25281675 2022-01-01 2022-12-31 25281675 2022-01-01 2022-12-31 0 25281675 2022-01-01 2022-12-31 0 25281675 2022-01-01 2022-12-31 1 25281675 2022-01-01 2022-12-31 2 25281675 2021-01-01 2021-12-31 25281675 2020-01-01 2020-12-31 25281675 2019-01-01 2019-12-31 25281675 2018-01-01 2018-12-31 25281675 2022-01-01 2022-12-31 0 25281675 2021-01-01 2021-12-31 1 25281675 2020-01-01 2020-12-31 2 25281675 2019-01-01 2019-12-31 3 25281675 2018-01-01 2018-12-31 4 25281675 2022-01-01 2022-12-31 5 25281675 2021-01-01 2021-12-31 6 25281675 2020-01-01 2020-12-31 7 25281675 2019-01-01 2019-12-31 8 25281675 2018-01-01 2018-12-31 9 25281675 2022-01-01 2022-12-31 10 25281675 2021-01-01 2021-12-31 11 25281675 2020-01-01 2020-12-31 12 25281675 2019-01-01 2019-12-31 13 25281675 2018-01-01 2018-12-31 14 25281675 2022-01-01 2022-12-31 15 25281675 2021-01-01 2021-12-31 16 25281675 2020-01-01 2020-12-31 17 25281675 2019-01-01 2019-12-31 18 25281675 2018-01-01 2018-12-31 19 25281675 2022-01-01 2022-12-31 20 25281675 2021-01-01 2021-12-31 21 25281675 2020-01-01 2020-12-31 22 25281675 2019-01-01 2019-12-31 23 25281675 2018-01-01 2018-12-31 24 25281675 2022-01-01 2022-12-31 25 25281675 2021-01-01 2021-12-31 26 25281675 2020-01-01 2020-12-31 27 25281675 2019-01-01 2019-12-31 28 25281675 2018-01-01 2018-12-31 29 25281675 2022-01-01 2022-12-31 30 25281675 2021-01-01 2021-12-31 31 25281675 2020-01-01 2020-12-31 32 25281675 2019-01-01 2019-12-31 33 25281675 2018-01-01 2018-12-31 34 25281675 2022-01-01 2022-12-31 35 25281675 2021-01-01 2021-12-31 36 25281675 2020-01-01 2020-12-31 37 25281675 2019-01-01 2019-12-31 38 25281675 2018-01-01 2018-12-31 39 25281675 2022-01-01 2022-12-31 40 25281675 2021-01-01 2021-12-31 41 25281675 2020-01-01 2020-12-31 42 25281675 2019-01-01 2019-12-31 43 25281675 2018-01-01 2018-12-31 44 25281675 2022-01-01 2022-12-31 45 25281675 2021-01-01 2021-12-31 46 25281675 2020-01-01 2020-12-31 47 25281675 2019-01-01 2019-12-31 48 25281675 2018-01-01 2018-12-31 49 25281675 2022-12-31 25281675 2021-12-31 25281675 2022-01-01 fsa:ContributedCapitalMember 25281675 2022-01-01 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 25281675 2022-01-01 fsa:ReserveForDevelopmentExpenditureMember 25281675 2022-01-01 fsa:RetainedEarningsMember 25281675 2022-01-01 fsa:ProposedDividendRecognisedInEquityMember 25281675 2022-01-01 25281675 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 25281675 2022-01-01 2022-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 25281675 2022-01-01 2022-12-31 fsa:ReserveForDevelopmentExpenditureMember 25281675 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 25281675 2022-01-01 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 25281675 2022-12-31 fsa:ContributedCapitalMember 25281675 2022-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 25281675 2022-12-31 fsa:ReserveForDevelopmentExpenditureMember 25281675 2022-12-31 fsa:RetainedEarningsMember 25281675 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 25281675 2022-01-01 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 25281675 2021-01-01 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 25281675 2022-01-01 2022-12-31 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 25281675 2021-01-01 2021-12-31 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 25281675 2022-12-31 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 25281675 2021-12-31 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 25281675 2022-01-01 fsa:PlantAndMachineryMember 25281675 2021-01-01 fsa:PlantAndMachineryMember 25281675 2022-01-01 fsa:FixturesFittingsToolsAndEquipmentMember 25281675 2021-01-01 fsa:FixturesFittingsToolsAndEquipmentMember 25281675 2021-01-01 25281675 2022-01-01 2022-12-31 fsa:PlantAndMachineryMember 25281675 2021-01-01 2021-12-31 fsa:PlantAndMachineryMember 25281675 2022-01-01 2022-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 25281675 2021-01-01 2021-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 25281675 2022-12-31 fsa:PlantAndMachineryMember 25281675 2021-12-31 fsa:PlantAndMachineryMember 25281675 2022-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 25281675 2021-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 25281675 2022-01-01 fsa:InvestmentsInGroupEnterprisesMember 25281675 2021-01-01 fsa:InvestmentsInGroupEnterprisesMember 25281675 2022-01-01 2022-12-31 fsa:InvestmentsInGroupEnterprisesMember 25281675 2021-01-01 2021-12-31 fsa:InvestmentsInGroupEnterprisesMember 25281675 2022-12-31 fsa:InvestmentsInGroupEnterprisesMember 25281675 2021-12-31 fsa:InvestmentsInGroupEnterprisesMember 25281675 2022-01-01 2022-12-31 0 25281675 2022-01-01 2022-12-31 1 iso4217:DKK xbrli:pure 2022-01-01 2022-12-31 OXYMAT A/S Fasanvej 18-20 3200 Helsinge Denmark 25281675 Helsinge 2000-03-21 Jeri Ooms 2023-06-26 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Supervisory Board and the Executive Board have today considered and adopted the annual report of OXYMAT A/S for the financial year 1 January 2022 – 31 December 2022.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report has been prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the company’s financial position on 31 December 2022 and of the results of its operations and cash flows for the financial year 1 January 2022– 31 December 2022.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We believe that the management’s review contains a fair view of the matters the review deals with.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend adoption of the annual report at the Annual General Meeting.