Årsrapport29442789Redmark, Godkendt RevisionspartnerselskabHasseris Bymidte, 69000, Aalborg2021-01-012021-12-312022-01-012022-12-3121459437Green Instruments A/SErhvervsparken299700Brønderslev1999-02-01Brønderslev9645450096454501Jyske Bank A/SNytorv19000AalborgRedmark, Godkendt Revisionspartnerselskab29442789Marian Fruergaardstatsautoriseret revisormne24699Hasseris Bymidte69000AalborgDanmark98183333aalborg@redmark.dk2023-05-05Poul Kodal SørensenRegnskabsklasse C, mellemstor virksomhedRevisionspåtegningCaseWare fra Revisorgruppen DanmarkkapitalejerneAalborg2023-05-05Brønderslev2023-05-05Grundlag for konklusionKonklusion75106061574350006531112952469000370678653407700033110570310620004878359399600044721323331000023465000023465000272122224370002221169248600030438615-654000025507258-787500000148007100078121200054804616800054629991000178090910550001467631105400029205752-742700026073809-88260005414473-16540005414473-192000023791279-577300020659336-6906000182554155600021965738-63290003500000020000000-14340664-26906000785722736750007857227367500037271255400037271255400029715785118000297157851180001120151793470001120151793470002839231029580000283923102958000012340421942000586217127900029626352315220002897852730859000008749578750001525711080000015257110800087495787500040980440409770004105500141081000251324964297500025132496429760005527690329100048286432442000173456781192500015803517101310004800586458191000457646565554900036150577297660002641537922291000002544266291400001193000011930004640279544600025213303453000190223732480001870929324700092384060600064886030200043616933402590003400076433400000312837949400000261051994414000122906591107850000105870619933630001638870311488270001469256201344440000010150001015000101500010150002100002100002100002100008446468685800084464686858000-20137-4600000056098334707210004708161663011000350000002000000035000000200000005841246470800010659091110305200091753084910940003809712104000027040190165600020040001656000200400054657123044000436001920040001256249013276000125624901327600059680006884000596800068840003655441361600036554413616000221859312377600022185931237760002085931208000020859312080000126643941000126643470002148168146700021403081467000160772474533000153640844560000000371000033700000858862562200008291759559900061786333770006178613446000296444771895500028626586175700005183040842731000508125174134600016388703114882700014692562013444400023791279-5773000111776956130001768752922113000526565031695300054804710700017809091055000514236411600500098211310965000504415285040000459554655650005427101115000444610-5182717-668000015839032981000209761080-81492700434000-23374938-254700021883873-418700093999211358700031283794940000031283794940000033661164295110003004639327283000267788231170002442709296800072881914490006214688110003706786534077000331105703106200015483631103000154836311030007182627248603444860344703627036264175206417520112075021120750211854101185410216486521648653350275335027578572277857227750788750788746507465082543882543819739319739325533325533345272645272637271237271251170585117058-248856-24885645208964520896-6417520-6417520297157829715782971578297157834614698346146981700671700673478476534784765503393850339381358517135851763924556392455283923102839231046708233281318372643050434663281318272843120016841476001095753693417380942426951011234042586217008749575300000003450000087495787500000874957875000Green Instruments USA Inc.Inc.Fort Lauderdale60141275504543216Green Instruments (S) Pte. Ltd.LtdSingapore88158523268791108110044461015257101525710007259319809247001360000010150001015000101500010150001015000101500010150001015000210000210000210000210000210000210000210000210000685775434420006857754158871434160001588714844646868580008446468-459448-6250000043931116500000-20137-4600000070721312100121000630109949333300009062119100000-13034264-26330000-14340664-26906000-1588714-90624261000-1588714-3416000560983347072100047081616630110002000000020000000002000000000035000000035000000200000003500000020000000350000002000000010399121687000-119278402769800-64700038968030380971210400002704019048783593836000-548046-108000178090910550005414473-1654000-348000-25160001018601358968000-5357181-1245800011834670-2439700010240270Today, the Board of Directors and the Managing Director have approved the annual report of Green Instruments A/S for the financial year 1 January - 31 December 2022. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and in our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2022, and of the results of the Group and the Company's operations as well as the consolidated cash flows for the financial year 1 January – 31 December 2022. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Morten BrandborgKarsten RiesKen Erik NielsenOluf Olesen SighAllan Juhl BechPoul Kodal SørensenWe have audited the consolidated financial statements and the parent company financial statements of Green Instruments A/S for the financial year 1 January to 31 December 2022, which comprise income statement, balance sheet, statement of changes in equity, notes and a summary of significant accounting policies for both the Group the Parent Company, as well as consolidated statement of cash flows. The consolidated financial statements and the parent company financial statements are prepared under the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2022, and of the results of the Group and the Company's operations as well as the consolidated cash flows for the financial year 1 January - 31 December 2022 in accordance with the Danish Financial Statements Act. