xbrli:pureiso4217:DKK335953442022-01-012022-12-31cmn:ConsolidatedMember335953442022-01-012022-12-311cmn:ConsolidatedMember335953442022-01-012022-12-311cmn:ConsolidatedMember335953442022-01-012022-12-311335953442022-01-012022-12-312335953442022-01-012022-12-313335953442022-01-012022-12-314335953442022-01-012022-12-315335953442022-01-012022-12-316335953442022-01-012022-12-312cmn:ConsolidatedMember335953442021-01-012021-12-31cmn:ConsolidatedMember335953442022-01-012022-12-31335953442021-01-012021-12-31335953442022-01-012022-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMembercmn:ConsolidatedMember335953442022-01-012022-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember335953442022-01-012022-12-31fsa:ProposedDividendRecognisedInEquityMembercmn:ConsolidatedMember335953442022-01-012022-12-31fsa:ProposedDividendRecognisedInEquityMembercmn:ConsolidatedMember335953442021-01-012021-12-31fsa:ProposedDividendRecognisedInEquityMembercmn:ConsolidatedMember335953442022-01-012022-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember335953442021-01-012021-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember335953442022-01-012022-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember335953442022-01-012022-12-31fsa:RetainedEarningsMember335953442022-01-012022-12-31fsa:ProposedDividendRecognisedInEquityMember335953442022-01-012022-12-31fsa:ProposedDividendRecognisedInEquityMember335953442021-01-012021-12-31fsa:ProposedDividendRecognisedInEquityMember335953442022-01-012022-12-31fsa:RetainedEarningsMember335953442021-01-012021-12-31fsa:RetainedEarningsMember335953442022-12-31cmn:ConsolidatedMember335953442021-12-31cmn:ConsolidatedMember335953442022-12-31335953442021-12-31335953442022-01-01cmn:ConsolidatedMember335953442021-01-01cmn:ConsolidatedMember335953442022-01-01fsa:ContributedCapitalMembercmn:ConsolidatedMember335953442022-01-01fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMembercmn:ConsolidatedMember335953442022-01-01fsa:ReserveForDevelopmentExpenditureMembercmn:ConsolidatedMember335953442022-01-01fsa:RetainedEarningsMembercmn:ConsolidatedMember335953442022-12-31fsa:ContributedCapitalMembercmn:ConsolidatedMember335953442022-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMembercmn:ConsolidatedMember335953442022-12-31fsa:ReserveForDevelopmentExpenditureMembercmn:ConsolidatedMember335953442022-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember335953442022-01-01fsa:ProposedDividendRecognisedInEquityMembercmn:ConsolidatedMember335953442022-12-31fsa:ProposedDividendRecognisedInEquityMembercmn:ConsolidatedMember335953442022-01-01fsa:ContributedCapitalMember335953442022-01-01fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember335953442022-01-01fsa:ReserveForDevelopmentExpenditureMember335953442022-01-01fsa:RetainedEarningsMember335953442022-12-31fsa:ContributedCapitalMember335953442022-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember335953442022-12-31fsa:ReserveForDevelopmentExpenditureMember335953442022-12-31fsa:RetainedEarningsMember335953442022-01-01fsa:ProposedDividendRecognisedInEquityMember335953442022-01-01335953442022-12-31fsa:ProposedDividendRecognisedInEquityMember335953442022-01-012022-12-31fsa:ContributedCapitalMembercmn:ConsolidatedMember335953442022-01-012022-12-31fsa:ContributedCapitalMember335953442022-01-012022-12-31fsa:ReserveForDevelopmentExpenditureMembercmn:ConsolidatedMember335953442022-01-012022-12-31fsa:ReserveForDevelopmentExpenditureMemberGrundlag for konklusionKonklusion2023-03-292023-03-2933963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegningRegnskabsklasse C, mellemstor virksomhed2021-12-312021-01-0133963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2022-12-312022-01-01Danhydra A/S33595344Årsrapport8600Silkeborg26PapirfabrikkenHerningHerning7400<br /><br />2LollandsvejThe Board of Directors and the Executive Board have today considered and approved the annual report of Danhydra A/S for the financial year 01.01.2022 - 31.12.2022.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2022 and of the results of their operations and the consolidated cash flows 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.HerningPeter Rask GregersenCEORasmus FærchAnnemette FærchErnst Viggo FrendesenPeter Rask GregersenPer Thy SørensenHans Christian KroghTo the shareholders of Danhydra A/SWe have audited the consolidated financial statements and the parent financial statements of Danhydra A/S for the financial year 01.01.2022 - 31.12.2022, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a
summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements
are prepared in accordance with the
Danish Financial Statements Act.