</td></tr></table> Helsinge 2023-06-26 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditor's report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of OXYMAT A/S</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">We have audited the financial statements of OXYMAT A/S for the financial year 1 January – 31 December 2022, which comprise income statement, balance sheet, statement of changes in equity, and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2022 and of the results of the Company's operations for the financial year 1 January – 31 December 2022 in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">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 our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's responsibilities for the financial statements</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor's responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">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 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 the financial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">·       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.</td></tr><tr><td colspan="1">·       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.</td></tr><tr><td colspan="1">·       Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">·       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.</td></tr><tr><td colspan="1">·       Evaluate the overall presentation, structure, and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on the Management's review</td></tr><tr><td colspan="1">Management is responsible for the Management's review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed; we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review.</td></tr></table> Aarhus 2023-06-26 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5">Key figures</td></tr><tr><td /><td>DKK ‘000</td><td>DKK ‘000</td><td>DKK ‘000</td><td>DKK ‘000</td></tr></table> -6463000 74292000 58 -0.342 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">(Operating profit / Total assets end of year x 100)</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">(Profit for the year / Equity end of year x 100)</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The 5-year overview has been corrected from former Annual Reports as OXYMAT A/S has identified prior period errors that work in progress has not been recognized correctly in previous financial years, in both OXYMAT A/S and its subsidiaries. Formerly revenue was from contracts recognized by reference to the stage of completion of contract activity, OXYMAT A/S has concluded that revenue from contracts does not follow the criteria in IAS 11, therefore work in progress is recognized at cost.</td></tr></table> -15.86 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">MANAGEMENT’S REVIEW</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Main activities</td></tr><tr><td colspan="1">OXYMAT´s main activities are development, production, and sales of on-site air separation plants for production of oxygen or nitrogen – Pressure Swing Adsorption systems (PSA).</td></tr><tr><td colspan="1">The supply of nitrogen and oxygen can be divided into four different categories: containerized gas distribution, liquid gas distribution, on-site gas production and pipe gas distribution. OXYMAT’s PSA and membrane solutions is on-site gas production.</td></tr><tr><td colspan="1">OXYMAT operates within four main markets: MARINE, MEDICAL, INDUSTRIAL and WATER.</td></tr><tr><td colspan="1">MARINE</td></tr><tr><td colspan="1">The marine business is characterized by high barriers due to certifications. Although both oxygen and nitrogen are used on a wide range of vessel types, it is primarily on-site nitrogen production OXYMAT delivers for the marine industry.</td></tr><tr><td colspan="1">MEDICAL</td></tr><tr><td colspan="1">The medical business is also characterized by high barriers due to certifications, besides requiring high oxygen purity. All OXYMAT PSA generators can supply medical grade oxygen, and all products and production sites are medically certified.</td></tr><tr><td colspan="1">Medical customers are increasingly aware of having their own on-site oxygen production to reduce dependency on suppliers and the risk of shortage. Due to strong supply security and flexible capacity, on-site oxygen generators for medical use are increasingly considered the best alternative compared to traditional liquid supply or filled cylinders.</td></tr><tr><td colspan="1">INDUSTRIAL</td></tr><tr><td colspan="1">The industrial market includes many different applications; some within the processing industry, but also food and beverages, gold mining and oil and gas among others. While most of the other markets are either oxygen or nitrogen, the industrial segment requires both on-site oxygen as well as nitrogen.</td></tr><tr><td colspan="1">Some industries within this segment require specific certifications e.g., food and beverages, oil and gas etc.</td></tr><tr><td colspan="1">Further, for industries placed in remote off-grid areas, like the mining industry, where the only power supply is diesel generators, low energy consumption and security in supply is in high demand.</td></tr><tr><td colspan="1">WATER</td></tr><tr><td colspan="1">OXYMAT delivers on-site oxygen generators for a wide range of applications within the water industry. OXYMAT has delivered to the aquaculture industry throughout the company’s history and has a strong foothold in the segment. On-site solutions are widely used in the industry to lower production cost while at the same time getting a smaller CO₂ footprint compared to distributed gas.</td></tr><tr><td colspan="1">Oxygen supply increases fish welfare and production, and a constant flow is critical for the industry as an interruption will cause fish death.</td></tr><tr><td colspan="1">Increasing demand for high protein food such as salmon, but also limits on saltwater concessions will increase the aquaculture industry and we expect to see a rise in well boats and land-based basins – both fresh and salt water.</td></tr><tr><td colspan="1">Also, new regulations with stricter requirements for wastewater treatment for both industrial companies and sewage water are expected to drive the future market growth within oxygen for ozone treatment.