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements and the Parent Company Financial Statements” section of our report. We are independent of the Group 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 consolidated financial statements and parent company 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 consolidated financial statements and parent company financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements and the parent company financial statements, Management is responsible for assessing the Group´s and the Parent 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 consolidated financial statements and the parent company financial statements unless Management either intends to liquidate the Group or the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent company 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 consolidated financial statements and parent company financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the consolidated financial statements and the parent company financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group´s and the Company’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the consolidated financial statements and the parent company 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 Group´s and 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 consolidated financial statements and the parent company 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 Group and the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the consolidated financial statements and the parent company financial statements, including the disclosures, and whether the consolidated financial statements and the parent company financial statements represent the underlying transactions and events in a manner that gives a true and fair view. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. 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. Statement on Management’s Review Management is responsible for Management’s Review. Our opinion on the consolidated financial statements and the parent company financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements and the parent company financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the consolidated financial statements and the parent company financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that 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 Management’s Review. 9711500022973000037548000170759000-1233000-887000-1155000-11290002816100013212900019005900021056200054300011150009435000183240001084090001011940001833800094984000-14494000-15329000-983000-7052000021884000-418700028610009135000Pengestrømme i altPengestrømme i altPengestrømme i altPengestrømme i altPengestrømme i alt10161414.6569283.1196.1LikviditetsgradLikviditetsgradLikviditetsgradLikviditetsgradLikviditetsgrad61.566.154.846.2Introduction: We are pleased to present the management report for Green Instruments for the year ended December 31, 2022. This report provides an overview of our financial and operational performance during the year, as well as a summary of our strategic objectives for the future. About Green Instruments: Green Instruments develops and manufactures measurement and analysis technologies for marine and land-based industries, specializing in emission control, water and gas analysis, hazard detection, and machinery protection. With headquarters in Denmark and offices in the US and Singapore, and soon to be Shanghai, we're a leading supplier of marine equipment, including inert gas oxygen analyzers, smoke density monitors, oil mist detectors, and boiler protection systems. Our expertise in exhaust gas monitoring and analysis spans over a decade, and we're pioneers in monitoring wash water after exhaust gas cleaning systems. Development in activities and financial matters In 2022, we experienced significant growth, and our gross profit for the year totalled DKK 75.1 million compared to DKK 57.4 million the previous year. Income from ordinary activities after tax totalled DKK 23.8 million, a significant improvement from last year's loss of DKK -5.8 million. Management considers the net profit for the year satisfactory. In addition, our cash and cash equivalents increased from DKK 9.4 million to DKK 31.3 million. Research and development activities In 2022, we placed a strong emphasis on research and development activities to ensure that our customers continue to receive the most innovative and competitive products and solutions. Our focus on staying ahead of the curve in terms of product development and service delivery was achieved through strategic investments in the latest technologies and innovations. This ensures that we can continue to lead the way in our industry and maintain our reputation for delivering top-quality solutions to our customers. We capitalize on development costs in the financial statement in accordance with the Danish Financial Statements Act. Growth Opportunities: Despite the global market slowdown during the COVID-19 outbreak, we have seen markets slowly re-opening, and we expect the scrubber market to grow in 2023. Additionally, we believe that the green transition in the maritime industry will be a market driver for the coming decade. Green Instruments has a strong track record and value proposition within the green-tech space, and we see significant opportunities for growth and expansion in this market, due to our global presence, extensive knowledge in measurement technics, system integration, and market knowledge. For 2023 we expect a further positive financial development compared to 2022. Group Parent 31/12 2022 31/12 2021 31/12 2022 31/12 2021 11. Provisions for deferred tax Provisions for deferred tax opening balance 1.039.912 1.687 -1.192.784 885 Deferred tax of the net profit or loss for the year 2.769.800 -647 3.896.803 -2.078 3.809.712 1.040 2.704.019 -1.193 17. Charges and security Group and Parent: As collateral for mortgage loans, DKK thousand 13.288, security has been granted on land and buildings representing a carrying amount of DKK thousand 28.392 at 31 December 2022. The company has issued owner's mortgage at a total amout of DKK thousand 5.200 as security for bank loans. The owner's mortgage provide mortgage on the above land and buildings, representing a carrying amount of DKK thousand 28.392 at 31 December 2022. 