894904132023-10-012024-09-30894904132024-09-30894904132023-09-30fsa:ContributedCapitalMember894904132023-09-30fsa:ReserveForNetRevaluationAccordingToEquityMethodMember894904132023-09-30fsa:ReserveForDevelopmentExpenditureMember894904132023-09-30fsa:RetainedEarningsMember894904132023-09-30fsa:ProposedDividendRecognisedInEquityMember894904132023-09-30894904132023-10-012024-09-30fsa:RetainedEarningsMember894904132023-10-012024-09-30fsa:ProposedDividendRecognisedInEquityMember894904132023-10-012024-09-30fsa:ContributedCapitalMember894904132023-10-012024-09-30fsa:ReserveForNetRevaluationAccordingToEquityMethodMember894904132023-10-012024-09-30fsa:ReserveForDevelopmentExpenditureMember894904132024-09-30fsa:ContributedCapitalMember894904132024-09-30fsa:ReserveForNetRevaluationAccordingToEquityMethodMember894904132024-09-30fsa:ReserveForDevelopmentExpenditureMember894904132024-09-30fsa:RetainedEarningsMember894904132024-09-30fsa:ProposedDividendRecognisedInEquityMember894904132023-10-012024-09-30cmn:ConsolidatedMemberfsa:LiquidationAccountMember894904132023-10-012024-09-30cmn:ConsolidatedMember894904132023-10-012024-09-30cmn:ConsolidatedMember1894904132023-10-012024-09-30cmn:ConsolidatedMember1894904132023-10-012024-09-30cmn:ConsolidatedMember2894904132023-10-012024-09-30cmn:ConsolidatedMember3894904132023-10-012024-09-30cmn:ConsolidatedMember4894904132023-10-012024-09-30cmn:ConsolidatedMember5894904132023-10-012024-09-30cmn:ConsolidatedMember6894904132023-10-012024-09-30cmn:ConsolidatedMember1894904132024-09-30cmn:ConsolidatedMember894904132023-09-30cmn:ConsolidatedMemberfsa:ContributedCapitalMember894904132023-09-30cmn:ConsolidatedMemberfsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember894904132023-09-30cmn:ConsolidatedMemberfsa:RetainedEarningsMember894904132023-09-30cmn:ConsolidatedMemberfsa:ProposedDividendRecognisedInEquityMember894904132023-09-30cmn:ConsolidatedMember894904132023-10-012024-09-30cmn:ConsolidatedMemberfsa:RetainedEarningsMember894904132023-10-012024-09-30cmn:ConsolidatedMemberfsa:ProposedDividendRecognisedInEquityMember894904132023-10-012024-09-30cmn:ConsolidatedMemberfsa:ContributedCapitalMember894904132023-10-012024-09-30cmn:ConsolidatedMemberfsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember894904132024-09-30cmn:ConsolidatedMemberfsa:ContributedCapitalMember894904132024-09-30cmn:ConsolidatedMemberfsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember894904132024-09-30cmn:ConsolidatedMemberfsa:RetainedEarningsMember894904132024-09-30cmn:ConsolidatedMemberfsa:ProposedDividendRecognisedInEquityMember894904132023-10-012024-09-30cmn:ConsolidatedMember1894904132022-10-012023-09-30894904132022-10-012023-09-30cmn:ConsolidatedMember894904132022-10-012023-09-30cmn:ConsolidatedMember1894904132022-09-30cmn:ConsolidatedMemberiso4217:DKKxbrli:pure89490413Årsrapport66565557207681257714439825348540893The Board of Directors and the Executive Board have today considered and approved the annual report of Hagens A/S for the financial year 01.10.2023 - 30.09.2024.46857227957621893766247The annual report is presented in accordance with the Danish Financial Statements Act.40104181429531114258417In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 30.09.2024 and of the results of their operations and the consolidated cash flows for the financial year
01.10.2023 - 30.09.2024.25944932343407535535471We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.459081645430321391983We recommend the annual report for adoption at the Annual General Meeting.100407087977812405833Støvring252747630086004187800382024-12-182901234264450122916668Henrik Emil Hagens53713502364099215863370Ole Juul Jørgensen2364099242868653994Mads Peter Lübeck01779616653994Carsten Wengel008904420Jørgen Bech Madsen9457328182248527808278Henrik Emil Hagens8959338167924891659144Johnny Brejner Hansen2220638422121873272006To the shareholders of Hagens A/S0321606721643848We have audited the consolidated financial statements and the parent financial statements of Hagens A/S for the financial year 01.10.2023 - 30.09.2024, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a
summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements
are prepared in accordance with the
Danish Financial Statements Act.