In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2022 and of the results of their operations and the consolidated cash flows 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 consolidated financial statements and the parent financial statements" section of this auditor’s
report. We are independent of the Group in accordance
with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional
Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled
our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.Management is responsible for the preparation of consolidated financial statements and parent financial statements that give a true and fair view in
accordance
with the Danish Financial Statements Act, and for such internal control as Management determines
is necessary to enable the preparation of consolidated financial statements and parent financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and 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 consolidated financial statements and the parent 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 consolidated financial statements and the parent financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these consolidated financial statements and parent financial statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark,
we exercise professional judgement and maintain professional scepticism throughout the audit. We also:<br />Identify and assess the risks of material misstatement of the consolidated financial statements and the parent financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
<br />Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group's and the Entity’s internal control.
<br />Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by Management.
<br />Conclude on the appropriateness of Management’s use of the going concern basis of accounting in
preparing the consolidated financial statements and the parent 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 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 consolidated financial statements and the parent 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 Entity to cease to continue as a going concern.
<br />Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures
in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and
events in a manner that gives a true and fair view.<br />We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.Management is responsible for the management commentary.
Our opinion on the consolidated financial statements and the parent 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 consolidated financial statements and the parent financial statements, our responsibility is to read the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
Moreover, it is our responsibility to consider whether the management commentary provides the information
required under the Danish Financial Statements Act.<br />Based on the work we have performed, we conclude that the management commentary is in accordance with
the consolidated financial statements and the parent 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.SilkeborgPeter MølkjærJannie Skovbo Madsenmne24821mne43513State Authorised Public AccountantState Authorised Public AccountantFinancial highlights2022
DKK'0002021
DKK'0002020
DKK'0002019
DKK'0002018
DKK'000Key figuresGross profit/loss48,91643,95633,77218,23924,900Operating profit/loss5,40611,73010,4503,8678,575Net financials(4,831)(3,100)(1,322)33219Profit/loss for the year8266,6107,0402,10810,195Balance sheet total170,346174,518100,60684,54776,166Equity52,62858,43950,42643,17141,088Cash flows from operating activities8,941(20,717)9,81911,45318,864Cash flows from investing activities(3,105)(10,089)(12,818)(8,932)(2,085)Cash flows from financing activities(111)30,9113,362(357)(17,443)Average number of
employees115100715151RatiosRate of return4.466.7010.404.5911.30Return on equity (%)1.4912.1415.045.0048.49Equity ratio (%)30.8933.4950.1251.0653.95Financial highlights are defined and calculated in accordance with the current version of "Recommendations &
Ratios" issued by the CFA Society Denmark.Rate of return (%):Profit/loss before financial items * 100
Total assetsReturn on equity (%)
:Profit/loss for the year * 100
Average equityEquity ratio (%)
:Equity * 100
Balance sheet totalPrimary activitiesThe Group’s and the Company’s activities are the development, manufacture and servicing of tools and equipment primarily used for the installation and servicing of wind turbines internationally.
Development in activities and financesBased on the positive outlook for wind in the years to come, the Company has continued to invest during the year in strengthening the organization, globalizing supply chain capabilities, further improving systems to support the business as well as expanding the product range.
During the year, the Group’s subsidiary in Germany has moved to a new facility closer to its main customers. Danhydra has, in addition, established subsidiary companies in Spain and in Australia.
The consolidated income statement for 2022 shows a profit after tax of DKK 826,104, and the consolidated
balance sheet on 31 December 2022 shows an equity of DKK 52,627,982
.
Profit/loss for the year in relation to expected developmentsThe result for 2022 has not met expectations. A general slowdown in the market due both to uncertainty around industry subsidies and low installation volumes has been the main cause, but also disruptions to supply chain through covid and events in Ukraine have impacted our ability to deliver to customers on time and have reduced earnings.
OutlookA continued significant growth in the Company’s activity and an increasing profit are expected for the coming year based on a strong business model, an international delivery platform, good relationships with the global wind OEMs and significant investments in wind energy around the world. We start 2023 with a healthy order backlog that supports our plans for the coming year.
Some continued imbalances in the global supply chains and the geopolitical situation with the war in Ukraine may still pose a risk to the delivery time of certain materials and could potentially delay order fulfilment.
Use of financial instrumentsDanhydra A/S has as the owner of Danhydra Inc. in USA an exposure in USD. Danhydra A/S hedges the exchange
rate risk of assets and receivables in USD by raising debt in dollars that corresponds to the assets/receivables.
Environmental performanceDanhydra seeks to minimize the impact on the environment caused by our business activities by
managing our environmental impact according to the ISO 14001:2015 standard.
