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Tietgens Boulevard 195220Odense SØfinance.odense@evocagroup.com29198594Odense2021-01-012021-12-312020-01-012020-12-312022-06-27Søren Lind MikkelsenSøren Lind MikkelsenChairmanSøren Lind MikkelsenChief Executive OfficerDeloitte Statsautoriseret RevisionspartnerselskabTværkajen 55100Odense C33963556Evoca Holding Denmark ApSC.F. Tietgens Boulevard 195220 Odense SØ29198594The Board of Directors and the Executive Board have today considered and approved the annual report of Evoca Holding Denmark ApS for the financial year 01.01.2021 - 31.12.2021<br/>The annual report is presented in accordance with the Danish Financial Statements Act.<br/>In our opinion, the financial statements give a true and fair view of the Entity's financial position at 31.12.2021 and of the results of its operations for the financial year 01.01.2021 - 31.12.2021.<br/>We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.<br/>We recommend the annual report for adoption at the Annual General Meeting.Odense2022-06-27To the shareholders of Evoca Holding Denmark ApSOpinionWe have audited the financial statements of Evoca Holding Denmark ApS for the financial year 01.01.2021 - 31.12.2021, which comprise the accounting policies, income statement, balance sheet, statement of changes in equity and notes. The financial statements are prepared in accordance with the Danish Financial Statements Act.<br/>In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2021 and of the results of its operations for the financial year 01.01.2021 - 31.12.2021 in accordance with the Danish Financial Statements Act.Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor’s responsibilities for the audit of the financial statements section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board of Accountants' 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 IESBA code. We believe that the audit evidence<br/>we have obtained is sufficient and appropriate to provide a basis for our opinion.Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.<br/>In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.<br/>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.<br/>As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:<br/><br/>• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.<br/><br/>• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity’s internal control.<br/><br/>• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.<br/><br/>• Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Entity to cease to continue as a going concern.<br/><br/>• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.<br/><br/>We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.Management is responsible for the management commentary.<br/><br/>Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon.<br/><br/>In connection with our audit of the financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.<br/><br/>Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act.<br/><br/>Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the management commentary.Odense2022-06-27Bo Damgaard HansenState Authorised Public Accountantmne34543Primary activities<br/>Evoca Holding Denmark ApS holds 100% of the shares in Evoca Nordic ApS, and is part of the European market leader<br/>within vending machine production, Evoca Group.<br/>Development in activities<br/>The earnings after tax for 2020 is -2.299 Tkr. compared to -8.306 Tkr. for 2019 and the Company's balance sheet as per<br/>31st of December 2020 shows an equity of -4.317<br/>Special risks<br/>The Company's currency risks are hedged at group level through the Treasury Department at Group Headquarters. The<br/>Company does not hedge own foreign exchange risks. The major part of the foreign exchange risk relates to loans in EUR.<br/>Expectations for the coming year<br/>We expect the profit and loss for 2022 in the subsidiary to be lower than what was realised in 2021, due to Corona virus.<br/>Based on this we expect the result in Evoca Holding Denmark ApS for 2022 to be lower then the result of 2021.<br/>Events after the balance sheet date<br/>After the balance sheet date, Quarter 1 2022, is still affected negatively on all markets by the Corona virus, but we see the market is going back to normal in a slow pace and we expect to achieve a level of business compared with 2019. No other events have occured after the balance sheet date to this date, which would influence the evaluation of this annual<br/>report.<br/>No other events have occured after the balance sheet date to this date, which would influence the evaluation of this annual report.Reporting class<br/>The annual report has been presented in accordance with the provisions of the Danish Financial Statements Act<br/>governing reporting class B enterprises with addition of certain provisions for reporting class C.<br/>There has not been any changes in the accounting policies from last year.<br/>Recognition and measurement<br/>Assets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits<br/>will flow to the Entity, and the value of the asset can be measured reliably.<br/>Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably.<br/>On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item.<br/>Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement.<br/>Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.<br/>Foreign currency translation<br/>On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the one in effect at the payment date, or the rate at the balance sheet<br/>date are recognised in the income statement as financial income or financial expenses.With reference to section 112 in the Danish Financial Statements Act, the company has not prepared consolidated<br/>financial statements.Other external expenses<br/>Other external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises,<br/>stationary and office supplies, marketing costs, amortization, depreciation etc.<br/>Income from investments in group enterprises<br/>Income from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit and losses after full elimination of internal profit and losses with deduction of depreciation on goodwill.<br/>Other financial expenses<br/>Other financial expenses comprises interest expenses, including interest expenses on payables to group enterprises,<br/>net capital losses on securities, payables and transactions in foreign currencies, amortisation of financial assets as well as surcharge under the Danish Tax Prepayment Scheme etc.<br/>Income taxes<br/>Tax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion<br/>attributable to entries directly in equity.