In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 30.09.2024 and of the results of their operations and the consolidated cash flows for the financial year 01.10.2023 - 30.09.2024 in accordance
with the Danish Financial Statements Act.2063730499644089310544We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional
requirements
applicable in Denmark. Our responsibilities under those standards and requirements are further
described in the "Auditor’s responsibilities for the audit of the consolidated financial statements and the parent financial statements" section of this auditor’s
report. We are independent of the Group in accordance
with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional
Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled
our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.8333329863217183681241Management is responsible for the preparation of consolidated financial statements and parent financial statements that give a true and fair view in
accordance
with the Danish Financial Statements Act, and for such internal control as Management determines
is necessary to enable the preparation of consolidated financial statements and parent financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and the Entity’s ability to continue
as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the consolidated financial statements and the parent financial statements unless Management either intends to liquidate
the Entity or to cease operations, or has no realistic alternative but to do so.681241118393389991785Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with ISAs and the additional requirements applicable in 840145391183933111689627Management is responsible for the management commentary.
Our opinion on the consolidated financial statements and the parent financial statements does not cover the management commentary, and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
Moreover, it is our responsibility to consider whether the management commentary provides the information
required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with
the consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary.104651843826259681346070319821018558277213163286Aalborg38800566794885207840442024-12-18230655833586984537408033Sami Nikolai El-Galaly467666579849245122423342mne42793233742806683522320599182State Authorised Public Accountant253247184141299813535Financial highlights2023/24
DKK'0002022/23
DKK'0002021/22
DKK'0002020/21
DKK'0002019/20
DKK'000Key figuresGross profit/loss134,716144,398127,533109,57487,625Operating profit/loss25,50434,34134,88822,8167,229Net financials(4,121)(4,255)(2,059)(377)(1,022)Profit/loss for the year15,86323,64126,85918,1015,077Balance sheet total239,047263,384262,826169,017150,757Investments in property, plant and equipment14,34810,99723,1368,2198,979Investments in intangibles assets 1072,90517,50000Equity144,460134,191120,02898,94081,990RatiosReturn on equity (%)11.3918.6024.5320.016.21Equity ratio (%)60.4350.9545.6758.5454.39Financial highlights are defined and calculated in accordance with the current version of "Recommendations &
Ratios" issued by the CFA Society Denmark.Return on equity (%)
:Profit/loss for the year * 100
Average equityEquity ratio (%)
:Equity * 100
Balance sheet total02358691432385Primary activitiesAs in previous years, the group’s primary activity is manufacturing and selling products within the spring, metal parts and other parts of the segments automotive, health, agriculture and the industry in general, cf. www.hagens.com.254086187840644268444Development in activities and financesThe Group reported a profit before interest of DKK 25,5m and the equity amounts to DKK 144,5m as of 30 September 2024. The cash flow from operating activities has increased from DKK 19,1m in 2022/23 to DKK 56,7m in 2023/24 which is a result of the strong focus on reducing the working capital in the group.48953084752136191700372Profit/loss for the year in relation to expected developmentsEven though the global activity where challenged, we expected both a higher revenue and a slightly higher profit before interest in the level of +0-10 % for 2023/24 compared to 2022/23, where the reported profit before interest was DKK 30,1m.
The profit before interest of DKK 25,5m is a little lower than announced in the annual report 2022/23.
