25307860 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 25307860 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 25307860 2023-01-01 2023-12-31 25307860 2023-12-31 25307860 2022-01-01 2022-12-31 25307860 2022-12-31 25307860 2023-01-01 2023-12-31 1 25307860 2023-01-01 2023-12-31 2 25307860 2023-01-01 2023-12-31 3 25307860 2023-01-01 2023-12-31 1 25307860 2023-01-01 2023-12-31 1 iso4217:DKK xbrli:pure 2023-01-01 2023-12-31 2024-05-03 2024-05-03 2024-05-03 Karlslunde inforevision statsautoriseret revisionsaktieselskab 2860 Søborg Innospexion ApS Buddingevej 312 Silovej 16 2690 Søborg 25307860 2022-01-01 2022-12-31 The company's primary activities were the same as previous years, development, production and sale of innovative solutions for non-destructive online quality and process control, based on X-ray technology. The results of the company's activities in the financial year amounted to a profit/loss of DKK -8.048.595 against DKK -3.427.507 in last financial year. The equity at the balance sheet date amounted to DKK 22.209.600. The Board of Directors and The Executive Board have today considered and adopted the annual report for 1 January 2023 - 31 December 2023 for Innospexion ApS. 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 the company's financial position at 31 December 2023 and of the results of its operations for the financial year 1 January 2023 - 31 December 2023. We believe that the Management's review contains a fair review of the affairs and conditions referred to therein. We recommend that the annual report be adopted at the Annual General Meeting. To the shareholder's in Innospexion ApS We have audited the financial statements of Innospexion ApS for the financial year 1 January 2023 - 31 December 2023, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes. 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 company's financial position as at 31 December 2023 and of the results of the company's operations for the financial year 1 January 2023 - 31 December 2023 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 this auditor’s report. We are independent of the company in accordance with the International Ethics Standards Board of Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and 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, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, 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 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 Financials 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 Financial Statements Act.We did not identify any material misstatement in Management’s Review. The annual report has been prepared in accordance with Danish financial statement legislation as well as generally accepted accounting principles. The annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing Reporting class B.Some provisions from reporting class C has been adopted.The accounting policies have not been changed from last year. The financial statements have been prepared based on historical cost.The income is recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the maturity period. Amortised cost is calculated as original cost less any repayments and with addition/deduction of the cumulative amortisation of any difference between cost and the nominal amount. In this way, capital losses and gains are allocated over the maturity period.Recognition and measurement take into account predictable losses and risks occurring before the presentation of the annual report which confirm or invalidate affairs and conditions existing at the balance sheet date.The functional currency is Danish Kroner. All other currencies are considered foreign currencies. During the year, transactions in foreign currencies have been translated applying the exchange rate at the transaction date. If currency positions are considered hedge of future cash flows, the value adjustments are recognised directly in equity.Receivables and debt denominated in foreign currencies have been recognised at the exchange rate of the balance sheet date.Realised and unrealised exchange gains and losses have been recognised in the income statement under other financial income and expenses. Gross profit/loss includes "Revenue""Cost of sales""Other operating income""External expenses". As income recognition criterion, the completed contract method is applied so that revenue comprises invoiced revenue for the year. Revenue from the sale of manufactured goods and goods for resale is recognised in the income statement when delivery is made and risk has passed to the buyer before the end of the financial year. Revenue is measured at fair value excl. VAT and less granted goods and customer discounts.Where products are delivered with a high degree of individual customization, recognition in revenue is made as production progresses, whereby revenue corresponds to the sales value of the work performed during the year (the percentage of completion method). This method is applied when the total revenues and costs of the contract and the degree of completion at the balance sheet date can be reliably estimated, and it is probable that the economic benefits will flow into the company. When the outcome of a contract cannot be reliably estimated, revenue is recognized only to the extent of the costs incurred, to the extent it is probable that they will be recovered. Cost of sales comprise expenses incurred to earn revenue for the year including changes in goods for resale, raw materials and consumables used as well as packaging in the year. Other operating income comprises income of a secondary nature as viewed in relation to the company's primary activities, including payments received from public authorities as well as profit on sale of fixed assets.Public subsidies, e.g. aid packages, are recognized when it is reasonably certain that the company will comply with the conditions for receiving the grant, and it is reasonably certain that the company will receive the grant. The grant is systematically