xbrli:pureiso4217:EUR139097092021-01-012021-12-31cmn:ConsolidatedMember139097092021-01-012021-12-311cmn:ConsolidatedMember139097092021-01-012021-12-311cmn:ConsolidatedMember139097092021-01-012021-12-312cmn:ConsolidatedMember139097092021-01-012021-12-311139097092021-01-012021-12-312139097092021-01-012021-12-313139097092021-01-012021-12-312cmn:ConsolidatedMember139097092021-01-012021-12-31139097092020-01-012020-12-31cmn:ConsolidatedMember139097092020-01-012020-12-31139097092021-01-012021-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMembercmn:ConsolidatedMember139097092021-01-012021-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember139097092021-01-012021-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember139097092020-01-012020-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember139097092021-01-012021-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember139097092021-01-012021-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember139097092021-01-012021-12-31fsa:RetainedEarningsMember139097092021-01-012021-12-31fsa:RetainedEarningsMember139097092020-01-012020-12-31fsa:RetainedEarningsMember139097092021-12-31cmn:ConsolidatedMember139097092020-12-31cmn:ConsolidatedMember139097092021-12-31139097092020-12-31139097092021-01-01cmn:ConsolidatedMember139097092020-01-01cmn:ConsolidatedMember139097092021-01-01fsa:ContributedCapitalMembercmn:ConsolidatedMember139097092021-01-01fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMembercmn:ConsolidatedMember139097092021-01-01fsa:RetainedEarningsMembercmn:ConsolidatedMember139097092021-12-31fsa:ContributedCapitalMembercmn:ConsolidatedMember139097092021-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMembercmn:ConsolidatedMember139097092021-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember139097092021-01-01fsa:ContributedCapitalMember139097092021-01-01fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember139097092021-01-01fsa:ReserveForNetRevaluationAccordingToEquityMethodMember139097092021-01-01fsa:ReserveForDevelopmentExpenditureMember139097092021-01-01fsa:RetainedEarningsMember139097092021-12-31fsa:ContributedCapitalMember139097092021-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember139097092021-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember139097092021-12-31fsa:ReserveForDevelopmentExpenditureMember139097092021-12-31fsa:RetainedEarningsMember139097092021-01-01139097092021-01-012021-12-31fsa:ContributedCapitalMembercmn:ConsolidatedMember139097092021-01-012021-12-31fsa:ContributedCapitalMember139097092021-01-012021-12-316cmn:ConsolidatedMember139097092020-01-012020-12-316cmn:ConsolidatedMember139097092021-01-012021-12-31fsa:ManagementMembercmn:ConsolidatedMember139097092020-01-012020-12-31fsa:ManagementMembercmn:ConsolidatedMember139097092021-01-012021-12-31fsa:SupervisoryBoardMembercmn:ConsolidatedMember139097092020-01-012020-12-31fsa:SupervisoryBoardMembercmn:ConsolidatedMember139097092021-01-012021-12-31fsa:ManagementMember139097092020-01-012020-12-31fsa:ManagementMember139097092021-01-012021-12-31fsa:SupervisoryBoardMember139097092020-01-012020-12-31fsa:SupervisoryBoardMember139097092021-01-012021-12-31fsa:ShorttermPrepaymentsOfWorkInProgressMembercmn:ConsolidatedMember139097092021-01-012021-12-31fsa:ShorttermPrepaymentsOfWorkInProgressMember139097092021-01-012021-12-31fsa:ReserveForDevelopmentExpenditureMemberGrundlag for konklusionKonklusion33963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegningRegnskabsklasse C, stor virksomhed2020-12-312020-01-0133963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2021-12-312021-01-01Container Centralen A/S13909709ÅrsrapportOdense51005Tværkajen, Postboks 10OdenseOdense SV5250<br /><br />16SanderumvejThe Board of Directors and the Executive Board have today considered and approved the annual report of Container Centralen A/S for the financial year 01.01.2021 - 31.12.2021.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 31.12.2021 and of the results of their operations and the consolidated cash flows for the financial year
01.01.2021 - 31.12.2021.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.Odense2022-05-18Krishan DahoeRoel de JongCFOCEONicolaas Alfons van der PlasMatthijs MeskenCornelis van der MeijChairmanTo 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 01.01.2021 - 31.12.2021, 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 31.12.2021 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2021 - 31.12.2021 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.Odense2022-05-18Peter MølkjærGert Rasmussenmne24821mne35430State Authorised Public AccountantState Authorised Public AccountantFinancial highlights2021
