xbrli:pureiso4217:DKK551040182022-10-012023-09-30551040182022-10-012023-09-301551040182022-10-012023-09-301551040182022-10-012023-09-301551040182022-10-012023-09-302551040182022-10-012023-09-303551040182022-10-012023-09-30551040182021-10-012022-09-30551040182022-10-012023-09-30fsa:RetainedEarningsMember551040182022-10-012023-09-30fsa:ProposedDividendRecognisedInEquityMember551040182023-09-30551040182022-09-30551040182022-10-01551040182021-10-01551040182022-10-01fsa:ContributedCapitalMember551040182022-10-01fsa:RetainedEarningsMember551040182022-10-01fsa:ProposedDividendRecognisedInEquityMember551040182023-09-30fsa:ContributedCapitalMember551040182023-09-30fsa:RetainedEarningsMember551040182023-09-30fsa:ProposedDividendRecognisedInEquityMemberGrundlag for konklusionKonklusion2023-12-192023-12-19true2021-10-012022-09-3033963556København S23006WeidekampsgadeDeloitte Statsautoriseret RevisionspartnerselskabHerlevHerlev2730Regnskabsklasse BRevisionspåtegning2023-09-302022-10-01<br />5<br />3SmedeholmLinatex A/S55104018339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportDanske Bank Finanscenter Storkøbenhavn Hovedvejen 1072600 GlostrupThe Board of Directors and the Executive Board have today considered and approved the annual report of Linatex A/S for the financial year 01.10.2022 - 30.09.2023.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 30.09.2023 and of the results of its operations and cash flows for the financial year 01.10.2022 - 30.09.2023.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.HerlevTorben Skaarup MalmosFlemming Søeborg SørensenEllen Margrethe Søeborg SørensenMads Nicolai Søeborg SørensenTo the shareholders of Linatex A/SWe have audited the financial statements of Linatex A/S for the financial year 01.10.2022 - 30.09.2023, which comprise the income statement, balance sheet, statement of changes in equity, cash flow statement and notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 30.09.2023 and of the results of its operations and cash flows for the financial year 01.10.2022 - 30.09.2023 in accordance with the Danish Financial Statements Act.We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board 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 financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:<br />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. <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 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 financial statements, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Entity to cease to continue as a going concern. <br />Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.<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 financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act. <br />Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the management commentary. CopenhagenClaus Jorch Andersenmne33712State Authorised Public AccountantPrimary activitiesAs in previous years, the Company’s primary activity is production of and trade with technical plastics and rubber. Profit for the year amounts to DKK 1,444 thousand against a profit of DKK 6,457 thousand in 2021/22. Management considers the performance satisfying due to the difficult market conditions. 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.22094296262831191834552317283089109974971443638799890288617336486231681905151827971846092718224431444224645727544422410000001000000600000044422445727517912514179554693475990346800121388504214234709548109548102148398521423470128733231410594223684712931680152417941703762290353171099515811830937120481423125312533605524213221205434232885575426491349135117364526544033109257936639617545626000000600000027350892290865973508914290865600000022908656000000142908656000000273508910000003028000287400030280002874000174573491884726930692717264434504594335401821473521007252156936215742421595289372586374465615664237349597910881726443217205319490577989002695881523582445451735504458969757936639617545620-6000000-600000010997497144-3085169-11138292663604-2138262-1733648-623168-217205-333687-1287249-3095117-150008-39179275000191780-954810-170489-200012-1457738-3295129867245616361105-1389920-1422927175715-9643253-6000000-200000014582513294925513-204542649131 Staff costs2022/23 DKK2021/22 DKKWages and salaries16,634,62215,731,985Pension costs1,380,3331,244,401Other social security costs330,568306,70318,345,52317,283,089Average number of full-time employees303030302 Depreciation, amortisation and impairment losses2022/23 DKK2021/22 DKKDepreciation of property, plant and equipment177,486202,363Profit/loss from sale of intangible assets and property, plant and equipment(67,512)(105,219)109,97497,1443 Tax on profit/loss for the year2022/23 DKK2021/22 DKKCurrent tax306,9271,726,443Change in deferred tax154,00096,000460,9271,822,4434 Property, plant and equipmentLand and buildings DKKOther fixtures and fittings, tools and equipment DKKCost beginning of year21,279,18715,477,469Additions0150,008Disposals0(2,178,005)Cost end of year21,279,18713,449,472Depreciation and impairment losses beginning of year(3,323,718)(12,009,468)Depreciation for the year(42,955)(134,531)Reversal regarding disposals02,170,517Depreciation and impairment losses end of year(3,366,673)(9,973,482)Carrying amount end of year17,912,5143,475,9905 Financial assetsDeposits DKKAdditions95,481Cost end of year95,481Carrying amount end of year95,4816 Non-current liabilities other than provisionsDue within 12 months 2022/23 DKKDue within 12 months 2021/22 DKKDue after more than 12 months 2022/23 DKKOutstanding after 5 years 2022/23 DKKMortgage debt1,569,3621,574,24217,457,3497,369,290Joint taxation contribution payable00306,9270Other payables00450,45901,569,3621,574,24218,214,7357,369,2907 Changes in working capital2022/23 DKK2021/22 DKKIncrease/decrease in inventories1,795,828(4,310,420)Increase/decrease in receivables1,865,918(3,266,309)Increase/decrease in trade payables etc.