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01.01.2023 - 31.12.2023.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting.OdenseRoel de JongArjan van der VlietNicolaas Alfons van der PlasCornelis van der MeijTo the shareholders of Container Centralen A/SWe have audited the consolidated financial statements and the parent financial statements of Container Centralen A/S for the financial year 01.01.2023 - 31.12.2023, 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 31.12.2023 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2023 - 31.12.2023 in accordance
with the Danish Financial Statements Act.We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional
requirements
applicable in Denmark. Our responsibilities under those standards and requirements are further
described in the "Auditor’s responsibilities for the audit of the 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.Management 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.Our 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 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 consolidated financial statements and parent financial statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark,
we exercise professional judgement and maintain professional scepticism throughout the audit. We also:<br />Identify and assess the risks of material misstatement of the consolidated financial statements and the parent financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
<br />Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group's and the Entity’s internal control.
<br />Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by Management.
<br />Conclude on the appropriateness of Management’s use of the going concern basis of accounting in
preparing the consolidated financial statements and the parent 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 Group's and the Entity’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related disclosures in the consolidated financial statements and the parent 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
Group and the Entity to cease to continue as a going concern.
<br />Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures
in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and
events in a manner that gives a true and fair view.<br />We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.Management is responsible for the management commentary.
Our opinion on the 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.<br />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.OdensePeter MølkjærGert Rasmussenmne24821mne35430State Authorised Public AccountantState Authorised Public AccountantFinancial highlights2023
EUR'0002022
EUR'0002021
EUR'0002020
EUR'0002019
EUR'000Key figuresRevenue60,98559,18057,67257,94389,756Gross profit/loss24,70714,82418,32221,69836,958Operating profit/loss9,7591,7905,5495,54311,150Net financials(861)(137)(669)593(866)Profit/loss for the year6,8991,27920,8868,6367,849Balance sheet total135,411136,48578,610148,666134,616Investments in property, plant and equipment17,44829,48911,27010,91322,520Equity64,75358,42020,19961,22656,180Cash flows from operating activities21,63518,8165,54826,18223,518Cash flows from investing activities(13,049)(22,113)59,903(23,750)(21,686)Cash flows from financing activities(8,064)3,240(44,920)00RatiosGross margin (%)40.5125.0531.7737.4541.18Net margin (%)11.312.1636.2214.908.74Return on equity (%)11.203.2551.3014.7115.12Equity ratio (%)47.8242.8025.7041.1841.73A part of the group is considered as discontinued operations. The comparative figures 2019 in the financial highlights are not restated. Profit for the year 2021 is incl. gain from discontinued operations.Financial highlights are defined and calculated in accordance with below definitions:Gross margin (%)
:Gross profit/loss * 100
RevenueNet margin (%)
:
Profit/loss for the year * 100
RevenueReturn on equity (%)
:Profit/loss for the year * 100
Average equityEquity ratio (%)
:Equity * 100
Balance sheet totalPrimary activitiesThe Company’s activities consist of the purchase, sales and rental of returnable equipment, for example CC Containers (flower & plant trolleys) in an international pooling system, which also includes maintenance and administration of these products. The Company also conducts Pool Management including “optimization of logistical flows and balance clearing" between parties in the supply chain, where other products than the Company’s own are utilized. Development in activities and financesIn 2023 sales increased by 3% to EUR 60.985k (2022: EUR 59.180k). This increase is due to higher sales prices, partly offset by a slight volume decrease in demand due to a general decline in the horticulture market and the demotion of equipment sales to promote rental. In 2023 we successfully continued to have conversions from year-hire to long-term hire. This will contribute to a more stable future revenue stream through pool fee.
The other operating income of EUR 1.349k is primarily related to the conclusion of a long-lasting court case.
The cost of sales decreased by 20% to EUR 31.807k (2022: EUR 39.913k). The key drivers are lower repair, handling and freight cost. This is due to lower repair volumes in combination with lower prices for spare parts and less cost of goods sold due to lower sales with contract and lower replacements.
The staff cost increased by 12% to EUR 6.883k (2022: 6.167k) due to higher salary cost related to compensation for elevated inflation and more contractors.
The depreciation increased by 18% to EUR 8.065k (2022: 6.867k) due to the following factors: higher depreciation on CC Containers resulting due to revaluation by the end of last year, discontinuing IT cost recharge (2022 was last year) to previous dispositioned company and accelerated depreciation of the replaced operational IT system (Loglink) in 2023.
The result for the year after tax is a profit of EUR 6.899k (2022: EUR 1.279k), which is EUR 5.620k higher than 2022. The difference is primarily due to EUR 8.106k lower cost of sales, offset by EUR 2.119k higher overhead cost and EUR 1.805k lower sales.
In December 2022 the company changed the valuation method of CC Containers from at cost value to fair-market-value to better disclose the current economic value. The fair-market-value is based on average prices of DC Containers. Every other year prices are being updated. A valuation corridor of +/- 15% is applied on benchmark prices, which are subject to price fluctuation.
