Årsrapport33771231PricewaterhouseCoopers Statsautoriseret RevisionspartnerselskabStrandvejen 442900 Hellerup2022-03-012021-03-012023-02-282022-02-2814125345EPOKE A/SVejenvej506600Vejen1990-05-01VejenPricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab33771231Munkebjergvænget15230Odense MDanmark2023-06-28Anders Møberg EriksenRegnskabsklasse C, mellemstor virksomhed1RevisionspåtegningThe Executive Board and Board of Directors have today considered and adopted the Annual Report of EPOKE A/S for the financial year 1 March 2022 - 28 February 2023.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 28 February 2023 of the Company and of the results of the Company operations for 2022/23.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.Vejen2023-06-28Peter Bjørn BertelsenExecutive OfficerCarsten BjergChairmanThomas MarstrandDeputy ChairmanJohanne Christiane Frazer Riegels ØstergårdKristian la CourDan JohannsenJan Palmer ChristiansenTo the Shareholder of EPOKE A/SOpinionIn our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 28 February 2023 and of the results of the Company’s operations for the financial year 1 March 2022 - 28 February 2023 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of EPOKE A/S for the financial year 1 March 2022 - 28 February 2023, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (”the Financial Statements”). Basis for OpinionWe 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’ 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 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. Odense2023-06-28Odense2023-06-28PricewaterhouseCoopers Statsautoriseret RevisionspartnerselskabMikael Johansenstatsautoriseret revisormne23318Brian Petersenstatsautoriseret revisormne33722Seen over a five-year period, the development of the Company is described by the following financial highlights: Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark. 198761000195737000227257000774920008715600086352000111650001698600013707000-1913000-2670000-1844000-856000-175000070680007862000929800018129500016800700016660900011010300010379700095800000449000013820001810000258800013113414340.238.83944.53810.76.25.68.7613.98.86.210.18.25752.460.761.857.522.37.96.67.910.2Key activities The primary activities of Epoke A/S are to develop, manufacture, market and sell Epoke, Brodd and Snowline machinery. The Group’s products are sold through own companies in Denmark, Germany and Poland. Sales and marketing in other markets are based on partnerships with dealers and the subsidiaries based in the respective countries. Focusing on the customer and in co-operation with dealers, Epoke Group markets Epoke winter road maintenance products together with Snowline snow removal equipment and Brodd sweepers. Epoke Group aims tobecome the industry’s best-known brand and to be a market leader in selected segments. Epoke Group develops and manufactures state-of-the-art salt and liquid spreaders together with Snowline snowremoval equipment and Brodd sweepers that meet the customers' requirements in terms of service, quality and economic life costs. Development in the year The income statement of the group for 2022/23 shows a earnings before interest, tax, depreciation and amortization (EBITDA) of TDKK 25,432 against TDKK 15,834 in the prior year, the main share which is attributable to exports. Management expects improved financial performance for the next financial year and expects earnings before interest, tax, depreciation and amortization (EBITDA) for the year to be between TDKK 30,000 and TDKK 35,000. The past year and follow-up on development expectations from last year Management expectations in the last annual report was aearnings before interest, tax, depreciation and amortization (EBITDA) between TDKK 20,000 and TDKK 22,000. Earnings before interest, tax, depreciation and amortization (EBITDA) was realised at TDKK 25,432 in 2022/23. Use of financial instruments Epoke A/S’ receivables and loans are primarily denominated in DKK. Epoke A/S does not apply financial instruments for the purpose of speculating. Excess liquidity is deposited in money market accounts or the like. Therefore Epoke A/S is exposed to no material financial risks. Epoke A/S follows a board-approved fiscal policy that operates with a low risk profile so that exchange rates, interest rates and credit risks only occur based on commercial conditions. Epoke A/S has an interest rate swap in order to hedge the interest risk involved in bank loans until maturity. Epoke A/S is among other things using steel and stainless steel as raw material in its products; thus, Epoke A/S is exposed to the development in steel and stainless steel prices. Research and development The Group is among the absolute market leaders when it comes to spreaders for winter road clearance. The Group has won this position through persistent and targeted development efforts as regards spreaders and related electronic products. The Group protects its development projects by taking out patents, if appropriate. The group intends to sustain its position by continuously adding the resources required and staying focused on road clearance. The product portfolio is characterized by high performance, low service costs, high quality of products and in particular innovative solutions. External environment Epoke A/S holds a clean environment approval dated 7th April 2022 and is ISO 14001 certified. Epoke A/S is compliant with applicable environmental law etc. and has not received any complaints or claims relating to non-compliance with environmental rules on the part of its foreign subsidiaries. Intellectual capital resources Epoke Group aims to be an attractive workplace with motivated and committed staff. To ensure continued motivation and strong commitment on the part of staff, work at Epoke A/S is performed based on corporate values enabling the individual staff member to make his or her own decisions. The management philosophy is freedom with responsibility. Epoke Group has formulated a senior policy and is locally known for its efforts to retain senior staff as well as other social activities. Subsequent events No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.207783000198846000105605000103715000186870001797200083491000771590005805900061325000328300034850002214900012349000-1367000-159600010450008220001591000189600020236000967900019840002411000182520007268000005840008340005840008340003722000473500022380003240000883000155200000684300095270002859000410700061000610002920000416800010347000145290003532300027767000183020001501000029498000186040008312300061381000231760002073300035967000322180006040003000036000012380001268000609850005458200048350009062000148943000125025000159290000139554000150000001500000015000000150000000-770000-300051000757600005885500090757000731360002676000280900026760002809000592400059410005924000594100008400087900027180001941900016897000166770001320800048950007859000180630001690200059933000576680006585700063609000159290000139554000150000005100058085000-68000000-57700018252000014000015000000-3000757600005309800056369000408000040710008810008850005805900061325000192000018600001141352500002500003017000323500032830003485000659000647000386000175000385000516000120600013800001591000189600048950002411000-2911000019840002411000-14000075900024000007590002400000759000156600002500007590001816000058400033666000403500001198600083000022200022700000-18000-3300000336660004055400011883000830002893100037110000104340008300010130001206000798000000-23200002994400038316000110000008300037220002238000883000027687000276870002768700027687000-26096000-23701000-2200043000-48000-276000-546000-546000-573000-7760000-840000-27285000-2609600024570002516000 