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Unusual matters</td></tr><tr><td colspan="1">OXYMAT A/S has identified prior period errors that work in progress has not been recognized correctly in the previous financial year, in both OXYMAT A/S and its subsidiaries. The comparative figures are corrected, because of the identified prior period errors. When comparing the comparative figures in this year’s annual report to the previous year’s annual report 2021 figures, the profit for the year has been reduced by 4,678 T.DKK. and the equity reduced by 8,752 T.DKK.</td></tr><tr><td colspan="1">Refer to the accounting policies (Note 1), where the corrected misstatement is further described.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Development in 2022</td></tr><tr><td colspan="1">The year has not been satisfying for OXYMAT.</td></tr><tr><td colspan="1">OXYMAT achieved a gross loss of T.DKK 6,463. A decrease from a profit of T.DKK 54,334 compared to 2021. Loss from ordinary activities amounted to T.DKK -44,265 and loss for the year amounted to T.DKK -28,463 compared with profits of T.DKK 22,717 and T.DKK 21,308 in 2021.</td></tr><tr><td colspan="1">OXYMATs order intake and sales dropped significantly in 2022, and this was unexpected. Especially in the Marine and Medical markets where sales decreased more than 80%. After the boom in Medical in 2020-2021 driven by COVID, OXYMAT had decided to reduce focus in Marine. In Aquaculture, the government in Norway increased taxes for companies in 2022, slowing down new investments. And the Ukraine war and consequential EU sanctions, have prevented any sales to Russia.</td></tr><tr><td colspan="1">Post COVID-19 has also affected sales negatively due to slow up-start in some countries.</td></tr><tr><td colspan="1">As supply chain problems have been impacting the companies’ deliveries, OXYMAT has significantly increased inventories, especially within steel, molecular sieve and electronics to secure production and delivery schedules.</td></tr><tr><td colspan="1">In September 2022 OXYMAT A/S was acquired by the Atlas Copco Group.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Outlook</td></tr><tr><td colspan="1">The 2022 result was below expectations for the year. Due to less order intake, sales, and productions difficulties, 2022 was not a successful year. In 2023, OXYMAT expects a gross profit of mDKK 4 – 14.</td></tr><tr><td colspan="1">reseArch and developement</td></tr><tr><td colspan="1">With a continuous focus of updating existing or bringing new products to the market, OXYMAT launched membrane nitrogen technology and supreme oxygen tonnage technology in 2022. OXYMAT expects both launches to drive the growth of sales in the future.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">kNOWLEDGE RESOURCES</td></tr><tr><td colspan="1">The company operates in a market where specialized knowledge is necessary to meet customers' needs. Employees are therefore important to meet the Company’s long-term targets, and it is crucial to employ, train and maintain the best employees in the industry.</td></tr><tr><td colspan="1">In 2022, the average number of employees was 58 full-time employees (2021: 47).</td></tr><tr><td colspan="1">eNVIRONMEnt</td></tr><tr><td colspan="1">The vision is to decrease the CO2 impact from our products by 70% compared to the 2015 level. We have, with supreme technology, achieved a 40% reduction in energy use. The high focus is maintained to come close to the vision in the coming years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">eVENTS AFTER THE BALANCE SHEET DATE</td></tr><tr><td colspan="1">The Company expects to be merged with its two Danish subsidiaries in 2023.</td></tr><tr><td colspan="1">Besides the above, no events have occurred after the balance sheet date to this date, which could influence the evaluation of this annual report.</td></tr></table> 11183000 26619000 0 15123000 537000 2048000 -30653000 -2190000 -28463000 5000000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">accounting policies</td></tr><tr><td colspan="1">Basis of accounting</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report is presented in DKK thousands.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Correction of material prior period errors</td></tr><tr><td colspan="1">OXYMAT A/S has identified that work in progress has not been recognized correctly in the previous financial year, in both OXYMAT A/S and its subsidiaries. Formerly revenue was from contracts recognized by reference to the stage of completion of contract activity, OXYMAT A/S has concluded that revenue from contracts does not meet the criteria in IAS 11, therefore work in progress is recognized at cost. The comparative figures are corrected, because of the identified prior period errors.</td></tr><tr><td colspan="1">The adjustment has affected the following items in the income statement 2022: Gross profit is increased by 486 T.DKK. and Net profit from subsidiaries is increased by 4,299 T.DKK. The taxation-effect of the adjustment has increased income taxes by 107 T.DKK and profit for the year is increased by 4.678 T.DKK. The balance sheet for 2022 is not affected.</td></tr><tr><td colspan="1">The adjustment has affected the following items in the income statement 2021: Gross profit is reduced by 486 T.DKK. and Net profit from subsidiaries is reduced by 4,299 T.DKK., the taxation-effect of the adjustment has reduced income taxes by 107 T.DKK and profit for the year is reduced by 4,678 T.DKK.</td></tr><tr><td colspan="1">The adjustment has affected the following items in the balance sheet 2021: Investments in subsidiaries is reduced by 6,071 T.DKK., Inventories is increased by 10,312 T.DKK., Deferred tax assets is increased by 756 T.DKK., Work in progress is reduced by 4,347 T.DKK, Prepayments from customers is increased by 18,097 T.DKK. Equity is reduced by 8,752 T.DKK.</td></tr><tr><td colspan="1">Equity at the beginning of 2021 is reduced by 4,074 T.DKK.</td></tr><tr><td colspan="1">Omission of consolidated financial statements and cash flow statements.</td></tr></table> Regnskabsklasse C, mellemstor virksomhed <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Annual Report of OXYMAT A/S for 2022 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class C, medium-size enterprises. The accounting policies applied are unchanged compared to last year.