In 2023 the company continued to invest in new containers to fulfill increased customer utilization and replacements of scrapped products. These investments will allow sustainable growth going forward. The company continued to invest in digitalization with a new operational system for pool management. This new system went live in the fourth quarter of 2023 and allowed for phasing out a technically outdated system. This project is called CC Digital and will bring an integrated system for order management, warehousing & logistics, balance administration, repair quota, contract management, asset management and repair management with several user portals (e.g. for customers, depots and sales).
Together with its customers CC is co-owner and caretaker of the CC system. The Company has an initiating role in improving the quality of the pool of products. The company makes use of a RFID identification system to prevent copy containers entering the system and to keep the system fair and affordable. The system is the world’s largest RFID system in an open logistic supply chain. The company works towards replacing the current CCTAG5 with a new and improved CCTAG6. This project will continue in 2024 with an expected roll-out by the end of 2024 and the beginning of 2025. The company continued to invest in research and development for an upgraded and stronger CC shelf and a strengthened base.
The high energy and fuel prices due to the ongoing war in Ukraine stabilized over the year though stayed relatively high. This resulted in high general inflation levels over 2022 and 2023, also driving higher labor cost. As in 2022 we have seen a slowdown of customer demand at consumer level in 2023. Many of our customers have not been able to increase their sales prices to the level that there cost have increased. Both factors resulted in a lower-than-expected demand for CC Containers.
Shared service support functions are being executed from the sales office in The Netherlands, where all the European customers are supported in 9 languages.
Profit/loss for the year in relation to expected developmentsThe Company delivered 5% lower sales than budgeted in 2023. This was primarily due to lower market demand and demotion of selling CC Containers. Due to lower market activity, there was also a lower inflow of broken material versus budget. This in combination with lower cost for spare parts resulted in 6% lower repair/depot/handling/freight versus budget. As a result, the Operating profit, adjusted for incidental income, was 4% better than budget.
In 2022 there was significant cost inflation and that year the Company was not able to fully transfer this higher cost into higher prices for their customers. In line with expectations the Company was able to recover last years’ margin loss in 2023 by transferring the increased material and labor cost into updated pricing to customers.
With the right resources and tools CC will continue to be a value-added partner for its customers. We continue to investigate more efficient systems and processes to both reduce cost and increase sustainability. The company made a start in 2023 to create service hubs close to the main customer bases with a combined depot and repair activity. In the Netherlands two new repair locations were opened and we transferred repair volume from the North-Eastern part of Poland to The Netherlands, where our main customer base is located. This project will reduce the CO2 footprint of the repair activity significantly as repairs will be executed close to the customer and at the same location as the depot. Simultaneously this will bring a major reduction in transport activity.
Description of material changes in activities and finances
Management does not project major changes in 2024.
Uncertainty relating to recognition and measurementCC containers are revaluated at fair market end of year. This revaluation is based on prices in an active market
although prices fluctuate significant and therefore it is an uncertainty related to the estimate.Unusual circumstances affecting recognition and measurementThe global supply chain issues of 2021 and 2022, which significantly impacted CC, are behind us. Though demand for horticultural products in general is under pressure. The export of flowers and plants from our main market, The Netherlands, declined by respectively 5% for flowers and 3% for plants. Expected main driver for this decline is the higher inflation. This inflation drives less spendable income and higher production cost. When customers have less spendable income, they first economize on luxury products like flowers and plants. OutlookThe consolidation in horticultural industry is still ongoing and the horti supply chain is getting shorter. Business platforms are emerging, and more business is done on these platforms. CC will seek opportunities to connect to some of these platforms. The market outlook in pool management activities is still strong as more and more companies are outsourcing their management of returnable transport items. CC has been successful in getting major retailers as customers for outsourcing parts of their RTI flows.
For 2024 no significant growth is forecasted, and revenue and profit levels are expected to remain at approximately the same level as 2023. Investments and capital needs will be financed from operations and bank loans. The Company expects to have sufficient liquidity available for 2024.
Use of financial instrumentsAll business activity mainly takes place in EUR and DKK currencies. The company is exposed to exchange rate risks related to GBP, PLN, CHF and NOK. No financial instruments are used to hedge this risk.
The company has a bank loan with a fixed interest rate and a credit facility with a variable interest.
Statutory report on corporate social responsibility
Business model
The company operates in markets across Europe, providing containers and pool management, products and services. The products can be rented for long- or short-term hire. The most important products are; CC containers and Euro containers. Most of our Reusable Transport Items (RTIs) can be nested, which increases the number of empty items you can fit into a vehicle. This creates return transport efficiencies. One good example is our virtual transfer by which our client may deliver containers at a depot in one part of Europe and have the corresponding quantity of containers picked up at a depot in another part of Europe. This avoids unnecessary transportation of empty units while optimizing the economy of transportation and minimizing CO2 emissions. Our goal is to continuously improve supply chains by moving products more efficiently. We do this by integrating RTIs into supply chains and managing their rotation throughout a multi-client pool. In doing this we consider the interests of retailers, consumers, and suppliers. The Company has 77 (2022: 79) FTE across locations in 8 countries in Europe.