recognized in the income statement over the period to which it relates or immediately if the grant is not conditional on future costs or investments being incurred. Public subsidies are recognized as other operating income, or in the balance sheet, if the subsidy is given for investment in an asset. External expenses comprises Selling costsCost of premisesAdministrative expenses. Staff costs include wages and salaries including holiday pay and pensions and other social security costs etc. to the company's employees. Other operating expenses comprises expenses of a secondary nature as viewed in relation to the company's primary activities, including losses on sale of fixed assets. Financial income is recognised with amounts concerning the financial year. Financial income comprise interest, realised and unrealised exchange gains, as well as interest reimbursements under the Danish Tax Prepayment Scheme. Financial expenses is recognised with amounts concerning the the financial year. Financial expenses comprise interest, realised and unrealised exchange losses, as well as interest surcharge under the Danish Tax Prepayment Scheme. Tax on profit or loss for the year represents 22% of the book profit or loss adjusted for non-taxable and non-deductible items. Tax on profit or loss for the year consists of the anticipated tax portion of the taxable income for the year adjusted for the changes for the year in deferred tax. Changes in deferred taxes due to adjustments of tax rates is recognised in the income statement. Tax on profit or loss for the year is recognised in the income statement by the portion attributable to the profit or loss for the year and recognised directly in equity by the portion attributable to entries directly in equity. The company is subject to the Danish Tax Prepayment Scheme. Interest reimbursement and interest surcharge have been recognised in financial income and expenses. The balance sheet has been presented in account form. Property, plant and equipment are measured at cost less accumulate depreciation. The basis of depreciation is cost less estimated residual value after the end of useful life. Cost comprises the acquisition price as well as costs directly related to the acquisition until the time when the asset is ready to be put into operation. The costprice for an asset is divided into separate components, that are depreciated separately, if the useful life of the individual components is significantly different. Depreciation is initiated when the assets are ready to be taken into operation. Assets are depreciated on a straight-line basis over their estimated useful lives with following residual values:Category Period Residual value Leasehold improvements 10 years 0% Plant and machinery 2 - 5 years 10% Fixtures, fittings, tools and equipment 3 - 5 years 0% Minor purchases with useful lives below one year have been recognised as an expense in the income statement in external expenses.Profit/loss on sale or retirement has been included in the income statement under gross profit or loss and other operating expenses.The carrying amounts of property, plant and equipment are reviewed annually for indication of impairment for losses, apart from what is expressed by usual depreciation. If this applies, impairment for loss is made of each asset or group of assets, respectively, to lower recoverable amount. As recoverable amount, the higher of expected net selling price and net present value is applied. The net present value is calculated as the present value of the expected cash flows from the use of the asset or the group of assets.Impairment for loss for the year is recognised in the income statement as amortisation, depreciation and impairment for loss of property, plant and equipment and intangible assets. Deposits recognised as fixed assets are measured at amortised cost, which usually corresponds to nominal amount. Inventories are measured at cost according to the FIFO method. In the event of cost exceeding net realisable value, writedown is made to this lower value. Cost of goods for resale as well as raw materials and consumables comprises purchase price plus delivery costs. Cost of manufactured goods and work in progress consists of costs of raw materials, consumables, direct labour costs and other direct costs. The net realisable value of inventories is calculated at the estimated selling price less completion costs and expected costs to execute sale. The net realisable value is determined allowing for marketability, obsolescence and development in expected sales price.Received prepayments from customers regarding non delivered goods are recognised as liabilities. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Provisions for bad debts are determined on the basis of an individual assessment of each receivable. Prepayments comprise costs incurred relating to subsequent financial years. Increases of the the share capital is recognised directly into equity less related transaction cost. Deferred tax is measured using the balance sheet liability method. Provision has been made for deferred tax by 22% on all temporary differences between carrying amount and tax-based value of assets and liabilities. Deferred tax is also measures with respect of the planned use of the asset and the settlement of the liability. The tax value of the tax losses to be carried forward are included in the calculation of deferred taxes if it is probable that the losses can be used. Deferred tax assets are measured at net realisable value.The company is jointly taxed with other Danish group enterprises with HMIG ApS as Management company. The tax effect of the joint taxation is allocated among the group enterprises in ratio to their taxable income according to the rules on full allocation with a refund for tax losses of the Danish Corporation Tax Act. Joint tax contributions between the jointly taxed companies which have not been settled at the balance sheet date are classified as joint tax contributions in receivables or liabilities other