Årsrapport33771231PricewaterhouseCoopers Statsautoriseret RevisionspartnerselskabStrandvejen 442900 Hellerup2021-10-012020-10-012022-09-302021-09-3019527247DANPRES A/SMosegårdsvej48670LåsbySkanderborg86 95 23 00www.danpres.dkSydbank A/S, Erhvervskunde-afdelingenStore Torv128000Aarhus CKromann ReumertRådhuspladsen38000Aarhus C.PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab33771231Jens Chr. Skous Vej18000Aarhus CDanmark2023-02-27Ove TrankjærRegnskabsklasse C, mellemstor virksomhedRevisionspåtegningThe Executive Board and Board of Directors have today considered and adopted the Annual Report of DANPRES A/S for the financial year 1 October 2021 - 30 September 2022.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 30 September 2022 of the Company and of the results of the Company operations and cash flows for 2021/22.We recommend that the Annual Report be adopted at the Annual General Meeting.Låsby2023-02-27Søren Ove Hedegaard NielsenRobert ZimmermannChairmanSøren Ove Hedegaard NielsenHolger KrugOve TrankjærFrank Romlund MikkelsenStaff RepresentativeTo the Shareholder of DANPRES A/SOpinionIn our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 30 September 2022 and of the results of the Company’s operations and cash flows for the financial year 1 October 2021 - 30 September 2022 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of DANPRES A/S for the financial year 1 October 2021 - 30 September 2022, which comprise income statement, balance sheet, statement of changes in equity, cash flow statement 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. Aarhus2023-02-27Aarhus2023-02-27PricewaterhouseCoopers Statsautoriseret RevisionspartnerselskabChristian Rodingstatsautoriseret revisormne33714Seen over a five-year period, the development of the Company is described by the following financial highlights: 342940003412900031621000213300018980002196000-794000-692000-691000-856000-1008000120300079800092200071638000693000006513600020942000197390001894100070650007548000276700016.716.832.73.437.435.429.228.529.137.343.25.94.15Key activities The Company's main activity is the make-to-order manufacturing of metal products in steel, stainless steel and aluminium to major industrial companies. The Company offers complete solutions from development, laser cutting, plate/coil stans, bending as well as drawn and welded metal parts. In addition, a number of customer-specific special productions as well as warehouse and logistics solutions are offered. Development in the year Profit for the year after tax amounts to DKK 13,746k compared to the profit after tax of DKK 11,539k in 2020/2021. A gross profit of DKK 58,095k was realized in 2021/22, which is a significant increase on 2020/21, in which a gross profit of DKK 48,993k was realized. Investments in 2021/22 are in total DKK 8,960k. The financial year has been characterized by a high level of activity in all production areas. The result and the financial development are described as satisfactory in relation to how the market and the competitive situation have developed. The year’s result is better than expected at the beginning of the year, which is due to a higher level of activity. Targets and expectations for the year ahead The Company has a positive view of the future, at there is still a large order backlog. Many of the Company’s customers are within industries that are not considered as cy-clically sensitive. Growth in turnover is therefor expected despite greater uncertainty in the market. There is also still a good influx of new costumers and several of the Company’s exiting costumers are increasing turnover both on new and existing products in the coming year. For the coming year, an increased level of activity and investments in further automation and capacity expansion as well as expansion of the production facilities have therefor been budgeted. Focus will continue to be on strengthening the Company’s skills through the development of its organization and employees. For 2022/23 the Company thus expects a positive result before tax of approximately DKK 10.000k. This decline is due to increased energy costs and generally increased costs which cannot be passed to the costumers. Intellectual capital resources The Company is a high-tech company, working purposefully with the latest technologies. This requires employees with vast knowledge, which is why large resources have been spent on education and training as well as organisational development in the financial year. Investment will continue to be made in the training of employees. Special