26473756 2023-12-31 26473756 2022-12-31 26473756 2023-01-01 fsa:ContributedCapitalMember 26473756 2023-01-01 fsa:ReserveForDevelopmentExpenditureMember 26473756 2023-01-01 fsa:RetainedEarningsMember 26473756 2023-12-31 fsa:ContributedCapitalMember 26473756 2023-12-31 fsa:ReserveForDevelopmentExpenditureMember 26473756 2023-12-31 fsa:RetainedEarningsMember 26473756 2023-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 26473756 2023-12-31 fsa:LeaseholdImprovementsMember 26473756 2023-01-01 2023-12-31 26473756 2023-01-01 2023-12-31 1 26473756 2023-01-01 2023-12-31 memberOfBoardIdentifier_executive_board_1 26473756 2023-01-01 2023-12-31 memberOfBoardIdentifier_board_of_director_1 26473756 2023-01-01 2023-12-31 memberOfBoardIdentifier_board_of_director_2 26473756 2023-01-01 2023-12-31 memberOfBoardIdentifier_board_of_director_3 26473756 2023-01-01 2023-12-31 memberOfBoardIdentifier_board_of_director_4 26473756 2023-01-01 2023-12-31 memberOfBoardIdentifier_board_of_director_5 26473756 2023-01-01 2023-12-31 2 26473756 2022-01-01 2022-12-31 26473756 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 26473756 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 26473756 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 26473756 2023-01-01 2023-12-31 fsa:ReserveForDevelopmentExpenditureMember 26473756 2023-01-01 2023-12-31 fsa:RetainedEarningsMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2023-01-01 2022-01-01 2023-12-31 2022-12-31 26473756 Michael Lundbech A/S Bragesvej 5 4100 Ringsted Ringsted PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Eventyrvej 16 4100 Ringsted Denmark 39 45 39 45 ringsted@pwc.dk 2024-04-16 Keld Harbo Regnskabsklasse B Revisionspåtegning The Executive Board and Board of Directors have today considered and adopted the Annual Report of Michael Lundbech A/S for the financial year 1 January - 31 December 2023. 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 at 31 December 2023 of the Company and of the results of the Company operations for 2023. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. 2024-04-16 Ringsted Michael Rene Lundbech Keld Harbo Chairman Jan Bybjerg Pedersen Michael Rene Lundbech Charlotte Pia Lundbech Benny Bech-Willumsen To the shareholders of Michael Lundbech A/S Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2023 and of the results of the Company´s operations for the financial year 1 January - 31 December 2023 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Michael Lundbech A/S for the financial year 1 January - 31 December 2023, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (”the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, Management is responsible for assessing the Company´s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional 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 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 Management’s Review. Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, 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. Ringsted 2024-04-16 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Brian Pedersen State Authorised Public Accountant mne28701 Kenneth Østergaard State Authorised Public Accountant mne47262 Key activities The company's main activities are the production and preparation of molding tools as well as the production of plastic units for both series production and 0-series production. Development in the year The income statement of the Company for 2023 shows a profit of DKK 873,086, and at 31 December 2023 the balance sheet of the Company shows a positive equity of DKK 3,782,970. The company has undergone a development process over the past 2 years, which is beginning to bear fruit. The results can be described as satisfactory. Our holistic approach to development processes has been a contributing factor to the positive trend. We assist our customers throughout the entire development process, from design and mold production to pilot runs and actual series production. We possess the necessary competencies for the entire process and serve as **sparring partners** for our customers' development departments. In the future, we will further enhance our external profile, and international customers will constitute an increasing share of our revenue Uncertainty relating to recognition and measurement There has been no uncertainty regarding recognition and measurement in the Annual Report. Unusual events The financial position at 31 December 2023 of the Company and the results of the activities of the Company for the financial year for 2023 have not been affected by any unusual events. Subsequent events No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 19845626 17024296 15738487 16251919 2416193 2528331 1690946 -1755954 914 6959 574596 220856 1117264 -1969851 244178 -433323 873086 -1536528 873086 -1536528 70220 88539 70220 88539 9971395 10240719 813985 957790 10785380 11198509 109516 104574 109516 104574 10965116 11391622 1037763 948561 1737645 2793448 2775408 3742009 5084511 4577017 192454 591949 240865 0 591640 0 85813 120445 283130 476522 6478413 5765933 2079 69291 9255900 9577233 20221016 20968855 556000 556000 54772 69061 3172198 2284823 3782970 2909884 968613 638622 968613 638622 3628663 4228734 1726003 1387003 5354666 5615737 4958362 6082144 1511552 1547403 1266509 782381 0 1212281 2378344 2180403 10114767 11804612 15469433 17420349 20221016 20968855 556000 69061 2284823 0 0 873086 0 -14289 14289 556000 54772 3172198 13582459 13935726 1811074 1956154 344954 360039 15738487 16251919 27 29 914 0 0 6959 914 6959 36931 34774 521609 186082 16056 0 OtherFinanceExpenses 574596 220856 -85813 -120445 329991 -312878 244178 -433323 The company’s development project's consists of developing a form for the production of the company’s products and a new type of tool for the company’s production machinery. The development project are completed and depreciated in accordance with expected useful lives as stated in accounting policies. 