18. Contingencies Contingent liabilities Lease liabilities The company has entered into operational leases with an average annual lease payment of DKK thousand 96. The leases have 35 months to maturity and total outstanding lease payments total DKK thousand 280. Parent: Recourse guarantee commitments: The company has provided guarantees for the bank debts of the group enterprises. On 31 December 2022, the total bank debt of the group enterprises totalled DKK 0. 19. Related parties Transactions Transactions with related party has been done on market terms hence they are not disclosed in the annual repport in accordance with § 98 C (7) in the Danish Financial Act. The annual report for Green Instruments A/S has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class C enterprises (medium sized enterprises). The accounting policies are unchanged from last year, and the annual report is presented in DKK. Recognition and measurement in general Income is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, write-downs for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the group and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the group and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Foreign currency translation Transactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Fixed assets acquired and paid for in foreign currency are measured at the exchange rate prevailing at the date of the transaction. Group enterprises abroad, associates, and equity investments are considered to be independent entities. The income statements are translated at an average exchange rate for the month, and the balance sheet items are translated at the closing rates. Currency translation differences, arising from the translation of the equity of group enterprises abroad at the beginning of the year to the closing rate and from the translation of income statements from average prices to the closing rate, are recognised directly in equity in the fair value reserve in the Consolidated Financial Statement. This also applies to differences arising from translation of income statements from average exchange rate to closing rate. Translation adjustment of balances with group enterprises abroad that are considered part of the total investment in group enterprises are recognised directly in equity in the fair value reserve. Likewise, foreign exchange gains and losses on loans and derived financial instruments for currency hedging independent group enterprises abroad are recognised directly in equity. When recognising foreign group enterprises which are integral units, the monetary items are translated using the closing rate. Non-monetary items are translated using the exchange rate prevailing at the time of acquisition or at the time of the subsequent revaluation or write-down for impairment of the asset. Income statement items are translated using the exchange rate prevailing at the date of the transaction. However, items in the income statement derived from non-monetary items are translated using historical prices. Gross profit Gross profit comprises the revenue, changes in inventories of finished goods, and work in progress, own work capitalised, other operating income, and external costs. The enterprise will be applying IAS 18 as its basis of interpretation for the recognition of revenue. Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Revenue is measured at the fair value of the consideration promised exclusive of VAT and taxes and less any discounts relating directly to sales. Cost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories. Other external costs comprise costs incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs. Depreciation, amortisation, and write-down for impairment Depreciation, amortisation, and write-down for impairment comprise depreciation on, amortisation of, and write-down for impairment of intangible and tangible assets, respectively. Financial income and expenses Financial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, financial expenses from financial leasing, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Results from investment in group enterprise Dividend from investment in group enterprise is recognised in the financial year in which the dividend is declared. Tax on net profit or loss for the year Tax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity. Property, plant, and equipment Property, plant, and equipment are measured at cost less accrued depreciation and write-down for impairment. Land is not subject to depreciation. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. If the amortisation period or the residual value is changed, the effect on amortisation will, in future, be recognised as a change in the accounting estimates. The cost comprises acquisition cost and costs directly associated with the acquisition until the time when the asset is ready for use. The cost of a total asset is divided into separate components. These components are depreciated separately, the useful lives of each individual components differing, and the individual component representing a material part of the total cost. Depreciation is done on a straight-line basis according to an assessment of the expected useful life and the residual value of the individual assets: Buildings Useful life 30 years Residual value 20 % Plant and machinery Useful life 5-10 years Residual value 0-20 % Other fixtures and fittings, tools