xbrli:pureiso4217:EUR139097092022-01-012022-12-31cmn:ConsolidatedMember139097092022-01-012022-12-311cmn:ConsolidatedMember139097092022-12-31cmn:ConsolidatedMember139097092022-01-012022-12-311cmn:ConsolidatedMember139097092022-01-012022-12-312cmn:ConsolidatedMember139097092022-01-012022-12-311139097092022-01-012022-12-312139097092022-01-012022-12-313139097092022-01-012022-12-314139097092022-01-012022-12-312cmn:ConsolidatedMember139097092022-01-012022-12-31139097092021-01-012021-12-31cmn:ConsolidatedMember139097092021-01-012021-12-31139097092022-01-012022-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMembercmn:ConsolidatedMember139097092022-01-012022-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember139097092022-01-012022-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember139097092021-01-012021-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember139097092022-01-012022-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember139097092022-01-012022-12-31fsa:RetainedEarningsMember139097092022-01-012022-12-31fsa:RetainedEarningsMember139097092021-01-012021-12-31fsa:RetainedEarningsMember139097092021-12-31cmn:ConsolidatedMember139097092022-12-31139097092021-12-31139097092022-01-01cmn:ConsolidatedMember139097092021-01-01cmn:ConsolidatedMember139097092022-01-01fsa:ContributedCapitalMembercmn:ConsolidatedMember139097092022-01-01fsa:RevaluationReserveMembercmn:ConsolidatedMember139097092022-01-01fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMembercmn:ConsolidatedMember139097092022-01-01fsa:RetainedEarningsMembercmn:ConsolidatedMember139097092022-12-31fsa:ContributedCapitalMembercmn:ConsolidatedMember139097092022-12-31fsa:RevaluationReserveMembercmn:ConsolidatedMember139097092022-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMembercmn:ConsolidatedMember139097092022-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember139097092022-01-01fsa:ContributedCapitalMember139097092022-01-01fsa:RevaluationReserveMember139097092022-01-01fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember139097092022-01-01fsa:ReserveForDevelopmentExpenditureMember139097092022-01-01fsa:RetainedEarningsMember139097092022-01-01139097092022-12-31fsa:ContributedCapitalMember139097092022-12-31fsa:RevaluationReserveMember139097092022-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember139097092022-12-31fsa:ReserveForDevelopmentExpenditureMember139097092022-12-31fsa:RetainedEarningsMember139097092022-01-012022-12-31fsa:ContributedCapitalMembercmn:ConsolidatedMember139097092022-01-012022-12-31fsa:RevaluationReserveMembercmn:ConsolidatedMember139097092022-01-012022-12-31fsa:ContributedCapitalMember139097092022-01-012022-12-31fsa:RevaluationReserveMember139097092022-01-012022-12-31fsa:ManagementMembercmn:ConsolidatedMember139097092021-01-012021-12-31fsa:ManagementMembercmn:ConsolidatedMember139097092022-01-012022-12-31fsa:SupervisoryBoardMembercmn:ConsolidatedMember139097092021-01-012021-12-31fsa:SupervisoryBoardMembercmn:ConsolidatedMember139097092022-01-012022-12-31fsa:ManagementMember139097092021-01-012021-12-31fsa:ManagementMember139097092022-01-012022-12-31fsa:SupervisoryBoardMember139097092021-01-012021-12-31fsa:SupervisoryBoardMember139097092022-01-012022-12-31fsa:ShorttermPrepaymentsOfWorkInProgressMembercmn:ConsolidatedMember139097092022-01-012022-12-31fsa:ShorttermDeferredIncomeMembercmn:ConsolidatedMember139097092022-01-012022-12-31fsa:ShorttermPrepaymentsOfWorkInProgressMember139097092022-01-012022-12-31fsa:ShorttermDeferredIncomeMember139097092022-01-012022-12-31fsa:ReserveForDevelopmentExpenditureMemberGrundlag for konklusionKonklusion2023-05-112023-05-1133963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegningRegnskabsklasse C, stor virksomhed2021-12-312021-01-0133963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2022-12-312022-01-01Container Centralen A/S13909709ÅrsrapportOdense51005Tværkajen, Postboks 10OdenseOdense SV5250<br /><br />16Sanderumvejhttps://www.container-centralen.com/privacy-policy/The Board of Directors and the Executive Board have today considered and approved the annual report of Container Centralen A/S for the financial year 01.01.2022 - 31.12.2022.The annual report is presented 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 31.12.2022 and of the results of their operations and the consolidated cash flows for the financial year
01.01.2022 - 31.12.2022.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 MeijMatthijs MeskenMatthijs MeskenTo 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 01.01.2022 - 31.12.2022, 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 31.12.2022 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2022 - 31.12.2022 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 under the Danish Financial Statements Act.<br />Based on the work we have performed, we conclude that the management commentary is in accordance with
the consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements of the Danish Financial