<br/>The Entity is jointly taxed with all Danish subsidiaries. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses).Investments in group enterprises<br/>Investments in group enterprises are recognised and measured according to the equity method. This means that investments are measured at the pro rata share of the enterprises’ equity plus or minus unamortized positive, or<br/>negative, goodwill and minus or plus unrealized intra-group profit and losses.<br/>Group enterprises with negative equity are measure at DKK 0, and any receivables from these enterprises are written down by the Parent’s share of such negative equity value if it is deemed irrecoverable. If the negative equity value exceeds the amount receivable, the remaining amount is recognised under provisions if the Parent has a legal or constructive obligation to cover the liabilities of the relevant enterprise.<br/>Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to Reserve for net revaluation according to the equity method under equity.<br/>Goodwill is calculated as the difference between cost of the investments and fair value of the assets and liabilities acquired. Goodwill is amortised over its estimated useful life which is normally 5 years, however, in certain cases it may be up to 20 years for strategically acquitted enterprises with a strong market position and a long-term earnings profile if the longer amortization period is considered to give a better reflection of the benefit from the relevant resources.<br/>Goodwill is amortised over a period of 15 years, due to the reflection of the benefit from the resources.<br/>Receivables<br/>Receivables are measured at amortised cost, usually equaling nominal value less write-downs for bad and doubtful<br/>debts.<br/>Cash<br/>Cash comprises cash in hand and bank deposits.<br/>Dividend<br/>Dividend is recognised as a liability at the time of adoption at the general meeting. The proposed dividend for the<br/>financial year is disclosed as a separate item in equity.<br/>Deferred tax<br/>Deferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets<br/>and liabilities, for which the tax-based value of assets is calculated based on the planned use of each asset.<br/>Deferred tax assets, including the tax base of tax loss carry forwards, are recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets<br/>Other financial liabilities<br/>Other financial liabilities are measured at amortised cost, which usually corresponds to nominal value.<br/>Income tax receivable or payable<br/>Current tax payable or receivable is recognised in the balance sheet, stated as tax calculated on this year's taxable<br/>income, adjusted for prepaid tax.Financial highlights are defined and calculated in accordance with "Recommendations & Ratios 2015" issued by the<br/>Danish Society of Financial Analysts.<br/>Ratios Calculation formula Ratios reflect<br/><br/>Return on equity (%)<br/>Profit/loss for the year x 100/<br/>Average equity<br/>The Entity's return on capital invested in the Entity by the owners.<br/><br/>Solvency ratio (%)<br/>Equity x 100/<br/>Total assets<br/>The financial strength of the Entity.-58000-87000-72000-71000-9500022398000-5479000-11486000-11646000-1193100024849777-2299000-8306000-8061000-7960000-229902024849777-229902002484977710466572911422400015884100019749000024350400011422421119804000-4317000-2542000507000013807000Operating profit/lossOperating profit/lossOperating profit/lossOperating profit/lossOperating profit/loss-58000-87000-72000-71000-950000.189-0.038-0.0160.0260.0573.2090.670-6.571-0.854-0.462There are no investments in property, plant and equipment.5830687264-58306-872643205869559677967985867366696238801194593522456367-5391737-2393410-309271797852322106522525978523221065225259785232210652252568134077701686681340777016866813407770168674500074500019058829-506205019803829-4317050745000745000-506205019058829-431705084775150118476589867506467284861900118541261848619001185412611046657291142242110-728898-728898Income from investments in group enterprises<br/>Share of profit after tax, group entreprises 32.058.695 38.373.263<br/>Amortisation of goodwill, group entreprises 0 -32.405.467 <br/>32.058.695 5.967.796Exchange rate adjustments<br/>79.858 673.666<br/>79.858 673.666Financial expenses from group enterprises<br/>Exchange rate adjustments<br/>9.623.880 11.945.935<br/>0 0<br/>9.623.880 11.945.935Current tax<br/>Adjustment relating to previous years<br/>-2.393.410 -2.823.689<br/>0 -269.028<br/>-2.393.410 -3.092.717Investments in group enterprises<br/>Cost at 1 January<br/>731.894.000<br/>Cost end of year<br/>731.894.000<br/>Impairment losses beginning of year<br/>-625.371.475<br/>Share of profit/loss after tax<br/>32.058.695<br/>Dividend<br/>-40.000.000<br/>Other adjustments<br/>-728.898<br/>Impairment losses end of year<br/>-634.041.678<br/>Carrying amount end of year<br/>97.852.322<br/>Carrying value of recognized goodwill:<br/>0<br/>Registered in<br/>Corporate form<br/>Equity interst %<br/>Equity DKK<br/>Result DKK<br/>Subsidiaries:<br/>Odense<br/>ApS<br/>100.00<br/>97.837.390<br/>32.058.695Number<br/>Par value<br/>Nominal value<br/>Share capital 100.000 7,45 745.000Group Relations:<br/>The company's immediate parent, of which the company is a subsidiary, is Evoca S.p.A, Italy<br/>The company's ultimate parent, which prepares the consolidated annual accounts, where the company is<br/>subsidiary is: Evoca S.p.A, Italy<br/>The consolidated annual accounts can be requested on application to Evoca Holding Denmark ApS,<br/>C.F. Tietgens Boulevard 19,5220 Odense SØ, DenmarkConsolidated financial statements<br/>The company is included in the Group Annual Report for the Parent Company of the largest and smallest Group:<br/>Evoca S.p.A.,Via Roma 24, 24030 Valbrembo, Italy.<br/><br/><br/><br/><br/><br/>Assets charged<br/>The following assets have been placed as security with the Group’s credit institutes:<br/>Investment in group enterprises with a book value of 97.281 Tkr.<br/>In 2019 the parent company Evoca S.P.A issued EUR 550 million aggregate principal amount of floating rate senior secured notes. Evoca Holding Denmark ApS has provided security in support of the notes. Carrying amount of pledged investment in group enterprice 97.852 TDKKThe Danish group companies are jointly and severally liable for tax on the jointly taxed income etc. of the Group. Moreover, the Danish group companies are jointly and severally liable for obligations, if any, relating to the withholding<br/>tax on interest, royalties and dividend for the jointly taxed companies.