xbrli:pureiso4217:DKK324749772021-07-012022-06-30324749772021-07-012022-06-301324749772021-07-012022-06-301324749772021-07-012022-06-301324749772021-07-012022-06-302324749772021-07-012022-06-303324749772021-07-012022-06-302324749772021-07-012022-06-30324749772020-07-012021-06-30324749772021-07-012022-06-30fsa:RetainedEarningsMember324749772020-07-012021-06-30fsa:RetainedEarningsMember324749772021-07-012022-06-30fsa:RetainedEarningsMember324749772022-06-30324749772021-06-30324749772021-07-01fsa:ContributedCapitalMember324749772021-07-01fsa:ReserveForDevelopmentExpenditureMember324749772021-07-01fsa:RetainedEarningsMember324749772021-07-01324749772022-06-30fsa:ContributedCapitalMember324749772022-06-30fsa:ReserveForDevelopmentExpenditureMember324749772022-06-30fsa:RetainedEarningsMember324749772021-07-012022-06-30fsa:ReserveForDevelopmentExpenditureMemberGrundlag for konklusionKonklusion2023-01-162023-01-16true339635562020-07-012021-06-30Aarhus C80002City Tower, VærkmestergadeDeloitte Statsautoriseret RevisionspartnerselskabSkanderborgGalten8464Regnskabsklasse BRevisionspåtegning2022-06-302021-07-01<br /><br />82RøddikvejDan-Web Machinery A/S32474977339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Board of Directors and the Executive Board have today considered and approved the annual report of Dan-Web Machinery A/S for the financial year 01.07.2021 - 30.06.2022.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 30.06.2022 and of the results of its operations for the financial year 01.07.2021 - 30.06.2022.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.GaltenKurt Dam SørensenHenrik Steen JensenLinda HansenKurt Dam SørensenchairmanTo the shareholders of Dan-Web Machinery A/SWe have audited the financial statements of Dan-Web Machinery A/S for the financial year 01.07.2021 -
30.06.2022, 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 30.06.2022 and of the results of its operations for the financial year 01.07.2021 - 30.06.2022 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.
AarhusMichael BachRasmus Villadsen Madsenmne19691mne45822State Authorised Public AccountantState Authorised Public AccountantPrimary activitiesThe Company’s primary activity consists in delivering machinery and turnkey plants for air-laid paper production.Development in activities and financesThe financial performance for the year shows a loss of DKK 9,912 thousand, which is unsatisfactory. The result is negatively affected by delivery problems in supply chains as well as rising prices for components etc. Furthermore, there have been major logistic shipping problems and substantial rises in freight costs. The increased costs could not be passed on to the customers according to the contracts. Those challenges have all negatively affected the large U.S. projects resulting in a lower contribution margin.OutlookBased on the current order backlog and the Company's pipeline for additional orders, the future outlook is positive. The previously mentioned project will also have a significant negative impact on the expected result for 2022/23, so that the overall result will be a loss. 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.105219004535835421510645168792771689510619918-12678255278591592209044734567670857590-1322383527046303-33117516112642-991208420933661012000000-99120848933661-2491208415000000570000005700000051274082304473768796932224589620432366976150006150006150006150001221120438516971667421163319716674211633197789371628960915694917881099252160203295334217566225175102434632161966912245486044701798274718277002265624136851466938773617723663663000000300000044460000352672422884808109727242588480830000000228848080258848083000000444600035267240624100073010001000000100000072410008301000040916540409165493688821276998748901391280324351723725009453120112848835062212055989334088904205598933818055838773617723663660-15000000-1500000010000000100000004446000-444600001 Staff costs2021/22
DKK2020/21
DKKWages and salaries18,552,41815,273,493Pension costs1,382,6351,055,041Other social security costs484,674272,942Other staff costs1,090,918277,80121,510,64516,879,277Average number of full-time employees362736272 Depreciation, amortisation and impairment losses2021/22
DKK2020/21
DKKAmortisation of intangible assets400,0000Depreciation of property, plant and equipment1,289,510619,9181,689,510619,9183 Other financial income
2021/22
DKK2020/21
DKKFinancial income from group enterprises017,612Other interest income200Exchange rate adjustments22,07027,12222,09044,7344 Other financial expenses2021/22
DKK2020/21
DKKFinancial expenses from group enterprises166,7470Other interest expenses59,826201,745Exchange rate adjustments322,511640,687Other financial expenses18,58615,158567,670857,590<br />2021/22
DKK2020/21
DKKFinancial expenses from group enterprises166,7470Other interest expenses59,826201,745Exchange rate adjustments322,511640,687Other financial expenses18,58615,158567,670857,5905 Tax on profit/loss for the year2021/22
DKK2020/21
DKKCurrent tax(1,342,000)4,091,642Change in deferred tax(1,060,000)2,021,000Refund in joint taxation arrangement(909,751)0(3,311,751)6,112,6426 Intangible assetsCompleted development projects
DKKAdditions6,100,000Cost end of year6,100,000Amortisation for the year(400,000)Amortisation and impairment losses end of year(400,000)Carrying amount end of year5,700,0007 Development projectsDevelopment projects include the development of several new methods for mold casting as well as increased capacity on traditional machines. Capitalized costs consist of internal costs for employees, purchased materials and purchased assistance from external consultants. The new methods are expected to be able to ensure continued development in the primary activities and lead to increased market shares. On the basis of an assessment of the individual development projects, the management has concluded that the recoverable or useful value exceeds the booked value.8 Property, plant and equipmentOther fixtures and fittings, tools and equipment
DKKLeasehold improvements
DKKCost beginning of year5,888,8971,634,275Additions3,949,0170Cost end of year9,837,9141,634,275Depreciation and impairment losses beginning of year(3,584,424)(702,051)Depreciation for the year(1,126,082)(163,428)Depreciation and impairment losses end of year(4,710,506)(865,479)Carrying amount end of year5,127,408768,7969 Financial assetsDeposits
DKKCost beginning of year615,000Cost end of year615,000Carrying amount end of year615,00010 Contract work in progress2021/22
DKK2020/21
DKKContract work in progress139,039,482162,174,547Progress billings regarding contract work in progress(146,838,873)(167,063,435)Transferred to liabilities other than provisions9,368,88212,769,9871,569,4917,881,09911 Non-current liabilities other than provisionsOutstanding after 5 years
2021/22
DKKOther payables962,761962,76112 Unrecognised rental and lease commitments2021/22
DKK2020/21
DKKLiabilities under rental or lease agreements until maturity in total5,342,9028,416,395Of this, liabilities under rental or lease agreements with group enterprises 5,088,8788,302,90613 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where K.D.S. Invest ApS 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 loans are secured on a letter of indemnity with floating charge. The letter of indemnity of DKK 23.000 k is
secured on unsecured claims, inventories, operating equipment and intellectual property rights. At 30.06.2022
there is no bank debt in the company.