This is primarily due to a decrease in activities across the Group, with a lower overall activity level in certain segments. In the short term, this decline has not been offset enough by cost savings or other initiatives to improve profits compared to last year, as we focus on positioning ourselves for future growth.
21675705197883376849OutlookOver the past years, HAGENS has made considerable investments, which has supplemented the product range and production setup in the best possible way for the pleasure and benefit of customers. There is still a high demand from customers to utilize HAGENS’ wide product range of metal parts, springs and strip steel components as well as our automated solutions as a full-line and system supplier. We continue to see increased customer activity in targeted advisory services and product development, which creates added value for our customers.
We continue to focus on efficient production with a high level of quality using both IATF 16949, ISO 9001, ISO
14001 and ISO 45001, including a focus on sustainability in areas where we can make a positive impact including making actions to reach a zero direct emission (Scope 1) in 2030.
We see that the prices of raw materials, salary cost, inflation etc. have been and still are at a high level, so we try to optimize the processes as best as possible to minimize the cost level for the benefit of the customers.
Although the global market remains challenged, we expect an increase in activity of 5-10% in 2024/25. Combined with an expectation of continued improved earnings and a retention of other fixed costs at the current level, we expect a profit before interest in the range of DKK 30-35 million in 2024/25.
95741416180758048195066476
Use of financial instrumentsHagens Spring Group is particularly exposed to currencies of countries where the Company has subsidiaries. We
hedge 50% of the ongoing currency risk through forward contracts on currencies for which we assess the risk to
be of most significance to Hagens Spring Group.200393259263384016600000
Knowledge resourcesHAGENS is a global subsupplier producing specialty products tailored to the customer’s needs and preferences. This creates a large technical platform and knowledge of the products, product development, quality, choice of material and the right manufacturing methods, which are decisive to provide the customers with the best advice.
Our knowledge is continuously maintained through contacts and development projects with customers as well as
researchers and professionals in Europe and abroad. We participate in relevant industry-related courses, congresses, and development trials on an international level.
6000006000000Environmental performanceHAGENS focuses on a good environment and has obtained all environmental approvals required for the current activities.
HAGENS has a continuous focus on improving environmental conditions. We are particularly focused on how much our products affect the CO2 impact and continuously try to minimize emissions and making actions to reach zero emissions on Scope 1 in 2030 and a significant reduction of emission on Scope 2
.7994834-276749342115Research and development activitiesHAGENS has ongoing development activities internally together with customers and relevant organizations. These costs are charged to profit or loss on a continuing basis.
In 2023/24, HAGENS started the development and customization of a new ERP system. The main development is expected to be completed during the coming financial year and afterwards the new ERP system will be implemented continuously in the Group in the coming financial years. The costs for the development of the new ERP system are capitalized as a development project.
0130358324136818272Group relationsFrom the 1st of October company names in the group have been changed and we have optimized the Group structure to:11959599760000007000000Events 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. 60000001341908311444603871347163111341908313488278166414695298086185813234882781664146139139781858132420455437950072550424742045546354201134568601677542185750933204833323802795798091306833942026431963214621383698258479864680973130165695520328947504416712985571629015863370104867322321011314063634148642740747424710338262159903669893024209780233265732539943901606832308163858468175087029309797158934763849631017519808489419433605456564344296788951761950664763037290200393259125704907600000105327027526338401679948346551803335916221429531101197795-11433160119595997119779517640992-4948662600000083101674322542424765628745430320559319087977816000000313318188942370600000084581295190571230509789030-406186216936710977327064562261751021529470-40618655946839-2322363-840102015417510-1323793942115155945644-581918483589052390473184018062060000041779590-236130760000008863370139221694-615989770000007000000-34071314446038773926916000002896560705197802896560229421153795007359162213681827233272307000000153681031764099226567801 Staff costs2023/24
