ÅrsrapportOle Raft2023-06-22RevisionspåtegningRegnskabsklasse BBeierholmVoergaardvej 29200 Aalborg SV2021-01-012021-12-312022-01-012022-12-3134880646Plastix A/SGammel Landevej1-3, Rom7620LemvigLemvigBeierholm32895468Tangen98200Aarhus NDanmarktrueWe have on this day presented the annual report for the financial year 01.01.22 - 31.12.22 for Plastix A/S.The annual report is presented in accordance with the Danish Financial Statements Act (Årsregnskabsloven).In our opinion, the financial statements give a true and fair view of the company's assets, liabilities and financial position as at 31.12.22 and of the results of the company's activities for the financial year 01.01.22 - 31.12.22.We believe that the management's review includes a fair review of the matters dealt with in the management's review.The annual report is submitted for adoption by the general meeting.Lemvig2023-06-22Hans Axel KristensenBernardus Antonius Josephus MerkxOle RaftBirgit Kjærside StormTo the Shareholder of Plastix A/S OpinionWe have audited the financial statements of Plastix A/S for the financial year 01.01.22 - 31.12.22, which comprise the income statement, balance sheet, statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act (Årsregnskabsloven).In our opinion the financial statements give a true and fair view of the company's assets, liabilities and financial position at 31.12.22 and of the results of the company's operations for the financial year 01.01.22 - 31.12.22 in accordance with the the Danish Financial Statements Act (Årsregnskabsloven).Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing 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 company 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 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 Financial Statements Act. Based on the work we have performed, we conclude that management’s review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Acts. We did not identify any material misstatement of management’s review.The Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act. Furthermore the Management is responsible for the internal control as the 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 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 company 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 International Standards on Auditing 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 International Standards on Auditing and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the 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 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 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 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. 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. Aarhus2023-06-22Flemming LaigaardState Authorized Public Accountantmne29497Primary activities Plastix’s primary activities consist directly or indirectly in conducting business through trade, production technology R&D and other related activities within industrial recycling of plastics. Development in activities and financial affairs The income statement for the period 01.01.22 - 31.12.22 shows a profit/loss of DKK -24,699,544 against DKK -22,266,238 for the period 01.01.21 - 31.12.21. The balance sheet shows equity of DKK 76,549,319. The capacity utilization in 2022 has been increasing but has still not reached break-even level. Continued efforts and resources have been directed towards further development of the company’s products, buildings and industry processes. The company’s management assess these investments necessary to secure Plastix market position and capabilities, to meet the expected increase in demand for Green Plastics in the coming years. The company owners have during 2022 increased the company’s equity by DKK 26 Mio. The finan-cial results for 2022 is as expected under the circumstances. Outlook In 2023 the demand for the company’s products has grown considerably and the management ex-pects to enter into binding frame agreements with international buyers. The company’s production capacity can expand in the short term via a transition to 24/6-production and for the medium to long term significant capacity expansion is planned. The interest for the company from the investment community has increased significantly based on current customer negotiations. It is the management’s expectation that new investors will partici-pate in the financing of the capacity expansion. Subsequent events The company’s owners have after the end of the financial year contributed with further financial support. No further significant events have occurred which affect the financial position. 4287952427788490-3569446-18680195188181038601930856411518989120028221007317215656402816820823146512187811771634286914915054-23832979-2552802320162532257267002438933337382642162-26938392-28113539-2238848-5847301-24699544-22266238-24699544-2226623880116208865661517601267361127887717475901774293651127227469565167921732096709122392145448285554265948981484114001140011400114001432715341391703135375847175208648980739538457102739201129054326882726603229223884813404291973299126776769004199211425133527224441173078662072640916057940015989672226666007236071836841963170338395-18536319-186967157654931975248863284706623132700786063952523332856117749535060345622603016589634189453375564830567282913990916782443205448380460500652222583091575665827980466538641855045840684030081846478591605794001598967222360718376290922-2383004-59525275952527-222662382360718370338395-18696715305882422941176-19187641918764-246995442666600768419631-18536319204933401680687816134661250173570084427562469622296564483916375167431032576463333738264216297531367361127876012673611278-36112781011426457601267-109652160-10061221-21026437080116208760126729391192394661494743389996640711123641966564-20251239155087405785136709953-1921627-18499058-4198561-722188-5287282-272178-2643815-23786340-447073936511272167921732239214026148150500000500000-500000-5000000Retrawl ApSLemvig100-33735151186800031844177337470070328561177495300506034562260The annual report is presented in accordance with the provisions of the Danish Financial Statements Act (Årsregnskabsloven) for enterprises in reporting class B with application of provisions for a higher reporting class. In accordance with section 110 of the Danish Financial Statements Act, the company has not prepared consolidated financial statements. Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including depreciation, amortisation, impairment losses and write-downs, are also recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the company, and the value of such assets can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company, and the value of such liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. On recognition and measurement, account is taken of foreseeable losses and risks arising before the date at which the annual report is presented and proving or disproving matters arising on or before the balance sheet date. The annual report is presented in Danish kroner (DKK). Leases relating to assets where the company has substantially all the risks and benefits incidental to the ownership of the asset (finance leases) are recognised in the balance sheet. On initial recognition, assets held under finance leases and related lease commitments are measured at the lower of the fair value of the leased asset and the present value of future lease payments. Subsequently, assets held under finance leases are treated like other similar assets. Lease commitments relating to assets held under finance leases are recognised in the balance sheet as payables. Subsequent to initial recognition, lease commitments are measured at amortised cost according to which the interest element of the lease payment is recognised in the income statement over the lease term. Lease payments relating to operating leases are recognised in the income statement on a straight-line basis over the lease term. Gross profit comprises revenue, work performed for own account and capitalised, other operating income, property costs and raw materials and consumables and other external expenses.Income from the sale of goods is recognised in the income statement if delivery has taken place and the risk has passed to the buyer before the end of the financial year and where the selling price can be determined reliably and is expected to be paid. Revenue is measured at fair value and is determined exclusive of VAT and other taxes collected on behalf of third parties and less discounts. Work performed for own account and capitalised comprises cost of sales, wages and salaries and other internal expenses incurred during the year and included in the cost of self-constructed or self-produced intangible assets and property, plant and equipment. Other operating income comprises income of a secondary nature in relation to the enterprise’s activities, including rental income, negative goodwill and gains on the sale of intangible assets and property, plant and equipment.Costs of raw materials and consumables comprise raw materials and consumables used for the year as well as any changes in inventories, including any inventory wastage. Write-downs of inventories of raw materials and consumables are also recognised under raw materials and consumables to the extent that these do not exceed normal write-downs. Property costs comprise costs relating to property management, including repair and maintenance costs, real property taxes, insurance, overhead costs and other costs. Other external expenses comprise costs relating to distribution, sales and advertising and administration, premises and bad debts to the extent that these do not exceed normal write-downs. Staff costs comprise wages and salaries as well as other staff-related costs. The depreciation and amortisation of intangible assets and property, plant and equipment aim at systematic depreciation and amortisation over the expected useful lives of the assets. Assets are depreciated and amortised according to the straight-line method based on the following expected useful lives and residual values: Land is not depreciated. The basis of depreciation and amortisation is the cost of the asset less the expected residual value at the end of the useful life. Moreover, the basis of depreciation and amortisation is reduced by any impairment losses. The useful life and residual value are determined when the asset is ready for use and reassessed annually. Intangible assets and property, plant and equipment are impaired in accordance with the accounting policies referred to in the ‘Impairment losses on fixed assets’ section. For equity investments in equity investments in subsidiaries, measured using the equity method, the share of the enterprises’ profit or loss is recognised in the income statement after elimination of unrealised intercompany profits and losses and less any goodwill amortisation and impairment losses. Income from equity investments in equity investments in subsidiaries also comprises gains and losses on the sale of equity investments. Interest income and interest expenses, the interest element of finance lease payments etc. are recognised in other net financials. The current and deferred tax for the year is recognised in the income statement as tax on the profit/loss for the year with the portion attributable to the profit/loss for the year, and directly in equity with the portion attributable to amounts recognised directly in equity. The company is jointly taxed with Danish consolidated enterprises. The parent is the administration company for the joint taxation and thus settles all income tax payments with the tax authorities. In connection with the settlement of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed enterprises in proportion to their taxable incomes. This means that enterprises with a tax loss receive joint taxation contributions from enterprises which have been able to use this loss to reduce their own taxable profit. Completed development projects and development projects in progress Development projects are recognised in the balance sheet where the project aims at developing a specific product or a specific process, intended to be produced or used, respectively, by the company in its production process. On initial recognition, development projects are measured at cost. Cost comprises the purchase price plus expenses resulting directly from the purchase, including wages and salaries directly attributable to the development projects until the asset is ready for use. Interest on loans arranged to finance development