and directly in equity at the amount attributable to entries directly in equity.Land and buildings, plant and machinery and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.  Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use. Indirect production overheads and borrowing costs are not recognised in cost. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately. The basis of depreciation is cost less any projected residual value after the end of the useful life. Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful lives are as follows: The useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively. Fixed assets under construction are recognised and measured at cost at the balance sheet date. Upon entry into service, the cost is transferred to the relevant group of property, plant and equipment. Gains and losses on the disposal of property, plant and equipment are stated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively.Land and buildings 10-30 years Plant and machinery 3-10 years Fixtures and fittings, tools and equipment 3-6 yearsThe carrying amount of intangible assets and property, plant and equipment as well as equity investments in group entities and associates is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount.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. Goods for resale and raw materials and consumables are measured at cost, comprising purchase price plus delivery costs. Finished goods and work in progress are measured at cost, comprising the cost of raw materials, consumables, direct wages and salaries and indirect production overheads. Indirect production overheads comprise indirect materials and wages and salaries as well as the maintenance of depreciation of production machinery, buildings and equipment as well as factory administration and management. Borrowing costs are not included in cost. The net realisable value of inventories is calculated as the sales amount less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and development in expected selling price.Receivables are measured at amortised cost. Write-down is made for bad debt losses where there is an objective indication that a receivable or a portfolio of receivables has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis.Prepayments comprises advance payments regarding events in subsequent years.Proposed dividends are recognised as a liability at the time of adaptation at the annual general meeting (date of declaration). The expected dividend payment for the year is disclosed as a separate item under equity.Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities based on the planned use of the asset or settlement of the liability. However, deferred tax is not recognised on temporary differences relating to goodwill non-deductible for tax purposes and on office premises and other items where the temporary differences arise at the date of acquisition without affecting either profit/loss or taxable income. Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; 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. Any deferred net assets are measured at net realisable value. Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively.Financial liabilities are recognised at cost at the date of borrowing, corresponding to the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost using the effective interest method. Accordingly, the difference between cost and the nominal value is recognised in the income statement over the term of the loan together with interest expenses. Other liabilities are measured at net realisable value.Wages and salaries 23,148,253 23,825,104 Pensions 1,697,534 1,713,966 Other social security costs 864,366 775,379 Other staff costs 750,619 628,992 26,460,772 26,943,441 Average number of full-time employees 53 58In accordance with section 98b(3)(2) of the Danish Financial Statements Act, remuneration of the Executive Board has not been disclosed.Interest income from group entities 27,264 155,119 Other financial income 41 31 Exchange adjustments 0 22,220 27,305 177,370 Current tax for the year 1,173,073 3,391,403 Deferred tax for the year -34,307 -18,337 Adjustment of tax concerning previous years 0 -10 Adjustment of deferred tax concerning previous years 1,307 0 1,140,073 3,373,056 DKK Land and buildings Plant and machinery Fixtures and fittings, tools and equipment Property, plant and equipment in progress Total Cost at 1 May 2021 22,116,513 16,095,362 158,813 0 38,370,688 Additions for the year 233,200 558,743 55,000 1,055,436 1,902,379 Cost at 30 April 2022 22,349,713 16,654,105 213,813 1,055,436 40,273,067 Depreciation and impairment losses at 1 May 2021 -14,491,609 -13,727,601 -158,813 0 -28,378,023 Depreciation for the year -559,908 -901,471 -6,417 0 -1,467,796 Depreciation and impairment losses at 30 April 2022 -15,051,517 -14,629,072 -165,230 0 -29,845,819 Carrying amount at 30 April 2022 7,298,196 2,025,033 48,583 1,055,436 10,427,248 Contributed capital consists of shares of a nominal value of DKK 500 or multiples thereof. All shares rank equally.DKK 30/4 2022 30/4 2021 Deferred tax at beginning of the year 957,000 790,000 Deferred tax adjustment for the year -33,000 -18,337 Deferred tax acquired from merger 0 185,337 924,000 957,000Credit institutions: 0-1 years 406,980 396,020 1-5 years 1,556,865 1,584,080 >5 years 1,252,545 1,634,289 3,216,390 3,614,389The Company is jointly taxed with other Danish companies in the Nopa Nordic A/S Group. The Group's Danish entities are jointly and severally liable for jointly taxed income and for certain withholding taxes such as dividend tax and royalty tax. The jointly taxed companies' total known net liabilities to the Danish tax authorities are disclosed in the management company, Auka Holding ApS', CVR no. 41 98 93 19, annual report. The Company has entered into operating leases with a remaining term of 18-34 months and an average monthly lease payment of DKK 28 thousand, totalling DKK 725 thousand. The Company has issued mortgage bonds of DKK 3,216 thousand, providing collateral for land and buildings with a carrying amount at 30 April 2022 of DKK 7,298 thousand. In addition, the Company holds a mortgage deed registered to the mortgagor of DKK 4,000 thousand. Allison has provided a joint and several guarantee as collateral for all amounts owed to Nordea by the Group. 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