DKK2022/23
DKKWages and salaries43,614,08242,384,717Pension costs4,131,6523,640,995Other social security costs795,159831,51548,540,89346,857,227Average number of full-time employees7475Remunerationof
Manage- ment
2023/24
DKKRemunerationof Manage- ment
2022/23
DKKTotal amount for management categories3,342,3723,591,6223,342,3723,591,622With reference to section 98B(2)no.3 of the Danish Financial Statement Act, management remuneration is
presented in total.25147120747827873Remunerationof
Manage- ment
2023/24
DKKRemunerationof Manage- ment
2022/23
DKKTotal amount for management categories3,342,3723,591,6223,342,3723,591,6222279522233423721170662 Depreciation, amortisation and impairment losses2023/24
DKK2022/23
DKKDepreciation on property, plant and equipment3,766,2474,010,4183,766,2474,010,418191804263 Other financial income2023/24
DKK2022/23
DKKFinancial income from group enterprises1,069,745806,713Exchange rate adjustments322,238197,3571,391,9831,004,07013074964 Other financial expenses2023/24DKK2022/23DKKFinancial expenses from group enterprises54,321460Exchange rate adjustments370,206354,279Other financial expenses1,981,3062,172,7372,405,8332,527,4767508095 Tax on profit/loss for the year2023/24
DKK2022/23
DKKCurrent tax3,110,6535,441,414Change in deferred tax(193,985)(70,064)2,916,6685,371,350145643596 Proposed distribution of profit and loss2023/24
DKK2022/23
DKKOrdinary dividend for the financial year7,000,0006,000,000Retained earnings8,863,37017,640,99215,863,37023,640,992665432519169037188633702390473186000007 Intangible assetsDevelopment projects in progress
DKKAdditions53,994Cost end of year53,994Carrying amount end of year53,994-27674938 Development projectsDevelopment projects in progress comprises the development and adaptation of a new ERP system. The relating cost at this point of time consists of external costs to consultants. The development project will help ensure that the Company continues to meet local requirements and is expected to lead to both efficiency benefits locally and synergy benefits on a group level. Thus this is a relevant factor in maintaining the cost at the current level and to optimize the service to the costumers of the group.
Management has not identified indications of impairment to the carrying amount of the development projects in process.1303583249 Property, plant and equipmentLand and buildingsDKKPlant and machineryDKKOther fixtures and fittings, tools and equipmentDKKProperty, plant and equipment in progressDKKCost beginning of year28,467,14595,728,1609,453,2560Additions329,3161,112,05066,2353,272,006Disposals(83,112)(3,366,587)(1,330,836)0Cost end of year28,713,34993,473,6238,188,6553,272,006Depreciation and impairment losses beginning of year(19,009,817)(86,768,822)(7,232,618)0Depreciation for the year(875,408)(2,263,110)(627,729)0Reversal regarding disposals76,2963,366,5871,330,8360Depreciation and impairment losses end ofyear(19,808,929)(85,665,345)(6,529,511)0Carrying amount end of year8,904,4207,808,2781,659,1443,272,006600000010 Financial assetsInvestments in group enterprises
DKKDeposits
DKKCost beginning of year75,338,464681,241Additions19,635,5900Cost end of year94,974,054681,241Revaluations beginning of year7,994,8340Exchange rate adjustments406,1860Amortisation of goodwill(1,659,874)0Share of profit/loss for the year7,283,7630Adjustment of intra-group profits(88,419)0Dividend(19,600,000)0Revaluations end of year(5,663,510)0Carrying amount end of year89,310,544681,241A specification of investments in subsidiaries is presented in the notes to the consolidated financial statements.11 PrepaymentsPrepayments consists of licens, insurance and other prepaid costs realting the coming financial year.012 Deferred tax
Changes during the year2023/24DKK2022/23DKKBeginning of year1,858,1321,928,196Recognised in the income statement(193,986)(70,064)End of year1,664,1461,858,132Deferred tax relates to property, plant and equipment and inventories.600000013 Non-current liabilities other than provisionsDue within 12
months
2023/24
DKKDue within 12
months
2022/23
DKKDue after
more than 12
months
2023/24
DKKOutstanding
after 5 years
2023/24
DKKMortgage debt409,547407,0443,795,0072,132,845Debt to other credit institutions2,607,0229,068,00013,456,8600Joint taxation contribution payable002,380,27903,016,5699,475,04419,632,1462,132,845600000014 Unrecognised rental and lease commitments2023/24
DKK2022/23
DKKTotal liabilities under rental or lease agreements until maturity 5,680,3976,979,829015 Contingent liabilitiesThe Entity participates in a Danish joint
taxation arrangement in which H. Hagens Holding ApS serves as the administration company.