projects in the development period is not included in the cost. Other development projects and development costs are recognised in the income statement in the year in which they are incurred. Development projects in progress are transferred to completed development projects when the asset is ready for use. Development projects are subsequently measured in the balance sheet at cost less accumulated amortisation and impairment losses. Completed development projects are amortised using the straight-line method based on useful lives, which are stated in the ‘Depreciation, amortisation and impairment losses’ section. Gains and losses on the disposal of intangible assets Gains and losses on the disposal of intangible assets are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal. Property, plant and equipment comprise land and buildings, plant and machinery as well as other fixtures and fittings, tools and equipment. Property, plant and equipment are measured in the balance sheet at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and expenses resulting directly from the purchase until the asset is ready for use. Interest on loans arranged to finance production is not included in the cost. The total cost of an asset is decomposed into separate components that are depreciated separately if the useful lives of the individual components vary. Property, plant and equipment are depreciated using the straight-line method based on useful lives and residual values, which are stated in the ‘Depreciation, amortisation and impairment losses' section. Gains and losses on the disposal of property, plant and equipment are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal less any costs of disposal. Equity investments in subsidiaries are recognised and measured according to the equity method. For equity investments in subsidiaries, the equity method is considered a measurement method. On initial recognition, equity investments measured according to the equity method are measured at cost. Transaction costs directly attributable to the acquisition are recognised in the cost of equity investments. Under subsequent recognition and measurement of equity investments according to the equity method, equity investments are measured at the proportionate share of the enterprises' equity value, determined according to the accounting policies of the parent, adjusted for the remaining value of goodwill and gains and losses on transactions with the enterprises in question. Equity investments, where information for recognition according to the equity method is not known, are measured at cost. Equity investments with a negative carrying amount are measured at DKK 0. Receivables that are considered part of the combined investment in the enterprises in question are impaired by any remaining negative equity value. Other receivables from such enterprises are impaired to the extent that such receivables are considered uncollectible. Provisions to cover the remaining negative equity value are recognised to the extent that the company has a legal or constructive obligation to cover the liabilities of the enterprise in question. Gains or losses on disposal of equity invest-ments are determined as the difference between the disposal consideration and the carrying amo-unt of net assets at the time of sale, including non-amortised goodwill, as well as the expected costs of divestment or discontinuation. Gains and losses are recognised in the income state-ment under income from equity investments. The carrying amount of fixed assets which are not measured at fair value is assessed annually for indications of impairment over and above what is reflected in depreciation and amortisation. If the company's realised return on an asset or a group of assets is lower than expected, this is considered an indication of impairment. If there are indications of impairment, an impairment test is conducted of individual assets or groups of assets. The assets or groups of assets are impaired to the lower of recoverable amount and carrying amount. The higher of net selling price and value in use is used as the recoverable amount. The value in use is determined as the present value of expected net cash flows from the use of the asset or group of assets as well as expected net cash flows from the sale of the asset or group of assets after the expiry of their useful lives. Impairment losses are reversed when the reasons for the impairment no longer exist. Inventories are measured at cost calculated according to the FIFO-method. Inventories are written down to the lower of cost and net realisable value. The cost of raw materials and consumables as well as goods for resale is determined as purchase prices plus expenses resulting directly from the purchase. The cost of manufactured finished goods and work in progress is determined as the value of direct material and labour costs. Interest on loans arranged to finance production is not included in the cost. The net realisable value of inventories is determined as the selling price less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and the expected development in the selling price. Receivables are measured at amortised cost, which usually corresponds to the nominal value, less write-downs for bad debts. Write-downs for bad debts are determined based on an individual assessment of each receivable if there is no objective evidence of individual impairment of a receivable. Deposits recognised under assets comprise deposits paid to the lessor under leases entered into by the company. Cash includes deposits in bank accounts as well as operating cash. The net revaluation of equity investments measured according to the equity method is recognized in the net revaluation reserve in equity according to the equity method to the extent that the carrying amount exceeds the cost. An amount equivalent to internally generated development costs in the balance sheet is recognised in equity under reserve for development costs. The reserve is measured less deferred tax and reduced by amortisation and impairment losses on the asset. If impairment losses on development costs are subsequently reversed, the reserve will be restored with a corresponding amount. The reserve is dissolved when the development costs are no longer recognized in the