Årsrapport33771231PricewaterhouseCoopers Statsautoriseret RevisionspartnerselskabHerredsvej 327100 Vejle2021-01-012020-01-012021-12-312020-12-3166772616Modulex A/SKløvervej957190BillundBillund7219 3000www.modulex.commxgroup@modulex.dkPricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab33771231Herredsvej327100VejleDanmark2022-05-05Jens BrinkmannRegnskabsklasse C, mellemstor virksomhed1RevisionspåtegningBestyrelse og direktion har dags dato behandlet og godkendt årsrapporten for regnskabsåret 1. januar - 31. december 2021 for Modulex A/S.The Executive Board and Board of Directors have today considered and adopted the Annual Report of Modulex A/S for the financial year 1 January - 31 December 2021.Årsrapporten er aflagt i overensstemmelse med årsregnskabsloven.The Annual Report is prepared in accordance with the Danish Financial Statements Act.Årsregnskabet og koncernregnskabet giver efter vores opfattelse et retvisende billede af selskabets og koncernens aktiver, passiver og finansielle stilling pr. 31. december 2021 samt af resultatet af selskabets og koncernens aktiviteter og koncernens pengestrømme for 2021.In our opinion the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 31 December 2021 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2021.Ledelsesberetningen indeholder efter vores opfattelse en retvisende redegørelse for de forhold, beretningen omhandler.In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review.Årsrapporten indstilles til generalforsamlingens godkendelse.We recommend that the Annual Report be adopted at the Annual General Meeting.Billund2022-05-052022-05-05Ketil Mølbach StaalesenSøren SonneformandJens Guldbrand HansenJens Alfred IversenKetil Mølbach StaalesenTil kapitalejerne i Modulex A/STo the Shareholders of Modulex A/SKonklusionOpinionDet er vores opfattelse, at koncernregnskabet og årsregnskabet giver et retvisende billede af koncernens og selskabets aktiver, passiver og finansielle stilling pr. 31. december 2021 samt af resultatet af koncernens og selskabets aktiviteter og koncernens pengestrømme for regnskabsåret 1. januar - 31. december 2021 i overensstemmelse med årsregnskabsloven. 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 2021 and of the results of the Group’s and the Parent Company’s operations and of consolidated cash flows for the financial year 1 January - 31 December 2021 in accordance with the Danish Financial Statements Act. Vi har revideret koncernregnskabet og årsregnskabet for Modulex A/S for regnskabsåret 1. januar - 31. december 2021, der omfatter resultatopgørelse, balance, egenkapitalopgørelse og noter, herunder anvendt regnskabspraksis, for såvel koncernen som selskabet samt pengestrømsopgørelse for koncernen (”regnskabet”). We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Modulex A/S for the financial year 1 January - 31 December 2021, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (”the Financial Statements”). Grundlag for konklusionBasis for OpinionVi har udført vores revision i overensstemmelse med internationale standarder om revision og de yderligere krav, der er gældende i Danmark. Vores ansvar ifølge disse standarder og krav er nærmere beskrevet i revisionspåtegningens afsnit ”Revisors ansvar for revisionen af regnskabet”. Vi er uafhængige af koncernen i overensstemmelse med International Ethics Standards Board for Accountants´ internationale retningslinjer for revisorers etiske adfærd (IESBA Code) og de yderligere etiske krav, der er gældende i Danmark, ligesom vi har opfyldt vores øvrige etiske forpligtelser i henhold til disse krav og IESBA Code. Det er vores opfattelse, at det opnåede revisionsbevis er tilstrækkeligt og egnet som grundlag for vores konklusion. We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the 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. Ledelsen er ansvarlig for ledelsesberetningen. Vores konklusion om regnskabet omfatter ikke ledelsesberetningen, og vi udtrykker ingen form for konklusion med sikkerhed om ledelsesberetningen. I tilknytning til vores revision af regnskabet er det vores ansvar at læse ledelsesberetningen og i den forbindelse overveje, om ledelsesberetningen er væsentligt inkonsistent med regnskabet eller vores viden opnået ved revisionen eller på anden måde synes at indeholde væsentlig fejlinformation. Vores ansvar er derudover at overveje, om ledelsesberetningen indeholder krævede oplysninger i henhold til årsregnskabsloven. Baseret på det udførte arbejde er det vores opfattelse, at ledelsesberetningen er i overensstemmelse med koncernregnskabet og årsregnskabet og er udarbejdet i overensstemmelse med årsregnskabslovens krav. Vi har ikke fundet væsentlig fejlinformation i ledelsesberetningen. Management is responsible for Management’s Review. Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financials Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Ledelsen har ansvaret for udarbejdelsen af et koncernregnskab og et årsregnskab, der giver et retvisende billede i overensstemmelse med årsregnskabsloven. Ledelsen har endvidere ansvaret for den interne kontrol, som ledelsen anser for nødvendig for at udarbejde et regnskab uden væsentlig fejlinformation, uanset om denne skyldes besvigelser eller fejl. Ved udarbejdelsen af regnskabet er ledelsen ansvarlig for at vurdere koncernens og selskabets evne til at fortsætte driften; at oplyse om forhold vedrørende fortsat drift, hvor dette er relevant; samt at udarbejde regnskabet på grundlag af regnskabsprincippet om fortsat drift, medmindre ledelsen enten har til hensigt at likvidere koncernen eller selskabet, indstille driften eller ikke har andet realistisk alternativ end at gøre dette. 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 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 Group’s and 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 Group or the Company or to cease operations, or has no realistic alternative but to do so. Vores mål er at opnå høj grad af sikkerhed for, om regnskabet som helhed er uden væsentlig fejlinformation, uanset om denne skyldes besvigelser eller fejl, og at afgive en revisionspåtegning med en konklusion. Høj grad af sikkerhed er et højt niveau af sikkerhed, men er ikke en garanti for, at en revision, der udføres i overensstemmelse med internationale standarder om revision og de yderligere krav, der er gældende i Danmark, altid vil afdække væsentlig fejlinformation, når sådan findes. Fejlinformationer kan opstå som følge af besvigelser eller fejl og kan betragtes som væsentlige, hvis det med rimelighed kan forventes, at de enkeltvis eller samlet har indflydelse på de økonomiske beslutninger, som brugerne træffer på grundlag af regnskabet. Som led i en revision, der udføres i overensstemmelse med internationale standarder om revision og de yderligere krav, der er gældende i Danmark, foretager vi faglige vurderinger og opretholder professionel skepsis under revisionen. Herudover: Identificerer og vurderer vi risikoen for væsentlig fejlinformation i regnskabet, uanset om denne skyldes