risks The Company's main business risks are linked to market developments and the ability to be strongly positioned in the markets in which the Company renders its services. The Company does not, in its own view, face special currency risks, as it trades only in common currencies such as DKK, and EUR. Debtor insurance is taken out on all customers to avoid losses. Environmental conditions The Company organizes the production with the least possible impact on the environ-ment and employees. Environmental management and the working environment are an integral part of the Company's management system.In the coming year, DKK 5,000k will be invested in solar cells to reduce the company’s Co2 impact. Subsequent events No events materially affecting the assessment of the Financial Statements have occurred after the balance sheet date.58094634489931163397657827784353576952758131011834852915395662253604249381917973483717554710147033183808430316389513746280115394236000000500000077462806539423210356792036900623768767216025791484572275994365920453894954219918445389495421991842991765117254930211208531831231339321693041066314880011852924690553954382867087722934109616487293537586475340049542797110142895917419811128115112811511281151128115353392436294353056565922723868600000050000004122769832481418518980051904005189800519040088061359420482860687464084142308421229419219721430181230886143485981671386710929590973310933328723322426174035639683265695380138344041051789721063264400396735947075637253975407016311014289591741981112811536294352272386850000000-5000000-9551195511077462806000000112811535339243056565960000001374628011539423103717769669340-10304744-76913001381331213517463253604249381917973483713019493128251193510757-42511795087361325023689598381120881-8959838-112088159816791238534350632514794020000005281688050000000-3751542-5427179-32026446702176935364926514736151005935364961648729353758138671093078235425264576246837119486827258535710953397657827784353121343512204696952 Temporary workers’ pay out of salaries DKK 336.774 (2021/22), 1.017.035 (2020/21)03227881917970255981917973483738090303302360-600-1018000-366653808430316389524475765775924801840665013156077207639043659225791372848001191840665436592612252900061225290001022928855989901161306606489345041451791420108782226103135216922080210356792376876714845743659201351697100 * Land and buildings are revalued at 30 September 2009 at estimated fair value provided by real estate agent. If revaluation had not been made, the value of land and buildings at 30 September 2022 would be DKK 16,505k. According to the 2020 public land assessment value, the value of Danish land and buildings amounts to DKK 17,300k.18590701100554345094034372059262329163478904Prepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions and interest as well.There have been no changes in the share capital during the last 5 years.Provision for deferred tax at 1 October 5.190.400 5.292.200 Amounts recognised in the income statement for the year -600 -101.800 Provision for deferred tax at 30 September 5.189.800 5.190.400 Property, plant and equipment 4.792.100 4.943.100 Inventories 406.300 254.800 Amortization -8.600 -7.500 5.189.800 5.190.400 Deferred tax has been provided at 22% corresponding to the current tax rate.61780016861569262813425589136143485981679420483100186492308421229419223084212294192 Deffered income consists of payments received in respect of income in subsequent years.-25360-424938191797348375769527581310138084303163895-12662721-6991467-5736768-11530033861059210830200-10304744-7691300Charges and security The following assets have been placed as security with mortgage credit institutes: Mortgage registered to the owner in the amount of nominally 8,500,000 with security in the property at Mosegaardsvej 4. 21.035.679 20.369.006 All-moneys charge in the amount of nominally 3,300,000 with security in the property at Mosegaardsvej 4. 