</td></tr></table> true <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Pursuant to section 112 and 86(4) of the Danish Financial Statements Act, consolidated financial statements and cash flow statements have not been prepared as the Company and its subsidiaries are included in the consolidated financial statements of the ultimate parent company Atlas Copco AB, reg. no 556014-2720.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Recognition and measurement</td></tr><tr><td colspan="1">Income is recognized in the income statement when earned. This includes recognition of value adjustments of financial assets and liabilities. Furthermore, all costs are recognized which have been incurred to achieve the results for the year, including amortization, depreciation, provisions and reversals that result from changes in accounting estimates previously recognized in the income statement.</td></tr><tr><td colspan="1">Assets are recognized in the balance sheet when it is probable because of prior events that future economic benefits will flow to the company, and the value of the asset can be measured reliably.</td></tr><tr><td colspan="1">Liabilities are recognized in the balance sheet when the company has a legal or constructive obligation because of prior events, and it is probable that future economic benefits will flow out of the company, and the value of the liability can be measured reliably.</td></tr><tr><td colspan="1">On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is affected as described below for each financial statement item.</td></tr><tr><td colspan="1">Predictable risks or losses arising before the time of presentation of the annual report, and which confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Foreign currency translation</td></tr><tr><td colspan="1">On initial recognition, foreign currency transactions are translated applying the exchange rate at the date of transaction. 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.</td></tr><tr><td colspan="1">Exchange rate differences that arise between the rate at the transaction and the rate in effect at the payment date or the rate of the balance sheet date are recognized in the income statement as financial income or financial expenses, however if exchange rate transactions are considered hedging of future cash flows, the value adjustments are recognized directly in equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Income statement</td></tr><tr><td colspan="1">The income statement is classified by function.</td></tr><tr><td colspan="1">Gross loss or profit</td></tr><tr><td colspan="1">Gross loss or profit comprises revenue, other operating and other external costs.</td></tr><tr><td colspan="1">Pursuant to section 32 of the Danish Financial Statements Act, the Company has decided only to disclose gross loss or profit.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Revenue</td></tr><tr><td colspan="1">The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition.</td></tr><tr><td colspan="1">Revenue of sales of goods and related services is recognized at an amount that reflects the consideration to which OXYMAT expects to be entitled. Revenue from the sale of goods to customers is recognized when control of the goods is transferred to the customer.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Production costs</td></tr><tr><td colspan="1">Production costs cover the cost of goods sold. The costs include the acquisition price for raw materials, consumables, trading goods, direct labor costs and a portion of indirect production costs comprising costs related to the operation and depreciation of production facilities, as well as operation, administration, and management of production plant.</td></tr><tr><td colspan="1">Sales and distribution expenses</td></tr><tr><td colspan="1">Sales and distribution expenses include expenses for distribution of goods sold, salaries to sales personnel, advertising and exhibition expense, depreciations etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Administrative expenses</td></tr><tr><td colspan="1">Administrative expenses include expenses for administrative personnel, IT and management, including office expenses, salaries, depreciations etc.</td></tr><tr><td colspan="1">Staff expenses</td></tr><tr><td colspan="1">Staff expenses include salaries and wages, including vacation pay and pensions and other social security costs, etc. to employees.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial income and expenses</td></tr><tr><td colspan="1">Financial income and expenses include interest income and expenses, gains and losses concerning transactions in foreign currencies.</td></tr><tr><td colspan="1">Income taxes</td></tr><tr><td colspan="1">Tax for the year, which consists of current tax for the year and changes in deferred tax, is recognized in the income statement by the portion attributable to the profit for the year and recognized directly in equity by the portion attributable to entries directly in equity.</td></tr><tr><td colspan="1">OXYMAT A/S is jointly taxed with other Danish group enterprises with Atlas Copco Kompressorteknik A/S as management company. 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).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Balance sheet</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Intangible assets</td></tr><tr><td colspan="1">Intangible assets are measured at cost with deduction of accumulated amortization and impairment.</td></tr><tr><td colspan="1">Development projects on clearly defined and identifiable products for which adequate resources and a potential future market or development opportunity in the company can be established, and where the intention is to manufacture or market the product in question, are recognized as intangible assets. Other development costs are recognized as costs in the income statement as incurred.