Statements Act. We did not identify any material misstatement of the management commentary.OdensePeter MølkjærGert Rasmussenmne24821mne35430State Authorised Public AccountantState Authorised Public AccountantFinancial highlights2022
EUR'0002021
EUR'0002020
EUR'0002019
EUR'0002018
EUR'000Key figuresRevenue64,56357,67257,94389,75684,949Gross profit/loss15,42718,32221,69836,95831,629Operating profit/loss1,7905,5495,54311,15010,040Net financials(137)(669)593(866)(1,535)Profit/loss for the year1,27920,8868,6367,8496,506Balance sheet total136,48578,610148,666134,616123,979Investments in property, plant and equipment29,48911,27010,91322,52019,302Equity58,42020,19961,22656,18047,667Cash flows from operating activities18,8165,54826,18223,51811,702Cash flows from investing activities(22,113)59,903(23,750)(21,686)(17,442)Cash flows from financing activities3,240(44,920)00(1,000)RatiosGross margin (%)23.8931.7737.4541.1837.23Net margin (%)1.9836.2214.908.747.66Return on equity (%)3.2551.3014.7115.1214.45Equity ratio (%)42.8025.7041.1841.7338.45A part of the group is considered as discontinued operations. The comparative figures 2018 - 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 purchase, sales and rental of returnable equipment for example CC Containers (flower 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 2022 sales increased by 12% to EUR 64.563k (2021: EUR 57.672k). This is primarily due to higher sales of CC Containers with contract and higher replacement & loss fees. We also see a move from short term hire (STH) towards long term hire (LTH) contracts due to conversions. This secures CC position and generates stable future cashflow through pool fees.
Result for the year after tax is a profit of EUR 1.279k (2021: EUR 20.886k). In 2021 there was a one-off effect of EUR 17.282k from the divestment of the USA and European Retail business. After adjusting for this one-off effect, the 2022 result for the year after tax is EUR 2.325 lower than prior year. This is primarily due to higher than anticipated repair- and freight costs. The repair cost increased due to higher spare parts cost, which were not fully included in the list prices for 2022. The repair cost also increased due to a one-off effect of the addition of broken stock at depots to the repair obligation. The freight increased due to higher fuel prices and longer travel distances due to repair shop allocations.
In December 2022 the company changed the valuation method of CC Containers from at cost value to fair-market-value. This is because management observed an undervaluation of assets as many units were fully depreciated to residual value, while material prices had increased, and assets were maintained in a functional state through continuous repair activities. The management is of the opinion that this revaluation provides a better disclosure of the current economic value. This revaluation had an impact of EUR 47.389k in tangible fixed assets with an offset in Equity (78%) and Deferred Tax (22%). A side effect of this revaluation is an improved equity ratio from 26% as per year-end 2021 to 43% as per year-end 2022.
In 2022 the company continued to invest in new containers to enlarge the pool to be able to fulfill increased customer utilization of our products. These investments will allow sustainable growth going forward. The company also invested in digitalization and the development of a new operational system for pool management to phase out outdated systems later in 2023. 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).
The company continued the usage of the in 2011 implemented RFID identification system to prevent copy containers entering the system to keep the system fair and affordable. The system is the world’s largest RFID system in an open logistic supply chain.
While the Covid-19 pandemic has come to an end in 2022 the world faced new challenges due to the war in the Ukraine with Russia. The majority of our 18,000 customers where in some way affected by the impact of this war with higher energy and fuel prices and trade sanctions with Russia. The impact of this war on CC over this year was fortunately not severe. Though for 2023 we see a slower start of the season as some growers have delayed orders and there is a decreased demand for containers due to lower spendable income as European markets are under pressure.
The company is co-owner of containers together with its customers and caretaker of the CC system. Therefore, it has an initiating role in improving the quality of the pool of products. After having implemented a quota system for the repair of CC shelves some years ago, management continues to investigate new product concepts to either improve the current shelf or implement a new interchangeable product. In 2022 several consultations with customers took place
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 higher sales than budgeted in 2022. This was primarily due to more conversions from short-term hire to long-term hire and higher Sales of CC Containers with contract.