Risk landscape
The company performed an enterprise risk assessment. Risk in areas like climate change, geo-political, economic, health & safety, compliance, financial, fraud, cyber security, business continuity, data privacy, integrity culture and competition have been identified and evaluated based on probability, impact, controls, and residual risk.
We assess that we do not operate in areas and locations where there are major risks related to human rights, labor rights, the environment and anti-corruption and we have not encountered any incidents of this nature.
The main parts of our products are assembled in Europe. To our knowledge our suppliers adhere to rules and regulations. As we operate in Europe, we face a high level of regulations in relation to environment and employee relations. We are highly aware of complying with all relevant regulatory requirements across the EU market, including requirements regarding environment, climate, labor rights and financial legislation.
Policies, activities and results
The company is fully aware of UN SDG's’ and we strive to work in correspondence with the principles stated herein with a focus on respecting human rights, labor rights, the environment and working against corruption in all its forms. CC has selected three goals; 9 (Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation) ,10 (Reduce inequality within and among countries) and 12 (Ensure sustainable consumption and production patterns) on which it will further discuss and implement individual, formalized policies. In accordance with the Danish Financial Statements Act § 99a. The company has assessed that there are no significant risks within the company’s business operations and supply chain. The company only operates in Europe where there are strong regulations in place from national or supra national legislative bodies. Due to this the company does not feel the need to implement additional specific policies.
As a responsible company, we continuously reassess our approach and, in that way, find new ways to improve in relation to CSR. In CC we welcome this challenge as part of our overall aim of growing responsibly. Integrating CSR into our operations helps us to create transparency and clarity throughout the organization and to our stakeholders. Thus, we want CSR to become a natural part of our daily operations and code of conduct, and not just an ‘add-on activity’. At CC we are committed to implementing responsible business practices, and by doing so we can reduce costs, manage risks, minimize our impact on the environment, attract and retain employees, and strengthen our brand and business overall.
The EU has published the Corporate Sustainability Reporting Directive (CSRD). The CSRD is the EU’s reporting directive on sustainability which replaces the current Non-Financial Reporting Directive (NFRD) which is implemented via the Danish Financial Statements Act. The CSRD significantly expands sustainability reporting and assurance requirements. The CSRD reporting is mandatory for our company from fiscal year 2025. The company started with preparing itself for CSRD reporting and is currently in the process with an external consulting firm to be ready for CSRD reporting as from reporting year 2025.
Statutory report on the underrepresented gender2023Supreme management bodyTotal number of members3Underrepresented gender (%)0.00Target figures (%)25.00Year of expected achievement of target figures2025The board of directors has implemented a policy including targets for any gender which may underrepresented on management level within Container Centralen A/S. The policy stipulates that if candidates with sufficient industry knowledge can be found, the share of the under-represented gender (currently women) in the board of directors should increase from the current 0% to minimum 25% before 2025. The target was not met in 2023, since the best qualified candidates for the Board were men. At CC, it is of great importance to offer equal opportunities for all – irrespective of gender, race, religion, sexual orientation, age or any other parameter other than qualifications and competence. Therefore, we have considered all the applied candidates regardless of their gender, race, religion, sexual orientation, or age.
The company is struggling to achieve the minimum as in this sector women are very scarcely acting on senior management level. 2023Other management levelsTotal number of members2Underrepresented gender (%)0.00Since the company has less than 50 employees in Container Centralen A/S, we have not established a specific policy for the underrepresented gender in the the other management levels.300.252025The board of directors has implemented a policy including targets for any gender which may underrepresented on management level within Container Centralen A/S. The policy stipulates that if candidates with sufficient industry knowledge can be found, the share of the under-represented gender (currently women) in the board of directors should increase from the current 0% to minimum 25% before 2025. The target was not met in 2023, since the best qualified candidates for the Board were men. At CC, it is of great importance to offer equal opportunities for all – irrespective of gender, race, religion, sexual orientation, age or any other parameter other than qualifications and competence. Therefore, we have considered all the applied candidates regardless of their gender, race, religion, sexual orientation, or age.
The company is struggling to achieve the minimum as in this sector women are very scarcely acting on senior management level. 20Since the company has less than 50 employees in Container Centralen A/S, we have not established a specific policy for the underrepresented gender in the the other management levels.Statutory report on data ethics policyThe company implemented a software tool for General Data Protection Regulation (GDPR) in which activities are monitored to stay compliant with GDPR requirements. With all relevant related parties Data Processing Agreements have been established and all company-wide software tools are assessed on possible risks in relation to data privacy.
Statutory report on data ethics policy can be found at: https://www.container-centralen.com/privacy-policy/
In this policy, we define Container Centralen A/S approach to data ethics pursuant to section99 d of the Danish
Financial Statements Act.