besvigelser eller fejl, udformer og udfører revisionshandlinger som reaktion på disse risici samt opnår revisionsbevis, der er tilstrækkeligt og egnet til at danne grundlag for vores konklusion. Risikoen for ikke at opdage væsentlig fejlinformation forårsaget af besvigelser er højere end ved væsentlig fejlinformation forårsaget af fejl, idet besvigelser kan omfatte sammensværgelser, dokumentfalsk, bevidste udeladelser, vildledning eller tilsidesættelse af intern kontrol. Opnår vi forståelse af den interne kontrol med relevans for revisionen for at kunne udforme revisionshandlinger, der er passende efter omstændighederne, men ikke for at kunne udtrykke en konklusion om effektiviteten af koncernens og selskabets interne kontrol. Tager vi stilling til, om den regnskabspraksis, som er anvendt af ledelsen, er passende, samt om de regnskabsmæssige skøn og tilknyttede oplysninger, som ledelsen har udarbejdet, er rimelige. Konkluderer vi, om ledelsens udarbejdelse af regnskabet på grundlag af regnskabsprincippet om fortsat drift er passende, samt om der på grundlag af det opnåede revisionsbevis er væsentlig usikkerhed forbundet med begivenheder eller forhold, der kan skabe betydelig tvivl om koncernens og selskabets evne til at fortsætte driften. Hvis vi konkluderer, at der er en væsentlig usikkerhed, skal vi i vores revisionspåtegning gøre opmærksom på oplysninger herom i regnskabet eller, hvis sådanne oplysninger ikke er tilstrækkelige, modificere vores konklusion. Vores konklusioner er baseret på det revisionsbevis, der er opnået frem til datoen for vores revisionspåtegning. Fremtidige begivenheder eller forhold kan dog medføre, at koncernen og selskabet ikke længere kan fortsætte driften. Tager vi stilling til den samlede præsentation, struktur og indhold af regnskabet, herunder noteoplysningerne, samt om regnskabet afspejler de underliggende transaktioner og begivenheder på en sådan måde, at der gives et retvisende billede heraf. Opnår vi tilstrækkeligt og egnet revisionsbevis for de finansielle oplysninger for virksomhederne eller forretningsaktiviteterne i koncernen til brug for at udtrykke en konklusion om koncernregnskabet. Vi er ansvarlige for at lede, føre tilsyn med og udføre koncernrevisionen. Vi er eneansvarlige for vores revisionskonklusion. Vi kommunikerer med den øverste ledelse om blandt andet det planlagte omfang og den tidsmæssige placering af revisionen samt betydelige revisionsmæssige observationer, herunder eventuelle betydelige mangler i intern kontrol, som vi identificerer under revisionen. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s and the Group’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the 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 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 Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. 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. Trekantområdet2022-05-05PricewaterhouseCoopers Statsautoriseret RevisionspartnerselskabLars Almskou Ohmeyerstatsautoriseret revisormne24817Heidi Bondestatsautoriseret revisormne42815Set over en 5-årig periode kan koncernens udvikling beskrives ved følgende hoved- og nøgletal: Seen over a five-year period, the development of the Group is described by the following financial highlights: 18106600021216600016261300068006000885420006774000016984000104080004908000126940008455000EBITDAEBITDAEBITDAEBITDAEBITDA-217500076460004546000-459000-977000-1423000-1948000-1895000-2129000319200016330008383200010022100070248000234860002446900018117000114880004740000106860003373000-18344000-799000-3037000-2559000-1893000-1616000-355000-1103200016316000-7877000-1218000019750000382900027120002010000Årets forskydning i likviderÅrets forskydning i likviderÅrets forskydning i likviderÅrets forskydning i likviderÅrets forskydning i likvider19021516412.47.50.57.66.535.9312824.425.831.620.6-8.9159.9Væsentligste aktiviteter Modulex-koncernens hovedaktiviteter er skiltning og kommunikation i bred forstand. Udgangspunktet er at udvikle, markedsføre og sælge produkter og løsninger til en bred vifte af kundegrupper. Udvikling i året Koncernens resultatopgørelse for 2021 udviser et overskud på TDKK 10.519, og koncernens balance pr. 31. december 2021 udviser en egenkapital på TDKK 38.611. Året der gik og opfølgning på sidste års forventede udvikling Bestyrelse og direktion anser resultatet for 2021 som værende tilfredsstillende i forhold til det forventede – specielt under den fortsatte indflydelse af COVID-19 i 2021. Forventet udvikling i 2022 Koncernen forventer et resultatet i 2022 på niveau med 2021 ved fortsat fokus på øget vækst gennem investeringer i salgsaktiviteterne – såvel organisk som opkøb – samt tilpasninger i omkostningsbasen. Strategi Modulex koncernens strategi er at vokse ved organisk vækst samt ved opkøb af virksomheder inden for forretningsområdet. I koncernens vækststrategi er fokus rettet mod at kunne tilbyde den enkelte kunde en bredere vifte af løsninger indenfor både traditionel skiltning (facadeskiltning og ”wayfinding”) samt indenfor visuel identitet herunder fokusområder som corporate identity, branding og udstillingsdisplays. Modulex vil i 2022 fortsat fokusere på mere miljøvenlig produktion, produkter og løsninger som GreenBondTM og er i proces med miljøcertificering til ISO 14001. Eksternt miljø Modulex udøver alle forretningsområder på en miljømæssig forsvarlig måde og arbejder bevidst med at minimere den samlede miljøbelastning. Modulex er omfattet af Miljøbeskyttelsesloven og Miljøtilsynsbekendtgørelsen nr. BEK nr. 1536 af 09/12/2019. Desuden udarbejder virksomheden som medlem af Green Network hvert 3. år en mere omfattende Miljøredegørelse med henblik på at opnå Diplom for ekstraordinær miljøindsats. Modulex indsendte i november 2021 Miljøredegørelse for 2020 og erhvervede for 10. gang i alt hos Green Network diplom for vores miljøindsats. Diplomet er gældende frem til og med 2024 og betyder, at Modulex A/S: • Har udarbejdet en miljøredegørelse efter Green Networks miljømanual • Har kortlagt de væsentlige forhold på miljøområdet • Har sat sig mål om løbende forbedringer på miljøområdet • Har gjort sin redegørelse, herunder politik, -mål og handlingsplan offentlig tilgængelig. Usikkerhed ved indregning og måling Der er ikke forekommet usikkerhed ved indregning og måling i årsrapporten. Usædvanlige forhold Koncernens aktiver, passiver og finansielle stilling pr. 31. december 2021 samt resultatet af koncernens aktiviteter og pengestrømme for 2021 er ikke påvirket af usædvanlige forhold. Begivenheder efter balancedagen Der er ikke efter balancedagen indtruffet forhold, som har væsentlig indflydelse på bedømmelsen af årsrapporten.Key activities The main activities of the Modulex Group comprise signage systems and communication in a wide sense. The Group focuses on selling, marketing, and developing products and solutions for a wide range of customers. Development in the year The income statement of the Group for 2021 shows a profit of TDKK 10,519, and at 31 December 2021 the balance sheet of the Group