According to the joint taxation provisions
of the Danish Corporation Tax Act, the Entity is therefore secondarily
liable for income taxes etc. for the
jointly taxed entities, limited to the equity interest by which the Entity
participates in the Group. The jointly taxed entities' total known net liability
under the joint
taxation arrangement is disclosed in the administration company's financial statements.-40618616 Assets charged and collateralMortgage debt is secured by way of mortgage on properties.Bank loans are secured by way of a deposited mortgage debt registered to the mortgage on plant of DKK 11,000k nominal.
The carrying amount of mortgaged plant is DKK 12,114k.
Collateral provided for group enterprisesA guarantee of a nominal amount of DKK 27,053k has been provided for Hagens Systems AB’s balance with Danske Bank. The debt amounts to DKK 5,847k at 30.09.2024.
A guarantee of unlimited amount has been provided for Hagens Balyfa A/S' balance with Danske Bank. The debt amounts to DKK 12,316 k at 30.09.2024.
017 Related parties with controlling interestRelated parties with controlling interest consist of:
H. Hagens Holding ApS, Randers, parent company
Henrik Emil Hagens, Randers, ultimate owner018 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report. No
such transactions were conducted during the financial year.-406186Investments in group enterprisesInvestments in group enterprises are recognised and measured in the parent financial statements according to the equity
method.
This means that investments are measured at the pro rata share of the enterprises’ equity value plus
unamortised goodwill and plus or minus unrealised intra-group profits or losses.
Group enterprises with negative equity value are measured at DKK 0. Any receivables from these enterprises
are written down to net realisable value based on a specific assessment. If the Parent has a legal
or constructive
obligation to cover the liabilities of the relevant enterprise, and it is probable that such
obligation will involve a
loss, a provision is recognised that is measured at present value of the costs
necessary to settle the obligations at
the balance sheet date.
Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to
the reserve for net revaluation according to the equity method in equity.
Goodwill is the difference between cost of investments and fair value of the pro rata share of assets and liabilities arising
from
acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the
experience gained by Management for each business area. For other
amounts of goodwill, useful life has been determined based on an assessment of whether the enterprises
are
strategically acquired enterprises with a strong market position and a long-term earnings profile and whether
the amount of goodwill includes intangible resources of a temporary nature that cannot be
separated and
recognised as separate assets. Useful lives are reassessed annually. The amortisation periods
used are 8-12 years.
Investments in group enterprises are written down to the lower of recoverable amount and carrying amount.
088633707000000600000-236130713922169470000001391397827662138-103496266045401167754257980915215765567090871072991334803954239713862Reassesment of acquisition0-12926803-437822840294167526000000-354167528365532154175101 Staff costs2023/24
DKK2022/23
DKKWages and salaries83,951,82684,745,433Pension costs7,865,0207,750,791Other social security costs3,481,2403,265,96595,298,08695,762,189Average number of full-time employees220229Remunerationof management
2023/24
DKKRemunerationof management
2022/23
DKKTotal amount for management categories3,342,3723,591,6223,342,3723,591,622With reference to section 98B(2) no.3 of the Danish Financial Statement Act, management remuneration is presented in total.