Data ethics concerns the ethical considerations which we as a company must consider whenwe use data and
new technologies globally in Container Centralen A/S.Data ethics goes beyond compliance governed by data
privacy laws. We comply with alllegal requirements but acknowledge and respect that our use of data (both
personal dataand non-personal data) may create risks for the users that applicable laws do not cover. We
manage these risks by adhering to the principles described in our policy.Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 60985000591800005061000052666000134900054700013800005460003180700039913000311540004225000058200004990000360800028980002470700014824000172280008064000688300061670001199000113700080650006867000794600067440009759000179000080830001830001900016300019000190008800003000001457000420000889800016530008301000121100019990003740001402000-6800068990001279000038990003000000689900012790000165600022430003000000137600018280001377000182900000002130000213000015890001828000159000018290001223900001170360001223900001170360001410000219200012130001876000123800000119228000123603000118912000125389000121056000133986000130467000640002694000640002694000640002694000640002694000590700097710002563000669200067400020600084000034500047900038200028400026700070600001035900038340007408000289800023760002376000243300011410009980001002200015429000503900011100000135411000136485000139025000141567000469100093830004691000938300034311000369630003431100036963000-715000-649000-755000-649000264660001272300020002000112970006475300058420000938300036963000-64900012723000058420000469100034311000-7150002646600006475300058420000938300036963000-6490000142600011297000058420000469100034311000-755000507800014260002000200002415400022898000242490002289800024470003312000244700033120002660100026210000266960002621000076920008974000769200089740001357300093640002050000314100021265000183380009742000121150001282000128200012820001282000556400010346000556400010346000260004600050009000957400010509000886700097690005200010000788000217500080800021210005506000914900024390002667000227920003351700037834000448220004405700051855000475760005693700013541100013648500013902500014156700000100000010000000010000001000000-469200046920000-4692000469200001500000-150000001500000-150000000-1500000-15000000-1500000-150000000-6600000-6600000-1060004000000-66000-2652000026520000-26520000026520000The share capital of the company is DKK 35,000,000, divided into shares of DKK 10,000 and multiples hereof.<br />The share capital of the company is DKK 35,000,000, divided into shares of DKK 10,000 and multiples hereof.80650007470000-865000-20400004653000136040001585000-301200023197000178120001900019000-880000-300000-70100012850002163500018816000-729000-604000-17448000-2948900051280007980000-13049000-221130008586000-3297000-47820004527000-1282000-1287000-20000000-80640003240000522000-57000289800023760001 Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 1 Events after the balance sheet date
No events have occurred after the balance sheet date to this date which would influence the evaluation of this annual report.
2 Uncertainty relating to recognition and measurement
CC containers are revaluated at fair market end of year. This revaluation is based on prices in an active market although prices fluctuate significant and therefore it is an uncertainty related to the estemate. Please see note 12 for further details.2 Uncertainty relating to recognition and measurement
CC containers are revaluated at fair market end of year. This revaluation is based on prices in an active market although prices fluctuate significant and therefore it is an uncertainty related to the estemate. Please see note 12 for further details.3 RevenueThe main activities of the Group are Pool Management and hiring out containers in Europe. The activities on each market
including the competitive situation and risk profile are regarded as very homogeneous except for the differences in language, etc. In the light of this the Group is not seen as having different segment activities.
3 RevenueThe main activities of the Group are Pool Management and hiring out containers in Europe. The activities on each market including the competitive situation and risk profile are regarded as very homogeneous except for the differences in language, etc. In the light of this the Group is not seen as having different segment activities. 4 Fees to the auditor appointed by the Annual General Meeting2023
EUR'0002022
EUR'000Statutory audit services5048Tax services76Other services121869725 Staff costs2023
EUR'0002022
EUR'000Wages and salaries5,3715,016Pension costs612615Other social security costs775386Other staff costs1251506,8836,167Average number of full-time employees7376Remunerationof management
2023
EUR'000Remunerationof management
2022
EUR'000Executive Board514628Committee of Representatives37535516814 Staff costs2023
EUR'0002022
EUR'000Wages and salaries1,037933Pension costs155144Other staff costs7601,1991,137Average number of full-time employees88Remunerationof
Manage- ment
2023
EUR'000Remunerationof Manage- ment
2022
EUR'000Executive Board283338Committee of Representatives3753320391737688Remunerationof management
2023
EUR'000Remunerationof management
2022
EUR'000Executive Board514628Committee of Representatives3753551681Remunerationof
Manage- ment
2023
EUR'000Remunerationof Manage- ment
2022
EUR'000Executive Board283338Committee of Representatives3753320391514000628000370005300028300033800037000530006 Depreciation, amortisation and impairment losses2023