EUR'0002020
EUR'0002019
EUR'0002018
EUR'0002017
EUR'000Key figuresRevenue57,67257,94389,75684,94979,872Gross profit/loss18,32221,69836,95831,62930,809Operating profit/loss5,5495,54311,15010,0406,257Net financials(669)593(866)(1,535)(1,619)Profit/loss for the year20,8868,6367,8496,5064,333Balance sheet total78,610148,666134,616123,979108,432Investments in property, plant and equipment11,27010,91322,52019,30211,089Equity20,19961,22656,18047,66742,363Cash flows from operating activities5,54826,18223,51811,70211,784Cash flows from investing activities59,903(23,750)(21,686)(17,442)(8,321)Cash flows from financing activities(44,920)00(1,000)(1,000)RatiosGross margin (%)31.7737.4541.1837.2338.57Net margin (%)36.2214.908.747.665.42Return on equity (%)51.3014.7115.1214.4510.41Equity ratio (%)25.7041.1841.7338.4539.07A part of the group is considered as discontinued operations. The comparative figures 2017 - 2019 in the financial highlights are not restated.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 financesResult for the year after tax is a profit of EUR 20.886k. This is higher compared to previous years result after tax of EUR 8.686k. The reason for the significant increase of the net profit after tax is that in 2021 the company has divested their USA and European Retail related business activities.
The company has made significant investments in 2021 and by doing so has enlarged its asset base to be able to fulfill increased customer utilization of our products. These investments will allow sustainable growth going forward. We have seen in Europe strong growth in sales and coupled with tight cost control earnings have increased in 2021. We have seen however a significant increase in the repair cost of CC Containers. This is on the one hand caused by increased volumes of to be repaired products and on the other hand because of first impact of substantial price increases for spare-parts needed for these repairs.
We have developed various scanning applications supporting our European depots to run their processes more efficiently. Next to that we have launched in 2021 an app enabling the users of the CC pool system to scan RFID tags.
The company continued the usage of the in 2011 implemented RFID identification system to prevent copy containers entering the system and by doing so keep the system fair and affordable. The system is the world’s largest RFID system in an open logistic supply chain. Next to that CC has continued to use a volume quota on the number of shelves which can be brought in for repair under the annual service fee.
The majority of our 18,000 customers where in some way affected by the impact of governmental measures to fight the Covid-19 virus. CC was only lightly impacted by this. Fortunately demand from shoppers did not slow down but continued to be strong. This in conjunction with higher price-levels than normally led to a lower than anticipated financial impact of Covid-19 with our customers.
CC is co-owner 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 couple of years ago a quota system on repair of CC shelves, management has started to investigate new product concepts to either improve the current shelf or implement a total new interchangeable product. In 2022 consultations with customers will be taken 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 developmentsBesides results due to divestment of USA and retail activities in Europe, the Company delivered a higher result on normal business activities than the budget 2021. This was due to revenue growth while COVID did not have a major negative impact on the business. The company’s future looks bright and with the right resources and tools there is strong believe that CC will continue to be a value adding partner for its customers. Apart from already strong upward pressure during 2021 on our cost basis we expect that during 2022 and 2023 we will see substantial further increases of logistical and sourcing cost. Due to Covid and recent war between Ukraine and Russia the company expects a significant increase of logistical and sourcing cost.