220Remunerationof management
2023/24
DKKRemunerationof management
2022/23
DKKTotal amount for management categories3,342,3723,591,6223,342,3723,591,62233423722 Depreciation, amortisation and impairment losses2023/24
DKK2022/23
DKKAmortisation of intangible assets1,945,2461,993,339Depreciation on property, plant and equipment11,968,73212,301,97213,913,97814,295,3113 Other financial income2023/24
DKK2022/23
DKKFinancial income from group enterprises3220Other interest income1,677,2204,543,0321,677,5424,543,0324 Other financial expenses2023/24DKK2022/23DKKFinancial expenses from group enterprises51,5960Other interest expenses5,746,4958,797,7815,798,0918,797,7815 Tax on profit/loss for the year2023/24
DKK2022/23
DKKCurrent tax6,133,7806,651,861Change in deferred tax(613,452)(206,849)5,520,3286,445,0126 Proposed distribution of profit/loss2023/24
DKK2022/23
DKKOrdinary dividend for the financial year7,000,0006,000,000Retained earnings8,863,37017,640,99215,863,37023,640,99288633707 Intangible assetsAcquired rights
DKKGoodwill
DKKDevelopment projects in progress
DKKCost beginning of year693,84620,350,6260Exchange rate adjustments(660)(1,385)0Additions53,305053,994Disposals0(639,581)0Cost end of year746,49119,709,66053,994Amortisation and impairment losses beginning of year(265,160)(2,554,460)0Exchange rate adjustments2527340Amortisation for the year(140,097)(1,805,149)0Reversal regarding disposals0639,5810Amortisation and impairment losses end of year(405,005)(3,719,294)0Carrying amount end of year341,48615,990,36653,9948 Development projectsDevelopment projects in progress comprises the development and adaptation of a new ERP system. The relating cost at this point of time consists of external costs to consultants. The development project will help ensure that the Group continues to meet local requirements and is expected to lead to both efficiency benefits locally and synergy benefits on a group level. Thus this is a relevant factor in maintaining the cost at the current level and to 9 Property, plant and equipmentLand and buildings
DKKPlant and machinery
DKKOther fixtures and fittings, tools and equipment
DKKProperty, plant and equipment in progress
DKKCost beginning of year36,216,961151,695,53812,304,398996,440Exchange rate adjustments169,5841,548,327(57,675)0Additions330,8953,441,4171,039,4669,536,262Disposals(107,943)(4,326,564)(1,374,121)0Cost end of year36,609,497152,358,71811,912,06810,532,702Depreciation and impairment losses beginning of year(19,424,472)(109,483,351)(9,088,331)0Exchange rate adjustments(234,421)(1,160,305)54,7690Depreciation for the year(1,158,255)(9,595,140)(1,215,337)0Reversal regarding disposals101,1273,934,6431,374,1210Depreciation and impairment losses end of year(20,716,021)(116,304,153)(8,874,778)0Carrying amount end of year15,893,47636,054,5653,037,29010,532,702Recognised assets not owned by Entity09,553,7950010 Financial assetsDeposits
DKKCost beginning of year1,183,933Additions13,862Cost end of year1,197,795Carrying amount end of year1,197,79511 PrepaymentsPrepayments consists of licens, insurance and other prepaid costs realting the coming financial year.12 Contributed capitalNumberPar valueDKKNominal
valueDKKStocks6,000100.00600,0006,000600,00013 Deferred tax
Changes during the year2023/24
DKK2022/23
DKKBeginning of year3,488,2784,103,705Recognised in the income statement(613,453)(206,849)Exchange rate adjustments21,735(408,578)End of year2,896,5603,488,278Deferred tax relates to property, plant and equipment, inventories and other provisions.14 Non-current liabilities other than provisionsDue within 12
months
2023/24
DKKDue within 12
months
2022/23
DKKDue after
more than 12
months
2023/24
DKKOutstanding
after 5 years
2023/24
DKKMortgage debt409,547407,0443,795,0072,132,845Lease liabilities1,262,1203,095,5023,327,2300Debt to other credit institutions6,156,20613,210,43915,368,1030Joint taxation contribution payable002,656,78007,827,87316,712,98525,147,1202,132,84515 Changes in working capital2023/24
DKK2022/23
DKKIncrease/decrease in inventories13,911,155(502,208)Increase/decrease in receivables17,553,711244,110Increase/decrease in trade payables etc.(3,802,728)(11,175,062)27,662,138(11,433,160)16 Unrecognised rental and lease commitments2023/24
DKK2022/23
DKKTotal liabilities under rental or lease agreements until maturity 7,904,4209,891,38117 Contingent liabilitiesThe Parent and the Danish subsidiaries participate in a Danish joint
taxation arrangement in which H. Hagens Holding ApS serves as the administration company.
