xbrli:pureiso4217:DKK364135572022-01-012022-12-31364135572022-01-012022-12-311364135572022-01-012022-12-311364135572022-01-012022-12-312364135572022-01-012022-12-311364135572022-01-012022-12-312364135572022-01-012022-12-313364135572022-01-012022-12-314364135572022-01-012022-12-312364135572022-01-012022-12-31364135572021-01-012021-12-31364135572022-01-012022-12-31fsa:RetainedEarningsMember364135572021-01-012021-12-31fsa:RetainedEarningsMember364135572022-01-012022-12-31fsa:ReserveForCurrentValueOfHedgingMember364135572022-01-012022-12-31fsa:RetainedEarningsMember364135572022-12-31364135572021-12-31364135572022-01-01fsa:ContributedCapitalMember364135572022-01-01fsa:ReserveForCurrentValueOfHedgingMember364135572022-01-01fsa:ReserveForDevelopmentExpenditureMember364135572022-01-01fsa:RetainedEarningsMember364135572022-01-01364135572022-12-31fsa:ContributedCapitalMember364135572022-12-31fsa:ReserveForCurrentValueOfHedgingMember364135572022-12-31fsa:ReserveForDevelopmentExpenditureMember364135572022-12-31fsa:RetainedEarningsMember364135572022-01-012022-12-31fsa:ReserveForDevelopmentExpenditureMemberGrundlag for konklusionKonklusion2023-06-222023-06-22true2021-01-012021-12-3133963556København S23006WeidekampsgadeDeloitte Statsautoriseret RevisionspartnerselskabFaaborg-midtfynBroby5672Regnskabsklasse BRevisionspåtegning2022-12-312022-01-01<br /><br />2Ny VestergadeLøgismose Group ApS36413557339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Board of Directors and the Executive Board have today considered and approved the annual report of Løgismose Group ApS 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 financial statements give a true and fair view of the Entity’s financial position at 31.12.2022 and of the results of its operations 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.CopenhagenJesper UggerhøjLizette KjellerupCEOCFOPer HarkjærChristopher Patric MasekJørn Tolstrup RohdeMads Ryum Larsenchairmanvice chairmanTo the shareholders of Løgismose Group ApSWe have audited the financial statements of Løgismose Group ApS 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. The financial statements are prepared in
accordance with the
Danish Financial Statements Act.
In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2022 and of the results of its operations 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 financial statements" section of this auditor’s
report. We are independent of the Entity in accordance with the International Ethics Standards Board for
Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical
requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.Management is responsible for the preparation of financial statements that give a true and fair view in accordance
with the Danish Financial Statements Act, and for such internal control as Management determines
is necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, Management is responsible for assessing the 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 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 financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these financial statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark,
we exercise professional judgement and maintain professional scepticism throughout the audit. We also:<br />Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
<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 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 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 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 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
Entity to cease to continue as a going concern.
<br />Evaluate the overall presentation, structure and content of the financial statements, including the disclosures
in the notes, and whether the 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 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 financial statements, our responsibility is to read the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the 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 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.
CopenhagenBill Haudal PedersenHans Taubymne30131mne44339State Authorised Public AccountantState Authorised Public AccountantPrimary activitiesThe main activity consists of ownership of shares in subsidiaries.
Description of material changes in activities and financesThe loss for the year amounts to DKK 91,712 thousands. Equity amounts to DKK 267,275
thousands at 31 December 2022.