</td></tr><tr><td colspan="1">Completed development projects are amortized on a straight-line basis using estimated useful lives of the assets. The amortization period for development projects is up to 10 years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Tangible assets</td></tr><tr><td colspan="2">Tangible assets are measured at cost with deduction of accumulated depreciation and impairment.</td></tr><tr><td colspan="2">The basis of depreciation of tangible assets is costs less estimated residual value after the end of the use-full life. Straight-line depreciation is made based on the following estimated useful lives of the assets. Scrap values are estimated at 0</td></tr><tr><td>Plant and machinery</td><td>3 - 10 years</td></tr><tr><td>Fixtures and fittings, tools, and equipment</td><td>3 - 10 years</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Investments in subsidiaries</td></tr><tr><td colspan="1">Investments in subsidiaries are recognized in the balance sheet at the proportionate share of the net asset value of the enterprises calculated under the accounting policies of the Company with deduction or addition of unrealized intercompany profits and losses and with addition or deduction of any remaining value of positive or negative goodwill stated under the purchase method.</td></tr><tr><td colspan="1">Subsidiaries with a negative net asset value are recognized at DKK 0, and any receivables from these enterprises are written down by the Company’s share of the negative net asset value to the extent that this is considered irrecoverable. If the negative net asset value exceeds receivables, the remaining amount is recognized in provisions to the extent that the Company has a legal or constructive obligation to cover the subsidiary’s losses.</td></tr><tr><td colspan="1">The proportionate share of the profit/loss of the individual subsidiaries after tax and full elimination of internal profit/loss and less amortization of goodwill is recognized in the income statement.</td></tr><tr><td colspan="1">Net revaluation of investments in subsidiaries are transferred to reserve for net revaluation under equity under the equity method to the extent that the carrying amount exceeds the cost less amortization of goodwill.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Inventories</td></tr><tr><td colspan="1">Inventories are measured at the lower of cost according to the FIFO method and net realizable value.</td></tr><tr><td colspan="1">The cost of raw materials and consumables and goods for resale equals landed cost. Comprised in the cost of finished goods and work in progress are the cost of raw materials, consumables, direct labor, and direct production costs.</td></tr><tr><td colspan="1">Finished goods and work in progress are measured at cost, comprising the cost of raw materials, consumables, direct wages, and salaries as well as indirect production overheads. Production overheads comprise costs of material and labor as well as maintenance of and depreciation on production machinery, buildings, and equipment as well as costs relating to plant administration and management. Borrowing costs are not recognized in the cost.</td></tr><tr><td colspan="1">The net realizable value of inventories is determined as the selling price less any discounts, costs of completion and costs incurred to effect the sale, taking into account marketability, obsolescence and developments in the expected selling price.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Receivables</td></tr><tr><td colspan="1">Receivables are measured at amortized cost, usually equaling nominal value less provisions for bad and doubtful debts.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Prepayments</td></tr><tr><td colspan="1">Prepayments, recognized as assets, comprise expenses incurred in respect of subsequent financial years.</td></tr><tr><td colspan="1">Prepayments are measured at amortized cost.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash and cash equivalents</td></tr><tr><td colspan="1">Cash and cash equivalents comprise cash at the bank and in the hand.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Deferred tax</td></tr><tr><td colspan="1">Deferred tax is recognized on all temporary differences between the carrying amount and the tax base of assets and liabilities. Deferred tax is measured based on current tax legislation and rates applying at the balance date. Where the measurement of the tax base can be conducted in accordance with alternative tax legislation, deferred tax is measured based on the planned life of the asset or liability.</td></tr><tr><td colspan="1">Deferred tax assets, including the tax base of losses that may be carried forward, are measured at the value at which the asset is expected to be realized, either by settlement as tax or deducted in deferred tax liabilities.</td></tr><tr><td colspan="1">Deferred tax assets are offset within the same legal entity.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Liabilities</td></tr><tr><td colspan="1">Financial liabilities are measured at costs which correspond to the proceeds received less transaction costs incurred. In subsequent periods the loan is measured at amortized cost.