balance sheet, and the remaining amount will be transferred to retained earnings. Current tax payable and receivable is recognised in the balance sheet as tax computed on the basis of the taxable income for the year, adjusted for tax paid on account. Joint taxation contributions payable and receivable are recognised as income tax under receivables or payables in the balance sheet. Deferred tax liabilities and tax assets are recognised on the basis of all temporary differences between the carrying amounts and tax bases of assets and liabilities. In cases where the tax value can be determined according to different taxation rules, deferred tax is measured on the basis of management’s intended use of the asset or settlement of the liability. Deferred tax assets are recognised, following an assessment, at the expected realisable value through offsetting against deferred tax liabilities or elimination in tax on future earnings. Deferred tax is measured on the basis of the tax rules and at the tax rates which, according to the legislation in force at the balance sheet date, will be applicable when the deferred tax is expected to crystallise as current tax. Long-term payables are measured at cost at the time of contracting such liabilities (raising of the loan). The payables are subsequently measured at amortised cost where capital losses and loan expenses are recognised in the income statement as a financial expense over the term of the payable on the basis of the calculated effective interest rate in force at the time of contracting the liability. Short-term payables are measured at amortised cost, normally corresponding to the nominal value of such payables. Prepayments received from customers comprise amounts received from customers prior to the time and date of delivery of the agreed product or completion of the agreed service. Deferred income under liabilities comprises payments received in respect of income in subsequent financial years.Figures in DKK Share capital Reserve for development costs Retained earnings Total equity Statement of changes in equity for 01.01.21 - 31.12.21 Balance as at 01.01.21 23,607,183 76,290,922 -2,383,004 97,515,101 Transfers to/from other reserves 0 -5,952,527 5,952,527 0 Net profit/loss for the year 0 0 -22,266,238 -22,266,238 Balance as at 31.12.21 23,607,183 70,338,395 -18,696,715 75,248,863 Statement of changes in equity for 01.01.22 - 31.12.22 Balance as at 01.01.22 23,607,183 70,338,395 -18,696,715 75,248,863 Capital increase 3,058,824 0 22,941,176 26,000,000 Transfers to/from other reserves 0 -1,918,764 1,918,764 0 Net profit/loss for the year 0 0 -24,699,544 -24,699,544 Balance as at 31.12.22 26,666,007 68,419,631 -18,536,319 76,549,319 In the financial statements for 2022, it is important to note the following uncertainty as regards recognition and measurement as it has had a significant influence on the assets and liabilities recognised in the financial statements: The development of products and processes for the processing of waste plastics for plastic granules, which can be used in industrial production, continues to be satisfactory and the first productions of finished products for the customers have been completed. Based on the customers current interest in the produced raw materials and prototype productions at the customers using the company's raw materials, a breakthrough in the sale of the products is expected during 2023. The development pro-ject has great potential and Plastix has, through the product development, including the machine development, created a unique foundation and competence within innovative processing met-hods for recycled plastic. Based on the world-wide need for the company's products and the scaling possibilities with new turn-key projects, there are no indications of impairment. The market penetration is slower than assumed, but the potential remains unchanged, which the management believes is supported by the current revenue development. The book value DKK 87,717k is expected by the management to be recoverable in future gross margin on the developed products and solutions. Under this assumption, the value is maintained without impairment. Development projects relate to the development of products within the Companyøs core business. The projects are progressing accortding to plan throught the use of the resources allocated by management to the development.5. Property, plant and equipment Figures in DKK Land and buildings Plant and machinery Other fixtures and fittings, tools and equipment Cost as at 01.01.22 29,391,192 39,466,149 4,743,389 Additions during the year 9,966,407 1,112,364 1,966,564 Disposals during the year -202,512 0 0 Cost as at 31.12.22 39,155,087 40,578,513 6,709,953 Depreciation and impairment losses as at 01.01.22 -1,921,627 -18,499,058 -4,198,561 Depreciation during the year -722,188 -5,287,282 -272,178 Depreciation and impairment losses as at 31.12.22 -2,643,815 -23,786,340 -4,470,739 Carrying amount as at 31.12.22 36,511,272 16,792,173 2,239,214 Carrying amount of assets held under finance leases as at 31.12.22 0 2,614,815 0 6. Equity investments in group enterprises Figures in DKK Equity investments in group enterprises Cost as at 01.01.22 500,000 Cost as at 31.12.22 500,000 Depreciation and impairment losses as at 01.01.22 -500,000 Depreciation and impairment losses as at 31.12.22 -500,000 Carrying amount as at 31.12.22 0 Name and registered office: Ownership interest Subsidiaries: Retrawl ApS, Lemvig 100 Lease commitments The company has concluded lease agreements with terms to maturity of 37 months and total lease payments of DKK 548k. The company has issued mortgage deeds registered to the mortgagor in the total amount of DKK 13.360k secured upon land and buildings with a carrying amount of DKK 36.511k. The mortgage deeds registered to the mortgagor comprise a total of DKK 49.920k provided as security for debt to credit institutions. As security for debt to credit institutions of DKK 49.920k, a company charge of DKK 11.000k has been provided comprising goodwill, intellectual property rights, motor vehicles, other plant, fixtures and fittings, tools and equipment, inventories and agricultural stock, trade receivables as well as fuels and other ancillary materials. 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