We aim to continuously reduce emissions and our impact on the environment through the efficient use of
resources, using materials with low environmental impact, and by enforcing responsible disposal practices.
Through continuous improvement we seek to further increase the efficiency of our operations and improve cost effective utilization of energy and natural resources.
Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 489156744395629749739589391460561318608510504085978226873621143030632021722005210882121470117017697054055721173020718869109170827723221446551509470388585024680522193651242794016528988725747998630474393487010154260-25130520200723108766354385882610466104020-12173896800000050000005000000080000000-12173896661040282610466104020-12173896800000050000005000000080000000-121738966610402505051350858975050513508589745124733584512473358161424782032633859095277637479212381152548559311005164127967346591409847431253823787555787228074922007375011566001825774696130244105156130249449627112880736294049876899311552702110815179340419340411155270211081517152567841706502642240444478551833255599738630753156121042245664015989563224566401941808823085785015373166874429260099874429260099359046214580252416863992380899054042612152207898320926913521806531262460167688452759727213646977260260449301859434557482347855501066211449826781853236502080426215304618466184630757921736747208080439398483265730777065021232857509770911589356393153449315344929878444241372224423412810599012666247514439111413804325417034643417451765817694711117667400755600055600055600055600027656061402634271251314194702749973296437727499732964377415564035351589541609496534990595000000050000000526279825843890655600014026342964377535158950556000276560627499734155640300584389065000000526279825843890655600014194702964377534990590556000271251327499734160949600584389065000000530960621500005308000215000053096062150000160171793411216158133719680621581337196806224271372474397242713724016684008474444245940084744369730386725377470386725377470558714775438056455868426582037779375274093752740263452693742254723544477360173731145006192721591145006192721593154702566867315470202022146560965466686335304345631551084003721094862931042934761104541551124088461139287521083019501148238851703464341745176581769471111766740070-8000000-80000000-8000000-80000000172767600017276760165774769929001727676-364704000-364704-364704000-3647040243563-24356300243563-24356300-4579670-4579670948691680647772441710-37858032114712-430917448910-180673572264146551509-8052219-3651242-2993523-5271622739819775508941295-20716702-1302448-4154057-2358513-593513440109801550480-3104815-100891915836480-30805893149091331608939677536412651600-1656712-377470-306018-80000000-1111933091136957252871054765690360129893563931534491 Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would materially influence the evaluation of this annual report.
1 Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would materially influence the evaluation of this annual report.
2 Staff costs2022
DKK2021
DKKWages and salaries62,455,78848,676,476Pension costs6,039,1624,372,569Other social security costs3,457,1404,672,614Other staff costs655,0611,171,13672,607,15158,892,795Average number of full-time employees115100Remuneration
of
Manage-ment
2022
DKKRemuneration
of Manage- ment
2021
DKKTotal amount for management categories2,881,9402,712,2492,881,9402,712,2492 Staff costs2022
DKK2021
DKKWages and salaries41,892,21333,258,492Pension costs5,624,4094,372,569Other social security costs776,8242,104,803Other staff costs8,350929,93848,301,79640,665,802Average number of full-time employees6759Remuneration
of Manage- ment
2022
DKKRemuneration
of Manage- ment
2021
DKKTotal amount for management categories2,881,9402,712,2492,881,9402,712,2491151006759Remuneration
of
Manage-ment
2022
DKKRemuneration
of Manage- ment
2021
DKKTotal amount for management categories2,881,9402,712,2492,881,9402,712,249Remuneration
of Manage- ment
2022
DKKRemuneration
of Manage- ment
2021
DKKTotal amount for management categories2,881,9402,712,2492,881,9402,712,24928819402712249288194027122493 Other financial income2022
DKK2021
DKKFinancial income from group enterprises0143,712Exchange rate adjustments3,221,446407,7973,221,446551,5093 Other financial income2022
DKK2021
DKKFinancial income from group enterprises1,509,987850,246Exchange rate adjustments3,193,89804,703,885850,2464 Other financial expenses2022
DKK2021
DKKFinancial expenses from group enterprises212,475112,568Other interest expenses2,733,469732,970Exchange rate adjustments5,106,2752,805,7048,052,2193,651,2422022
DKK2021
DKKFinancial expenses from group enterprises212,475112,568Other interest expenses2,733,469732,970Exchange rate adjustments5,106,2752,805,7048,052,2193,651,242<br />4 Other financial expenses2022