(6,746,915)(3,561,563)(3,085,169)(11,138,292)8 Unrecognised rental and lease commitments2022/23 DKK2021/22 DKKLiabilities under rental or lease agreements until maturity in total5,376,0875,966,0419 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement in which S&K Group A/S 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 companies and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed companies. The jointly taxed companies’ total known net liability in the joint taxation arrangement is stated in the financial statements of the administration company. 10 Assets charged and collateralMortgage debt and bank loans are secured by way of mortgage on properties by the carrying amount of DKK 17,913 thousand at 30.09.2023. The Entity has jointly and severally guaranteed the combined bank debt of the consolidated companies which amounts to DKK 32,187 thousand at 30.09.2023. A company charge of DKK 10,000 thousand has been provided as security for the combined bank debt of the consolidated companies. The charge comprises trade receivables, inventories, other fixtures and fittings, tools and equipment and intangible assets. 11 Group relationsName and registered office of the Parent preparing consolidated financial statements for the smallest group: S&K Group A/S, Rungsted Kyst, Denmark This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to these 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.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. Property, plant and equipment, intangible assets, inventories and other non-monetary assets that have been purchased in foreign currencies are translated using historical rates.Gross profit or lossGross profit or loss comprises revenue, other operating income, cost of raw materials and consumables and other external expenses.RevenueRevenue 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. Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary activities.Costs of raw materials and consumablesCosts of raw materials and consumables comprise the consumption of raw materials and consumables for the financial year after adjustment for changes in inventories of these goods from the beginning to the end of the year. This item includes shrinkage, if any, and ordinary writedowns of the relevant inventories. Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets.Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff.Depreciation and impairment lossesDepreciation and impairment losses relating to property, plant and equipment comprise depreciation and impairment losses for the financial year, calculated on the basis of the residual values and useful lives of the individual assets and impairment testing as well as gains and losses from the sale of property, plant and equipment.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, net capital losses on payables and transactions in foreign currencies, amortisation of financial liabilities as well as 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 Entity is jointly taxed with the Parent and all of its wholly owned subsidiaries. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses). Property, plant and equipmentLand and buildings as well as other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Land is not depreciated. 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. Straightline depreciation is made on the basis of the following estimated useful lives of the assets: Useful life Buildings50 yearsOther fixtures and fittings, tools and equipment3-20 yearsInstallations20 yearsEstimated 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.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 of 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.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.CashCash comprises cash in hand and 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.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and tax-based value of assets and liabilities, for which the taxbased value of assets 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. Mortgage debtAt the time of borrowing, mortgage debt to mortgage credit institutions is measured at cost which corresponds to the proceeds received less transaction costs incurred. Mortgage debt is subsequently measured at amortised cost. This means that the difference between the proceeds at the time of borrowing and the nominal repayable amount of the loan is recognised in the income statement as a financial expense over the term of the loan applying the effective interest method.<br />Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Joint taxation contributions payable or receivableCurrent joint taxation contributions receivable or joint taxation contributions payable are recognised in the balance sheet, calculated as tax computed on the taxable income of the year, which has been adjusted for prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are expected to be used under the joint taxation arrangement.Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities as well as 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 income taxes paid. Cash flows from investing activities comprise payments in connection with acquisition and divestment of enterprises, activities and fixed asset investments as well as 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 as well as 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 and short-term securities with an insignificant price risk.The cash flow statement shows cash flows from operating, investing and financing activities as well as 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 income taxes paid. Cash flows from investing activities comprise payments in connection with acquisition and divestment of enterprises, activities and fixed asset investments as well as 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 as well as 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 and short-term securities with an insignificant price risk.2023-12-19Flemming Søeborg Sørensen