The result is affected by write-downs and the management considers the result unsatisfactory.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.40310009056000031727000355100014330000480000-37001000-74751000-1556700003000900013555000-74280000-6612000017432000-9642000-91712000-56478000-91712000-564780000-9171200038,500037510002037300009000375100020382000113000698000810001020000887200019400096720002594000006260430000533000259400000626576000263345000656630000463850009235000435300084050000239000077630000219900050738000278410000205690005073800048410000314083000705040000200000020000000-10670002925000158910002623500001874200002672750002042440002000000-1067000158910001874200002042440002000000029250002623500000759100003044000010635000019885300001443000180006296000747100027528500013680000025639000828400046808000490161000468080005007960003140830007050400000-299849000-2998490001067000010670004535250004535250000-129660001 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. 2 Staff costs2022
DKK'0002021
DKK'000Wages and salaries025,247Pension costs02,524Other social security costs0417Other staff costs03,539031,727Average number of full-time employees0390393 Depreciation, amortisation and impairment losses2022
DKK'0002021
DKK'000Amortisation of intangible assets3,50110,295Depreciation of property, plant and equipment712,594Profit/loss from sale of intangible assets and property, plant and equipment(21)1,4413,55114,3304 Other financial expenses2022
DKK'0002021
DKK'000Other interest expenses010,596Fair value adjustments012Other financial expenses92,947913,555<br />2022
DKK'0002021
DKK'000Other interest expenses010,596Fair value adjustments012Other financial expenses92,947913,5555 Tax on profit/loss for the year2022
DKK'0002021
DKK'000Current tax13,6800Change in deferred tax3,752(1,581)Adjustment concerning previous years0(298)Refund in joint taxation arrangement0(7,763)17,432(9,642)6 Intangible assetsCompleted development projects
DKK'000Acquired
rights
DKK'000Cost beginning of year70,787636Disposals on divestments etc.(25,748)(636)Additions9030Disposals(903)0Cost end of year45,0390Amortisation and impairment losses beginning of year(50,414)(627)Disposals on divestments etc. 12,606627Amortisation for the year(3,501)0Reversal regarding disposals210Amortisation and impairment losses end of year(41,288)0Carrying amount end of year3,75107 Development projectsAs previous years the company has capitalized development costs. The company's development projects consists
of internally developed software. The development cost is expected to add significant value to the business
processes, and is therefore capitalized.
Costs are capitalized as incurred if this relates to the development projects. The company possess the resources
and skills to complete the development.8 Property, plant and equipmentOther fixtures and fittings, tools and equipment
DKK'000Leasehold improvements
DKK'000
Leased
assets
DKK'000Cost beginning of year1,24010313,837Disposals on divestments etc.(741)0(13,837)Cost end of year4991030Depreciation and impairment losses beginning of year(542)(1)(4,965)Disposals on divestments etc.20604,965Depreciation for the year(50)(21)0Depreciation and impairment losses end of year(386)(22)0Carrying amount end of year113810The Company has implemented IFRS 16
'leases' using the modified retrospective approach, see accounting policies. 9 Financial assetsInvestments in group enterprises
DKK'000Deposits
DKK'000Cost beginning of year772,785533Disposals on divestments etc.(444,087)(533)Cost end of year328,6980Impairment losses beginning of year(146,742)0Disposals on divestments etc.152,1950Amortisation of goodwill(82,746)0Share of profit/loss for the year7,9950Impairment losses end of year(69,298)0Carrying amount end of year259,4000The carrying amount includes goodwill of DKK 87,348 thousand. The amortisation of goodwill for the year includes an impairment of DKK 69,661 thousand. Investments in subsidiariesRegistered inCorporate formEquity
interest
%Løgismose A/SBrobyA/S100.0010 Payables to group enterprisesThe Company participates in a cash pool scheme with other companies within the Løgismose Meyers Group.
Consequently, DKK 7,471 thousand of the Company's bank loans is included in payables to group
enterprises. Løgismose Group ApS is jointly and severally liable with other participating Group entities for the total debt
of DKK 39,954 thousand within the cash pool scheme.
11 Contingent liabilitiesThe Entity participates in a Danish joint taxation
arrangement where Løgismose Meyers Holding ApS serves as the administration company. According to the joint taxation provisions of
the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc. for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly
taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is
disclosed in the administration company's financial statements.