EUR'0002022
EUR'000Amortisation of intangible assets967896Depreciation on property, plant and equipment6,8755,901Impairment losses on property, plant and equipment223708,0656,8675 Depreciation, amortisation and impairment losses2023
EUR'0002022
EUR'000Amortisation of intangible assets967896Depreciation on property, plant and equipment6,7565,778Impairment losses on property, plant and equipment223707,9466,7447 Other financial expenses2023
EUR'0002022
EUR'000Other interest expenses378210Exchange rate adjustments1930Other financial expenses309908803002023
EUR'0002022
EUR'000Other interest expenses378210Exchange rate adjustments1930Other financial expenses30990880300<br />7 Other financial expenses2023
EUR'0002022
EUR'000Financial expenses from group enterprises664306Other interest expenses378210Exchange rate adjustments136(149)Other financial expenses279531,457420<br />2023
EUR'0002022
EUR'000Financial expenses from group enterprises664306Other interest expenses378210Exchange rate adjustments136(149)Other financial expenses279531,4574208 Tax on profit/loss for the year2023
EUR'0002022
EUR'000Current tax687426Change in deferred tax1,307(51)Adjustment concerning previous years5(1)1,9993748 Tax on profit/loss for the year2023
EUR'0002022
EUR'000Change in deferred tax1,402(51)Adjustment concerning previous years0(17)1,402(68)9 Proposed distribution of profit/loss2023
EUR'0002022
EUR'000Extraordinary dividend distributed in the financial year3,0000Retained earnings3,8991,2796,8991,2799 Proposed distribution of profit and loss2023
EUR'0002022
EUR'000Extraordinary dividend distributed in the financial year3,0000Retained earnings3,8991,2796,8991,2793000000030000000389900012790003899000127900010 Intangible assetsCompleted development projects
EUR'000Acquired licences
EUR'000Development projects in progress
EUR'000Cost beginning of year18,6781390Exchange rate adjustments(37)00Additions5160213Disposals(6,098)(139)0Cost end of year13,0590213Amortisation and impairment losses beginning of year(16,850)(139)0Exchange rate adjustments3600Amortisation for the year(967)00Reversal regarding disposals6,0981390Amortisation and impairment losses end of year(11,683)00Carrying amount end of year1,3760213Completed development projects
EUR'000Acquired licences
EUR'000Development projects in progress
EUR'000Cost beginning of year18,6781390Exchange rate adjustments(37)00Additions5160213Disposals(6,098)(139)0Cost end of year13,0590213Amortisation and impairment losses beginning of year(16,850)(139)0Exchange rate adjustments3600Amortisation for the year(967)00Reversal regarding disposals6,0981390Amortisation and impairment losses end of year(11,683)00Carrying amount end of year1,3760213<br />10 Intangible assetsCompleted development projects
EUR'000Acquired licences
EUR'000Development projects in progress
EUR'000Cost beginning of year18,6781390Exchange rate adjustments(37)00Additions5160213Disposals(6,098)(139)0Cost end of year13,0590213Amortisation and impairment losses beginning of year(16,849)(139)0Exchange rate adjustments3600Amortisation for the year(967)00Reversal regarding disposals6,0981390Amortisation and impairment losses end of year(11,682)00Carrying amount end of year1,3770213<br />Completed development projects
EUR'000Acquired licences
EUR'000Development projects in progress
EUR'000Cost beginning of year18,6781390Exchange rate adjustments(37)00Additions5160213Disposals(6,098)(139)0Cost end of year13,0590213Amortisation and impairment losses beginning of year(16,849)(139)0Exchange rate adjustments3600Amortisation for the year(967)00Reversal regarding disposals6,0981390Amortisation and impairment losses end of year(11,682)00Carrying amount end of year1,377021311 Development projectsDuring 2023, CC mainly invested in the operational and financial systems under the project name CC Digital.
Completed development consist of software supporting the business which is completed and in use. Additions
mainly comprise of investments in Financial system, Scanner software and extra Loglink & RFID functionality
. 11 Development projectsDuring 2023, CC mainly invested in the operational and financial systems under the project name CC Digital.
Completed development consist of software supporting the business which is completed and in use. Additions
mainly comprise of investments in Financial system, Scanner software and extra Loglink & RFID functionality.
12 Property, plant and equipmentPlant and machinery
EUR'000Other fixtures and fittings, tools and equipment
EUR'000Cost beginning of year164,76116,013Exchange rate adjustments(467)(58)Additions16,1471,301Disposals(5,945)(828)Cost end of year174,49616,428Revaluations beginning of year47,3890Reversal regarding disposals(1,370)0Revaluations end of year46,0190Depreciation and impairment losses beginning of year(95,114)(13,821)Exchange rate adjustments20953Impairment losses for the year(223)0Depreciation for the year(5,185)(1,690)Reversal regarding disposals2,188440Depreciation and impairment losses end of year(98,125)(15,018)Carrying amount end of year122,3901,410Carrying amount if asset had not been revalued78,4001,410For the CC Container there is an active parallel market of so-called DC Containers. The abbreviation “DC” stands for “Deense Container”. Non-original DC Containers are available in the market from other suppliers than Container Centralen. These suppliers offer DC Containers in different qualities, both new and used.