DKK2021
DKKFinancial expenses from group enterprises212,475112,568Other interest expenses2,615,136661,176Exchange rate adjustments5,112,5542,125,1287,940,1652,898,872<br />2022
DKK2021
DKKFinancial expenses from group enterprises212,475112,568Other interest expenses2,615,136661,176Exchange rate adjustments5,112,5542,125,1287,940,1652,898,8725 Tax on profit/loss for the year2022
DKK2021
DKKCurrent tax12,7182,175,973Change in deferred tax(146,230)(155,901)Adjustment concerning previous years(117,793)0(251,305)2,020,0725 Tax on profit/loss for the year2022
DKK2021
DKKCurrent tax(49,234)1,619,858Change in deferred tax3,158,0001,924,0003,108,7663,543,8586 Proposed distribution of profit/loss2022
DKK2021
DKKOrdinary dividend for the financial year5,000,0000Extraordinary dividend distributed in the financial year8,000,0000Retained earnings(12,173,896)6,610,402826,1046,610,4026 Proposed distribution of profit and loss2022
DKK2021
DKKOrdinary dividend for the financial year5,000,0000Extraordinary dividend distributed in the financial year8,000,0000Retained earnings(12,173,896)6,610,402826,1046,610,4027 Intangible assetsCompleted development projects
DKKAcquired patents
DKKGoodwill
DKKCost beginning of year7,903,544306,79243,338,672Additions1,302,44800Cost end of year9,205,992306,79243,338,672Amortisation and impairment losses beginning of year(2,817,647)(233,434)(23,012,334)Amortisation for the year(1,337,832)(28,234)(4,183,860)Amortisation and impairment losses end of year(4,155,479)(261,668)(27,196,194)Carrying amount end of year5,050,51345,12416,142,478Consolidated goodwill relates to the activity acquired in 2017. The value of goodwill is subject to uncertainty as this depends on the future earnings and development in the Group, including the realisation and execution of planned activity expansions in the companies and the realisation of the expected earnings increases as a result thereof. Completed development projects
DKKAcquired patents
DKKGoodwill
DKKCost beginning of year7,903,544306,79243,338,672Additions1,302,44800Cost end of year9,205,992306,79243,338,672Amortisation and impairment losses beginning of year(2,817,647)(233,434)(23,012,334)Amortisation for the year(1,337,832)(28,234)(4,183,860)Amortisation and impairment losses end of year(4,155,479)(261,668)(27,196,194)Carrying amount end of year5,050,51345,12416,142,478<br />7 Intangible assetsCompleted development projects
DKKAcquired patents
DKKGoodwill
DKKCost beginning of year7,903,544306,79218,779,557Additions1,302,44800Cost end of year9,205,992306,79218,779,557Amortisation and impairment losses beginning of year(2,817,647)(233,434)(11,142,078)Amortisation for the year(1,337,832)(28,234)(1,727,952)Amortisation and impairment losses end of year(4,155,479)(261,668)(12,870,030)Carrying amount end of year5,050,51345,1245,909,527<br />Completed development projects
DKKAcquired patents
DKKGoodwill
DKKCost beginning of year7,903,544306,79218,779,557Additions1,302,44800Cost end of year9,205,992306,79218,779,557Amortisation and impairment losses beginning of year(2,817,647)(233,434)(11,142,078)Amortisation for the year(1,337,832)(28,234)(1,727,952)Amortisation and impairment losses end of year(4,155,479)(261,668)(12,870,030)Carrying amount end of year5,050,51345,1245,909,5278 Development projectsThe capitalised development costs relate to the development of products for customers in the wind power industry, including supporting IT setup. As of 31 December 2022 all projects are finalised and commercialised. Sales transactions based on the development projects have occured through out 2022 and will proceed through out 2023. 8 Development projectsThe capitalised development costs relate to the development of products for customers in the wind power industry, including supporting IT setup. As of 31 December 2022 all projects are finalised and commercialised. Sales transactions based on the development projects have occured through out 2022 and will proceed through out 2023. 9 Property, plant and equipmentPlant and machinery
DKKOther fixtures and fittings, tools and equipment
DKKLeasehold improvements
DKKCost beginning of year16,797,1593,504,2581,231,580Exchange rate adjustments75,28479,9690Additions1,472,824687,221198,468Disposals(340,750)(33,957)0Cost end of year18,004,5174,237,4911,430,048Depreciation and impairment losses beginning of year(8,322,847)(1,303,521)(618,556)Exchange rate adjustments(39,564)(13,648)0Depreciation for the year(3,062,496)(639,573)(234,023)Reversal regarding disposals11,79900Depreciation and impairment losses end of year(11,413,108)(1,956,742)(852,579)Carrying amount end of year6,591,4092,280,749577,469Recognised assets not owned by Entity2,505,355009 Property, plant and equipmentPlant and machinery