shows equity of TDKK 38,611. The past year and follow-up on development expectations from last year The Board of Directors and the Executive Board consider the performance for 2021 satisfactory compared to expectations – particularly under the continued influence of COVID-19 in 2021. Development expectations for 2022 The Group expects the profit in 2022 to end at the same level as 2021 through continued focus on increased growth through investments in sales activities, both organically and through acquisitions, as well as cost adjustments. Strategy The strategy adopted by the Modulex Group is to grow organically and through business acquisitions made within its line of business. The Group’s growth strategy aims at being able to offer a wider range of solutions to the individual customer within both traditional signage (building signage and wayfinding) and within visual identity including focus areas such as corporate identity, branding, and exhibition displays. Modulex will also in 2022 focus on more environmental-friendly production, products, and solutions like GreenBondTM and has started an ISO 14001 certification process. External environment Modulex activities are conducted in an environmentally sound manner in all business segments, and it is deliberately working on minimising its overall environmental impact. Modulex is subject to the Danish Environmental Protection Act and Executive Order No 518:2016 on Environmental Supervision. As a member of the Green Network, every three years the Company moreover presents a more comprehensive environmental performance report to achieve the diploma for extraordinary environmental performance. In November 2021, Modulex submitted its environmental report for 2020 and was awarded a diploma for our environmental performance for the tenth time in total by Green Network. The diploma is valid through 2024, and having this diploma means that Modulex A/S has: • prepared an environmental report in accordance with the environmental manual of the Green Network; • mapped the most material environmental matters; • defined targets for continuous environmental improvements; • published its report, including its policies, target and plan of action. Uncertainty relating to recognition and measurement Recognition and measurement in the Annual Report have not been subject to any uncertainty. Unusual events The financial position at 31 December 2021 of the Group and the results of the activities and cash flows of the Group for the financial year for 2021 have not been affected by any unusual events. Subsequent events No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.1950490001605500005585100037521000128014000108551000410960003268700067035000519990001475500048340004136200041295000680100044910001810300013658000845500074170007570000-2954000-501000-7074000576600096970005175000918100000545600042390000-340000-34000150000110001400023000609000954000404000794000128770005766000974000055410002358000466000-10000090000010519000530000098400004641000128000154000960001160007686000947500000781400096290009600011600051610003489000672000552000572000586000075000151700018090001328000170000014600014600014600014600073960006030000214600024730000031412000262470000205000000001934000121000121000001490000147700098300098100016110001803000323950002916200016821000174620003463700031751000133370001254100083360007884000512280002355900038900002668000003103000375900037340001470000660000885000402100047930003000000290000010600001102000290000238000600430003092400010943000104500001722800029408000357600059080009060800072873000228550002424200010742900090335000574920005599300011000000110000001100000011000000110000001100000011000000110000009401000940100094010009401000183000-607000183000-6070001469000048500001469000048500003337000332400000386110002796800035274000246440003011000306800000002966000291100030110003068000296600029110004000000791400040000007346000387900033160002209000182700078790001123000062090009173000239900022600010000000476900014730001790000171250001317000050050002740000063530000635300000183500018200001464000109400000321710002574200050240008352000011000005792800048069000130430001926500065807000592990001925200028438000107429000903350005749200055993000110000009401000-6070004850000332400000008700000-7530000079000000009840000679000110000009401000183000146900003337000110000009401000-607000485000000079000000009840000011000000940100018300014690000010519000530000074720005108000-2286600020352000-48750003076000015000011000614000946000-53390002982500012160001327000-655500028498000132000350003037000255900002000038000633000-3131000-194100017410006233000753000574000-2494000-6807000-12180000197500002940800096580001722800029408000172280002940800063617000582030001880300017501000411800040530001343000134100030770003045000522000518000708120006530100020668000193600001793000146500014810008110001641654346Lønninger, pensioner og andre omkostninger til social sikring er omkostningsført under følgende poster:Produktionsomkostninger33520319121570015053Distributionsomkostninger309472787117771596Administrationsomkostninger634555183191271170812653012066819360Wages and salaries, pensions and other social security expenses are recognised in the following items:Cost of salesDistribution expensesAdministrative expenses70812653012066819360 Kompensensation vedrørende Covid-19 3.562 8.663 362 2.620 3.562 8.663 362 2.620 Compensation for Covid-19 Andel af overskud i dattervirksomheder 7.426 8.414 Andel af underskud i dattervirksomheder -1.464 -2.410 Afskrivning af goodwill -948 -1.062 Forskydning i intern avance 311 -703 Gevinst ved salg af kapitalandel 131 0 5.456 4.239Share of profits of subsidiaries Share of losses of subsidiaries Amortisation of goodwill Change in intercompany profit Income from sale of investmentin 13100000000012000190001100014000110006090009540004040007940006090009540004040007940001587000139600000771000-930000-1000009000002358000466000-100000900000884300021898000470000132000090220002189800086890001242300047000015800017890008894000142120001280007686000Afskrives over 5-10 år 5-10 år Goodwill erhvervet gennem strategiske fusioner og overtagelser med stærke markedspositioner og bæredygtig langsigtet indtjeningspotentiale afskrives over 5-10 år, da værdien af bla. eksisterende kunderelationer, langtidskontrakter med kunder, medarbejderkvalifikationer, know-how, branchekendskab og omdømme på markedet for skiltesystemer forventes at bidrage positivt til virksomhedens fremtidige indtjeningspotentiale i en periode på mindst 5-10 år.Goodwill obtained in connection with strategic mergers and acquisitions with a strong market position and sustainable, long-term earnings potential is amortised over 5-10 years, as the value of existing customer relations,long-term customer contracts, employee competencies, know-how, industry knowledge, reputation in the marketfor signage systems etc., is expected to contribute positively to the Company’s future earnings potential for a period of at least 5-10 