Description of material changes in activities and finances
Management does not project major changes in 2022. Unusual circumstances affecting recognition and measurementMarket conditions in the horticultural sector have shown after years of low figure growth numbers 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 to flowers and plants. It is to be seen post Covid whereas this increase will be permanent. In 2021 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 in 2021 are expected not to improve in 2022 especially because of the impact of the war between Russia and Ukraine. Inflationary consequences will be seen in; sea-freight tariffs, logistical cost, utility costs and personnel cost. Many institutions provide a grim outlook for 2022 and the years thereafter. 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 for opportunities to connect to some of these platforms. 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 our operating companies show stable results comparable to 2021. The budgeted revenue is projected to be higher than previous year. Investments and capital needs are basically going to be financed partly out of the operations and from bank loans. The Company expects to have sufficient liquidity available for 2022.
Use of financial instruments
The business is mainly in EUR and DKK. Exchange rate risks relates to GB and no financial instruments are used.
Loan is a mix of short and long term, all with variable interest rate. 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 at 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 optimising the economy of transportation and minimising 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 81 employees 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,
labour rights, the environment and anti-corruption and we have not encountered any incidents of this nature.
The main parts of our products are produced 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, labour 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, formalised 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 were 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 are able to reduce costs, manage risks, minimize our impact on the environment, attract and retain employees, and strengthen our brand and business overall.
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 2021, since the best qualified candidates for the Board were men, but more so due to the fact there was no vacancy for a board position. 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 policyManagement currently working on a data ethics policy and expect it to be ready for review and approval by the
board of directors Q3 2022.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. 57672000579430004739200042854000-100007440000744000035323000304530003347000025654000477200057920003112000383500018322000216980001155400013365000656000082280001169000128100062130007927000608900078040005549000554300042960004280000114000146000011400013480001750000175000060800086700075700010180004880000613600026624000985000012760001584000573800012140003604000-455200017282000-4084000208860008636000020886000208860008636000208860008636000002088600020886000863600021200002532000212000025320000400004000212000025360002120000253600053450000533540005345000053354000285300033830002413000283100056303000567370005586300056185000017500001750000175000901800017756000584230005944800067001000764770003540002079000354000208000035400020790003540002080000414800018169000140000929200016300077200031600053000013089000415000131860003150001740000019356000138320005360400024330003190000-18000000-196790006380003980002018700024625000148240005608200006459300078610000148666000818250001325590009383000938300093830009383000-628000-546000-628000-546000114440005238900097900003542900020199000612260009383000-54600052389000612260009383000-6280001144400020199000612260009383000-546000149850001975000354290009383000-628000016540009790000612260001252200077000001252200076990001670008800016600088000126890007788000126880007787000102610000102610000504800039150001975000286800015309000391500012236000286800011270000935900034440002430000581900022143000581900022142000423000380003990008000918600013293000867600011928000871000209000725000720002844000103420001792000250600030413000553840003670200060678000457220005929900048938000635460000203530007861000014866600081825000132559000-61831000-61831000-61831000-618310000-1440000-1440000-14400000-14400062000062000620000062000Purchase of treasury shares relates to shares owned via RTI Invest ApSOperating profit/loss from discontinued operations0690600062130001294200079000290000-553200022640006309000279450007400092000-565000-868000-270000-987000554800026182000-498000-1411000-11270000-223390006621000065050000059903000-23750000654510002432000220000000-46380000-622820000-449200000205310002432000-98000-7530002433000-180000000221430001 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 RevenueThe main activity of the Group is to hire 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.