DKKOther fixtures and fittings, tools and equipment
DKKLeasehold improvements
DKKCost beginning of year15,040,2421,028,8171,231,580Additions974,18693,51226,784Disposals(307,722)00Cost end of year15,706,7061,122,3291,258,364Depreciation and impairment losses beginning of year(7,484,455)(428,635)(618,556)Depreciation for the year(2,851,672)(192,538)(229,293)Reversal regarding disposals11,79900Depreciation and impairment losses end of year(10,324,328)(621,173)(847,849)Carrying amount end of year5,382,378501,156410,515Recognised assets not owned by entity2,126,8170010 Financial assetsDeposits
DKKCost beginning of year11,081,517Exchange rate adjustments626,233Disposals(155,048)Cost end of year11,552,702Carrying amount end of year11,552,70210 Financial assetsInvestments in group enterprises
DKKDeposits
DKKCost beginning of year28,153,497934,041Additions371,8250Cost end of year28,525,322934,041Impairment losses beginning of year(12,022,512)0Exchange rate adjustments121,6510Impairment losses on goodwill(2,455,908)0Share of profit/loss for the year(9,615,779)0Adjustment of intra-group profits322,0060Investments with negative equity value transferred to provisions 9,447,9630Impairment losses end of year(14,202,579)0Carrying amount end of year14,322,743934,041A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.Goodwill, carrying amount as per 31 December 2022, DKK 10,233k, relates to the acquired activity in the subsidiaries in 2017. The value of goodwill is subject to uncertainty as this depends on the future earnings and development in the subsidiaries, including the realisation and execution of planned activity expansions in the companies and the realisation of the expected earnings increases as a result thereof.
11 Contract work in progress2022
DKK2021
DKKContract work in progress65,008,22216,768,845Progress billings(43,121,036)0Transferred to liabilities other than provisions9,375,274031,262,46016,768,84511 Contract work in progress2022
DKK2021
DKKContract work in progress60,451,34413,646,977Progress billings (42,229,346)0Transferred to liabilities other than provisions9,375,274027,597,27213,646,97712 Deferred tax2022
DKK2021
DKKIntangible assets(1,041,000)(1,075,000)Property, plant and equipment504,000379,000Inventories(206,000)(451,000)Receivables(4,589,000)(1,027,000)Tax losses carried forward5,501,0662,114,498Other deductible temporary differences22,39424,000Deferred tax191,460(35,502)
Changes during the year2022
DKK2021
DKKBeginning of year(35,502)(278,239)Recognised in the income statement264,023155,901Exchange rate adjustments in equity(37,061)86,836End of year191,460(35,502)Deferred tax has been recognised in the balance sheet as follows2022
DKK2021
DKK
Deferred tax assets5,501,0662,114,498
Deferred tax liabilities(5,309,606)(2,150,000)191,460(35,502)Deferred tax assetsDeferred tax asset consist of tax losses caried forward in the Group's American unit, and is expected to be utilised in the Unit's future earnings over the next 3-5 years.
The measurement of the deferred tax asset, DKK 5,501k, asset is based on business case, including expected future taxable income over the next 3-5 years, budgeted payments regarding intercompany accounts and Management's impairment assesment as per 31 December 2022.
13 PrepaymentsPrepayments consist of prepaid expenses relating to rent, insurance premiums, subscriptions etc.12 PrepaymentsPrepayments consist of prepaid expenses relating to rent, insurance premiums, subscriptions etc. 14 Non-current liabilities other than provisionsDue within 12
months
2022
DKKDue within 12
months
2021
DKKDue after
more than 12
months
2022
DKKOutstanding
after 5 years
2022
DKKLease liabilities386,725377,4701,581,3370Other payables002,427,1372,427,137386,725377,4704,008,4742,427,13715 Non-current liabilities other than provisionsDue within 12
months
2022
DKKDue within 12
months
2021
DKKDue after
more than 12
months
2022
DKKOutstanding
after 5 years
2022
DKKLease liabilities386,725377,4701,581,3370Other payables002,427,1372,427,137386,725377,4704,008,4742,427,13715 Changes in working capital2022
DKK2021
DKKIncrease/decrease in inventories9,897,903(30,218,519)Increase/decrease in receivables2,969,856(35,027,916)Increase/decrease in trade payables etc.(11,935,128)27,836,210Other changes1,509,079(447,807)2,441,710(37,858,032)16 Unrecognised rental and lease commitments2022
DKK2021
DKKTotal liabilities under rental or lease agreements until maturity 79,939,02183,816,27916 Unrecognised rental and lease commitments2022
DKK2021
DKKTotal liabilities under rental or lease agreements until maturity 13,766,69514,851,22217 Contingent liabilitiesThe Entity participates in a Danish joint taxation
arrangement in which Ejendomsselskabet Nyholmsvej, Holstebro ApS serves as the administration company.