Therefore the market price also fluctuates. This results in an active market for ‘CC like’ containers with market prices which can be used as a basis for fair value accounting of used CC Containers. The market price is based on an average price reduced with a general hair cut of 25%. The fluctuations in prices over periods and between different suppliers is estimated to at least 15% and therefore a corridor at +/- 15% on the average price calculation is applied and no fair value revaluation is made as long as the book value is within the +/-15% corridor.
Below calculation shows the impact, if the valuation have been adjusted to top or bottom of the corridor and the total spread in the possible valuation. Top of corridorBottom of corridorTotal spreadFair value change2,428(18,683)21,11112 Property, plant and equipmentPlant and machinery
EUR'000Other fixtures and fittings, tools and equipment
EUR'000Cost beginning of year164,75915,159Exchange rate adjustments(467)(58)Additions16,1471,301Disposals(5,945)(828)Cost end of year174,49415,574Revaluations beginning of year47,3890Reversal regarding disposals(1,370)0Revaluations end of year46,0190Depreciation and impairment losses beginning of year(95,112)(13,283)Exchange rate adjustments20953Impairment losses for the year(223)0Depreciation for the year(5,185)(1,571)Reversal regarding disposals2,188440Depreciation and impairment losses end of year(98,123)(14,361)Carrying amount end of year122,3901,213Carrying amount if asset had not been revalued78,4001,213For the CC Container there is an active parallel market of so-called DC Containers. The abbreviation “DC” stands
for “Deense Container”. Non-original DC Containers are available in the market from other suppliers than Container Centralen. These suppliers offer DC Containers in different qualities, both new and used.
Therefore the market price also fluctuates. This results in an active market for ‘CC like’ containers with market prices which can be used as a basis for fair value accounting of used CC Containers. The market price is based on an average price reduced with a general hair cut of 25%. The fluctuations in prices over periods and between different suppliers is estimated to at least 15% and therefore a corridor at +/- 15% on the average price calculation is applied and no fair value revaluation is made as long as the book value is within the +/-15% corridor.
Below calculation shows the impact, if the valuation have been adjusted to top or bottom of the corridor and the total spread in the possible valuation. Top of corridorBottom of corridorTotal spreadFair value change2,428(18,683)21,11113 Trade receivablesReceivables include receivables that are due only after one year with EUR 0 (155k 2022).14 Trade receivablesReceivables include receivables that are due only after one year with EUR 0 (87k 2022).14 PrepaymentsPrepayments comprise prepaid expenses regarding services, rent, insurance premiums, subscriptions etc.15 PrepaymentsPrepayments comprise prepaid expenses regarding rent, insurance premiums, subscriptions etc. 15 Deferred tax2023
EUR'0002022
EUR'000Intangible assets350402Property, plant and equipment27,09726,160Provisions(587)(848)Tax losses carried forward(2,706)(2,816)Deferred tax24,15422,898
Changes during the year2023
EUR'0002022
EUR'000Beginning of year22,89812,522Recognised in the income statement1,307(51)Recognised directly in equity010,426Other changes(51)1End of year24,15422,89815 Deferred tax<br />16 Deferred tax2023
EUR'0002022
EUR'000Intangible assets350402Property, plant and equipment27,19226,160Provisions(587)(848)Tax losses carried forward(2,706)(2,816)Deferred tax24,24922,898
Changes during the year2023
EUR'0002022
EUR'000Beginning of year22,89812,523Recognised in the income statement1,402(51)Recognised directly in equity010,426Other changes(51)0End of year24,24922,898<br />16 Deferred tax16 Other provisions Other provisions relates to guarantees for containers at customers where there is a risk of loss and to a repair obligation for defect containers at depots and repair centers. 17 Other provisionsOther provisions relates to guarantees for containers at customers where there is a risk of loss and to a repair obligation for defect containers at depots and repair centers.17 Deferred incomeDeferred income (non-current) contains of prepaid long term hire contracts on containers mentioned under property, plant and equipment.
18 Deferred incomeDeferred income (none-current) contains of prepaid long term hire contracts on containers mentioned under property, plant and equipment. 18 Non-current liabilities other than provisionsDue within 12
months
2023
EUR'000Due within 12
months
2022
EUR'000Due after
more than 12
months
2023
EUR'000Outstanding
after 5 years
2023
EUR'000Bank loans1,2821,2827,6922,564Deferred income0013,57301,2821,28221,2652,56419 Non-current liabilities other than provisionsDue within 12
months
2023
EUR'000Due within 12
months
2022
EUR'000Due after
more than 12
months
2023
EUR'000Outstanding
after 5 years
2023
EUR'000Bank loans1,2821,2827,6922,546Deferred income002,05001,2821,2829,7422,546The prepaid hire concerns the containers mentioned under property, plant and equipment.19 Prepayments received from customersReceived prepayments from customers can primarily be attributed to deposits.