2 RevenueThe main activity of the Group is to hire 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 Fees to the auditor appointed by the Annual General Meeting2021
EUR'0002020
EUR'000Statutory audit services4560Other assurance engagements07Tax services2528Other services16125862204 Staff costs2021
EUR'0002020
EUR'000Wages and salaries5,2006,439Pension costs548649Other social security costs660884Other staff costs1522566,5608,228Average number of full-time employees8078Remuneration
of manage- ment
2021
EUR'000Remuneration
of manage- ment
2020
EUR'000Executive Board710703Committee of Representatives531107638133 Staff costs2021
EUR'0002020
EUR'000Wages and salaries9561,135Pension costs136139Other staff costs7771,1691,281Average number of full-time employees1010Remuneration
of
Manage- ment
2021
EUR'000Remuneration
of Manage- ment
2020
EUR'000Executive Board388385Committee of Representatives528344046880781010Remuneration
of manage- ment
2021
EUR'000Remuneration
of manage- ment
2020
EUR'000Executive Board710703Committee of Representatives53110763813Remuneration
of
Manage- ment
2021
EUR'000Remuneration
of Manage- ment
2020
EUR'000Executive Board388385Committee of Representatives52834404687100007030005300011000038800038500052000830005 Depreciation, amortisation and impairment losses2021
EUR'0002020
EUR'000Amortisation of intangible assets8831,203Depreciation on property, plant and equipment4,5595,916Impairment losses on property, plant and equipment(174)808Profit/loss from sale of intangible assets and property, plant and equipment94506,2137,9274 Depreciation, amortisation and impairment losses2021
EUR'0002020
EUR'000Amortisation of intangible assets8831,203Depreciation on property, plant and equipment4,5265,793Impairment losses on property, plant and equipment(174)808Profit/loss from sale of intangible assets and property, plant and equipment85406,0897,8046 Other financial expenses2021
EUR'0002020
EUR'000Other interest expenses153722Exchange rate adjustments29479Other financial expenses161666088672021
EUR'0002020
EUR'000Other interest expenses153722Exchange rate adjustments29479Other financial expenses16166608867<br />6 Other financial expenses2021
EUR'0002020
EUR'000Financial expenses from group enterprises276174Other interest expenses152722Exchange rate adjustments23483Other financial expenses95397571,018<br />2021
EUR'0002020
EUR'000Financial expenses from group enterprises276174Other interest expenses152722Exchange rate adjustments23483Other financial expenses95397571,0187 Tax on profit/loss for the year2021
EUR'0002020
EUR'000Current tax1,3726,862Change in deferred tax(96)(5,865)Adjustment concerning previous years05871,2761,5847 Tax on profit/loss for the year2021
EUR'0002020
EUR'000Current tax9186,492Change in deferred tax4,820(5,865)Adjustment concerning previous years05875,7381,2148 Discontinued operations2021
EUR'0002020
EUR'000Revenue2,08639,807Cost of sales(1,082)(19,409)Other external expenses(548)(3,047)Staff costs(396)(5,430)Depreciation, amortisation and impairment losses(514)(5,015)Other financial expenses(267)(1,368)Profit/loss for the period(721)5,538Profit/loss from disposal of operations etc.22,6890Pre-tax profit/loss from discontinued operations21,9685,538Tax on profit/loss from discontinued operations(4,686)(1,454)Post-tax profit/loss from discontinued operations17,2824,084Intangible assets0990Property, plant and equipment054,768Inventory01,512Receivables06,369Cash0954Assets related to discontinued operations064,593Provisions09,594Non-current liabilities other than provisions03,561Current liabilities other than provisions07,198Liabilities related to discontinued operations020,353Cash flows from operating activities014,869Cash flows from investing activities0(14,448)Cash flows related to discontinued operations04219 Proposed distribution of profit/loss2021
EUR'0002020
EUR'000Retained earnings20,8868,63620,8868,6368 Proposed distribution of profit and loss2021
EUR'0002020
EUR'000Retained earnings20,8868,63620,8868,63610 Intangible assetsCompleted development projects
EUR'000Acquired licences
EUR'000Cost beginning of year28,441139Exchange rate adjustments110Transfers(188)0Additions4980Disposals(10,688)0Cost end of year18,074139Amortisation and impairment losses beginning of year(25,909)(135)Exchange rate adjustments100Transfers1560Amortisation for the year(879)(4)Reversal regarding disposals10,6680Amortisation and impairment losses end of year(15,954)(139)Carrying amount end of year2,1200Completed development projects
EUR'000Acquired licences
EUR'000Cost beginning of year28,441139Exchange rate adjustments110Transfers(188)0Additions4980Disposals(10,688)0Cost end of year18,074139Amortisation and impairment losses beginning of year(25,909)(135)Exchange rate adjustments100Transfers1560Amortisation for the year(879)(4)Reversal regarding disposals10,6680Amortisation and impairment losses end of year(15,954)(139)Carrying amount end of year2,1200<br />9 Intangible assetsCompleted development projects
EUR'000Acquired licences
EUR'000Cost beginning of year28,441139Exchange rate adjustments110Transfers(188)0Additions4980Disposals(10,688)0Cost end of year18,074139Amortisation and impairment losses beginning of year(25,909)(135)Exchange rate adjustments(10)0Transfers1560Amortisation for the year(879)(4)Reversal regarding disposals10,6880Amortisation and impairment losses end of year(15,954)(139)Carrying amount end of year2,1200<br />Completed development projects
EUR'000Acquired licences
EUR'000Cost beginning of year28,441139Exchange rate adjustments110Transfers(188)0Additions4980Disposals(10,688)0Cost end of year18,074139Amortisation and impairment losses beginning of year(25,909)(135)Exchange rate adjustments(10)0Transfers1560Amortisation for the year(879)(4)Reversal regarding disposals10,6880Amortisation and impairment losses end of year(15,954)(139)Carrying amount end of year2,120011 Development projectsCC Solid and CC Air are the 2 development projects which are part of the beginning balance. Both projects
intend to improve the quality, extend the lifespan and or reduce the repair & maintenance cost for CC and
our customers.