According to the joint taxation provisions of
the Danish Corporation Tax Act, the Entity is therefore liable for
income taxes etc. for the jointly taxed entities, and also for obligations, if any, relating to the withholding of tax on
interest, royalties and dividends for the jointly
taxed entities. The jointly taxed entities' total known net liability
under the joint taxation arrangement is
disclosed in the administration company's financial statements.17 Contingent liabilitiesThe Entity participates in a Danish joint taxation
arrangement in which Ejendomsselskabet Nyholmsvej, Holstebro ApS serves as the administration company. According to the joint taxation provisions of
the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc. for the jointly taxed entities, and also for obligations, if any, relating to the withholding of tax on
interest, royalties and dividends for the jointly
taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is
disclosed in the administration company's financial statements.18 Assets charged and collateralBank debt has been secured on a registered floating charge of DKK 19,000k secured on goodwill and patents, fixed assets, inventories and trade receivables. The carrying amount of assets charged is DKK 58,668k (DKK 89,373k at 31.12.2021).18 Assets charged and collateralBank debt has been secured on a registered floating charge of DKK 19,000k secured on goodwill and patents, fixed assets, inventories and trade receivables. The carrying amount of assets charged is DKK 58,668k (DKK 89.373k at 31.12.2021).Collateral provided for group enterprisesThe Entity has through the registered floating charge of DKK 19,000k guaranteed the Company's German subsidiary's bank debt. The subsidiary's outstanding with the bank is net positive as per 31. December 2022.
19
Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest and smallest group:
Ejendomsselskabet Nyholmsvej, Holstebro ApS; Struer, Denmark
The consolidated financial statements of Ejendomsselskabet Nyholmsvej, Holstebro ApS can be obtained at the following address:
Ved Fjorden 6 B, 2. th.
7600 Struer20 SubsidiariesRegistered inCorporate
formOwnership
%Equity
DKKProfit/loss
DKKDanhydra GmbHGrimma, GermanyGmbH100.004,141,593386,307Danhydra Inc.Denver, USAInc100.00(3,813,247)(4,809,689)Danhydra Tool Solutions S.L.Pamploma, SpainS.L.100.00399,36327,385Danhydra PTY Ltd.AustraliaLtd.100.0050-11697959-4879886143227431613098510709179126121613 Deferred tax2022
DKK2021
DKKIntangible assets1,041,0001,075,000Property, plant and equipment(504,000)(379,000)Inventories206,000451,000Receivables4,589,0001,027,000Other deductible temporary differences(24,000)(24,000)Deferred tax5,308,0002,150,000
Changes during the year2022
DKK2021
DKKBeginning of year2,150,000226,000Recognised in the income statement3,158,0001,924,000End of year5,308,0002,150,000<br />13 Deferred tax14 Provisions for investments in group enterprisesProvision for investments in group enterprises consists of the negative net asset value of the US subsidiary per 31 December 2022. Formerly the subsidiary has been a sales unit, but is now in its start-up phase in relation to being a production unit. The parent company supports the subsidiary through internal sourcing and liquidity support on market terms. The company is expected to re-establish its equity through its own operations over a shorter number of years.19 Related parties with controlling interestDanhydra Holding A/S, Lollandsvej 2D, 7400 Herning, owns all shares in the Entity, thus exercising control. This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act
governing reporting class C enterprises (medium).The accounting policies applied to these consolidated financial statements and parent financial statements are consistent with those applied last year.falseRecognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic
benefits will flow to the Entity, and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a
result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the
value of the liability can be measured reliably.
On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial
recognition is effected as described below for each financial statement item.
Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm
or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and
measurement.
Income is recognised in the income statement when earned, whereas costs are recognised by the amounts
attributable to this financial year. <br />Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence. <br />Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies.
Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements.
Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the takeover date, with net assets having been calculated at fair value.Business combinationsPositive differences in amount (goodwill) between cost of the acquired share and fair value of the assets
and liabilities taken over are recognised under intangible assets, and they are amortised systematically over
the income statement based on an individual assessment of their useful lives. If the useful life cannot be
estimated reliably, it is fixed at 10 years. Useful life is reassessed annually. The uniting-of-interests method is applied on acquisition of enterprises, mergers, demergers, contributions
of assets and exchanges of shares, etc. in which the enterprises concerned are controlled by the Parent,
under
which method the combination is considered completed at the date of acquisition without restatement
of
comparative figures. Under the uniting-of-interests method, the acquiree’s assets and liabilities are
recognised at
their carrying amounts, adjusted for any differences in accounting policies and accounting
estimates. The
difference between the consideration agreed and the carrying amount of the acquiree is
recognised in equity.Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the
transaction
date. Receivables, payables and other monetary items denominated in foreign currencies that
have not been
settled at the balance sheet date are translated using the exchange rate at the balance
sheet date. Exchange
differences that arise between the rate at the transaction date and the rate in effect
at the payment date, or the
rate at the balance sheet date, are recognised in the income statement as
financial income or financial expenses.
When recognising foreign subsidiaries and associates that are independent entities, the income statements
are translated at average exchange rates for the months that do not significantly deviate from the rates at
the
transaction date. Balance sheet items are translated using the exchange rates at the balance sheet date. Exchange differences arising out of the translation of foreign subsidiaries’
equity at the
beginning of the year at the balance sheet date exchange rates and out of the translation of income statements
from average rates to the exchange rates at the balance sheet date are recognised directly in translation reserve in equity.
Exchange adjustments of outstanding accounts with independent foreign subsidiaries, which are considered
part of the total investment in the subsidiary in question, are recognised directly in translation reserve in equity.When recognising foreign subsidiaries that are integral entities, monetary assets and liabilities are
translated
using the exchange rates at the balance sheet date. Non-monetary assets and liabilities are
translated at the
exchange rate at the time of acquisition or the time of any subsequent revaluation or writedown.
The items of the
income statement are translated at the average rates of the months; however, items
deriving from non-monetary
assets and liabilities are translated using the historical rates applicable to the
relevant non-monetary items.Gross profit or lossGross profit or loss comprises revenue, production costs and other operating income.RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement
when delivery is made and risk has passed to the buyer. Revenue from the sale of services is recognised
in the
income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and
sales
discounts and is measured at fair value of the consideration fixed.Contract work in progress is included in revenue based on the stage of completion so that revenue
corresponds
to the selling price of the work performed in the financial year (the percentage-of-completion
method).Production costsProduction costs comprise expenses incurred to earn revenue for the financial
year. Production costs comprise direct and indirect costs for raw materials and consumables, wages and
salaries, rent and lease, and amortisation, depreciation and impairment losses relating to intangible
assets and property, plant and equipment included in the production process. In addition, the item includes
ordinary writedown of
inventories.
Distribution costsDistribution costs comprise costs incurred for sale and distribution of the Entity’s products, including wages
and salaries for sales staff, advertising costs, travelling and entertainment expenses, etc., and amortisation,
depreciation and impairment losses relating to intangible assets and property, plant and
equipment involved in
the distribution process.Administrative expensesAdministrative expenses comprise expenses incurred for the Entity’s administrative functions, including wages
and salaries for administrative staff and Management, stationery and office supplies, and amortisation,
depreciation and impairment losses relating to intangible assets and property, plant and equipment used for
administration of the Entity.Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary
activities.Other operating expensesOther operating expenses comprise expenses of a secondary nature as viewed in relation to the Entity’s
primary
activities.Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of intra-group profits or losses.Other financial incomeOther financial income comprises interest income on receivables and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish Tax Prepayment Scheme etc.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group
enterprises, net exchange losses on transactions in foreign currencies, amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the
income statement by the portion attributable to the profit for the year and recognised directly in equity by
the
portion attributable to entries directly in equity.The Parent is jointly taxed with all Danish group enterprises. The current Danish income tax is allocated
among
the jointly taxed entities proportionally to their taxable income (full allocation with a refund
concerning tax losses).GoodwillGoodwill is the positive difference between cost and fair value of assets and liabilities arising from
acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by
Management for each business area. The amortisation periods
used are 5-10 years.
Goodwill is written down to the lower of recoverable amount and carrying amount.<br />Intellectual property rights etc.Intellectual property rights etc. comprise development projects completed and in progress with related
intellectual property rights, acquired intellectual property rights and prepayments for intangible assets.Development projects on clearly defined and identifiable products and processes, for which the technical rate
of utilisation, adequate resources and a potential future market or development opportunity in the enterprise
can be established, and where the intention is to manufacture, market or apply the product or process in
question, are recognised as intangible assets. Other development costs are recognised as costs in the income
statement as incurred. When recognising development projects as intangible assets, an amount equalling
the costs incurred less deferred tax is taken to equity under reserve for development costs that is reduced
as the development projects are amortised and written down.
The cost of development projects comprises costs such as salaries that are directly and indirectly attributable to the development projects.