years.7070000128000719800069540001480007102000960006782700084300005325000146000046000000267100025300011300000-2270000070498000891600054380001460006433800078440003516000004200000099900030700040500000-22700000653370008344000392100005161000572000151700014600056437000244300030980001460004350000005687200024430003098000146000558850002368000139800003150007500037200005620000024430001770000067200001328000146000585290005741100003103000-38000-19850005849100058529000-42493000-44755000131000-313000790000-60200059620006006000-1398000-1386000-948000-1062000311000-7030000322000-37645000-424930007600000730000029660002911000 Resterende positivt forskelsbeløb, der indgår i ovenstående regnskabsmæssige værdi, udgør 31. december Ikke lovkrav 5.051 5.999 Remaining positive difference included in the above carrying amount at 31 December Modulex UK Limited.England100Modulex GmbHTyskland100Modulex Norge ASNorge100Modulex Distribution S.A.Frankrig100Modulex Danmark A/SDanmark100Modulex Canada Inc.Canada100- Modulex Alberta Inc.Canada100- Modulex Ontario Inc.Canada100Modulex Netherlands B.V.Holland100Modulex Americas Group, Corp.USA100- Modulex Miami, LLCUSA100- Modulex Mexico, LLCUSA33Modulex Sverige ABSverige70B.N. Skilte Randers A/SDanmark65Modulex Hospitality S.L.Spanien602050002760000276000020500000-205000-2760000-27600002050000007000070000-70000-70000000Modulex Mexico LLCUSA33121000147700092330009810000130000200000-2503000012100014900006730000983000007299000000-56900000067300000974200092620005302000516700018490001557000162700015570001746000172200014070001160000Salgsværdi af igangværende arbejder 0 2.065 0 2.065 Modtagne acontobetalinger 0 -8.418 0 -8.418 Indregnet således i balancen: Modtagne forudbetalinger under passiver 0 -6.353 0 -6.353 Selling price of work in progress Payments received on account Recognised in the balance sheet as follows: Prepayments received recognised in debt Udskudt skatteaktiv 1. januar 4.793 3.860 2.900 3.800 Årets indregnede beløb i resultatopgørelsen -772 933 100 -900 Udskudt skatteaktiv 31. december 4.021 4.793 3.000 2.900Deferred tax asset at 1 January Amounts recognised in the income statement for the year Deferred tax asset at 31 December Det indregnede skatteaktiv består af skattemæssige underskud til fremførsel, som forventes udnyttet inden for de kommende 3-5 år. Ved vurdering af udnyttelsen af skatteaktivet er særligt lagt vægt på, at virksomheden har gennemført effektiviseringer og omstruktureringer, der forventes af øge selskabets bruttoavance.The recognised tax asset comprises tax loss carry-forwards expected to be utilised within the next three to five years. In connection with the assessment of the utilisation of the tax asset, special emphasis has been placed on the Company having implemented efficiency measures and restructurings which are expected to increase the Company’s gross margin.Periodeafgrænsningsposter udgøres af forudbetalte omkostninger vedrørende leje og leasing, forsikringspræmier, abonnementer og renter.Prepayments consist of prepaid expenses concerning rental and lease, insurance premiums, subscriptions and interest.6790006590000098400004641000984000046410000100000001000000400000069140004000000634600040000007914000400000073460003434000331600017640001827000445000044500003879000331600022090001827000 Periodeafgrænsningsposter udgøres af modtagne forudbetalinger vedrørende indtægter i de efterfølgende år. Deferred income consists of payments received in respect of income in subsequent years.-150000-11000609000954000365800046790000340002358000466000997000-1014000-7970001635000-2989100010259000-570003900078790008419000-2286600020352000Pant og sikkerhedsstillelse Følgende aktiver er stillet til sikkerhed for bankforbindelser: Immaterielle rettigheder, driftsmateriel og inventar, varebeholdninger, tilgodehavende fra salg og tjenesteydelser med en regnskabsmæssig værdi på 29.036 20.112 14.468 13.141 Virksomhedspantebrevet udgør nominelt TDKK 10.500 for moderselskabet og TDKK 15.975 for koncernen. Løsøreejerpantebrev udgør norminelt TDKK 0 for moderselskabet og TDKK 450 for koncernen. Den regnskabsmæssig værdi af driftsmidlet udgør værdi TDKK 106. Leje- og leasingforpligtelser Leasingforpligtelser fra operationel leasing. Samlede fremtidige leasingydelser: Inden for 1 år 6.395 7.135 2.465 2.566 Mellem 1 og 5 år 16.398 18.376 6.512 8.693 Efter 5 år 2.092 4.184 0 0 Kautions- og garantiforpligtelser Moderselskabet har afgivet selvskyldnerkaution for datterselskabet Modulex Danmark A/S' lån hos kreditinstitutter, der udgør TDKK 0 pr. 31. december 2021. Moderselskabet har afgivet selvskyldnerkaution for datterselskabet B.N. Skilte Randers A/S' lån hos kreditinstitutter, der udgør TDKK 240 pr. 31. december 2021. Moderselskabet har afgivet kaution på TNOK 3.000 for datterselskabet Modulex Norge A/S' lån hos kreditinstitutter, der udgør TNOK 0 pr. 31. december 2021. Andre eventualforpligtelser Der er i moderselskabet øvrige forpligtelser på TDKK 1.510 og øvrige forpligtelser i koncernen på TDKK 4.201. Koncernens danske selskaber hæfter solidarisk for skat af koncernens sambeskattede indkomst mv. Det samlede beløb for skyldig selskabsskat fremgår af årsrapporten for Modulex Holding ApS, der er administrationsselskab i forhold til sambeskatningen. Koncernens danske selskaber hæfter endvidere solidarisk for danske kildeskatter i form af udbytteskat, royaltyskat og renteskat. Eventuelle senere korrektioner til selskabsskatter og kildeskatter kan medføre, at selskabets hæftelse udgør et større beløb.Charges and security The following assets have been placed as security with bankers Intagible rights, fixtures and fittings, inventories, trade receivables at a carrying amount of The floating charge amounts to a nominal amount of DKK 10,500k for the Parent Company and DKK 15,975k for the Group. Movable property charge amounts to a norminal amount of DKK 0 for the Parent Company and DKK 450k for the Group. The assets placed as security at a carrying amount of DKK 106k Rental and lease obligations Lease obligations under operating leases. Total future lease payments: Within 1 year Between 1 and 5 years After 5 years Guarantee obligations The Parent Company has provided joint and several guarantee for the subsidarie Modulex Danmark A/S's loan with the bankers amounting to TDKK 0 at December 31, 2021. The Parent Company has provided joint and several guarantee for the subsidarie B.N. Skilte Randers A/S's loan with the bankers amounting to DKK 240k at December 31, 2021. The Parent Company has provided joint guarantee of NOK 3,000k for the subsidarie Modulex Norge A/S's loan with the bankers amounting to NOK 0k at December 31, 2021. Other contingent liabilities The Parent Company has other obligations amounting to DKK 1.510k and the other obligations in the Group amounting to DKK 4.201k. The Group’s Danish companies are jointly and severally liable for tax on the Group’s jointly taxed income etc. Total corporation tax payable is stated in the Annual Report of Modulex Holding ApS, which is the management company in the joint taxation. The Group’s Danish companies are moreover jointly