20 Deferred incomeDeferred income (current) contains of prepaid short term hire contracts, pool fee and current portion of long term hire contract on containers mentioned under property, plant and equipment. 20 Prepayments received from customersReceived prepayments from customers can primarily be attributed to deposits.21 Deferred incomeDeferred income (current) contains of prepaid short term hire contracts, pool fee and current portion of long
term hire contract on containers mentioned under property, plant and equipment. 21 Changes in working capital2023
EUR'0002022
EUR'000Increase/decrease in inventories2,630(2,340)Increase/decrease in receivables3,2997,041Increase/decrease in trade payables etc.(1,276)8,9034,65313,60422 Unrecognised rental and lease commitments2023
EUR'0002022
EUR'000Total liabilities under rental or lease agreements until maturity 1,2471,33122 Unrecognised rental and lease commitments2023
EUR'0002022
EUR'000Total liabilities under rental or lease agreements until maturity 8511523 Assets charged and collateralBank loans are secured by way of a floating charge of nominal DKK 250 m. (approx. EUR 33m) on goodwill, operating
equipment, inventories and trade receivables.
The carrying amount of mortgaged other fixtures and fillings, tools and equipment EUR 1,410k
The carrying amount of mortgaged plant and machinery EUR 122,390k
The carrying amount of mortgaged inventories/containers for rent EUR 64k
The carrying amount of mortgaged trade receivables EUR
5,907k
Container Centralen Benelux B.V. has provided security and EUR 221k for the tenacy on a tied account.
24 Assets charged and collateralBank loans are secured by way of a floating charge of nominal DKK 250 m. (approx. EUR 33m) on goodwill, operating equipment, inventories and trade receivables.
The carrying amount of mortgaged other fixtures and fillings, tools and equipment EUR 1,213k.
The carrying amount of mortgaged plant and machinery EUR 122,390k.
The carrying amount of mortgaged inventories/containers for rent EUR 64k.
The carrying amount of mortgaged trade receivables EUR 2,563k 24 Transactions with related partiesTransactions with related parties are not disclosed with reference to the Danish Financial Statements Act §
98c paragraph. 3.
25 Transactions with related partiesTransactions with related parties are not disclosed with reference to the Danish Financial Statements Act §
98c paragraph. 3. 25 SubsidiariesRegistered inOwnership
%Container Centralen GmbHGermany100.00Container Centralen Iberica S.L.U.Spain100.00Container Centralen France SarlFrance100.00Container Centralen LimitedUnited Kingdom100.00Container Centralen Polska Sp. zo.o.Poland100.00Container Centralen Benelux B.V.The Netherlands100.00Container Centralen Italia S.r.l.)Italy100.001656000142900087930009726000879300097260004000680001430003600050780000142600014260001886900018628000-2629000262900000060110000-601100006 Other financial income2023
EUR'0002022
EUR'000Other interest income1919191913 Financial assetsInvestments in group enterprises
EUR'000Cost beginning of year3,715Cost end of year3,715Revaluations beginning of year6,011Exchange rate adjustments40Share of profit/loss for the year1,656Dividend(2,629)Revaluations end of year5,078Carrying amount end of year8,793A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.23 Contingent liabilitiesContainer Centralen A/S has provided security for the liabilities of the subsidiaries in the Netherlands under
art. 2:396. Paragraph 7 of the Netherlands Civil Code.This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act
governing reporting class C enterprises (large).The accounting policies applied to these consolidated financial statements and parent financial statements are consistent with those applied last year.
Transactions with related parties are not disclosed with reference to the Danish Financial Statements Act §
98c paragraph 3 and 7.
falseRecognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic
benefits will flow to the Entity, and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a
result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the
value of the liability can be measured reliably.
On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial
recognition is effected as described below for each financial statement item.
Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm
or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and
measurement.
Income is recognised in the income statement when earned, whereas costs are recognised by the amounts
attributable to this financial year. <br />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. Enterprises in which the Group, directly or indirectly, holds between 20% and 50% of the voting rights and exercises significant, but not controlling influence, are regarded as associates.<br />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. Minority
interests’ proportionate share of profit or loss is presented as a separate item in Management’s proposal for
distribution of profit or loss, and their share of subsidiaries’ net assets is presented as a separate item in
group equity.
Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the takeover date, with net assets having been calculated at fair value.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. The comparative
figures might deviate slightly from last years annual report du to roundings.
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.
Exchange adjustments of outstanding accounts with independent foreign subsidiaries, which are considered
part of the total investment in the subsidiary in question, are classified directly as equity.RevenueNew rental is normally based on short term (from day hire to period) till long term (five-year) agreements,
according to which the full rental amount is paid as a lump sum and taken to income, deferred over time
depending on the contract type. Apart from that the company generates service income related to pool management.
Sale of containers on service agreements
The sales amount is taken to income at the closure of the contract.