Some years ago, management formulated a strategy to grow faster in long-term hire contracts. We have been successful in implementing this, which will provide the company with a steadier income in the years ahead.
Due to tail effects of supply chain disruptions from Covid-19 and the war between Ukraine and Russia driving high energy prices and inflation the company experienced a strong increase in logistical and sourcing cost. The company was not able to transfer this higher cost into higher prices for their customers. This resulted in higher actual costs than budgeted and bottom line a lower profit versus budget. The company expects to recover this 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. For the next year the company plans to create service hubs close to the main customer bases with a combined depot and repair activity. This will reduce the CO2 footprint of the repair activity significantly as repairs will be carried out close to the customer and at the same location as the depot.
Description of material changes in activities and finances
Management does not project major changes in 2023.
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 measurementMarket conditions in the horticultural sector have shown a substantial increase in plant and flower sales in recent years. This change was driven by positive changes in consumer behavior due to consumers spending an increasing part of their spendable income on flowers and plants. In both 2021 and 2022 we have been confronted with serious disruptions in our supply chain. These disruptions were caused by restricted sea freight capacity and related massive price increases. Global supply chain issues have improved in the second half of 2022. Many institutions provide a grim outlook for 2023 and the years thereafter due to higher energy prices and related inflation. Also, the impact of the consolidation in horticultural industry is ongoing and expected to accelerate. The company is seeing a clear trend that more business is going direct, meaning the auction is bypassed increasingly and more and more business is moving to online platforms. CC will seek opportunities to connect to some of these platforms. The market outlook in our pool management activities is strong as more and more companies are outsourcing their management of returnable transport items. CC has been successful in getting major retailers on board executing parts of their RTI flows.OutlookOur budgets for 2023 for our operating companies show increased results compared to 2022. The budgeted revenue for 2023 is expected to be higher than the previous year. Investments and capital needs will be financed from operations and bank loans. The Company expects to have sufficient liquidity available for 2023.
Use of financial instruments
All business activity mainly takes place in EUR and DKK currencies. The company is exposed to exchange rate risks related to GBP. 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
We operate in markets across Europe, providing containers and pool management, products and services. Our products can be rented for long- or short-term hire. Our 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 to a depot in one part of Europe and have the corresponding quantity of containers delivered at a depot in another part of Europe. We thus avoid 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. We have 76 FTE across locations in 8 countries in Europe.
Our risk landscape
We do not assess that we 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. We are regularly assessing whether our partners are adhering to the standards CC is imposing on them.
The main parts of our products are assembled in Europe. To our knowledge our suppliers adhere to rules and regulations. We operate in Europe. 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 regarding environment and climate protection, 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, however no formal policies are implemented, as the management has assessed that there are no major risks within the company’s business operations and supply chain.
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 we will further discuss and implement individual, formalized policies in accordance with the Danish Financial Statements Act § 99a.
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 has already started with preparing itself for CSRD reporting.
Statutory report on the underrepresented genderThe 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 in the event that 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 2022, since the best qualified candidates for the Board were men.
The company is struggling to achieve the minimum as in this sector women are very scarcely acting on senior management level. Nevertheless, the company will continue to strive for women in Executive board or Board of Directors. Since 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 Executive board levels.
Statutory report on data ethics policyStatutory 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 section
99 d of the Danish Financial Statements Act.
Data ethics concerns the ethical considerations which we as a company must consider when
we use data and new technologies globally in Container Centralen A/S.