</td></tr><tr><td colspan="1">Other liabilities are measured at amortized cost, which usually corresponds to nominal value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="2" align="left" valign="middle" >Noter</td></tr><tr><td width="24%" ></td><td width="76%" colspan="1" align="left" valign="middle" >Special items</td></tr><tr><td width="24%" ></td><td width="76%" colspan="1" align="left" valign="middle" >Due to fire in 2021 there has been a significant negative impact on production and sales causing a loss of revenue at minimum mDKK 25 in 2021. Coverage by insurance mDKK 9 for operating losses has been recognized in the income statement. Coverage for inventories and equipment</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Staff expenses</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Staff expenses</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Staff expenses are included in the following lines</td></tr><tr><td /><td>Gross loss or profit</td><td /><td /><td>23641</td><td>18694</td></tr><tr><td /><td>Sales and distribution costs</td><td /><td /><td>7943</td><td>6394</td></tr><tr><td /><td>.Administrative expenses</td><td /><td /><td>10148</td><td>8016</td></tr><tr><td /><td /><td /><td /><td>41732</td><td>33104</td></tr></table> 38271000 2930000 531000 41732000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Total remuneration to management</td><td /><td /><td>2425</td><td>2166</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Depreciations and amortizations</td></tr><tr><td colspan="5"></td></tr><tr><td width="60%" ></td><td width="0%" ></td><td width="0%" ></td><td width="19%" align="left" valign="middle" ><b>2022</b></td><td width="21%" align="left" valign="middle" ><b>2021</b></td></tr><tr><td width="60%" ></td><td width="0%" ></td><td width="0%" ></td><td width="19%" colspan="1" align="left" valign="middle" >DKK ‘000</td><td width="21%" colspan="1" align="left" valign="middle" >DKK ‘000</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Depreciations and amortizations</b></td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Development projects</td><td width="19%" align="left" valign="middle" >-883</td><td width="21%" align="left" valign="middle" >-1916</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Plant and machinery</td><td width="19%" align="left" valign="middle" >-1944</td><td width="21%" align="left" valign="middle" >-2085</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Fixtures and fittings tools and equipment</td><td width="19%" align="left" valign="middle" >-2191</td><td width="21%" align="left" valign="middle" >-458</td></tr><tr><td width="60%" ></td><td width="0%" ></td><td width="0%" ></td><td width="19%" align="left" valign="middle" ><b>-5018</b></td><td width="21%" align="left" valign="middle" ><b>-4459</b></td></tr><tr><td colspan="5"></td></tr></table> 461000 75000 1000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Financial expense</td></tr></table> 617000 175000 1134000 122000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>income taxes</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Income taxes</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Adjustments concerning previous years is mainly because the Danish tax authorities (SKAT) have reviewed the company's transfer pricing documentation regarding transactions with the 100% owned subsidiary OXYMAT - Slovakia s.r.o. In 2022 SKAT has decided to increase the taxable income in OXYMAT A/S for the years 2016 to 2019. The tax value of the increase amounts to a total of mDKK 6.6. A MAP (Mutual Agreement Procedure) has been requested to divide the right of taxation between the two countries. It is accepted that most of an increased tax in Denmark will be offset by a reduction in the 100% owned subsidiary OXYMAT – Slovakia s.r.o.</td></tr></table> 0 -7048000 4858000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>distribution of profit for the year</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Distribution of profit for the year</td></tr></table> 15123000 -560000 -43026000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Intangible assets</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>The projects contain development and prototype costs of products added to OXYMAT’s portfolio in the past 2 years. The three main ones are related to the production of the 10ft container the membrane and an upgrade of the software on the control panel of all our products (to give the customer a more user-friendly and intuitive experience when operating the generator).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Tangible assets</td></tr></table> 2716000 210000 4135000 147000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Financial assets</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Net profit from subsidiaries</td></tr><tr><td /><td>Profit share for the year</td><td /><td /><td>15123</td><td>5277</td></tr><tr><td /><td>Impairment of receivables re. group companies</td><td /><td /><td>0</td><td>0</td></tr><tr><td /><td /><td /><td /><td>15123</td><td>5277</td></tr><tr><td /><td>Subsidiaries</td></tr><tr><td /><td>OXYMAT Services A/S 3200 Helsinge Denmark 100% capital share</td></tr><tr><td /><td>OXYMAT EJENDOMME ApS 3200 Helsinge Denmark 100% capital share</td></tr><tr><td /><td>OXYMAT - SLOVAKIA s.r.o. Vadovce Slovakia 100% capital share</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >..inventories</td></tr><tr><td colspan="5"></td></tr><tr><td width="60%" ></td><td width="0%" ></td><td width="0%" ></td><td width="19%" align="left" valign="middle" ><b>2022</b></td><td width="21%" align="left" valign="middle" ><b>2021</b></td></tr><tr><td width="60%" ></td><td width="0%" ></td><td width="0%" ></td><td width="19%" colspan="1" align="left" valign="middle" >DKK ‘000</td><td width="21%" colspan="1" align="left" valign="middle" >DKK ‘000</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>.Inventories</b></td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Raw materials and consumables</td><td width="19%" align="left" valign="middle" >7709</td><td width="21%" align="left" valign="middle" >6041</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Goods in process</td><td width="19%" align="left" valign="middle" >13399</td><td width="21%" align="left" valign="middle" >14653</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Finished goods and goods for resale</td><td width="19%" align="left" valign="middle" >32487</td><td width="21%" align="left" valign="middle" >25130</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Goods in transit</td><td width="19%" align="left" valign="middle" >2006</td><td width="21%" align="left" valign="middle" >1240</td></tr><tr><td width="60%" ></td><td width="0%" ></td><td width="0%" ></td><td width="19%" align="left" valign="middle" ><b>55601</b></td><td width="21%" align="left" valign="middle" ><b>47064</b></td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >Prepayments</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Prepayments consists of prepaid costs for different subscriptions IT etc.