Årsrapport33771231PricewaterhouseCoopers Statsautoriseret RevisionspartnerselskabStrandvejen 442900 Hellerup2019-01-012018-01-012019-12-312018-12-3128697570Jyden Bur A/SIdomvej27570VembHolstebro97484099jydenbur@jydenbur.dkNordea Bank Danmark A/SGrønjordsvej102300København SPricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab33771231Hjaltesvej167500HolstebroDanmark2020-08-31Brian Hyldahl FrimorRegnskabsklasse C, mellemstor virksomhedRevisionspåtegningThe Executive Board and Board of Directors have today considered and adopted the Annual Report of Jyden Bur A/S for the financial year 1 January - 31 December 2019.The Annual Report is prepared in accordance with the Danish Financial Statements Act.In our opinion the Financial Statements give a true and fair view of the financial position at 31 December 2019 of the Company and of the results of the Company operations for 2019.In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review.We recommend that the Annual Report be adopted at the Annual General Meeting.Bur2020-08-26Jacob KaiserSøren OvergaardChairmanBrian Hyldahl FrimorMichael Pontoppidan FrostSvend Vang KristensenStaff RepresentativeTommy SørensenStaff RepresentativeTo the Shareholder of Jyden Bur A/SIn our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2019 and of the results of the Company’s operations for the financial year 1 January - 31 December 2019 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Jyden Bur A/S for the financial year 1 January - 31 December 2019, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (”the Financial Statements”). We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements. 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 Financials Statements Act. Based on the work we have performed, in our view, Management’s Review 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 in Management’s Review. 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 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 ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s 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. Holstebro2020-08-26Holstebro2020-08-26PricewaterhouseCoopers Statsautoriseret RevisionspartnerselskabPoul Spencer Poulsenstatsautoriseret revisormne23324Hans Jørgen Andersenstatsautoriseret revisormne30211Seen over a five-year period, the development of the Company is described by the following financial highlights: The ratios have been prepared in accordance with the recommendations and guidelines issued by the Danish Society of Financial Analysts. For definitions, see under accounting policies. 558730004385400049538000782600027250001385000-3368000262000-1646000-675000-65900044380001529000619000855580008439100088577000298340003539100033147000-629000-1033000-1203000-567000-824000102951143.316.993.21.547.751.234.941.937.4-330.413.64.51.9Financial Statements of Jyden Bur A/S for 2019 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C. The Annual Report has been prepared under the same accounting policies as last year. Key activities The main activities consist in the production and sale of animal housing and related products and services, primarily marketed in Denmark, the rest of the Nordic region, Asia, and Central and Eastern Europe. Development in the year The income statement of the Company for 2019 shows a loss of DKK 1,180,593, and at 31 December 2019 the balance sheet of the Company shows equity of DKK 38,880,430. Profit for the year has been affected by declining activity in certain export markets. The profit for the year is not satisfactory, with a decline compared to last year. The profit for the year is proposed transferred to the company's equity. Special risks - operating risks and financial risks Operating risks The company is not affected by special risks beyond the commonly occurring risks in the industry. Targets and expectations for the year ahead For 2020, activity and earnings exceeding the level in 2019 are expected, although it must be seen from the possible impact of international economic conditions in the agricultural sector. An increase in activity is expected in several newer markets that will contribute positively to the company’s earnings. The Company’s outlook for the future will for the time being not be negatively affected by the COVID-19 outbreak, see also subsequent events disclosures in note 1. Research and development The company continuously develops the product programme with adaptations to pre-existing products and the development of new solutions. Subsequent events We refer to note 1.48305176625476094349625047185397206942721144474072870488269877113177277-287325678373611404570397608498591730-668938134396805116552813277-1180593106264031753231018112545296098636551861087850129396221581146230616931139594191834630000300001169594194834622750740250100392846613725971280104567662100224016621296240007586019080550401905321314548430830282528002654397019846245967585870356153112008814543017812204792000009200000920000092000002968043030808418388804304000841815978992053870128857820000002886477405387018308602768640614779450197865477686406577624561491430803708871205589143368880652288560892552297074462627678930112102786210110228416199008472637335339687394340597598145430178122047920000030808418052605-1180593920000029680430The implications of COVID-19 with many governments across the world deciding to ”close down their countries” will have great impact on the global economy. Management considers the implications of COVID-19 a subsequent event occurred after the balance sheet date (31 December 2019), which is therefore a non-adjusting event to the Company. To date, the Company has not been negatively impacted by the effects of COVID-19. None of the Company’s customers have indicated that they will stop projects in progress, and order flow is not affected. There is a risk of some delays in deliveries from some sup-suppliers, but a material impact is not expected. Besides the