Positive differences arising on initial measurement of subsidiaries at net asset value 5,460 5,460 Remaining positive difference included in the above carrying amount at 28 February Ikke lovkrav 1,501 2,047Afred Thomsen GmbHEichenzell, Germany100Epoke Machinenbau GmbH & Co. KGEichenzell, Germany100Epoke Sp. z.o.o.Warzawa, Poland100Brodd Sweden ABSweden100Brodd Polonia Sp. z.o.o.Poland1006100061000Prepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions and interest as well.04500000018252000-37732000Provision for service liability 1,371 1,504 Provision for warranties 1,150 1,150 Other provisions 155 155 2,676 2,809 5924000594100059240005941000 Derivative financial instruments contracts in the form of interest rate swaps have been concluded. At the balance sheet date, the fair value of derivative financial instruments amounts to: 2022/23 TDKK 2021/22 TDKK Liabilities -4 -64 Interest rate swap has been entered into in order to hedge the interest risk involved in bank loans until maturity. The fair value of the interest rate swap amounts to DKK -4k at 28.02.2023 and has been recognised as other payable. The interest rate swap guarantees a fixed interest rate. Charges and security The following assets have been placed as security with bankers: Mortgage deeds registered to the mortgagor totalling kDKK 38,000, providing security on land and buildings at a total carrying amount of 3,722 0 Floating charge registered to the bank totalling kDKK 30,000, providing security on inventory, trade receivables, as well as plant and equipment at a total carrying amount of 110,024 0 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 Epoke Investment III 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 Epoke Investment II A/S Parent Epoke Investment III A/S Ultimative Parent 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. No such transactions were conducted during the financial year. Ownership The following shareholder is recorded in the Company's register of shareholders as holding at least 5% of the votes or at least 5% of the share capital: Epoke Investment II A/SThe company is included in the group report for the parent company Name Place of registered office Epoke Investment III A/S (største koncern udelad hvis samme som mindste) Gentofte Epoke Investment II A/S (mindste koncern) GentofteNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.The Annual Report of EPOKE A/S for 2022/23 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 2022/23 are presented in TDKK.With reference to section 112 of the Danish Financial Statements Act and to the consolidated financial statements of Epoke Investment III 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 Epoke Investment II 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.All leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term.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.Derivative financial instruments are initially recognised in the balance sheet at cost and are subsequently remeasured at their fair values. Positive and negative fair values of derivative financial instruments are classified as ”Other receivables” and ”Other payables”, respectively. Changes in the fair values of derivative financial instruments are recognised in the income statement unless the derivative financial instrument is designated and qualify as hedge accounting, see below.Changes in the fair values of financial instruments that are designated and qualify as fair value hedges of a recognised asset or a recognised liability are recognised in the income statement as are any changes in the fair value of the hedged asset or the hedged liability related to the hedged risk. Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of expected future transactions are recognised in retained earnings under equity as regards the effective portion of the hedge. The ineffective portion is recognised in the income statement. If the hedged transaction results in an asset or a liability, the amount deferred in equity is transferred from equity and recognised in the cost of the asset or the liability, respectively. If the hedged transaction results in an income or an expense, the amount deferred in equity is transferred from equity to the income statement in the period in which the hedged transaction is recognised. The amount is recognised in the same item as the hedged transaction. Changes in the fair values of financial instruments that are designated and qualify as hedges of net investments in independent foreign subsidiaries or associates are recognised directly in equity as regards the effective portion of the hedge, whereas the ineffective portion is recognised in the income statement.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.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.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 Danish Group entities. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes.Goodwill acquired is measured at cost less accumulated amortisation. Goodwill is amortised on a straight-line basis over its useful life, which is assessed at 5 years. Development costs and costs relating to rights developed by the Company are recognised in the income statement as costs in the year of acquisition.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. Interest expenses on loans raised directly for financing the construction of property, plant and equipment are recognised in cost over the period of construction. 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 7-33 years Plant and machinery 3-10 years Other fixtures and fittings, tools and equipment 3-5 years Leasehold improvements 7 years The fixed assets’ residual values are determined at nil. 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 deposits.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. 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.Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest.Dividend distribution proposed by Management for the year is disclosed as a separate equity item.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 of 1-3. 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 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. 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