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >.share capital</td></tr><tr><td colspan="5"></td></tr><tr><td width="60%" ></td><td width="0%" ></td><td width="0%" ></td><td width="19%" align="left" valign="middle" ><b>2022</b></td><td width="21%" align="left" valign="middle" ><b>2021</b></td></tr><tr><td width="60%" ></td><td width="0%" ></td><td width="0%" ></td><td width="19%" colspan="1" align="left" valign="middle" >DKK ‘000</td><td width="21%" colspan="1" align="left" valign="middle" >DKK ‘000</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>..Share capital</b></td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >The share capital consists of 10 mill shares of 1 DKK each.</td><td width="19%" align="left" valign="middle" ><b>10</b></td><td width="21%" align="left" valign="middle" ><b>10</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >No shares have special rights. The share capital has not changed in the last 5 years.</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >.deferred tax</td></tr><tr><td colspan="5"></td></tr><tr><td width="60%" ></td><td width="0%" ></td><td width="0%" ></td><td width="19%" align="left" valign="middle" ><b>2022</b></td><td width="21%" align="left" valign="middle" ><b>2021</b></td></tr><tr><td width="60%" ></td><td width="0%" ></td><td width="0%" ></td><td width="19%" colspan="1" align="left" valign="middle" >DKK ‘000</td><td width="21%" colspan="1" align="left" valign="middle" >DKK ‘000</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>..Deferred tax</b></td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Deferred tax at beginning of year</td><td width="19%" align="left" valign="middle" >-1651</td><td width="21%" align="left" valign="middle" >-5209</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >.Change in deferred tax on profit for the year</td><td width="19%" align="left" valign="middle" >-7048</td><td width="21%" align="left" valign="middle" >3558</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Deferred tax at end of year</td><td width="19%" align="left" valign="middle" ><b>-8699</b></td><td width="21%" align="left" valign="middle" ><b>-1651</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Deferred tax asset (receivables)</td><td width="19%" align="left" valign="middle" >-8699</td><td width="21%" align="left" valign="middle" >-1651</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Deferred tax (provisions)</td><td width="19%" align="left" valign="middle" >0</td><td width="21%" align="left" valign="middle" >0</td></tr><tr><td width="60%" ></td><td width="0%" ></td><td width="0%" ></td><td width="19%" align="left" valign="middle" ><b>-8699</b></td><td width="21%" align="left" valign="middle" ><b>-1651</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Deferred tax assets regarding tax-loss is expected to be used within a 3–5-year period by deducting these in future expected tax gains.</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>borrowings</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Borrowings</td></tr><tr><td /><td>Due in 1 year</td><td /><td /><td>0</td><td>33500</td></tr><tr><td /><td>Due in 1-5 years</td><td /><td /><td>0</td><td>0</td></tr><tr><td /><td>Due after 5 years</td><td /><td /><td>0</td><td>0</td></tr><tr><td /><td /><td /><td /><td>0</td><td>33500</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >contingent liabilities</td></tr><tr><td colspan="5"></td></tr><tr><td width="60%" ></td><td width="0%" ></td><td width="0%" ></td><td width="19%" align="left" valign="middle" ><b>2022</b></td><td width="21%" align="left" valign="middle" ><b>2021</b></td></tr><tr><td width="60%" ></td><td width="0%" ></td><td width="0%" ></td><td width="19%" colspan="1" align="left" valign="middle" >DKK ‘000</td><td width="21%" colspan="1" align="left" valign="middle" >DKK ‘000</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Operating lease commitments</b></td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Due in 1 year</td><td width="19%" align="left" valign="middle" >1984</td><td width="21%" align="left" valign="middle" >2080</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Due in 1-5 years</td><td width="19%" align="left" valign="middle" >1593</td><td width="21%" align="left" valign="middle" >3103</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Due after 5 years</td><td width="19%" align="left" valign="middle" >0</td><td width="21%" align="left" valign="middle" >0</td></tr><tr><td width="60%" ></td><td width="0%" ></td><td width="0%" ></td><td width="19%" align="left" valign="middle" ><b>3577</b></td><td width="21%" align="left" valign="middle" ><b>5183</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >OXYMAT A/S is part of a Danish joint taxation scheme for Danish companies in the Atlas Copco Group. OXYMAT A/S is jointly and unlimited liable for the Danish income taxes together with the other jointly taxed companies and for withholding taxes on dividends interest and royalties related to the jointly taxed companies.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >OXYMAT Group provides general guarantees for delivered products.</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >Securities</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >As security for all balances with banks the Company has given a mortgage of 12.500 T.DKK. The mortgage deeds are secured in inventory goodwill furniture fixtures and accounts receivable.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >transactions between related parties</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >OXYMAT A/S is part of the consolidated financial statements of Atlas Copco AB Sickla Industriväg 19 Stockholm Sweden. The consolidated financial statement of Atlas Copco AB can be obtained by contacting the company or by their website.