and severally liable for Danish withholding taxes in the form of dividend tax, royalty tax and tax on interest. Any subsequent adjustments to corporation taxes and withholding taxes may imply that the Company will be liable for a higher amount. Bestemmende indflydelse Controlling interest Ketil Mølbach Staalesen Hovedaktionær Controlling shareholder KMS Invest LTD, Malta Selskabets ultimative moderselskab The Company's ultimate Parent Company Modulex Holding ApS, Billund Moderselskab Parent Company Transaktioner Transactions Selskabet har valgt kun at oplyse om transaktioner, der ikke er foretaget på normale markedsvilkår efter årsregnskabslovens § 98 c, stk. 7. The Company has chosen only to disclose transactions which have not been made on an arm’s length basis in accordance with section 98(c)(7) of the Danish Financial Statements Act. Der har ikke i årets løb, bortset fra koncerninterne transaktioner og normalt ledelsesvederlag, været gennemført transaktioner med bestyrelse, direktion, ledende medarbejdere, væsentlige aktionærer, tilknyttede virksomheder eller andre nærtstående parter.During the year, there have been no transactions with the Board of Directors, the Executive Board, senior officers, significant shareholders, group enterprises or other related parties, except for intercompany transactions and normal management remuneration.Selskabet indgår i koncernrapporten for moderselskabet Modulex Holding ApS (mindste koncern) BillundThe Company is included in the Group Annual Report of the Parent Company:Der er ikke efter balancedagen indtruffet forhold, som har væsentlig indflydelse på bedømmelsen af årsrapporten.No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.Årsrapporten for Modulex A/S for 2021 er udarbejdet i overensstemmelse med årsregnskabslovens bestemmelser for mellemstore virksomheder i regnskabsklasse C. Den anvendte regnskabspraksis er uændret i forhold til sidste år. Koncern- og årsregnskab for 2021 er aflagt i TDKK.The Annual Report of Modulex A/S for 2021 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C. The accounting policies applied remain unchanged from last year. The Consolidated and Parent Company Financial Statements for 2021 are presented in TDKK.Indtægter indregnes i resultatopgørelsen i takt med, at de indtjenes. Herudover indregnes værdireguleringer af finansielle aktiver og forpligtelser, der måles til dagsværdi eller amortiseret kostpris. Endvidere indregnes i resultatopgørelsen alle omkostninger, der er afholdt for at opnå årets indtjening, herunder afskrivninger, nedskrivninger og hensatte forpligtelser samt tilbageførsler som følge af ændrede regnskabsmæssige skøn af beløb, der tidligere har været indregnet i resultatopgørelsen. Aktiver indregnes i balancen, når det er sandsynligt, at fremtidige økonomiske fordele vil tilflyde selskabet, og aktivets værdi kan måles pålideligt. Forpligtelser indregnes i balancen, når det er sandsynligt, at fremtidige økonomiske fordele vil fragå selskabet, og forpligtelsens værdi kan måles pålideligt. Ved første indregning måles aktiver og forpligtelser til kostpris. Efterfølgende måles aktiver og forpligtelser som beskrevet for hver enkelt regnskabspost nedenfor.Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.Koncernregnskabet omfatter moderselskabet Modulex A/S samt virksomheder, hvori moderselskabet direkte eller indirekte besidder flertallet af stemmerettighederne, eller hvori moderselskabet gennem aktiebesiddelse eller på anden måde har en bestemmende indflydelse. Virksomheder, hvori koncernen besidder mellem 20% og 50% af stemmerettighederne og udøver betydelig men ikke bestemmende indflydelse, betragtes som associerede virksomheder. Ved konsolideringen sammendrages poster af ensartet karakter. Koncerninterne indtægter og omkostninger, aktiebesiddelser, udbytter og mellemværender samt realiserede og urealiserede interne gevinster og tab ved transaktioner mellem de konsoliderede virksomheder elimineres. Moderselskabets kapitalandele i de konsoliderede dattervirksomheder udlignes med moderselskabets andel af dattervirksomhedernes regnskabsmæssige indre værdi opgjort på det tidspunkt, hvor koncernforholdet blev etableret. Virksomhedssammenslutninger Virksomhedsovertagelser gennemført den 1. juli 2018 eller senere Køb af dattervirksomheder behandles efter overtagelsesmetoden, hvorefter den overtagne virksomheds identificerbare aktiver og forpligtelser måles til dagsværdi på overtagelsestidspunktet. Overtagne eventualforpligtelser indregnes i koncernregnskabet til dagsværdi i det omfang værdien kan måles pålideligt. Overtagelsestidspunktet er det tidspunkt, hvor koncernen opnår kontrol over den overtagne virksomhed. Kostprisen for den købte virksomhed udgør dagsværdien af det aftalte vederlag, herunder vederlag der er betingede af fremtidige begivenheder. Transaktionsomkostninger, som direkte kan henføres til køb af dattervirksomheder, indregnes i resultatopgørelsen i takt med afholdelsen. Positivt forskelsbeløb mellem kostprisen for den overtagne virksomhed og de identificerede aktiver og forpligtelser indregnes i balancen under immaterielle anlægsaktiver som goodwill, der afskrives lineært i resultatopgørelsen over den forventede brugstid. Afskrivning på goodwill allokeres i koncernregnskabet til de funktioner, som goodwillen relaterer sig til. Er forskelsbeløbet negativt indregnes dette straks i resultatopgørelsen. Såfremt købesumsallokeringen ikke er endelig kan positive og negative forskelsbeløb fra købte dattervirksomheder, som følge af ændring i indregning og måling af de identificerede nettoaktiver, reguleres op til 12 måneder fra overtagelsestidspunktet. Disse reguleringer afspejler sig samtidig i værdien af goodwill eller negativ goodwill, herunder i allerede foretagne afskrivninger. Indeholder kostprisen betingede vederlag måles disse til dagsværdi på overtagelsestidspunktet. Efterfølgende genmåles betingede vederlag til dagsværdi. Værdireguleringer indregnes i resultatopgørelsen. Ved trinvise overtagelser genmåles værdien af den hidtidige besiddelse af kapitalandele i den overtagne virksomhed til dagsværdien på overtagelsestidspunkt. Forskellen mellem den bogførte værdi af den hidtidige kapitalandel og dagsværdien indregnes i resultatopgørelsen.The Consolidated Financial Statements comprise the Parent Company, Modulex A/S, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates. On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises. The Parent Company’s investments in the consolidated subsidiaries are set off against the Parent Company’s share of the net asset value of subsidiaries stated at the time of consolidation. Business combinations Business acquisitions carried through on or after 1 July 2018 Acquisitions of subsidiaries are accounted for using the purchase method under which the identifiable assets and liabilities of the entity acquired are measured at fair value at the time of acquisition. Acquired contingent liabilities are recognised at fair value in the Consolidated Financial Statements to the extent that the