During 2021, CC mainly invested in the operational and financial systems.
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
. 10 Development projectsCC Solid and CC Air are the 2 development projects which are part of the beginning balance. Both pro-jects
intend to improve the quality, extend the lifespan and or reduce the repair & maintenance cost for CC and
our customers.
During 2021, CC mainly invested in the operational and financial systems.
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 year146,16114,818Exchange rate adjustments580Additions10,761509Disposals(10,173)0Cost end of year146,80715,327Depreciation and impairment losses beginning of year(92,807)(11,435)Exchange rate adjustments(36)0Impairment losses for the year1740Depreciation for the year(3,520)(1,039)Reversal regarding disposals2,8320Depreciation and impairment losses end of year(93,357)(12,474)Carrying amount end of year53,4502,85311 Property, plant and equipmentPlant and machinery
EUR'000Other fixtures and fittings, tools and equipment
EUR'000Cost beginning of year146,16213,725Exchange rate adjustments575Transfers0188Additions10,761555Disposals(10,173)0Cost end of year146,80714,473Depreciation and impairment losses beginning of year(92,807)(10,895)Exchange rate adjustments(36)(3)Transfers0(156)Impairment losses for the year1740Depreciation for the year(3,520)(1,006)Reversal regarding disposals2,8320Depreciation and impairment losses end of year(93,357)(12,060)Carrying amount end of year53,4502,41313 Trade receivablesReceivables include receivables that are due only after one year with EUR 157k.14 PrepaymentsPrepayments comprise prepaid expenses regarding services, rent, insurance premiums, subscriptions etc.13 PrepaymentsPrepayments comprise prepaid expenses regarding rent, insurance premiums, subscriptions etc. 15 Contributed capitalNumberPar value
EUR'000Nominal
value
EUR'000Share certificates of DKK 10,00010113Share certificates of DKK 25,0008327Share certificates of DKK 100,0001213161Share certificates of DKK 500,00016767Share certificates of DKK 1,000,000231343,083Share certificates of DKK 5,000,0001670670Share certificates of DKK 10,000,000413405,362599,38316 Treasury sharesTreasury shares is earned through merge between CC Investment ApS and RTI Invest ApS. 17 Deferred tax2021
EUR'0002020
EUR'000Intangible assets466557Property, plant and equipment12,2937,445Receivables0(9)Provisions(237)(293)Deferred tax12,5227,700
Changes during the year2021
EUR'0002020
EUR'000Beginning of year7,70015,798Recognised in the income statement(96)(5,865)Other changes21Discontinued operations4,916(2,234)End of year12,5227,70017 Deferred tax<br />14 Deferred tax2021
EUR'0002020
EUR'000Intangible assets466557Property, plant and equipment12,2937,444Receivables0(9)Provisions(237)(293)Deferred tax12,5227,699
Changes during the year2021
EUR'0002020
EUR'000Beginning of year7,70013,564Recognised in the income statement4,820(5,865)Other changes20End of year12,5227,699<br />14 Deferred tax18 Other provisions Other provisions may be attributed to certain significant customers where there is a risk of loss of containers. 15 Other provisionsOther provisions may be attributed to certain significant customers where there is a risk of loss of containers.