Completed development projects are amortised on a straight-line basis using their estimated useful lives
which are determined based on a specific assessment of each development project. The amortisation
periods
used are 3-7 years. Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are
amortised
on a straight-line basis over their remaining duration, and licences are amortised on a straight-line basis over the term of the agreement.
Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentPlant and machinery as well as other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.
Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of
the
asset until the time when it is ready to be put into operation.
The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line
depreciation is made on the basis of the following estimated useful lives of the assets:Useful life
Plant and machinery3-8 yearsOther fixtures and fittings, tools and equipment3-5 yearsLeasehold improvements3-5 years
Estimated useful lives and residual values are reassessed annually.
Items of property, plant and equipment are written down to the lower of recoverable amount and carrying
amount.Investments in group enterprisesInvestments in group enterprises are recognised and measured in the parent financial statements according to the equity
method.
This means that investments are measured at the pro rata share of the enterprises’ equity value plus
unamortised goodwill and plus or minus unrealised intra-group profits or losses.
Group enterprises with negative equity value are measured at DKK 0. Any receivables from these enterprises
are written down to net realisable value based on a specific assessment. If the Parent has a legal
or constructive
obligation to cover the liabilities of the relevant enterprise, and it is probable that such
obligation will involve a
loss, a provision is recognised that is measured at present value of the costs
necessary to settle the obligations at
the balance sheet date.
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 in equity.
Goodwill is the difference between cost of investments and fair value of the pro rata share of assets and liabilities arising
from
acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the
experience gained by Management for each business area. For
amounts of goodwill, useful life has been determined based on an assessment of whether the enterprises
are
strategically acquired enterprises with a strong market position and a long-term earnings profile and whether
the amount of goodwill includes intangible resources of a temporary nature that cannot be
separated and
recognised as separate assets. Useful lives are reassessed annually. The amortisation periods
used are 10 years.
Investments in group enterprises are written down to the lower of recoverable amount and carrying amount..InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value.
Cost consists of purchase price plus delivery costs. Cost of manufactured goods and work in progress consists
of costs of raw materials, consumables, direct labour costs and indirect production costs.
Indirect production costs comprise indirect materials and labour costs, costs of maintenance of, depreciation
on and impairment losses relating to machinery, factory buildings and equipment used in the manufacturing
process, and costs of factory administration and management. Finance costs are not included in cost.
The net realisable value of inventories is calculated as the estimated selling price less completion costs and
costs incurred to execute sale.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and
doubtful debts.Contract work in progressContract work in progress is measured at the selling price of the work carried out at the balance sheet date.
The selling price is measured based on the stage of completion and the total estimated income from the
individual contracts in progress. Usually, the stage of completion is determined as the ratio of actual to total
budgeted consumption of resources.
If the selling price of a contract in progress cannot be made up reliably, it is measured at the lower of costs
incurred and net realisable value.
Each contract in progress is recognised in the balance sheet under receivables or liabilities other than provisions,
depending on whether the net value, calculated as the selling price less prepayments received, is
positive or
negative.
Costs of sales work and of securing contracts, and finance costs are recognised in the income statement
as incurred.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based
value of
assets and liabilities, for which the tax-based value is calculated based on the planned use of each
asset.
Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at
their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's
taxable income, adjusted for prepaid tax.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.CashCash comprises bank deposits.DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for
the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial
year is recognised directly in equity when distributed and disclosed as a separate item in Management's
proposal for distribution of profit/loss.Other provisionsProvision for investments in group enterprises consists of the negative net asset value of subsidiaries, where the Parent company supports the subsidiaries through internal sourcing and with liquidity.
Lease liabilitiesLease liabilities relating to assets held under finance leases are recognised in the balance sheet as
liabilities
other than provisions, and, at the time of inception of the lease, measured at the present value of
future lease
payments. Subsequent to initial recognition, lease liabilities are measured at amortised
cost. The difference
between present value and nominal amount of the lease payments is recognised in the
income statement as a
financial expense over the term of the leases.<br />Operating leasesLease payments on operating leases are recognised on a straight-line basis in the income statement over
the
term of the lease.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes and taxes paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
activities and fixed asset investments, and purchase, development, improvement and sale, etc. of intangible assets and property, plant and equipment, including acquisition of assets held under finance
leases.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, inception of finance leases, repayments of interest-bearing
debt, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash less
short-term bank loans.
The cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes and taxes paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
activities and fixed asset investments, and purchase, development, improvement and sale, etc. of intangible assets and property, plant and equipment, including acquisition of assets held under finance
leases.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, inception of finance leases, repayments of interest-bearing
debt, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash less
short-term bank loans.
2023-03-29Rasmus Færch