The carrying amount of mortgaged unsecured claims amounts to DKK 789 k.
The carrying amount of mortgaged inventories amounts to DKK 1.667 k.
The carrying amount of mortgaged operating equipment (exclusive leasehold improvements) amounts to DKK
5.127 k.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.falseRecognition 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 rate 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. Property, plant and equipment, intangible assets, inventories and
other non-monetary assets that have been purchased in foreign currencies are translated using historical
rates.Gross profit or lossGross profit or loss comprises revenue, changes in inventories of finished goods and work in progress, own
work capitalised, 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 from the sale of services is recognised
in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and
sales discounts and is measured at fair value of the consideration fixed.Contract work in progress is included in revenue based on the stage of completion so that revenue
corresponds to the selling price of the work performed in the financial year (the percentage-of-completion
method).Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for ordinary
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 writedowns of
receivables recognised in current assets.Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc
for entity staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible
assets comprise depreciation, amortisation and impairment losses for the financial year, and gains and
losses from the sale of intangible assets and property, plant and equipment.Other financial incomeOther financial income comprises dividends etc received on other investments, interest income, including
interest income on receivables from group enterprises, net capital or exchange gains on securities, payables
and transactions in foreign currencies, amortisation of financial assets, and 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 or exchange losses on securities, payables and transactions in foreign currencies,
amortisation of financial liabilities, and 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 all Danish group enterprises. 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).Intellectual property rights etcIntellectual property rights etc comprise development projects completed and in progress with related
intellectual property rights, acquired intellectual property rights and prepayments for intangible assets.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 in the 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.
Indirect production costs in the form of indirectly attributable staff costs and amortisation of intangible
assets and depreciation of property, plant and equipment used in the development process are recognised
in cost based on time spent on each project.
Completed development projects are amortised on a straight-line basis using their estimated useful lives
which are determined based on a specific assessment of each development project. If the useful life cannot
be estimated reliably, it is fixed at 10 years. For development projects protected by intellectual property
rights, the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation
periods used are 5 years.
Intellectual property rights etc are written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentLand and buildings, plant 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
YearsOther fixtures and fittings, tools and equipment3-5 yearsLeasehold improvements10 years
For leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed
the contract period.
Estimated useful lives and residual values are reassessed annually.
Items of property, plant and equipment 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.Contract work in progressContract work in progress is measured at the selling price of the work carried out at the balance sheet date.
The selling price is measured based on the stage of completion and the total estimated income from the
individual contracts in progress. Usually, the stage of completion is determined as the ratio of actual to total
budgeted consumption of resources.
If the selling price of a project in progress cannot be made up reliably, it is measured at the lower of costs
incurred and net realisable value.
Each contract in progress is recognised in the balance sheet under receivables or liabilities other than provisions,
depending on whether the net value, calculated as the selling price less prepayments received, is
positive or negative.
Costs of sales work and of securing contracts, and finance costs are recognised in the income statement
as incurred.Joint taxation contributions receivable or payableCurrent joint taxation contributions payable or joint taxation contributions receivable are recognised in the
balance sheet, calculated as tax computed on the taxable income for 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.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 provisionsOther provisions comprise anticipated costs of non-recourse guarantee commitments, returns, loss on
contract work in progress, decided and published restructuring, etc.
Other provisions are recognised and measured as the best estimate of the expenses required to settle the
liabilities at the balance sheet date. Provisions that are estimated to mature more than one year after the
balance sheet date are measured at their discounted value.
Non-recourse guarantee commitments comprise commitments to remedy defects and deficiencies within
the guarantee period.
Once it is probable that total costs will exceed total income from a contract in progress, provision is made
for the total loss estimated to result from the relevant contract.Operating leasesLease payments on operating leases are recognised on a straight-line basis in the income statement over
the term of the lease.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.2023-01-16Henrik Steen Jensen