xbrli:pureiso4217:DKK337625932023-01-012023-12-31337625932023-01-012023-12-311337625932023-01-012023-12-311337625932023-01-012023-12-311337625932023-01-012023-12-312337625932023-01-012023-12-313337625932023-01-012023-12-314337625932023-01-012023-12-315337625932023-01-012023-12-312337625932023-01-012023-12-31337625932022-01-012022-12-31337625932023-01-012023-12-31fsa:RetainedEarningsMember337625932023-01-012023-12-31fsa:ProposedDividendRecognisedInEquityMember337625932023-12-31337625932022-12-31337625932023-01-01fsa:ContributedCapitalMember337625932023-01-01fsa:ReserveForDevelopmentExpenditureMember337625932023-01-01fsa:RetainedEarningsMember337625932023-01-01fsa:ProposedDividendRecognisedInEquityMember337625932023-01-01337625932023-12-31fsa:ContributedCapitalMember337625932023-12-31fsa:ReserveForDevelopmentExpenditureMember337625932023-12-31fsa:RetainedEarningsMember337625932023-12-31fsa:ProposedDividendRecognisedInEquityMember337625932023-01-012023-12-31fsa:ReserveForDevelopmentExpenditureMember337625932023-01-012023-12-31fsa:OtherShorttermPayablesMemberGrundlag for konklusionKonklusion2024-02-062024-02-06true339635562022-01-012022-12-31Aarhus C80002City Tower, VærkmestergadeDeloitte Statsautoriseret RevisionspartnerselskabAarhusAarhus N8200Regnskabsklasse BRevisionspåtegning2023-12-312023-01-01<br /><br />5LangdyssenUnisense A/S33762593339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Board of Directors and the Executive Board have today considered and approved the annual report of Unisense A/S for the financial year 01.01.2023 - 31.12.2023.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 Entity’s financial position at 31.12.2023 and of the results of its operations for the financial year 01.01.2023 - 31.12.2023.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting.AarhusThomas RattenborgCarl Erik SkovgaardFlemming BesenbacherMichael ReeslevLars Rabe TønnesenOle PedersenchairmanTo the shareholder of Unisense A/SWe have audited the financial statements of Unisense A/S for the financial year 01.01.2023 - 31.12.2023, which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including a summary of significant 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 Entity’s financial position at 31.12.2023 and of the results of its operations for the financial year 01.01.2023 - 31.12.2023 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 Entity 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 Entity’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 Entity 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:<br />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. <br />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 Entity’s internal control. <br />Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. <br />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 Entity’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 Entity to cease to continue as a going concern. <br />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.<br />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 commentary. Our opinion on the financial statements does not cover the management commentary, 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 commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act.<br />Based on the work we have performed, we conclude that the management commentary 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 commentary. AarhusJens LauridsenSune Pagh Sølvsteenmne34323mne47819State Authorised Public AccountantState Authorised Public AccountantPrimary activitiesThe Company’s primary activities are manufacturing of equipment for measurement, testing, navigation and control, as well as manufacturing of other electronic equipment and components. Development in activities and financesTurnover from sales of sensor systems grew in total by 6% in comparison with the year before, but with much stronger growth in the euro zone while we experienced challenging market conditions outside of Europe. The operating profit from business activities before depreciation, amortization and impairment losses was DKK 9,690k, and operating profit was DKK 9,059k. Earnings from activities in subsidiary Unisense Environment A/S was DKK 3,896k. Total earning of the year was DKK 11,257k. Supply chain has been fairly stable and smaller challenges have been mitigated by adjustment in components and development of alternative solutions. The NitraFlow sensor research development program is progressing well and is expected to be further accelerated in the coming year. A positive financial result is expected for the coming financial year. Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 256903792245610916000765145471306304831082715905913168262643896024193498051561287346917457121901413296196941569920390001597000112571967818699-124280412500000125000007500000-12428043186991934313873990000147314949662316665808840228000101014819919441236832980443822461189998152074870224905819967122001284245712200414082331169701908567729673621855349815328127120571120529745732222551123339044589860636594606679171986474016161170577893106244650197361832669067823340494308315012645746421583002158300129993268953752419427095141212001741744297821583006895377095141750000017442978215830012999325241942125000003520001840003520001840001088940108894010889401088940364902543813461283328883514187100015690001387034907686819038777415469279327883048630831501264574640-7500000-7500000610395-61039501 Gross profit /lossHerein are included other operating income relating to public grants, public salary refunds and reimbursed salaries to the Group , which is recognized with DKK 2,419k in 2023 and DKK 2,029k in 2022. Also included are own work capitalised with DKK 652k in 2023 and DKK 346k in 2022.2 Staff costs2023 DKK2022 DKKWages and