Data ethics goes beyond compliance governed by data privacy laws. We comply with all
legal requirements but acknowledge and respect that our use of data (both personal data
and 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. Consolidated treasury sharesNumberNominal
value
EUR'000Share of
contributed
capital
%Shares3,5004,69250.00Holding of treasury
shares3,5004,69250.00Consolidated treasury shares is applicable for both consolidated and parentConsolidated treasury shares is applicable for both consolidated and parent645630005767200052666000473920005470007440005460007440004469300035322000416470003347000049900004772000289800031120001542700018322000866700011554000616700065600001137000116900074700006213000734700060890001790000554900018300042960001630001140001900011400001750000175000300000608000420000757000165300048800001211000266240003740001276000-6800057380001279000-36040000-1728200012790002088600001279000127900020886000127900020886000012790001279000208860001828000212000018290002120000000018280002120000182900021200001170360005345000011703600053452000219200028530001876000241400011922800056303000118912000558660001210560005842300013046700067003000269400035400026940003530002694000354000269400035300097710004148000669200014000020600016300034500031300038200013089000267000131890001035900017400000740800013832000237600024330002433000-180000009980006380001542900020187000111000001482300013648500078610000141567000818260009383000938300093830009383000369630000369630000-649000-628000-649000-6270001272300011444000112970009790000584200002019900093830000-6280001144400020199000938300036963000-64900012723000584200002020000093830000-6290001654000979000020198000938300036963000-64900014260001129700022898000125220002289800012523000331200053520003312000535200026210000178740002621000017875000897400010261000897400010261000936400050480003141000197500018338000153090001211500012236000128200012820001282000128200010346000581900010346000581900046000423000900039900010509000400100097690003490000100008710000724000217500028440002121000179200091490009988000266700021620003351700025228000448220003151500051855000405370005693700043751000136485000786100001415670008182600000-210000-2100000-200000-2000047389000473890004738900047389000-1042600000-10426000-1042600000-10426000The share capital of the company is DKK 70,000,000, divided into shares of DKK 10,000 and multiples hereof.<br />The share capital of the company is DKK 70,000,000, divided into shares of DKK 10,000 and multiples hereof.74700006213000-2040000526600013604000-10719000-301200001781200063090001900074000-300000-5650001285000-270000188160005548000-604000-498000-29489000-1127000079800006621000065050000-2211300059903000-329700065451000452700022000000-1287000-46380000-622820003240000-44920000-57000205310000-98000237600024330001 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.
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. 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.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 Meeting2022
EUR'0002021
EUR'000Statutory audit services4845Tax services625Other services181672865 Staff costs2022
EUR'0002021
EUR'000Wages and salaries5,0165,200Pension costs615548Other social security costs386660Other staff costs1501526,1676,560Average number of full-time employees7680Remuneration
of manage- ment
2022
EUR'000Remuneration
of manage- ment
2021
EUR'000Executive Board628710Committee of Representatives53536817634 Staff costs2022
EUR'0002021
EUR'000Wages and salaries933956Pension costs144136Other staff costs60771,1371,169Average number of full-time employees810Remuneration
of
Manage- ment
2022
EUR'000Remuneration
of Manage- ment
2021
EUR'000Executive Board338388Committee of Representatives53523914407680810Remuneration
of manage- ment
2022
EUR'000Remuneration
of manage- ment
2021
EUR'000Executive Board628710Committee of Representatives5353681763Remuneration
of
Manage- ment
2022
EUR'000Remuneration
of Manage- ment
2021
EUR'000Executive Board338388Committee of Representatives5352391440628000710000530005300033800038800053000520006 Depreciation, amortisation and impairment losses2022
EUR'0002021
EUR'000Amortisation of intangible assets896883Depreciation on property, plant and equipment5,9014,559Impairment losses on property, plant and equipment70(174)Profit/loss from sale of intangible assets and property, plant and equipment6039457,4706,2135 Depreciation, amortisation and impairment losses2022
EUR'0002021
EUR'000Amortisation of intangible assets896883Depreciation on property, plant and equipment5,7784,526Impairment losses on property, plant and equipment70(174)Profit/loss from sale of intangible assets and property, plant and equipment6038547,3476,0897 Other financial expenses2022
EUR'0002021
EUR'000Other interest expenses210153Exchange rate adjustments0294Other financial expenses901613006082022
EUR'0002021
EUR'000Other interest expenses210153Exchange rate adjustments0294Other financial expenses90161300608<br />7 Other financial expenses2022
EUR'0002021
EUR'000Financial expenses from group enterprises306276Other interest expenses210149Exchange rate adjustments(149)234Other financial expenses5398420757<br />2022
EUR'0002021
EUR'000Financial expenses from group enterprises306276Other interest expenses210149Exchange rate adjustments(149)234Other financial expenses53984207578 Tax on profit/loss for the year2022
EUR'0002021
EUR'000Current tax4261,372Change in deferred tax(51)(96)Adjustment concerning previous years(1)03741,2768 Tax on profit/loss for the year2022
EUR'0002021