19 Deferred incomeThe prepaid hire concerns the containers mentioned under property, plant and equipment.
16 Deferred incomeThe prepaid hire concerns the containers mentioned under property, plant and equipment. 20 Non-current liabilities other than provisionsDue within 12
months
2021
EUR'000Due within 12
months
2020
EUR'000Due after
more than 12
months
2021
EUR'000Bank loans1,282010,261Deferred income9,9889,3595,04811,2709,35915,30917 Non-current liabilities other than provisionsDue within 12
months
2021
EUR'000Due within 12
months
2020
EUR'000Due after
more than 12
months
2021
EUR'000Bank loans1,282010,261Deferred income2,1622,4301,9753,4442,43012,236The prepaid hire concerns the containers mentioned under property, plant and equipment.21 Prepayments received from customersReceived prepayments from customers can primarily be attributed to deposits.
18 Prepayments received from customersReceived prepayments from customers can primarily be attributed to deposits.22 Changes in working capital2021
EUR'0002020
EUR'000Increase/decrease in inventories(11,219)(1,540)Increase/decrease in receivables14,988(3,263)Increase/decrease in trade payables etc.(9,301)7,067(5,532)2,26423 Unrecognised rental and lease commitments2021
EUR'0002020
EUR'000Total liabilities under rental or lease agreements until maturity 1,4461,76319 Unrecognised rental and lease commitments2021
EUR'0002020
EUR'000Total liabilities under rental or lease agreements until maturity 1133924 Contingent liabilitiesContainer Centralen Benelux B.V. has provided security and EUR 221k for the tenacy on a tied account.
20 Contingent liabilitiesContainer Centralen Limited, registered in the UK under company number 04344379, has taken the exemption from audit under Section 479A of the Companies Act 2006 relating to subsidiary undertakings. Container
Centralen A/S has given a guarantee for all outstanding liabilities to which Container Centralen Limited is
subject at 31 December 2021.
Container 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 2,853k EUR.
The carrying amount of mortgaged plant and machinery 53.450k EUR.
The carrying amount of mortgaged inventories/containers for rent 354k EUR.
The carrying amount of mortgaged trade receivables 12.693k EUR
21 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 2,413k EUR.
The carrying amount of mortgaged plant and machinery 53.450k EUR.
The carrying amount of mortgaged inventories/containers for rent 354k EUR.
The carrying amount of mortgaged trade receivables 12,693k EUR26 Transactions with related partiesTransactions with related parties are not disclosed with reference to the Danish Financial Statements Act §
98c paragraph. 3.
22 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.)Italy100.00RTI Invest ApSDenmark100.00231460005240000901800017581000190000434670000149850001654000197500015847000215920000-14985000-3210001530600005 Other financial income2021
EUR'0002020
EUR'000Financial income from group enterprises1141,345Other interest income031141,34812 Financial assetsInvestments in group enterprises
EUR'000Other investments
EUR'000Cost beginning of year3,795175Additions62,2820Disposals(80)(175)Cost end of year65,9970Revaluations beginning of year13,7860Exchange rate adjustments1240Share of profit/loss for the year9490Adjustment of intra-group profits(61,808)0Reversal regarding disposals(10,030)0Revaluations end of year(56,979)0Carrying amount end of year9,0180A 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).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.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.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.Own work capitalisedOwn work capitalised comprises staff costs and other costs incurred in the financial year and recognised in
cost for proprietary intangible assets and property, plant and equipment.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 as well as other fixtures and fittings, tools and equipment are measured at cost less
accumulated depreciation and impairment losses.
Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of
the asset until the time when it is ready to be put into operation.
The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:
CC Containers, European pool10 yearsOther equipment5-10 yearsCC Containers, US pool20 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.
Other investmentsOther investments comprise listed securities which are measured at fair value (market price) at the balance
sheet date.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.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.Tax payable or receivable Current tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's
taxable income, adjusted for prepaid tax.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.
2022-05-18Krishan Dahoe