value can be measured reliably. The time of acquisition is the time when the Group obtains control of the entity acquired. The cost of the entity acquired is the fair value of the consideration agreed, including consideration contingent on future events. Transaction costs directly attributable to the acquisition of subsidiaries are recognised in the income statement as incurred. Positive differences between the cost of the entity acquired and identifiable assets and liabilities are recognised as goodwill in intangible assets in the balance sheet and are amortised in the income statement on a straight-line basis over their estimated useful lives. Amortisation of goodwill is allocated in the Consolidated Financial Statements to the operations to which goodwill is related. Where the differences are negative, they are recognised immediately in the income statement. Where the purchase price allocation is not final, positive and negative differences from acquired subsidiaries due to changes to the recognition and measurement of identifiable net assets may be adjusted for up to 12 months after the time of acquisition. These adjustments are also reflected in the value of goodwill or negative goodwill, including in amortisation already made. Where cost includes contingent consideration, this is measured at fair value at the time of acquisition. Contingent consideration is subsequently measured at fair value. Any value adjustments are recognised in the income statement. In respect of step acquisitions, any previously held investments in the entity acquired are remeasured at fair value at the time of acquisition. The difference between the carrying amount of the investment previously held and the fair value is recognised in the income statement.Minoritetsinteresser udgør en andel af koncernens samlede egenkapital. Årets resultat fordeles i resultatdisponeringen på den del, som kan henføres til minoriteterne og den del, som kan henføres til modervirksomhedens kapitalejere. Minoritetsinteresser indregnes til den regnskabsmæssige værdi af de overtagne aktiver og forpligtelser på tidspunktet for erhvervelse af dattervirksomheder. Virksomhedsovertagelser gennemført den 1. juli 2018 eller senere Ved første indregning måles minoritetsinteresser til minoritetsinteressernes forholdsmæssige andel af dagsværdien af de identificerede nettoaktiver i den overtagne virksomhed. Herved indregnes der alene goodwill vedrørende modervirksomhedens andel af den overtagne virksomhed. Ved efterfølgende ændringer i minoritetsinteresser, hvor koncernen bevarer kontrollen med dattervirksomheden indregnes vederlaget direkte på egenkapitalen.Minority interests form part of the Group’s total equity. Upon distribution of net profit, net profit is broken down on the share attributable to minority interests and the share attributable to the shareholders of the Parent Company. Minority interests are recognised on the basis of a remeasurement of acquired assets and liabilities to fair value at the time of acquisition of subsidiaries. Business acquisitions carried through on or after 1 July 2018 Minority interests are initially measured at their proportionate share of the fair value of the acquired entity’s identifiable net assets. In this way, only goodwill related to the Parent Company’s share of the entity acquired is recognised. On subsequent changes to minority interests where the Group retains control of the subsidiary, the consideration is recognised directly in equity.Leasingkontrakter, hvor koncernen har alle væsentlige risici og fordele forbundet med ejendomsretten (finansiel leasing), indregnes i balancen til det laveste af dagsværdien af aktivet og nutidsværdien af leasingydelserne, beregnet ved anvendelse af leasingaftalens interne rente eller en alternativ lånerente som diskonteringsfaktor. Finansielt leasede aktiver af- og nedskrives efter samme praksis som fastlagt for koncernens øvrige anlægsaktiver. Den kapitaliserede restleasingforpligtelse indregnes i balancen som en gældsforpligtelse, og leasingydelsens rentedel omkostningsføres løbende i resultatopgørelsen. Alle øvrige leasingkontrakter betragtes som operationel leasing. Ydelser i forbindelse med operationel leasing indregnes lineært i resultatopgørelsen over leasingperioden.Leases in terms of which the Group assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets of the Group. The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement. All other leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term.Transaktioner i fremmed valuta omregnes til transaktionsdagens kurs. Valutakursdifferencer, der opstår mellem transaktionsdagens kurs og kursen på betalingsdagen, indregnes i resultatopgørelsen som en finansiel post. Hvis valutapositioner anses for sikring af fremtidige pengestrømme, indregnes værdireguleringerne direkte på egenkapitalen. Tilgodehavender, gæld og andre monetære poster i fremmed valuta, som ikke er afregnet på balancedagen, måles til balancedagens valutakurs. Forskellen mellem balancedagens kurs og kursen på tidspunktet for tilgodehavendets eller gældens opståen indregnes i resultatopgørelsen under finansielle indtægter og omkostninger.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement.Produktionsomkostninger omfatter de omkostninger, der er medgået til at opnå årets omsætning. I kostprisen indgår råvarer, hjælpematerialer, direkte løn og indirekte produktionsomkostninger, såsom vedligeholdelse og afskrivninger mv. samt drift, administration og ledelse af fabrikker.Cost of sales comprises costs incurred to achieve revenue for the year. Cost comprises raw materials, consumables, direct labour costs and indirect production costs such as maintenance and depreciation, etc, as well as operation, administration and management of factories.Distributionsomkostninger omfatter omkostninger i form af gager til salgs- og distributionspersonale, reklame- og markedsføringsomkostninger samt autodrift og afskrivninger mv.Distribution expenses comprise costs in the form of salaries to sales and distribution staff, advertising and marketing expenses as well as operation of motor vehicles, rent, depreciation, etc.Administrationsomkostninger omfatter omkostninger til ledelsen, det administrative personale, kontoromkostninger, afskrivninger mv.Administrative expenses comprise expenses for Management, administrative staff, office expenses, depreciation, etc.Andre driftsindtægter og andre driftsomkostninger omfatter regnskabsposter af sekundær karakter i forhold til virksomhedernes hovedaktivitet, herunder avance og tab ved salg af immaterielle og materielle anlægsaktiver. Offentlige tilskud Offentlige tilskud, f.eks. hjælpepakker, indregnes, når det er rimelig sikkert, at virksomheden overholder betingelserne for at modtage tilskuddet, og det er rimelig sikkert, at virksomheden vil modtage tilskuddet. Tilskuddet indregnes systematisk i resultatopgørelsen over den periode, som det vedrører eller straks, hvis tilskuddet ikke er betinget af afholdelse af fremtidige omkostninger eller investeringer. Offentlige tilskud indregnes som andre driftsindtægter, eller i balancen, såfremt tilskuddet er givet til investering i et aktiv.Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Group, including gains and losses on the sale of intangible assets and property, plant and equipment. Government grants Government grants, such as economic stimulus packages, are recognised when it is reasonably certain that the Company complies with the conditions for receiving the grant, and it is reasonably certain that the Company will receive the grant. The grant is systematically recognised in the income statement over the period to which it relates, or immediately if the grant is not conditional upon incurrence of future costs or investments. Government grants are recognised as other operating income, or in the balance sheet if the purpose of the grant is investment in an asset.I resultatopgørelsen indregnes den forholdsmæssige andel af resultat for året under posterne ”Indtægter af kapitalandele i dattervirksomheder” og ”Indtægter af kapitalandele i associerede virksomheder”.The items “Income from investments in subsidiaries” and “Income from investments in associates” in the income statement include the proportionate share of the profit for the year.Finansielle indtægter og omkostninger indregnes i resultatopgørelsen med de beløb, der vedrører regnskabsåret.Financial income and expenses are recognised in the income statement at the amounts relating to the financial year.Skat af årets resultat består af årets aktuelle skat og forskydning i udskudt skat og indregnes i resultatopgørelsen med den del, der kan henføres til årets resultat, og direkte på egenkapitalen med den del, der kan henføres til posteringer direkte på egenkapitalen. Selskabet er sambeskattet med koncern selskaber. Selskabsskatten fordeles mellem de sambeskattede selskaber i forhold til disses skattepligtige indkomster.Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. The Company is jointly taxed with subsidiaries. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes.Erhvervet goodwill måles til kostpris med fradrag af akkumulerede afskrivninger. Goodwill afskrives lineært over den økonomiske brugstid, der er vurderet til 5-10 år. Software og licenser måles til kostpris med fradrag af akkumulerede afskrivninger eller til genindvindingsværdien, hvor denne er lavere. Software og licenser afskrives over aftaleperioden, dog maksimalt 10 år.Goodwill acquired is measured at cost less accumulated amortisation. Goodwill is amortised on a straight-line basis over its useful life, which is assessed at 5-10 years. Software and licences are measured at the lower of cost less accumulated amortisation and recoverable amount. Software and licences are amortised over the licence period; however not exceeding 10 years.Materielle anlægsaktiver måles til kostpris med fradrag af akkumulerede af- og nedskrivninger. Kostpris omfatter anskaffelsesprisen og omkostninger direkte tilknyttet anskaffelsen indtil det tidspunkt, hvor aktivet er klar til at blive taget i brug. Renteomkostninger på lån optaget direkte til finansiering af fremstilling af materielle anlægsaktiver indregnes i kostprisen over fremstillingsperioden. Afskrivningsgrundlaget, der opgøres som kostpris reduceret med eventuel restværdi, fordeles lineært over aktivernes forventede brugstid, der udgør: Produktionsanlæg og maskiner 3-10 år Andre anlæg, driftsmateriel og inventar 5-15 år Indretning af lejede lokaler 5-15 år Restværdierne for anlægsaktiverne er fastsat til nul. Afskrivningsperiode og restværdi revurderes årligt.Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Interest expenses on loans raised directly for financing the construction of property, plant and equipment are recognised in cost over the period of construction. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Plant and machinery 3-10 years Other fixtures and fittings, tools and equipment 5-15 years Leasehold improvements 5-15 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually.Den regnskabsmæssige værdi af immaterielle og materielle anlægsaktiver gennemgås årligt for at afgøre, om der er indikation af værdiforringelse ud over det, som udtrykkes ved afskrivning. Hvis dette er tilfældet, foretages nedskrivning til den lavere genindvindingsværdi.The carrying amounts of intangible assets and property, plant and equipment are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. If so, the asset is written down to its lower recoverable amount.Kapitalandele i dattervirksomheder og associerede virksomheder indregnes og måles efter den indre værdis metode. I balancen indregnes under posterne “Kapitalandele i dattervirksomheder“ og “Kapitalandele i associerede virksomheder“ den forholdsmæssige ejerandel af virksomhedernes regnskabsmæssige indre værdi opgjort med udgangspunkt i dagsværdien af de identificerbare nettoaktiver på anskaffelsestidspunktet med fradrag eller tillæg af urealiserede koncerninterne avancer eller tab og med tillæg af resterende værdi af eventuelle merværdier og goodwill opgjort på tidspunktet for anskaffelsen af virksomhederne. Den samlede nettoopskrivning af kapitalandele i dattervirksomheder og associerede virksomheder henlægges via overskudsdisponeringen til “Reserve for nettoopskrivning efter den indre værdis metode“ under egenkapitalen. Reserven reduceres med udbytteudlodninger til moderselskabet og reguleres med andre egenkapitalbevægelser i dattervirksomhederne og de associerede virksomheder. Dattervirksomheder og associerede virksomheder med negativ regnskabsmæssig indre værdi indregnes til DKK 0. Hvis moderselskabet har en retslig eller en faktisk forpligtelse til at dække virksomhedens underbalance, indregnes en hensat forpligtelse hertil.Investments in subsidiaries and associates are recognised and measured under the equity method. The items“Investments in subsidiaries” and “Investments in associates” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises. The total net revaluation of investments in subsidiaries and associates is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries and the associates. Subsidiaries and associates with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions.Værdipapirer og kapitalandele, indregnet under anlægsaktiver, omfatter børsnoterede obligationer og aktier, der måles til dagsværdien på balancedagen. Dagsværdien opgøres på grundlag af den senest noterede salgskurs. Kapitalandele, som ikke handles på et aktivt marked, måles til kostpris eller en lavere genindvindingsværdi.Securities and equity investments recogised in fixed assets consist of listed bonds and shares which are measured at their fair values at the balance sheet date. Fair value is determined on the basis of the latest quoted market price. Investments which are not traded in an active market are measured at the lower of cost and recoverable amount.