According to the joint taxation provisions
of the Danish Corporation Tax Act, the Parent and the Danish subsidiaries are therefore secondarily
liable for income taxes etc. for the
jointly taxed entities, limited to the equity interest by which the Entity
participates in the Group. The jointlytaxed entities' total known net liability
under the joint
taxation arrangement is disclosed in the administration company's financial statements.18 Assets charged and collateralMortgage debt is secured by way of mortgage on properties. The
mortgage also comprises the plant and machinery deemed part of the property.
The carrying amount of mortgaged plant is
DKK 12,114k.
For bank loans and leasing agreements there is a floating charge on DKK 28,998k. The Group has provided security in part of the Group's assets and regards part of the Group's inventory, pland and machinery and trade receiveables. 19 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report. No
such transactions were conducted during the financial year.20
Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group:
H. Hagens Holding ApS, Randers21 SubsidiariesRegistered inCorporate
formOwnership
%HAGENS SPRINGS ApSRebild, DenmarkApS100.00HAGENS SPRINGS MANUFACTORING (Ningbo) Co., Ltd *)Ningbo, ChinaLtd100.00HAGENS TRADING (Ningbo) CO., Ltd *)Ningbo, ChinaLTd100.00HAGENS SYSTEMS ABTorsås, SwedenAB100.00HAGENS BALYFA A/SAlbertslund, DenmarkA/S100.00HAGENS HUNGARY Kft Tardos, HungaryKft100.00*) Subsidiary to HAGENS SPRINGS ApSThis annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act
governing reporting class C enterprises (medium).The accounting policies applied to these consolidated financial statements and parent financial statements are consistent with those applied last year.Recognition 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. Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence.
Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies.
Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements. Business combinationsNewly acquired or newly established enterprises are recognised in the financial statements from the time
of acquiring or establishing such enterprises.
The purchase method is applied at the acquisition of new enterprises to the group, under which identifiable assets and
liabilities of these enterprises are measured at fair value at the acquisition date. Provisions for costs of
restructuring of the enterprise acquired are only made in so far as such restructuring was decided by the
enterprise acquired prior to acquisition. Allowance is made for the tax effect of restatements.Positive differences in amount (goodwill) between cost of the acquired share and fair value of the assets
and liabilities taken over are recognised in intangible assets, and they are amortised systematically over
the income statement based on an individual assessment of their useful lives. If the useful life cannot be
estimated reliably, it is fixed at 10 years. Useful life is reassessed annually.Usage of book value methodThe book value-method is applied on acquisition of enterprises, mergers and exchanges of shares, etc. in which the enterprises traded are controlled by the Parent, and thus already included in the group financial statement. Under these circumstances the combination is considered completed at the original date of acquisition without restatement of comparative figures.
Under the book value-method, the acquired assets and liabilities are recognized at their initial carrying amounts in the group financial statement, adjusted for any differences in accounting policies and accounting estimates.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.
When recognising foreign subsidiaries and associates that are independent entities, the income statements
are translated at average exchange rates for the months that do not significantly deviate from the rates at
the
transaction date. Balance sheet items are translated using the exchange rates at the balance sheet date. Goodwillis considered belonging to the independent foreign entity and is translated using the exchange
rate at the
balance sheet date. Exchange differences arising out of the translation of foreign subsidiaries’
equity at the
beginning of the year at the balance sheet date exchange rates and out of the translation of income statements
from average rates to the exchange rates at the balance sheet date are recognised directly in the translation reserve in equity.