21.035.679 20.369.006 A negative pledge has been made to Danske Bank. Rental and lease obligations Lease obligations under operating leases. Total future lease payments: Within 1 year 314.000 253.000 Between 1 and 5 years 106.000 0 420.000 253.000 Basis Controlling interest Søren Ove Hedegaard Nielsen, Klokkehøj 21, Svejstrup, Skanderborg, Denmark Executive Director, shareholder and member of the Board of Directors Other related parties Zimmermann PV-Holding GmbH, Sandelholzstrasse 1, Eberhardzell, Deutchland Shareholder SON Holding ApS, Klokkehøj 21, Svejstrup, Skanderborg, Denmark Shareholder Frank Romlund Mikkelsen, lndustriparken 7, Skals, Denmark Employee representative on the Board of Directors Holger Krug, Ortsstrasse 53, Eberhardzell, Deutchland Board member Ove Trankjær, Krude Møllevej 10, Katrinedal, Bryrup, Denmark Board member Robert Zimmermann, Lerchenstrasse 6, Eberhardzell, Deutschland Board member Zimmermann Metallbearbeitung GmbH Ritzenweiler 32, Eberhardzell, Deutzland Affiliated company Zimmermann PV-Stahlbau GmbH und Co. KG Sandelholtzstrasse 1, Eberhardzell, Deutchland Affiliated company Transactions The Company has chosen only to disclose transactions which have not been made on an arm’s length basis in accordance with section 98(c)(7) of the Danish Financial Statements Act. Apart from the above, there have been no transactions with the Supervisory Board, the Executive Board, senior officers, significant shareholders, group enterprises or other related parties, except for intercompany transactions and normal management remuneration. 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: Zimmermann PV-Holding, Sandelholtzstrasse 1, Eberhardzell, Deutchland - ownership 49% Søren Ove Hedegaard Nielsen, Klokkerhøj 21, Svejstrup, Skanderborg, Denmark - ownership 10,64% SON Holding ApS, Klokkehøj 21, Svejstrup, Skanderborg, Denmark - ownership 40,36%The Annual Report of DANPRES A/S for 2021/22 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 2021/22 are presented in DKK.Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the maturity period. Amortised cost is calculated as original cost less any repayments and with addition/deduction of the cumulative amortisation of any difference between cost and the nominal amount. In this way, capital losses and gains are allocated over the maturity period.Leases in terms of which the Company assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets of the Company. The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement. All other 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.Expenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve revenue for the year.Other external expenses comprise indirect production costs and expenses for premises, sales and distribution as well as office expenses, etc.With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, Expenses for raw materials and consumables, other external expenses and other operating income and expenses.Staff expenses comprise wages and salaries as well as payroll expenses.Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of property, plant and equipment.Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Company, including gains and losses on the sale of property, plant and equipment.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. Until the change of ownership on 16 March 2021, the Company was taxed jointly with the Company's then parent company KFM Holding ApS and other affiliated companies of the Group. The tax effect of the joint taxation is allocated to Danish enterprises in proportion to their taxable incomes.On acquisition land and buildings are measured at cost comprising the acquisition price and costs of acquisition. The cost of own constructed properties comprises the acquisition price and expenses directly related to the acquisition, including costs of acquisition and indirect expenses for labour, materials, components and supsuppliers up until the time when the asset is ready for use. After the initial recognition land and buildings are measured at fair value. Other property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost added revaluations and reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Production buildings 50 years Plant and machinery 7-10 years Other fixtures and fittings, tools and equipment 3-5 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually.The carrying amounts of 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, an impairment test is carried out to determine whether the recoverable amount is lower than the carrying amount. If so, the asset is written down to its lower recoverable amount. The recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where a recoverable amount cannot be determined for the individual asset, the assets are assessed in the smallest group of assets for which a reliable recoverable amount can be determined based on a total assessment.Inventories are measured at the lower of cost under the FIFO method and net realisable value. The cost of raw materials and consumables equals landed cost. The cost of finished goods and work in progress comprises the cost of raw materials, consumables and direct labour with addition of indirect production costs. Indirect production costs comprise the cost of indirect materials and labour as well as maintenance and depreciation of the machinery, factory buildings and equipment used in the manufacturing process as well as costs of factory administration and management.Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Provisions for bad debts are determined on the basis of an individual assessment of each receivable.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.Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity.Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses.Loans, such as mortgage loans and loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period. Mortgage loans are measured at amortised cost, which for cash loans corresponds to the remaining loan. Amortised cost of debenture loans corresponds to the remaining loan calculated as the underlying cash value of the loan at the date of raising the loan adjusted for depreciation of the price adjustment of the loan made over the term of the loan at the date of raising the loan. Other debts are measured at amortised cost, substantially corresponding to nominal value.Deferred income comprises payments received in respect of income in subsequent years.The cash flow statement shows the Company´s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Company´s cash and cash equivalents at the beginning and end of the year. Cash flows from operating activities Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents. Cash flows from investing activities Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments. Cash flows from financing activities Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders. Cash and cash equivalents The cash flow statement cannot be immediately derived from the published financial records.Cash and cash equivalents comprise ”Cash at bank and in hand” and ”Overdraft facilities”.The share capital consists of 1,128,155 shares of a nominal value of DKK 1. No shares carry any special rights.195272472021-10-01e:ContributedCapitalMember195272472022-09-30e:ContributedCapitalMember195272472021-10-01e:RevaluationReserveMember195272472021-10-012022-09-30e:RevaluationReserveMember195272472022-09-30e:RevaluationReserveMember195272472021-10-01e:RetainedEarningsMember195272472021-10-012022-09-30e:RetainedEarningsMember195272472022-09-30e:RetainedEarningsMember195272472021-10-01e:ProposedDividendRecognisedInEquityMember195272472021-10-012022-09-30e:ProposedDividendRecognisedInEquityMember195272472022-09-30e:ProposedDividendRecognisedInEquityMember195272472022-09-30e:LongtermMortgageLoansMember195272472022-09-30e:OtherLongtermPayablesMember195272472021-10-012022-09-30195272472021-10-012022-09-301195272472021-10-012022-09-301195272472021-10-012022-09-302195272472021-10-012022-09-303195272472021-10-012022-09-304195272472021-10-012022-09-305195272472021-10-012022-09-301195272472021-10-012022-09-30e:ProposedDividendRecognisedInEquityMember195272472020-10-012021-09-30e:ProposedDividendRecognisedInEquityMember195272472021-10-012022-09-30e:RetainedEarningsMember195272472020-10-012021-09-30e:RetainedEarningsMember195272472021-09-30195272472022-09-30195272472022-09-301195272472021-10-01e:LandAndBuildingsMember195272472021-10-012022-09-30e:LandAndBuildingsMember195272472022-09-30e:LandAndBuildingsMember195272472021-10-01e:PlantAndMachineryMember195272472021-10-012022-09-30e:PlantAndMachineryMember195272472022-09-30e:PlantAndMachineryMember195272472021-10-01e:FixturesFittingsToolsAndEquipmentMember195272472021-10-012022-09-30e:FixturesFittingsToolsAndEquipmentMember195272472022-09-30e:FixturesFittingsToolsAndEquipmentMember195272472021-10-01e:PropertyPlantAndEquipmentInProgressMember195272472021-10-012022-09-30e:PropertyPlantAndEquipmentInProgressMember195272472022-09-30e:PropertyPlantAndEquipmentInProgressMember195272472021-09-30e:LongtermMortgageLoansMember195272472021-09-30e:OtherLongtermPayablesMember195272472022-09-30e:LandAndBuildingsMembere:LeasedAssetsMember195272472022-09-30e:PlantAndMachineryMembere:LeasedAssetsMember195272472022-09-30e:FixturesFittingsToolsAndEquipmentMembere:LeasedAssetsMember195272472022-09-30e:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMembere:LeasedAssetsMember195272472020-10-012021-09-30195272472021-10-012022-09-30d:TwoYearsAgoMember195272472022-09-30d:TwoYearsAgoMember195272472021-10-012022-09-30d:ThreeYearsAgoMember195272472022-09-30d:ThreeYearsAgoMember195272472021-10-012022-09-30d:FourYearsAgoMember195272472022-09-30d:FourYearsAgoMember195272472021-10-01195272472020-10-01xbrli:pureiso4217:DKK