Pool fee
Income from repair and maintenance agreements is stated on an accrual basis for each month, so that, based
on the prudence concept, a provision is made to meet the expected direct repair and maintenance costs
during the rest of the period which the invoiced fees concern.Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary
activities, including income from legal cases, profit from the sale of intangible assets and property, plant and equipment, and salary refunds .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 comprise expenses for distribution, sale, marketing, administration, premises, bad
debts, etc.
Other external costs are recognised together with insurance costs, costs regarding development projects that
do not comply with the criteria for recognition in the balance sheet and amortisation of development projects
recognised.
Staff costsStaff costs comprise salaries and wages as well as social security contributions, pension contributions, etc
for entity staff.
Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to plant and equipment and intangible assets comprise depreciation, amortisation and impairment losses for the financial year, calculated on the basis of the
residual values and useful lives of the individual assets and impairment testing as well as gains and losses
from the sale of intangible assets as well as 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 internal profits or losses.
Other financial incomeOther financial income comprises interest income, including interest income on receivables from group enterprises, payables and transactions in foreign currencies etc.
Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, payables and transactions in foreign currencies, amortisation of financial liabilities etc.
Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the
income statement by the portion attributable to the profit for the year and recognised directly in equity by
the portion attributable to entries directly in equity.Intellectual property rights etc.Intellectual property rights etc. comprise development projects completed and in progress with related
intellectual property rights, acquired intellectual property rights and prepayments for intangible assets.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 under reserve for development costs that is reduced
as the development projects are amortised and written down.
The cost of development projects comprises costs such as salaries and amortisation that are directly and
indirectly attributable to the development projects.
Development costs are measured at cost.
Completed development projects are amortised on a straight-line basis using the estimated useful lives of
the assets. The amortisation period is usually tree to six years. For development projects protected by intellectual property rights, the maximum amortisation period is the remaining duration of the relevant rights.
Development projects are written down to the lower of recoverable amount and carrying amount.
Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are amortised over their remaining duration, and licences are amortised over the term of the agreement, but over no
more than 20 years.
Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentPlant and machinery, and other fixtures and fittings, tools and equipment are
measured at cost plus revaluation, less accumulated depreciation and impairment losses. Only the CC Containers are subject to revaluation. The Euro- and Half container are measued at cost less accumulated depreciation and impairment losses. Revaluation of the CC Container is calculated on the basis of regular, independent fair value measurements (average of quotes) deducted by a haircut. Only if current book value is without a corridor at +/-15% a revaluation is booked.
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 plus revaluation and minus 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
CC Containers, European pool10 yearsOther equipment5-10 yearsProperty, plant and equipment are written down to the lower of recoverable amount and carrying amount.
Profits and losses from the sale of plant and equipment are calculated as the difference between selling price
less selling costs and carrying amount at the time of sale. Profits or losses are recognised in the income
statement as an adjustment to depreciation and impairment losses.
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
amount.Investments in group enterprisesInvestments in group enterprises are recognised and measured according to the equity method. This means
that investments are measured at the pro rata share of the enterprises’ equity plus or minus unamortised
positive, or negative, goodwill and minus or plus unrealised intra-group profits or losses.
Group enterprises with negative equity are measured at DKK 0, and any receivables from these enterprises
are written down by the Parent’s share of such negative equity value if it is deemed irrecoverable. If the
negative equity value exceeds the amount receivable, the remaining amount is recognised under provisions
if the Parent has a legal or constructive obligation to cover the liabilities of the relevant enterprise.
Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to Reserve for net revaluation according to the equity method under equity.
Goodwill is calculated as the difference between cost of the investments and fair value of the assets and
liabilities acquired. Goodwill is amortised over its estimated useful life which is normally ten years, however,
in certain cases it may be up to 20 years for strategically acquired enterprises with a strong market position
and a long-term earnings profile if the longer amortisation period is considered to give a better reflection of
the benefit from the relevant resources.
Investments in group enterprises are written down to the lower of recoverable amount and carrying amount.
InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value.
Cost consists of purchase price plus delivery costs.
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. Extraordinary dividend adopted in the financial
year is recognised directly in equity when distributed and disclosed as a separate item in Management's
proposal for distribution of profit/loss.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based
value of
assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset or the planned settlement of each liability.
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.
Other provisionsOther provisions comprise anticipated costs of non-recourse guarantee commitments.
Other provisions are recognised and measured as the best estimate of the expenses required to settle the
liabilities at the balance sheet date. Provisions that are estimated to mature more than one year after the
balance sheet date are measured at their discounted value.
Operating leasesLease payments on operating leases are recognised on a straight-line basis in the income statement over
the
term of the lease.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.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.Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income
is measured at cost.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 taxes 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, including acquisition of assets held under finance
leases.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, inception of finance leases, repayments of interest-bearing
debt, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk less
short-
term bank loans.
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 taxes 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, including acquisition of assets held under finance
leases.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, inception of finance leases, repayments of interest-bearing
debt, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk less
short-
term bank loans.
2024-05-28Niels van der Plas