38219685 2021-12-31 38219685 2020-12-31 38219685 2021-01-01 fsa:ContributedCapitalMember 38219685 2021-01-01 fsa:ReserveForUnpaidContributedCapitalMember 38219685 2021-01-01 fsa:RetainedEarningsMember 38219685 2021-12-31 fsa:ContributedCapitalMember 38219685 2021-12-31 fsa:ReserveForUnpaidContributedCapitalMember 38219685 2021-12-31 fsa:RetainedEarningsMember 38219685 2021-01-01 fsa:FixturesFittingsToolsAndEquipmentMember 38219685 2021-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 38219685 2021-01-01 fsa:GoodwillMember 38219685 2021-12-31 fsa:GoodwillMember 38219685 2021-12-31 fsa:OtherLongtermPayablesMember 38219685 2020-12-31 fsa:OtherLongtermPayablesMember 38219685 2021-01-01 2021-12-31 38219685 2021-01-01 2021-12-31 1 38219685 2021-01-01 2021-12-31 memberOfBoardIdentifier_executive_board_1 38219685 2021-01-01 2021-12-31 memberOfBoardIdentifier_executive_board_2 38219685 2021-01-01 2021-12-31 memberOfBoardIdentifier_board_of_director_1 38219685 2021-01-01 2021-12-31 memberOfBoardIdentifier_board_of_director_2 38219685 2021-01-01 2021-12-31 memberOfBoardIdentifier_board_of_director_3 38219685 2021-01-01 2021-12-31 2 38219685 2020-01-01 2020-12-31 38219685 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 38219685 2020-01-01 2020-12-31 fsa:RetainedEarningsMember 38219685 2021-01-01 2021-12-31 fsa:ContributedCapitalMember 38219685 2021-01-01 2021-12-31 fsa:ReserveForUnpaidContributedCapitalMember 38219685 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 38219685 2021-01-01 2021-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 38219685 2021-01-01 2021-12-31 fsa:GoodwillMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2021-01-01 2020-01-01 2021-12-31 2020-12-31 38219685 FlowVision A/S Stavadgyden 190 5270 Odense N Odense 2016-11-28 Sydbank PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Munkebjergvænget 1, 3. og 4. sal 5230 Odense M Denmark 2022-04-21 Eric Benazzi Regnskabsklasse B Revisionspåtegning 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. Contract work in progress is measured at selling price of the work performed calculated on the basis of the stage of completion. The stage of completion is measured by the proportion that the contract expenses incurred to date bear to the estimated total contract expenses. Where it is probable that total contract expenses will exceed total revenues from a contract, the expected loss is recognised as an expense in the income statement. Where the selling price cannot be measured reliably, the selling price is measured at the lower of expenses incurred and net realisable value. Payments received on account are set off against the selling price. The individual contracts are classified as receivables when the net selling price is positive and as liabilities when the net selling price is negative. Expenses relating to sales work and the winning of contracts are recognised in the income statement as incurred. 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. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Other fixed asset investments consist of deposits. Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Other fixtures and fittings, tools and equipment 5 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually. The carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. If so, the asset is written down to its lower recoverable amount. Goodwill acquired is measured at cost less accumulated amortisation. Goodwill is amortised on a straight-line basis over its useful life, which is assessed at 7 year. The Annual Report of FlowVision A/S for 2021 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C. The accounting policies applied remain unchanged from last year. The Financial Statements for 2021 are presented in DKK. 1 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. Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Debts are measured at amortised cost, substantially corresponding to nominal value. Other external expenses comprise expenses for premises, sales and as well as office expenses, etc. Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Company. Contract work in progress (construction contracts) is recognised at the rate of completion, which means that revenue equals the selling price of the work completed for the year (percentage-of-completion method). This method is applied when total revenues and expenses in respect of the contract and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the contract. Services are recognised at the rate of completion of the service to which the contract relates by using the percentage-of-completion method, which means that revenue equals the selling price of the service completed for the year. This method is applied when total revenues and expenses in respect of the service and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the service. Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Expenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve revenue for the year. With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, other operating income, expenses for raw materials and consumables and other external expenses. Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. The item is net of refunds made by public authorities. Tax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. 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. The Executive Board and Board of Directors have today considered and adopted the Financial Statements of FlowVision A/S for the financial year 1 January - 31 December 2021. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements give a true and fair view of the financial position at 31 December 2021 of the Company and of the results of the Company operations for 2021. We recommend that the Financial Statements be adopted at the Annual General Meeting. 2022-04-21 Odense N Sasja Fischer Manager Payam Baradaran Salimi Manager Eric Benazzi Chairman Sasja Fischer Nicolas Lambert To the shareholder of FlowVision A/S Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2021 and of the results of the Company´s operations for the financial year 1 January - 31 December 2021 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of FlowVision A/S for the financial year 1 January - 31 December 2021, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (”the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ 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 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. 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 Financial 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. Odense M 2022-04-21 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Line Hedam State Authorised Public Accountant mne27768 Anders Kronborg Choy State Authorised Public Accountant mne44142 Selskabets væsentligste aktivitet er ingeniørvirksomhed inden for emissionsteknologi design, forsyning og forbrændingsteknik. Ledelsen anser det opnåede resultat som tilfredsstillende. Der har været stor aktivitet og flere projekter end forventet, hvilket har gjort det muligt at reetablere egenkapitalen i selskabet et par år tidligere end det først så ud til var muligt. Key activities The company's main activity is engineering in the field of emission technology design, supply and combustion technique. Development in the year The income statement of the Company for 2021 shows a loss of DKK 202,010, and at 31 December 2021 the balance sheet of the Company shows positive equity of DKK 16,556,247. The result for 2021 was not as expected. Though in light of the difficult market situation in 2021 with delays in the supply chains etc, the management sees this as acceptable. The expectations for the financial year 2022 are positive. In the first months of the year there have been delays in the supply chain causing delays in the progress of the contract work. The influx of new projects is positive. Subsequent events No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 305996 307000 -56903 206206 5945430 6262299 -197341 1126568 14945 0 5836775 4828731 76517 196617 -258913 929951 -202010 723745 -202010 723745 237798 369798 237798 369798 99014 162698 99014 162698 3247132 2758279 51186 917599 21060785 8370661 21448597 8954157 51000 51000 51000 51000 387812 583496 2445830 214582 15000000 560703 109972 53069 40513 129839 20894633 4634071 166152 3736590 15500000 500000 11250000 375000 316799 240000 316799 240000 86474 63238 1045830 1114582 0 219849 15500000 500000 21448597 8954157 16556247 1758256 -10193753 883256 4575551 6955901 4892350 7195901 500000 375000 883257 15000000 11250000 -11250000 0 -375000 375000 0 0 -202010 15500000 11250000 -10193753 Charges and security The following assets have been placed as security with bankers: Floating charge of DKK 8,000,000 with mortgage in unsecured receivables, stocks of raw materials, semi-finished and finished goods, brand new vehicles, operating equipment and supplies, fuels and other consumables and intellectual property rights, the carrying amount of which is 5,086,130 4,259,374 Rental and lease obligations Lease obligations, period of non-terminability 60 months 2,357,674 2,878,846 Other contingent liabilities 1,067,183 1,153,828 776698 110316 887014 614000 174000 788000 99014 908798 908798 539000 132000 671000 237798 0 0 316799 240000 0 0 316799 240000 Langfristede gældsforpligtelser består af feriepenge i overgangsperioden. Forpligtelsen er rentebærende. Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt. The debt falls due for payment as specified below: Selling price of work in progress 8096077.0 14296823.0 Payments received on account -6696077.0 -15196823.0 1400000.0 -900000.0 Recognised in the balance sheet as follows: Contract work in progress recognised in assets 2445830.0 214582.0 Prepayments received recognised in debt -1045830.0 -1114582.0 1400000.0 -900000.0 5065267 4089495 600416 449985 21021 34346 150071 254905 5836775 4828731 9 8 0 219849 -56903 -13643 -56903 206206