29198594 2022-01-01 2022-12-31 29198594 2022-01-01 2022-12-31 1 29198594 2021-01-01 2021-12-31 29198594 2022-12-31 29198594 2021-12-31 29198594 2021-12-31 fsa:ContributedCapitalMember 29198594 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 29198594 2022-12-31 fsa:ContributedCapitalMember 29198594 2021-12-31 fsa:RetainedEarningsMember 29198594 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 29198594 2022-12-31 fsa:RetainedEarningsMember 29198594 2022-01-01 2022-12-31 1 iso4217:DKK Name: Søren Lind Mikkelsen Evoca Holding Denmark ApS C.F. Tietgens Boulevard 19 5220 Odense SØ 29198594 Odense finance.odense@evocagroup.com Søren Lind Mikkelsen Chief Executive Officer Deloitte Statsautoriseret Revisionspartnerselskab Tværkajen 5 5100 Odense C The Executive Board has today considered and approved the annual report of Evoca Holding Denmark ApS for the financial year 01.01.2022 - 31.12.2022The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity's financial position at 31.12.2022 and of the results of its operations for the financial year 01.01.2022 - 31.12.2022.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting. To the shareholders of Evoca Holding Denmark ApS We have audited the financial statements of Evoca Holding Denmark ApS for the financial year 01.01.2022 - 31.12.2022, 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.In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2022 and of the results of its operations for the financial year 01.01.2022 - 31.12.2022 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor’s responsibilities for the audit of the financial statements section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board of 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 IESBA code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • 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 Entity’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 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.• 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.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. Odense, Bo Damgaard Hansen 33963556 State Authorised Public Accountant Management is responsible for the management commentary.Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act.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. Primary activitiesEvoca Holding Denmark ApS holds 100% of the shares in Evoca Nordic ApS, and is part of the European market leader within vending machine production, Evoca Group.Development in activitiesThe earnings after tax for 2022 is 37.682 Tkr. compared to 24.850 Tkr. for 2021 and the Company's balance sheet as per 31st of December 2022 shows an equity of 57.896Special risksThe Company's currency risks are hedged at group level through the Treasury Department at Group Headquarters. The Company does not hedge own foreign exchange risks. The major part of the foreign exchange risk relates to loans in EUR.Expectations for the coming yearWe expect the profit and loss for 2023 in the subsidiary to be in line with what was realised in 2022. Based on this we expect the result in Evoca Holding Denmark ApS for 2023 to be in line with the result of 2022.Events after the balance sheet dateNo events have occured after the balance sheet date to this date, which would influence the evaluation of this annual report. Consolidated financial statementsWith reference to section 112 in the Danish Financial Statements Act, the company has not prepared consolidated financial statements. Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement.Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year. Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the one in effect at the payment date, or the rate at the balance sheet date are recognised in the income statement as financial income or financial expenses. Income statementOther external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationary and office supplies, marketing costs, amortization, depreciation etc. Income from investments in group enterprisesIncome 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.Other financial expensesOther financial expenses comprises interest expenses, including interest expenses on payables to group enterprises, 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. Income taxesTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.The Entity is jointly taxed with all Danish 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).Balance sheetInvestments in group enterprisesInvestments 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 negative, goodwill and minus or plus unrealized intra-group profit and losses. 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. 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. 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 aquired 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. Goodwill is amortised over a period of 15 years, due to the reflection of the benefit from the resources. ReceivablesReceivables are measured at amortised cost, usually equaling nominal value less write-downs for bad and doubtful debts.CashCash comprises bank deposits.DividendDividend is recognised as a liability at the time of adoption at the general meeting. The proposed dividend for the financial year is disclosed as a separate item in equity.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value of assets is calculated based on the planned use of each asset.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 assetsOther financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Income tax receivable or payableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax calculated on this year's taxable income, adjusted for prepaid tax.Financial highlightsFinancial highlights are defined and calculated in accordance with "Recommendations & Ratios 2015" issued by the Danish Society of Financial Analysts.Ratios Calculation formula Ratios reflectReturn on equity (%) Profit/loss for the year x 100The Entity's return on capital invested in the Entity by the owners.Average equitySolvency ratio (%) Equity x 100 The financial strength of the Entity.Total assets true true 42608 58306 -42608 -58306 42394898 32058695 410635 79858 6615057 9623880 36147868 22456367 -1533686 -2393410 37681554 24849777 37681554 24849777 110657760 97852322 110657760 97852322 110657760 97852322 5567896 6813407 5567896 6813407 5567896 6813407 116225656 104665729 745000 745000 57150923 19058829 57895923 19803829 58255608 84775150 74125 86750 58329733 84861900 58329733 84861900 116225656 104665729 745000 19058829 0 410540 410540 0 37681554 745000 57150923 2022 2021DKK DKK1. Income from investments in group enterprisesShare of profit after tax, group entreprises 42.394.898 32.058.69542.394.898 32.058.695 2. Other financial incomeFinancial income from group enterprises 410.635 0Exchange rate adjustments 0 79.858410.635 79.858 3. Other financial expensesFinancial expenses from group enterprises 6.588.908 9.623.880Exchange rate adjustments 26.149 06.615.057 9.623.880 4. Tax on ordinary profit/loss for the yearCurrent tax -1.603.896 -2.393.410Adjustment relating to previous years 70.210 0-1.533.686 -2.393.410 Investments in group 5. Fixed asset investmentsenterprisesDKKCost at 1 January 731.894.000Cost end of year 731.894.000Impairment losses beginning of year -634.041.678Share of profit/loss after tax 42.394.898Dividend -30.000.000Other adjustments 410.540Impairment losses end of year -621.236.240Carrying amount end of year110.657.760Carrying value of recognized goodwill: 0Corporate Equity interst Registered inform%Equity DKKResult DKKSubsidiaries:Evoca Nordic ApS Odense ApS 100.00 110.642.828 42.394.89810. Assets chargedThe following assets have been placed as security with the Group’s credit institutes:Investment in group enterprises with a book value of 110.658 Tkr.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 110.658 TDKK NominalPar value valueNumber DKK DKK6. Contributed capitalShare capital 100.000 7,45 745.0002021DKKChanges in contributed capitalContributed capital 1 January 2013745.000Changes in share capital0Contributed capital end of year745.000 7. Related parties with controlGroup Relations:The company's immediate parent, of which the company is a subsidiary, is Evoca S.p.A, ItalyThe company's ultimate parent, which prepares the consolidated annual accounts, where the company is subsidiary is: Evoca S.p.A, ItalyThe consolidated annual accounts can be requested on application to Evoca Holding Denmark ApS, C.F. Tietgens Boulevard 19,5220 Odense SØ, Denmark 8. Consolidated financial statementsThe company is included in the Group Annual Report for the Parent Company of the largest and smallest Group: Evoca S.p.A.,Via Roma 24, 24030 Valbrembo, Italy. 9. Contingent liabilitiesThe 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 tax on interest, royalties and dividend for the jointly taxed companies. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2022-01-01 2022-12-31 2021-01-01 2021-12-31 2023-07-06 Reporting class B Odense 2023-07-06 29198594 Evoca Holding Denmark ApS C.F. Tietgens Boulevard 19 5220 Odense SØ Opinion Basis for Opinion 2023-07-06 mne34543