Exchange adjustments of outstanding accounts with independent foreign subsidiaries, which are considered
part of the total investment in the subsidiary in question, are recognised directly in the translation reserve in equity.When recognising foreign subsidiaries that are integral entities, monetary assets and liabilities are
translated
using the exchange rates at the balance sheet date. Non-monetary assets and liabilities are
translated at the
exchange rate at the time of acquisition or the time of any subsequent revaluation or writedown.
The items of the
income statement are translated at the average rates of the months; however, items
deriving from non-monetary
Gross profit or lossGross profit or loss comprises revenue, other operating income, costs of saless and external expenses.RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement
when delivery is made and risk has passed to the buyer. Revenue 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.Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory
writedowns.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 wages and salaries, and social security contributions, pension contributions, etc
. for entity
staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible
assets comprise depreciation, amortisation and impairment losses for the financial year, and gains and
losses from the sale of intangible assets and property, plant and equipment.Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of intra-group profits or losses.
Other financial incomeOther financial income comprises interest income, including interest income on receivables from group enterprises.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group
enterprises.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.GoodwillGoodwill is the positive difference between cost and fair value of assets and liabilities arising from
acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by
Management for each business area. For other
amounts of goodwill, useful life
has been determined based on an assessment of whether the enterprises
are strategically acquired enterprises with a strong market position and a long-term earnings profile and whether the amount of goodwill includes intangible resources of a temporary nature that cannot be
separated and recognised as separate assets. Useful lives are reassessed annually. The amortisation periods
used are 8-12 years.
Goodwill is written down to the lower of recoverable amount and carrying amount.Intellectual property rights etc.Intellectual property rights etc. comprise acquired development projects in progress.Development projects on clearly defined and identifiable products and processes, for which the technical rate
of utilisation, adequate resources and a potential future market or development opportunity in the enterprise
can be established, and where the intention is to manufacture, market or apply the product or process in
question, are recognised as intangible assets. Other development costs are recognised as costs in the income
statement as incurred. When recognising development projects as intangible assets, an amount equalling
the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced
as the development projects are amortised and written down.
The cost of development projects comprises costs that are directly and
indirectly attributable to the development projects.
Development projects are measured at cost less accumulated amortisation.
Development projects are written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentLand and buildings, plant and machinery, and 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. Straight-line
depreciation is made on the basis of the following estimated useful lives of the assets:Useful life
Buildings5-33 yearsPlant and machinery3-10 yearsOther fixtures and fittings, tools and equipment3-25 years
Estimated useful lives and residual values are reassessed annually.
Items of property, plant and equipment are written down to the lower of recoverable amount and carrying
InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value.
Cost consists of purchase price plus delivery costs. Cost of manufactured goods and work in progress consists
of costs of raw materials, consumables, direct labour costs and indirect production costs.
Indirect production costs comprise indirect materials and labour costs, costs of maintenance of, depreciation
on 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.Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's
taxable income, adjusted for prepaid tax.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.CashCash comprises 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. Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based
value of
assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset.
Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at
their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.
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.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Lease liabilitiesLease liabilities relating to assets held under finance leases are recognised in the balance sheet as
liabilities
other than provisions, and, at the time of inception of the lease, measured at the present value of
future lease
payments. Subsequent to initial recognition, lease liabilities are measured at amortised
cost. The difference
between present value and nominal amount of the lease payments is recognised in the
income statement as a
financial expense over the term of the leases.Operating leasesLease payments on operating leases are recognised on a straight-line basis in the income statement over
the
term of the lease.Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the
goods agreed or completion of the service agreed.Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash.
The cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash.
trueGrundlag for konklusionKonklusion33963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegningRegnskabsklasse C, mellemstor virksomhed2023-09-302022-10-0133963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2024-09-302023-10-01Hagens A/S89490413ÅrsrapportAalborg900026, 4. salØstre HavnepromenadeRebildStøvring953013Hagensvej2024-12-18Henrik Emil Hagens