Øvrige finansielle anlægsaktiver omfatter deposita.Other fixed asset investments consist of deposits.Varebeholdninger måles til kostpris efter FIFO-metoden eller nettorealisationsværdi, hvis denne er lavere. Nettorealisationsværdien for varebeholdninger opgøres til det beløb, som forventes at kunne indbringes ved salg i normal drift med fradrag af salgsomkostninger. Nettorealisationsværdien opgøres under hensyntagen til omsættelighed, ukurans og udvikling i forventet salgspris. Kostpris for handelsvarer samt råvarer og hjælpematerialer omfatter købspris med tillæg af hjemtagelsesomkostninger. Kostpris for fremstillede færdigvarer samt varer under fremstilling omfatter kostpris for råvarer, hjælpematerialer og direkte løn med tillæg af indirekte produktionsomkostninger. Indirekte produktionsomkostninger indeholder indirekte materialer og løn samt vedligeholdelse af og afskrivning på de i produktionsprocessen benyttede maskiner, fabriksbygninger og udstyr samt omkostninger til fabriksadministration og ledelse.Inventories are measured at the lower of cost under the FIFO method and net realisable value. The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price. The cost of goods for resale, raw materials and consumables equals landed cost. The cost of finished goods and work in progress comprises the cost of raw materials, consumables and direct labour with addition of indirect production costs. Indirect production costs comprise the cost of indirect materials and labour as well as maintenance and depreciation of the machinery, factory buildings and equipment used in the manufacturing process as well as costs of factory administration and management.Tilgodehavender måles i balancen til amortiseret kostpris eller en lavere nettorealisationsværdi, hvilket normalt udgør nominel værdi med fradrag af nedskrivning til imødegåelse af tab.Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts.Periodeafgrænsningsposter indregnet som aktiver omfatter afholdte forudbetalte omkostninger vedrørende efterfølgende regnskabsår.Prepayments comprise prepaid expenses concerning subsequent financial year.Hensatte forpligtelser indregnes, når koncernen som følge af en begivenhed indtruffet senest på balancedagen har en retslig eller faktisk forpligtelse, og det er sandsynligt, at der må afgives økonomiske fordele for at indfri forpligtelsen.Provisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Group has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation.Udskudt skat måles efter den balanceorienterede gældsmetode af midlertidige forskelle mellem regnskabsmæssig og skattemæssig værdi af aktiver og forpligtelser, opgjort på grundlag af den planlagte anvendelse af aktivet, henholdsvis afvikling af forpligtelsen. Udskudte skatteaktiver, herunder skatteværdien af fremførselsberettiget skattemæssigt underskud, måles til den værdi, hvortil aktivet forventes at kunne realiseres, enten ved udligning i skat af fremtidig indtjening eller ved modregning i udskudte skatteforpligtelser inden for samme juridiske skatteenhed. Udskudt skat måles på grundlag af de skatteregler og skattesatser, der med balancedagens lovgivning vil være gældende, når den udskudte skat forventes udløst som aktuel skat. Ændring i udskudt skat, som følge af ændringer i skattesatser, indregnes i resultatopgørelsen eller i egenkapitalen, når den udskudte skat vedrører poster, der er indregnet i egenkapitalen.Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity.Aktuelle skatteforpligtelser og tilgodehavende aktuel skat indregnes i balancen som beregnet skat af årets skattepligtige indkomst reguleret for skat af tidligere års skattepligtige indkomster samt for betalte acontoskatter. Tillæg og godtgørelse under acontoskatteordningen indregnes i resultatopgørelsen under finansielle poster.Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses.Lån, som realkreditlån og lån hos kreditinstitutter, indregnes ved låneoptagelsen til det modtagne provenu med fradrag af afholdte transaktionsomkostninger. I efterfølgende perioder måles lånene til amortiseret kostpris, således at forskellen mellem provenuet og den nominelle værdi indregnes i resultatopgørelsen som en renteomkostning over låneperioden. Øvrige gældsforpligtelser måles til amortiseret kostpris, der i al væsentlighed svarer til nominel værdi.Loans, such as mortgage loans and loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period. Other debts are measured at amortised cost, substantially corresponding to nominal value.Periodeafgrænsningsposter opført som forpligtelser udgøres af modtagne betalinger vedrørende indtægter i de efterfølgende regnskabsår.Deferred income comprises payments received in respect of income in subsequent years.Pengestrømsopgørelsen viser koncernens penge-strømme for året opdelt på drifts-, investerings- og finansieringsaktivitet, årets forskydning i likvider samt koncernens likvider ved årets begyndelse og slutning. Der er ikke udarbejdet pengestrømsopgørelse for moderselskabet, idet moderselskabets penge-strømme er indeholdt i pengestrømsopgørelsen for koncernen. Pengestrøm fra driftsaktivitet Pengestrøm fra driftsaktiviteten opgøres som årets resultat reguleret for ændring i driftskapitalen og ikke kontante resultatposter som af- og nedskrivninger og hensatte forpligtelser. Driftskapitalen omfatter omsætningsaktiver fratrukket kortfristede gældsforpligtelser eksklusive de poster, der indgår i likvider. Pengestrøm fra investeringsaktivitet Pengestrøm fra investeringsaktiviteten omfatter pengestrømme fra køb og salg af immaterielle, materielle og finansielle anlægsaktiver. Pengestrøm fra finansieringsaktivitet Pengestrøm fra finansieringsaktiviteten omfatter pengestrømme fra optagelse og tilbagebetaling af langfristede gældsforpligtelser samt ind- og udbetalinger til og fra selskabsdeltagerne. Likvider Pengestrømsopgørelsen kan ikke udledes alene af det offentliggjorte regnskabsmateriale.The cash flow statement shows the Group´s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group´s cash and cash equivalents at the beginning and end of the year. The cash flow statement for the Parent has been omitted, as it is included in the cash flow statement of the Group. Cash flows from operating activities Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents. Cash flows from investing activities Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments. Cash flows from financing activities Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders. Cash and cash equivalents The cash flow statement cannot be immediately derived from the published financial records.Likvide midler består af ”Likvide beholdninger”.Cash and cash equivalents comprise ”Cash at bank and in hand”.Bruttofortjeneste x 100 Nettoomsætning Gross profit x 100 Revenue Resultat før finansielle poster x 100 Nettoomsætning Profit before financials x 100 Revenue Resultat før finansielle poster x 100 Samlede aktiver Profit before financials x 100 Total assets Egenkapital ultimo x 100 Samlede aktiver ultimo Equity at year end x 100 Total assets at year end Ordinært resultat efter skat x 100 Gennemsnitlig egenkapital Net profit for the year x 100 Average 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