EUR'000Current tax0918Change in deferred tax(51)4,820Adjustment concerning previous years(17)0(68)5,7389 Discontinued operations2021
EUR'000Revenue2,086Cost of sales(1,082)Other external expenses(548)Staff costs(396)Depreciation, amortisation and impairment losses(514)Other financial expenses(267)Profit/loss for the period(721)Profit/loss from disposal of operations etc.22,689Pre-tax profit/loss from discontinued operations21,968Tax on profit/loss from discontinued operations(4,686)Post-tax profit/loss from discontinued operations17,28210 Proposed distribution of profit/loss2022
EUR'0002021
EUR'000Retained earnings1,27920,8861,27920,8869 Proposed distribution of profit and loss2022
EUR'0002021
EUR'000Retained earnings1,27920,8861,27920,88611 Intangible assetsCompleted development projects
EUR'000Acquired licences
EUR'000Cost beginning of year18,074139Additions6040Cost end of year18,678139Amortisation and impairment losses beginning of year(15,954)(139)Amortisation for the year(896)0Amortisation and impairment losses end of year(16,850)(139)Carrying amount end of year1,8280Completed development projects
EUR'000Acquired licences
EUR'000Cost beginning of year18,074139Additions6040Cost end of year18,678139Amortisation and impairment losses beginning of year(15,954)(139)Amortisation for the year(896)0Amortisation and impairment losses end of year(16,850)(139)Carrying amount end of year1,8280<br />10 Intangible assetsCompleted development projects
EUR'000Acquired licences
EUR'000Cost beginning of year18,074139Additions6040Cost end of year18,678139Amortisation and impairment losses beginning of year(15,953)(139)Amortisation for the year(896)0Amortisation and impairment losses end of year(16,849)(139)Carrying amount end of year1,8290<br />Completed development projects
EUR'000Acquired licences
EUR'000Cost beginning of year18,074139Additions6040Cost end of year18,678139Amortisation and impairment losses beginning of year(15,953)(139)Amortisation for the year(896)0Amortisation and impairment losses end of year(16,849)(139)Carrying amount end of year1,829012 Development projectsDuring 2022, 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 2022, 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.
13 Property, plant and equipmentPlant and machinery
EUR'000Other fixtures and fittings, tools and equipment
EUR'000Cost beginning of year146,80715,327Exchange rate adjustments10Additions28,803686Disposals(10,850)0Cost end of year164,76116,013Revaluations for the year47,3890Revaluations end of year47,3890Depreciation and impairment losses beginning of year(93,357)(12,474)Exchange rate adjustments(3)0Impairment losses for the year(70)0Depreciation for the year(4,554)(1,347)Reversal regarding disposals2,8700Depreciation and impairment losses end of year(95,114)(13,821)Carrying amount end of year117,0362,192Carrying amount if asset had not been revalued69,6472,192For 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 CC Containers. The market price is based on an average and finally reduced with a general hair cut of 25%.12 Property, plant and equipmentPlant and machinery
EUR'000Other fixtures and fittings, tools and equipment
EUR'000Cost beginning of year146,80814,473Exchange rate adjustments(2)0Additions28,803686Disposals(10,850)0Cost end of year164,75915,159Revaluations for the year47,3890Revaluations end of year47,3890Depreciation and impairment losses beginning of year(93,357)(12,059)Exchange rate adjustments(1)0Impairment losses for the year(70)0Depreciation for the year(4,554)(1,224)Reversal regarding disposals2,8700Depreciation and impairment losses end of year(95,112)(13,283)Carrying amount end of year117,0361,876Carrying amount if asset had not been revalued69,6471,876For 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 CC Containers. The market price is based on an average and finally reduced with a general hair cut of 25%.14 Trade receivablesReceivables include receivables that are due only after one year with EUR 155k.14 Trade receivablesReceivables include receivables that are due only after one year with EUR 87k.15 PrepaymentsPrepayments comprise prepaid expenses regarding services, rent, insurance premiums, subscriptions etc.15 PrepaymentsPrepayments comprise prepaid expenses regarding rent, insurance premiums, subscriptions etc. 16 Deferred tax2022
EUR'0002021
EUR'000Intangible assets402466Property, plant and equipment26,16012,293Provisions(848)(237)Tax losses carried forward(2,816)0Deferred tax22,89812,522
Changes during the year2022
EUR'0002021
EUR'000Beginning of year12,5227,700Recognised in the income statement(51)(96)Recognised directly in equity10,4260Other changes12Discontinued operations04,916End of year22,89812,52216 Deferred tax<br />16 Deferred tax2022
EUR'0002021
EUR'000Intangible assets402466Property, plant and equipment26,16012,293Provisions(848)(236)Tax losses carried forward(2,816)0Deferred tax22,89812,523
Changes during the year2022
EUR'0002021
EUR'000Beginning of year12,5237,699Recognised in the income statement(51)4,820Recognised directly in equity10,4260Other changes04End of year22,89812,523<br />16 Deferred tax17 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.18 Deferred incomeDeferred income (none-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. 19 Non-current liabilities other than provisionsDue within 12
months
2022
EUR'000Due within 12
months
2021
EUR'000Due after
more than 12
months
2022
EUR'000Outstanding
after 5 years
2022
EUR'000Bank loans1,2821,2828,9743,846Deferred income009,36401,2821,28218,3383,84619 Non-current liabilities other than provisionsDue within 12
months
2022
EUR'000Due within 12
months