above, no events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.394050564280973929692673097249618952749096502975529313434962504718539715342961628034951062069427211444720694272114447Which is specified as follows: Buildings 699.225 689.093 Plant and machinery 772.200 746.177 Other fixtures and fittings, tools and equipment 435.161 506.839 Motor vehicles 162.841 172.338 2.069.427 2.114.447 Share of losses of subsidiaries -2.813.984 783.736 Amortisation of goodwill -59.272 0 -2.873.256 783.73633158080887703976084985917306084985917309676262970000-455971-156723511655281327725447648152252745305869118990780004326180-20000-42528303034602556663815313620531320473351031157008840119076992257722005980020-20000-384555030346080343281235263442253541753231029609861087850Depreciated over 10-40 years 5-10 years 3-5 years 2148799214879923722190-108799044122192148799-230453-268134-221521052605-1564-28139847837350-744490-592720-3272625-230453 Positive differences arising on initial measurement of subsidiaries at net asset value 2.370.887 0 Remaining positive difference included in the above carrying amount at 31 December Ikke lovkrav 2.311.615 0Jyden China Holding A/SBur100300003000010137022918349022759956939931605312016093797Prepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions and interest.0450000-118059310176403Provision for deferred tax at 1 January 2.053.870 2.210.593 Amounts recognised in the income statement for the year -455.971 -156.723 Provision for deferred tax at 31 December 1.597.899 2.053.870Other provisions for expected warranty claims have been recognized based on past experience regarding the level of repairs and returned goods. Other provisions 1.288.578 2.000.000 1.288.578 2.000.000 153218815316006298672123704005776245614911888622682478971477945014779450Charges and security The following assets have been placed as security with mortgage credit institutes: Land and buildings with a carrying amount of 17.532.310 18.112.545 The following assets have been placed as security with bankers: Mortgage registered to the owner totaling TDKK 4.200 providing mortgages on land and buildings with a carrying amount of 17.532.310 18.112.545 A floating charge of TDKK 10.000. The floating charge includes operating equipment, inventories, trade receivables and goodwill with a carrying amount of 42.971.739 51.922.668 Rental and lease obligations Lease obligations under operating leases. Total future lease payments: Within 1 year 649.421 397.062 Between 1 and 5 years 1.345.589 256.172 1.995.010 653.234 Guarantee obligations Credit institutions have on behalf of the Company provided guarantees with security in cash-deposits of TDKK 318 with an amount of: 318.116 0 The Company has issued guarantees (surety) on behalf of group-companies towards credit instituions (Facilities Agreement) for up to TDKK 185.000. Other contingent liabilities The group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of SKIOLD Group A/S, which is the management company of the joint taxation purposes. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company’s liability.Basis Controlling interest SKIOLD A/S, CVR-nr. 57 08 11 12 Parent Company Plemont Co-Investment No. 1 Seperate Limited Partnership Majority shareholder in Parent Company Transactions The Company has chosen only to disclose transactions which have not been made on an arm’s length basis in accordance with section 98(c)(7) of the Danish Financial Statements Act. There have been no transactions with the Supervisory Board, the Executive Board, senior officers, significant shareholders, group enterprises or other related parties, except for intercompany transactions on an arm's length basis and normal management remuneration. The company is included in the group report for the parent company Name Place of registered office SKIOLD Group A/S (største koncern udelad hvis samme som mindste) København K, Denmark SKIOLD A/S (mindste koncern) Sæby, Denmark The Group Annual Report of SKIOLD Group A/S may be obtained at the following address: SKIOLD Group A/S Gothersgade 49, 2, 1123 København K Denmark The Group Annual Report of SKIOLD A/S may be obtained at the following address: SKIOLD A/S Kjeldgaardsvej 3, 9300 Sæby DenmarkThe Annual Report of Jyden Bur A/S for 2019 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C. The accounting policies applied remain unchanged from last year. The Financial Statements for 2019 are presented in DKK.With reference to section 112 of the Danish Financial Statements Act and to the consolidated financial statements of SKIOLD A/S, the Company has not prepared consolidated financial statements.With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial statements of SKIOLD A/S, the Company has not prepared a cash flow statement.Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the maturity period. Amortised cost is calculated as original cost less any repayments and with addition/deduction of the cumulative amortisation of any difference between cost and the nominal amount. In this way, capital losses and gains are allocated over the maturity period. Recognition and measurement take into account predictable losses and risks occurring before the presentation of the Annual Report which confirm or invalidate affairs and conditions existing at the balance sheet date.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates.Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Company. Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales.Expenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve revenue for the year.Other external expenses comprise indirect production costs and expenses for premises, sales and distribution as well as office expenses, etc.With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, other operating income, expenses for raw materials and consumables and other external expenses.Staff expenses comprise wages and salaries as well as payroll expenses.Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment.Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Company, including gains and losses on the sale of intangible assets and property, plant and equipment.The item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year.Financial income and expenses are recognised in the income statement at the amounts relating to the financial year.Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. The Company is jointly taxed with SKIOLD Group A/S and other Danish enterprises in the associated joint taxation. The tax effect of the joint taxation is allocated to Danish enterprises in proportion to their taxable incomes.Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Production buildings 10-40 years Plant and machinery 5-10 years Other fixtures and fittings, tools and equipment 3-5 years Depreciation period and residual value are reassessed annually.The carrying amounts of intangible assets and property, plant and equipment are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. If so, the asset is written down to its lower recoverable amount.Investments in subsidiaries are recognised and measured under the equity method. The item“Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises. The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries. Subsidiaries with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions.Other fixed asset investments consist of security deposit.Inventories are measured at the lower of cost under the FIFO method and net realisable value. The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price. The cost of goods for resale, raw materials and consumables equals landed cost. The cost of finished goods and work in progress comprises the cost of raw materials, consumables and direct labour with addition of indirect production costs. Indirect production costs comprise the cost of indirect materials and labour as well as maintenance and depreciation of the machinery, factory buildings and equipment used in the manufacturing process as well as costs of factory administration and management.Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Provisions for bad debts are determined on the basis of an individual assessment of each receivable, and in respect of trade receivables, a general provision is also made based on the Company’s experience from previous years.Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest.Provisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Company has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation. Other provisions include warranty obligations in respect of repair work within the warranty period. Provisions are measured and recognised based on experience with guarantee work.Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity.Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses.Loans, such as mortgage loans and loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period. Mortgage loans are measured at amortised cost, which for cash loans corresponds to the remaining loan. Amortised cost of debenture loans corresponds to the remaining loan calculated as the underlying cash value of the loan at the date of raising the loan adjusted for depreciation of the price adjustment of the loan made over the term of the loan at the date of raising the loan. Other debts are measured at amortised cost, substantially corresponding to nominal value.Return on assets Profit before financials x 100 Total assets Solvency ratio Equity at year end x 100 Total assets at year end Return on equity Net profit for the year x 100 Average equity286975702019-01-01e:ContributedCapitalMember286975702019-01-012019-12-31e:ContributedCapitalMember286975702019-12-31e:ContributedCapitalMember286975702019-01-01e:RetainedEarningsMember286975702019-01-012019-12-31e:RetainedEarningsMember286975702019-12-31e:RetainedEarningsMember286975702019-12-31e:LongtermMortgageLoansMember286975702019-12-31e:OtherLongtermPayablesMember286975702019-01-012019-12-31286975702019-01-012019-12-312286975702019-01-012019-12-311286975702019-01-012019-12-311286975702019-01-012019-12-312286975702019-01-012019-12-313286975702019-01-012019-12-314286975702019-01-012019-12-315286975702019-01-012019-12-311286975702019-01-012019-12-31e:RetainedEarningsMember286975702018-01-012018-12-31e:RetainedEarningsMember286975702019-01-012019-12-31e:ProposedExtraordinaryDividendRecognisedInEquityMember286975702018-01-012018-12-31e:ProposedExtraordinaryDividendRecognisedInEquityMember286975702018-12-31286975702019-12-31286975702019-01-01e:LandAndBuildingsMember286975702019-01-012019-12-31e:LandAndBuildingsMember286975702019-12-31e:LandAndBuildingsMember286975702019-01-01e:PlantAndMachineryMember286975702019-01-012019-12-31e:PlantAndMachineryMember286975702019-12-31e:PlantAndMachineryMember286975702019-01-01e:FixturesFittingsToolsAndEquipmentMember286975702019-01-012019-12-31e:FixturesFittingsToolsAndEquipmentMember286975702019-12-31e:FixturesFittingsToolsAndEquipmentMember286975702019-01-01e:DepositsLongtermInvestmentsAndReceivablesMember286975702019-12-31e:DepositsLongtermInvestmentsAndReceivablesMember286975702018-12-31e:LongtermMortgageLoansMember286975702018-12-31e:OtherLongtermPayablesMember286975702019-01-01e:InvestmentsInGroupEnterprisesMember286975702018-01-01e:InvestmentsInGroupEnterprisesMember286975702019-01-012019-12-31e:InvestmentsInGroupEnterprisesMember286975702018-01-012018-12-31e:InvestmentsInGroupEnterprisesMember286975702019-12-31e:InvestmentsInGroupEnterprisesMember286975702018-12-31e:InvestmentsInGroupEnterprisesMember286975702019-01-012019-12-31e:SubsidiaryMember1286975702019-12-31e:SubsidiaryMember1286975702018-01-012018-12-31286975702019-01-012019-12-31d:TwoYearsAgoMember286975702019-12-31d:TwoYearsAgoMember286975702019-01-012019-12-31d:ThreeYearsAgoMember286975702019-12-31d:ThreeYearsAgoMember286975702019-01-012019-12-31d:FourYearsAgoMember286975702019-12-31d:FourYearsAgoMemberxbrli:pureiso4217:DKK