salaries14,169,96712,842,053Pension costs981,049722,419Other social security costs203,123186,245Other staff costs646,626796,41316,000,76514,547,130Average number of full-time employees252025203 Depreciation, amortisation and impairment losses2023 DKK2022 DKKAmortisation of intangible assets193,969532,171Impairment losses on intangible assets0338,201Depreciation of property, plant and equipment436,514243,753Profit/loss from sale of intangible assets and property, plant and equipment0(31,410)630,4831,082,7154 Other financial income 2023 DKK2022 DKKFinancial income from group enterprises190,855323,622Other interest income199,65710,622Exchange rate adjustments125,100539,225515,612873,4695 Tax on profit/loss for the year2023 DKK2022 DKKCurrent tax1,871,0001,569,000Change in deferred tax168,000(19,000)Adjustment concerning previous years047,0002,039,0001,597,0006 Intangible assetsCompleted development projects DKKAcquired patents DKKGoodwill DKKDevelopment projects in progress DKKCost beginning of year2,664,701208,62817,979,643496,623Additions000976,526Cost end of year2,664,701208,62817,979,6431,473,149Amortisation and impairment losses beginning of year(2,277,301)(208,628)(17,979,643)0Amortisation for the year(193,969)000Amortisation and impairment losses end of year(2,471,270)(208,628)(17,979,643)0Carrying amount end of year193,431001,473,1497 Development projectsDevelopment projects in progress is primarly NitraFlow. Management expects NitraFlow will give a technological leap, a competitive advantage and a export potential, which will contribute to achieving the sustainable objectives of the EU directives and policies regarding agriculture and land management by optimizing fertilization of crops with reduced nitrate emissions. The management expects to complete the projects in 3-5 years. Completed development projects contains a sensor project. The sensors continues to generate revenue and management see no impairment issues regarding the project. 8 Property, plant and equipmentPlant and machinery DKKOther fixtures and fittings, tools and equipment DKKLeasehold improvements DKKCost beginning of year2,061,0351,088,481738,592Additions76,83828,9260Cost end of year2,137,8731,117,407738,592Depreciation and impairment losses beginning of year(1,046,216)(964,798)(356,346)Depreciation for the year(291,647)(60,665)(84,202)Depreciation and impairment losses end of year(1,337,863)(1,025,463)(440,548)Carrying amount end of year800,01091,944298,0449 Financial assetsInvestments in group enterprises DKKDeposits DKKCost beginning of year2,000,000712,200Additions019,796Disposals0(150,000)Cost end of year2,000,000581,996Impairment losses beginning of year(2,000,000)0Share of profit/loss for the year3,896,0240Investments with negative equity value depreciated over receivables(3,193,775)0Impairment losses end of year(1,297,751)0Carrying amount end of year702,249581,996Investments in subsidiariesRegistered inCorporate formEquity interest %Unisense Environment A/SAarhusA/S100,010 Non-current liabilities other than provisionsDue after more than 12 months 2023 DKKOther payables1,088,9401,088,940Non-current liabilities consists of holiday funds. 11 Other payables2023 DKK2022 DKKVAT and duties05,198Wages and salaries, personal income taxes, social security costs, etc. payable455,91255,345Holiday pay obligation651,146566,904Other costs payable279,976280,2391,387,034907,68612 Unrecognised rental and lease commitments2023 DKK2022 DKKLiabilities under rental or lease agreements until maturity in total7,346,9988,536,51213 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc. for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements.14 Assets charged and collateralBank debt has been secured by a deposited all-monies mortgage providing security in a floating charge of DKK 4,500k on the Company’s intangible assets, plant and equipment, inventories as well as receivables. Book value of pledged assets constitutes DKK 13,660k. The Company has provided a guarantee of 10% of its shares in Unisense Environment A/S as security for the debt. The carrying amount of the charged shares amounts to DKK 70k. This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year, however, with some reclassifications.falseConsolidated financial statementsReferring to section 110 of the Danish Financial Statements Act, no consolidated financial statements have been prepared.Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the one in effect at the payment date, or the rate at the balance sheet date are recognised in the income statement as financial income or financial expenses. Gross profit or lossGross profit or loss comprises revenue, changes in inventories of finished goods and work in progress, own work capitalised, other operating income, cost of raw materials and consumables and external expenses. RevenueRevenue 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. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed. Own work capitalisedOwn work capitalised comprises staff costs and other costs incurred in the financial year and recognised in cost for proprietary intangible assets and property, plant and equipment.Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary activities.Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory writedowns.Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes write-downs of receivables recognised in current assets. Property costsProperty costs include costs incurred to operate the Entity’s properties in the financial year, including repair and maintenance costs, property tax and electricity, water and heating, which are not charged directly from the lessee. Staff costsStaff costs comprise salaries and wages as well as social security contributions, pension contributions, etc for entity staff. Depreciation, amortisation and impairment lossesAmortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment comprise amortisation, depreciation and impairment losses for the financial year, calculated on the basis of the residual values and useful lives of the individual assets and impairment testing as well as gains and losses from the sale of intangible assets as well as property, plant and equipment. Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of internal profits or losses. Other financial incomeOther financial income comprises dividends etc received on other investments, interest income, including interest income on receivables from group enterprises, net capital gains on securities, payables and trans-actions in foreign currencies, amortisation of financial assets as well as tax relief under the Danish Tax Prepayment Scheme etc. Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, net capital losses on securities, payables and transactions in foreign currencies, amortisation of financial liabilities as well as tax surcharge under the Danish Tax Prepayment Scheme etc. Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.The Entity is jointly taxed with the parent. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses). GoodwillGoodwill is amortised straight-line over its estimated useful life which is fixed based on the experience gained by Management for each business area. The amortisation period is usually ten years. However, in certain cases it may be up to 20 years for strategically acquired enterprises with a strong market position and a long-term earnings profile if the longer amortisation period is considered to give a better reflection of the benefit from the relevant resources. Goodwill is written down to the lower of recoverable amount and carrying amount. <br />Intellectual property rights etc.Intellectual property rights etc comprise development projects completed and in progress with related intellectual property rights.Development projects on clearly defined and identifiable products and processes, for which the technical rate of utilisation, adequate resources and a potential future market or development opportunity in the enterprise can be established, and where the intention is to manufacture, market or apply the product or process in question, are recognised as intangible assets. Other development costs are recognised as costs in the income statement as incurred. When recognising development projects as intangible assets, an amount equalling the costs incurred less deferred tax is taken to equity under Reserve for development costs that is reduced as the development projects are amortised and written down. ​ ​The cost of development projects comprises costs such as salaries and amortisation that are directly and indirectly attributable to the development projects. Completed development projects are amortised on a straight-line basis using their estimated useful lives of the assets. The amortisation period is 5 years.Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are amortised on a straight-line basis over their remaining duration, and licences are amortised over the term of the agreement.​ ​Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are amortised over their remaining duration, and licences are amortised over the term of the agreement, but over no more than 20 years. Intellectual property rights etc are written down to the lower of recoverable amount and carrying amount. Property, plant and equipmentPlant and machinery, and other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Land is not depreciated. Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:Useful life Plant and machinery3-5 yearsOther fixtures and fittings, tools and equipment3-5 yearsLeasehold improvements5 yearsProperty, plant and equipment are written down to the lower of recoverable amount and carrying amount. Investments in group enterprisesInvestments in group enterprises are recognised and measured according to the equity method. This means that investments are measured at the pro rata share of the enterprises’ equity. Group enterprises with negative equity are measured at DKK 0, and any receivables from these enterprises are written down by the Parent’s share of such negative equity value if it is deemed irrecoverable. If the negative equity value exceeds the amount receivable, the remaining amount is recognised under provi-sions if the Parent has a legal or constructive obligation to cover the liabilities of the relevant enterprise. Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to Reserve for net revaluation according to the equity method under equity. Investments in group enterprises are written down to the lower of recoverable amount and carrying amount.InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value. Cost consists of purchase price plus delivery costs. The net realisable value of inventories is calculated as the estimated selling price less completion costs and costs incurred to execute sale.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.CashCash comprises cash in hand and bank deposits.DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial year is recognised directly in equity when distributed and disclosed as a separate item in Management's proposal for distribution of profit/loss.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the goods agreed or completion of the service agreed.Joint taxation contributions payable or receivableCurrent joint taxation contributions receivable or joint taxation contributions payable are recognised in the balance sheet, calculated as tax computed on the taxable income of the year, which has been adjusted for prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are expected to be used under the joint taxation arrangement.2024-02-26Carl Erik Skovgaard