and equipment Useful life 3-5 years Residual value 0-20 % Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement as other operating income or other operating expenses. As regards self-constructed assets, the cost comprises direct costs for materials, components, deliveries from subsuppliers, payroll costs, and borrowing costs from specific and general borrowing concerning the construction of each individual asset. Investments in group enterprise Investments in group enterprise is recognised and measured at cost. If the recoverable amount is lower than the cost price, it shall be written down for impairment to this lower value. Deposits Deposits are measured at amortised cost and represent lease deposits, etc. Inventories Inventories are measured at cost according to the FIFO method. In cases when the net realisable value of the inventories is lower than the cost, the latter is written down for impairment to this lower value. Costs of goods for resale, raw materials, and consumables comprise acquisition costs plus delivery costs. Costs of manufactured goods and work in progress comprise the cost of raw materials, consumables, direct wages, and indirect production costs. Indirect production costs comprise indirect materials and wages, maintenance and depreciation of machinery, factory buildings, and equipment used in the production process, and costs for factory administration and factory management. Borrowing expenses are not recognised in cost. The net realisable value for inventories is recognised as the estimated selling price less costs of completion and selling costs. The net realisable value is determined with due consideration of negotiability, obsolescence, and the development of expected market prices. Receivables Receivables are measured at amortised cost, which usually corresponds to nominal value. In order to meet expected losses, impairment takes place at the net realisable value. The company has chosen to use IAS 39 as a basis for interpretation when recognising impairment of financial assets, which means that impairments must be made to offset losses where an objective indication is deemed to have occurred that an account receivable or a portfolio of accounts receivable is impaired. If an objective indication shows that an individual account receivable has been impaired, an impairment takes place at individual level. Prepayments Prepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand. Equity Share premium Share premium comprises premium payments made in connection with the issue of shares. Costs incurred for carrying through an issue are deducted from the premium. The premium reserve can be used for dividend, for issuing bonus shares, and for covering losses. Reserve for development costs The reserve for development costs comprises recognised development costs less related deferred tax liabilities. The reserve cannot be used as dividends or for covering losses. The reserve is reduced or dissolved if the recognised development costs are amortised or abandoned. This is done by direct transfer to the distributable reserves of the equity. Reserve for foreign currency translation The reserve for foreign currency translation arises when translating accounting items in foreign currency. The reserve is dissolved once the value adjustments have been applied or reversed. The reserve is distributable. Dividend Dividend expected to be distributed for the year is recognised as a separate item under equity. Income tax and deferred tax Current tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Provisions Provisions comprise expected costs of warranty commitments. Provisions are recognised when the group has a legal or actual commitment resulting from a previously occurred event and when it is probable that the settlement of the liability will result in consumption of the financial resources of the group. Provisions are measured at net realisable value or at fair value. If the fulfilment of a liability is expected to take place far in the future, the liability is measured at fair value. Warranty commitments comprise commitments to repair work being carried out within the warranty period of 1-3 years. The provisions are measured at the net realisable value and recognised on the basis of experience with warranty work. Liabilities other than provisions Financial liabilities other than provisions related to borrowings are recognised at the received proceeds less transaction costs incurred. In subsequent periods, the financial liabilities are recognised at amortised cost, corresponding to the capitalised value when using the effective interest rate. The difference between the proceeds and the nominal value is recognised in the income statement during the term of the loan. Mortgage loans and bank loans are thus measured at amortised cost which, for cash loans, corresponds to the outstanding payables. For bond loans, the amortised cost corresponds to an outstanding payable calculated as the underlying cash value at the date of borrowing, adjusted by amortisation of the market value on the date of the borrowing effectuated over the repayment period. Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. Accruals and deferred income Payments received concerning future income are recognised under accruals and deferred income. Intangible assets Development projects, patents, and licences Development costs and internally generated rights are recognised in the income statement as costs in the acquisition year. Patents and licenses are measured at cost less accrued amortisation. Patents are amortised on a straightline basis over the remaining patent period and licenses are amortised over the contract period, however, for a maximum of 10 years. 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