2021
EUR'000Due after
more than 12
months
2022
EUR'000Outstanding
after 5 years
2022
EUR'000Bank loans1,2821,2828,9743,846Deferred income003,14101,2821,28212,1153,846The prepaid hire concerns the 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. 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. 22 Changes in working capital2022
EUR'0002021
EUR'000Increase/decrease in inventories(2,340)(11,219)Increase/decrease in receivables7,04114,988Increase/decrease in trade payables etc.8,903(14,488)13,604(10,719)23 Unrecognised rental and lease commitments2022
EUR'0002021
EUR'000Total liabilities under rental or lease agreements until maturity 1,3311,44622 Unrecognised rental and lease commitments2022
EUR'0002021
EUR'000Total liabilities under rental or lease agreements until maturity 11511324 Contingent liabilitiesContainer Centralen Benelux B.V. has provided security and EUR 221k for the tenacy on a tied account.
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.25 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 2,192k EUR.
The carrying amount of mortgaged plant and machinery 117,036k EUR.
The carrying amount of mortgaged inventories/containers for rent 2,694k EUR.
The carrying amount of mortgaged trade receivables 9,771k EUR
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 1,876k EUR.
The carrying amount of mortgaged plant and machinery 117,036k EUR.
The carrying amount of mortgaged inventories/containers for rent 2,694k EUR.
The carrying amount of mortgaged trade receivables 6,692k EUR26 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. 27 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.)Italy100.0014290002314600097260009017000972600090170006800019000036000014260001654000186280001584700000-22800022800006 Other financial income2022
EUR'0002021
EUR'000Financial income from group enterprises0114Other interest income1901911413 Financial assetsInvestments in group enterprises
EUR'000Cost beginning of year65,997Disposals(62,282)Cost end of year3,715Revaluations beginning of year(56,979)Exchange rate adjustments(98)Share of profit/loss for the year1,429Dividend(243)Reversal regarding disposals61,902Revaluations end of year6,011Carrying amount end of year9,726A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act
governing reporting class C enterprises (large).Changes in accounting policiesThe Group and the Parent have changed their accounting policies with regard to valuation of CC containers (Plant and Machinery) to fair market value. Revaluation is calculated on the basis of regular, independent fair value measurements.
For the Parent and Group, the change in accounting policies has led to an increase in assets of EUR 47,389K. For the Parent and Group, tax for the year incumbent on the change in accounting policies, consisting of an adjustment of deferred tax, amounts to EUR 10,426K, after which its equity increases by EUR 36,963 at 31.12.2022.
The comparative figures have not been restated following the change in accounting policies.
Apart from the areas mentioned above, the annual report has been presented applying the accounting policies consistently with last year.<br />Discontinued operationsDiscontinued operations are material business areas or geographical areas planned, or decided, to be
disposed
of, discontinued or abandoned and which may be separated from the Entity’s other operations.
Results from discontinued operations are presented in the income statement as a separate item consisting
of profit/loss after tax of the relevant operation and any gains or losses from fair value adjustments or sale
of the assets and liabilities related to the operation.
Assets relating to the discontinued operations are presented separately in the balance sheet as assets related
to discontinued operations. Liabilities related to the discontinued operations are presented separately in the
balance sheet as liabilities related to discontinued operations.
The comparative figures in the income statement and the balance sheet are not restated.Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic
benefits will flow to the Entity, and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a
result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the
value of the liability can be measured reliably.
On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial
recognition is effected as described below for each financial statement item.
Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm
or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and
measurement.
Income is recognised in the income statement when earned, whereas costs are recognised by the amounts
attributable to this financial year. <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 CC 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.Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for ordinary
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.
Impairment losses on financial assetsImpairment losses on financial assets comprises impairment losses on financial assets which are not measured
at fair value on a current basis.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. Revaluation is calculated on the basis of regular, independent fair value measurements.
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.Treasury sharesAcquisition and selling prices and dividends of treasury shares are classified directly as equity under retained
earnings. Gains and losses from sale are not recognised in the income statement. 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.
2023-05-11Niels van der Plas