than provisions. Provisions are recognised when - as a consequence of an event occurred before or on the balance sheet date - a legal or constructive obligation exist and it is probable that economic benefits must be given up to settle the obligation. Provisions are measured at net present value. Financial debts are recognised initially at the proceeds received net of transaction expenses incurred, which are directly related with the loan. In subsequent years, financial debts are measured at amortised cost equal to the capitalised value using the effective interest rate. The difference between the proceeds and the nominal value is recognised in the income statement over the loan period. Short-term debts are measured at amortised cost, substantially corresponding to nominal value. -2245364 1403935 6841737 5235005 314055 259947 0 10290 -9401156 -4101307 167104 34974 1081223 326127 -10315275 -4392460 -2266680 -964953 -8048595 -3427507 -8048595 -3427507 289716 356573 218213 462109 0 3301 507929 821983 112875 112875 112875 112875 620804 934858 3320698 2913272 615733 0 0 628850 3936431 3542122 2941977 3698747 571147 492620 2299936 638017 9988 43244 563591 62397 6386639 4935025 12838021 1976452 23161091 10453599 23781895 11388457 12297327 10933332 9912273 -8458718 22209600 2474614 11599 100045 11599 100045 0 3731672 369604 408000 369604 4139672 0 263262 0 2019055 0 101741 572672 722012 60813 23982 0 890518 557607 653556 1191092 4674126 1560696 8813798 23781895 11388457 STATEMENT OF CHANGES IN EQUITY Contributed capital Retained earnings Total DKK DKK DKK Equity at 1 January 2022 7,000,000 -6,564,545 435,455 Capital increase 5,466,666 0 5,466,666 Capital decrease -1,533,334 1,533,334 0 Distributed profit/loss for the year -3,427,507 -3,427,507 Equity at 1 January 2023 10,933,332 -8,458,718 2,474,614 Capital increase 1,363,995 26,523,821 27,887,816 Expenses due to capital increase or decrease -104,235 -104,235 Distributed profit/loss for the year -8,048,595 -8,048,595 Equity at 31 December 2023 12,297,327 9,912,273 22,209,600 5914446 4906777 406421 73533 88980 84632 431890 170063 10 10 STAFF COSTS 2023 2022 DKK DKK Wages and salaries 5,914,446 4,906,777 Pensions 406,421 73,533 Other social security costs 88,980 84,632 Other staff cost 431,890 170,063 Total 6,841,737 5,235,005 Average number of full-time employees 10 10 DEPRECIATION, AMORTISATION AND IMPAIRMENT LOSSES OF PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS 2023 2022 DKK DKK Depreciation of property, plant and equipment 314,054 259,947 Total 314,054 259,947 0 23982 1081223 302145 FINANCE EXPENSES 2023 2022 DKK DKK Financial expenses to group enterprises 0 23,982 Other financial expenses 1,081,223 302,145 Total 1,081,223 326,127 TAX EXPENSE Joint tax contribution Deferred tax Tax on profit/loss for the year 2022 DKK DKK DKK DKK Payables at 1 January 2023 -638,017 -43,244 Paid in respect of previous years 638,017 Tax on profit/loss for the year -2,299,936 33,256 -2,266,680 -630,979 Payables at 31 December 2023 -2,299,936 -9,988 Tax on profit/loss for the year recognised in the income statement -2,266,680 -630,979 Recognition in balance sheet: Short-term receivables (current asset) -2,299,936 -9,988 Total -2,299,936 -9,988 PROPERTY, PLANT AND EQUIPMENT Leasehold improvements Plant and machinery Fixtures, fittings, tools and equipment Total 2022 DKK DKK DKK DKK DKK Cost at 1 January 2023 668,574 1,397,022 241,266 2,306,862 2,282,862 Additions for the year 0 0 0 0 200,000 Disposals for the year 0 0 0 0 -176,000 Cost at 31 December 2023 668,574 1,397,022 241,266 2,306,862 2,306,862 Depreciation and impairment losses at 1 January 2023 -312,001 -934,913 -237,965 -1,484,879 -1,365,732 Depreciation for the year -66,857 -243,896 -3,301 -314,054 -259,947 Reversal regarding disposals for the year 0 0 0 0 140,800 Depreciation and impairment losses at 31 December 2023 -378,858 -1,178,809 -241,266 -1,798,933 -1,484,879 Carrying amount at 31 December 2023 289,716 218,213 0 507,929 821,983 Selling price, disposals 0 0 0 0 34,000 Carrying amount, disposals 0 0 0 0 -35,200 Profit/loss on sale 0 0 0 0 -1,200 INVESTMENTS Deposits Total 2022 DKK DKK DKK Cost at 1 January 2023 112,875 112,875 112,875 Cost at 31 December 2023 112,875 112,875 112,875 Carrying amount at 31 December 2023 112,875 112,875 112,875 LONG-TERM LIABILITIES 31/12‑2023 31/12‑2022 DKK DKK Liabilities in total: Debt to credit institutions 0 3,994,934 Other payables 369,604 408,000 Total 369,604 4,402,934 Current portion of non-current liabilities: Debt to credit institutions 0 263,262 Total 0 263,262 ASSETS CHARGED AND COLLATERAL 2023 Nominal value of the collateral/debt Booked value of assets deposited as security DKK DKK Floating charge registered to the mortgagor in plant and machinery, inventories and trade receivables including other claims has been deposit as security for engagement with credit institution 4,000,000 6,878,408 CONTINGENT LIABILITIES Innospexion ApS are jointly tax with other group companies and are severally liable for tax on the jointly taxed incomes etc. of the group. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of tax on interest, dividend tax and tax on royalty payments. Any subsequent adjustments of corporation taxes and withholding taxes may increase the the company's liability. UNRECOGNISED CONTRACTUAL COMMITMENTS 2023 DKK The company has entered into rental commitment regarding rent of premises. The rental contract is non-terminable until 31/8 2027. The total commitment represents 489,000 The company has entered into operational lease commitment regarding IT equipment. The lease commitments expire within 12-36 months. The total lease commitment represents 128,125 Total rental and lease obligations 617,125 Grundlag for konklusion Konklusion Regnskabsklasse B Årsrapport Revisionspåtegning Kåre Bo Stolt Bestyrelsesmedlem Jørgen Tyge Rheinlænder Bestyrelsesmedlem Henrik Møllegaard Bjerre Formand Silvia Morar-Seyfi Kåre Stolt mne33718 Kenny Madsen inforevision statsautoriseret revisionsaktieselskab 19263096