</td></tr><tr><td width="60%" ></td><td width="0%" ></td><td width="0%" ></td><td width="19%" align="left" valign="middle" ><b>2022</b></td><td width="21%" align="left" valign="middle" ><b>2021</b></td></tr><tr><td width="60%" ></td><td width="0%" ></td><td width="0%" ></td><td width="19%" colspan="1" align="left" valign="middle" >DKK ‘000</td><td width="21%" colspan="1" align="left" valign="middle" >DKK ‘000</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Sale of goods to group enterprises</td><td width="19%" align="left" valign="middle" >14991</td><td width="21%" align="left" valign="middle" >35778</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Sale of services to group enterprises</td><td width="19%" align="left" valign="middle" >12990</td><td width="21%" align="left" valign="middle" >9160</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Purchase of goods from group enterprises</td><td width="19%" align="left" valign="middle" >24912</td><td width="21%" align="left" valign="middle" >34617</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Purchase of services from group enterprises</td><td width="19%" align="left" valign="middle" >6640</td><td width="21%" align="left" valign="middle" >2680</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Interests received from group enterprises</td><td width="19%" align="left" valign="middle" >75</td><td width="21%" align="left" valign="middle" >33</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Interests paid to group enterprises</td><td width="19%" align="left" valign="middle" >175</td><td width="21%" align="left" valign="middle" >19</td></tr><tr><td colspan="5"></td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >.Receivables from group enterprises</td><td width="19%" align="left" valign="middle" >3757</td><td width="21%" align="left" valign="middle" >3182</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Debt to group enterprises</td><td width="19%" align="left" valign="middle" >84755</td><td width="21%" align="left" valign="middle" >1008</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >ownership</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Following shareholder is recorded in the Company's register of shareholders as holding 100% of the votes and 100% of the share capital</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Atlas Copco Sickla Holding AB Sickla Industriväg 19 Stockholm Sweden reg. no. 556309-5255.</td></tr></table> Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1210.0, by EasyX Aps. www.easyx.eu 2021-01-01 2021-12-31 Ledelsespåtegning Revisionspåtegning Grundlag for konklusion Konklusion Renato F. L. Parra Joeri Ooms Chairman Thomas Dahlgren Ruben Sinnaeve 54334000 88435000 47 0.174 0.414 7949000 22304000 1364000 5277000 729000 2416000 26307000 4999000 21308000 30432000 2277000 395000 33104000 696000 33000 0 755000 19000 1273000 369000 1429000 3558000 12000 5277000 -1343000 12374000 6658000 4135000 17422000 17422000 28944000 73483000 33 0.103 0.216 9817000 64149000 26 -0.054 -0.149 12543000 45076000 30 0.015 -0.099 Operating profit -44265000 Operating profit 22717000 Operating profit 11615000 Operating profit -6706000 Operating profit 1298000 Net financials inclusive of result from subsidiaries 13612000 Net financials inclusive of result from subsidiaries 3590000 Net financials inclusive of result from subsidiaries -2324000 Net financials inclusive of result from subsidiaries -622000 Net financials inclusive of result from subsidiaries -4518000 Profit/loss for the year -28463000 Profit/loss for the year 21308000 Profit/loss for the year 7195000 Profit/loss for the year -4447000 Profit/loss for the year -2998000 Non-current assets 55117000 Non-current assets 42194000 Non-current assets 38943000 Non-current assets 59623000 Non-current assets 44134000 Total assets 129409000 Total assets 130629000 Total assets 112426000 Total assets 123772000 Total assets 89210000 Equity 17950000 Equity 51413000 Equity 33348000 Equity 29863000 Equity 30408000 Non-current liabilities 0 Non-current liabilities 0 Non-current liabilities 8426000 Non-current liabilities 10754000 Non-current liabilities 2776000 Current liabilities 111459000 Current liabilities 79216000 Current liabilities 70652000 Current liabilities 83155000 Current liabilities 56026000 Total liabilities 111459000 Total liabilities 79216000 Total liabilities 79078000 Total liabilities 93909000 Total liabilities 58802000 Equity ratio 0.139 Equity ratio 0.394 Equity ratio 0.297 Equity ratio 0.241 Equity ratio 0.341 1006000 1006000 6066000 3762000 9828000 44283000 44283000 55117000 55601000 55601000 2593000 3757000 8699000 1532000 98000 16679000 2012000 74292000 129409000 10000000 35864000 785000 -28699000 0 17950000 0 11649000 7603000 84755000 1716000 5736000 111459000 111459000 129409000 22451000 12623000 1724000 1724000 7296000 4014000 11310000 29160000 29160000 42194000 47064000 47064000 14111000 3182000 1651000 22352000 61000 41357000 14000 88435000 130629000 10000000 20741000 1345000 14327000 5000000 51413000 33500000 18097000 21420000 1008000 1429000 3762000 79216000 79216000 130629000 19945000 -17422000 10000000 20741000 1345000 14327000 5000000 51413000 19945000 8635000 11310000 0 0 0 15123000 0 -560000 0 -43026000 5000000 0 10000000 35864000 785000 -28699000 0 3695000 1971000 1724000 3501000 55000 3446000 165000 0 883000 0 662000 468000 1916000 0 3860000 2854000 1006000 3695000 1971000 1724000 14338000 7042000 7296000 14626000 6184000 8442000 5607000 1593000 4014000 2796000 1713000 1083000 17422000 -17422000 9525000 0 1944000 0 3382000 2085000 1227000 210000 2191000 147000 753000 458000 578000 15052000 8986000 6066000 14338000 7042000 7296000 7399000 3637000 3762000 5607000 1593000 4014000 8418000 20742000 29160000 7918000 15465000 23383000 0 0 0 15123000 500000 0 0 5277000 8418000 35865000 44283000 8418000 20742000 29160000 EY Godkendt Revisionspartnerselskab 30700228 Claus Hammer-Pedersen State Authorised Public Accountant mne21334 Jan Nielsen State Authorised Public Accountant mne48480 30700228 EY Godkendt Revisionspartnerselskab