9971395 813985 7780155 0 Debt falling due after 5 years 92417 177039 Total 92417 177039 Charges and security The following assets have been placed as security with bankers: Company charge amounting to TDKK 8.500 have been placed in assets, with a carrying amount of 9071199 9139255 Furthermore, the company has provided pledge of TDKK 1.000 in equipment, as security for balances with bank. Rental and lease obligations Lease obligations, period of non-terminability 6-18 months 486012 535500 Other contingent liabilities The company has provided suretyship regarding Ejendomsselskabet Brage ApS’ bank commitments.The company has provided suretyship regarding Michael Lundbech Holding ApS’ bank commitments. The group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of Michael Lundbech Holding ApS, which is the management company of the joint taxation purposes. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability. The Annual Report of Michael Lundbech A/S for 2023 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C. The accounting policies applied remain unchanged from last year. The Financial Statements for 2023 are presented in DKK. 1 Revenues are 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. Leases in terms of which the Company assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets of the Company. The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction.Exchange differences arising due to differences between the transaction date rates and the rates at thedates of payment are recognised in financial income and expenses in the income statement. Whereforeign exchange transactions are considered hedging of future cash flows, the value adjustments arerecognised directly in equity. Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Company. Contract work in progress (construction contracts) is recognised at the rate of completion, which means that revenue equals the selling price of the work completed for the year (percentage-of-completion method). This method is applied when total revenues and expenses in respect of the contract and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the contract. Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Expenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve revenue for the year. Other external expenses comprise indirect production costs and expenses for premises, sales as well as office expenses, etc. With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, other operating income, expenses for raw materials and consumables and other external expenses. Staff expenses comprise wages and salaries as well as payroll expenses. Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Company, including gains and losses on the sale of intangible assets and property, plant and equipment. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. The Company is jointly taxed with Danish Group companies . The tax effect of the joint taxation is allocated to Danish enterprises in proportion to their taxable incomes. The development costs and cost relating to rights developed recognized and measured at cost lessaccumulated depreciation. The development costs depreciation on a straight-line basis over the expectedeconomic useful lives determined to 5 years. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Plant and machinery 3-10 years Other fixtures and fittings, tools and equipment 2-5 years Leasehold improvements 5 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually. The carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. If so, the asset is written down to its lower recoverable amount. Fixed asset investments consist of deposits. Inventories are measured at the lower of cost under the FIFO method and net realisable value. The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price. The cost of raw materials and consumables equals landed cost. 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. Contract work in progress is measured at selling price of the work performed calculated on the basis of the stage of completion. The stage of completion is measured by the proportion that the contract expenses incurred to date bear to the estimated total contract expenses. Where it is probable that total contract expenses will exceed total revenues from a contract, the expected loss is recognised as an expense in the income statement. Payments received on account are set off against the selling price. The individual contracts are classified as receivables when the net selling price is positive and as liabilities when the net selling price is negative. Expenses relating to sales work and the winning of contracts are recognised in the income statement as incurred. Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Loans, such as loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period. Other debts are measured at amortised cost, substantially corresponding to nominal value.