As a result of the demerger of Løgismose Group ApS in 2022, the contributing company Løgismose Group ApS and the
new company Meyers Group ApS are jointly and severally liable for debt and liabilities arising after 5 January 2022, but
relating to the period before 5 January 2022, which cannot be uniquely assigned to either Løgismose Group ApS or
Meyers Group ApS.12 Assets charged and collateralThe Group’s bank has pledge in all assets and has a registered ban on mortgaging.13 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group:
Løgismose Meyers Holding ApS, Ny Vestergade 2
Vejle, 5672 BrobyName and registered office of the Parent preparing consolidated financial statements for the smallest group:
Løgismose Meyers Holding ApS, Ny Vestergade 2
Vejle, 5672 BrobyThis annual report has been presented in accordance with the provisions of the Danish Financial Statements
Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year.falseConsolidated financial statementsReferring to section 112(1) of the Danish Financial Statements Act,
no consolidated financial statements have
been prepared.Non-comparabilityAs of 5 January 2022, Løgismose Group ApS completed a partial demerger, by which Meyers activities has been split into a new
company "Meyers Group ApS". The
book-value method was applied, where the enterprises concerned are controlled by the Parent, under
which method the combination is considered completed at the date of restructuring without restatement of
comparative figures.
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.Business combinationsThe book-value method is applied on acquisition of enterprises, mergers, demergers, contributions
of assets and exchanges of shares, etc. where the enterprises concerned are controlled by the Parent,
under
which method the combination is considered completed at the date of acquisition without restatement
of
comparative figures. Under the book-value method, the acquiree’s assets and liabilities are
recognised at
their carrying amounts, adjusted for any differences in accounting policies and accounting
estimates. The
difference between the consideration agreed and the carrying amount of the acquiree is
recognised in equity.Gross profit or lossGross profit or loss comprises revenue, other operating income and external expenses.RevenueRevenue consists of management fee. Revenue from the sale of services is recognised
in the income statement
when delivery is made to the buyer. Revenue is recognised net of VAT, duties and
sales discounts and is
measured at fair value of the consideration fixed.
As of 1 January 2020 IFRS 15 ‘Revenue from Contracts with Customers’ is applied for the first time instead of
the principles in The Danish Financial Statement Act. The primary change deriving from the implementation of
the new standard is that revenue going forward has to be recognized when control of the products has been
transferred to the customer instead of earlier where transfer of risk has been the key principle in determining
revenue recognition. The standard is introducing a five-step-model for recognizing revenue, which includes the
following steps:
1. Identification of customer agreements (including assessment of whether a number of agreements has to
be treated as one overall agreement)
2. Identification of different delivery terms in agreements and separation of agreement into partial deliveries.
3. Determine the transaction price, including variable remuneration treatment
4. Allocate the transaction price to the performance obligations in the customer agreements
5. Recognition of the revenue when the buyer gain control, which may be over a period of time or at a
certain
point in time IFRS 15 is applicable for all agreements with customers that are not regulated by other standards and also contains certain rules regarding recognition of costs in relation to customer agreements.
Løgismose Group ApS has assessed that the effect of IFRS 15 is limited as sales is generally based on straight-
forward
customer agreements with buyer gaining control at a certain point in time.
Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for
premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of
receivables recognised in current assets.Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc
for entity
staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible
assets comprise depreciation, amortisation and impairment losses for the financial year, and gains and
losses from the sale of intangible assets and property, 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 intra-group profits or losses.Other financial incomeOther financial income comprises interest income, including
interest income on receivables from group
enterprises, net capital or exchange gains on securities, payables
and transactions in foreign currencies,
amortisation of financial assets, and tax relief under the Danish
Tax Prepayment Scheme etc.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group
enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies,
amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme 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.The Entity is jointly taxed with all Danish group enterprises. The current Danish income tax is allocated
among the
jointly taxed entities proportionally to their taxable income (full allocation with a refund
concerning tax losses).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.Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are
amortised
on a straight-line basis over their remaining duration, and licences are amortised over the term of the agreement.
Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentOther fixtures and fittings, tools and equipment are
measured at cost less accumulated depreciation and
impairment losses. Land is not depreciated.
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:Useful life
Other fixtures and fittings, tools and equipment3-10 yearsLeasehold improvements5-10 yearsFor leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed
the contract period.
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.
Leases
The Company leases includes properties and cars. Lease contracts are identified as leases if the contract conveys the right to use a specified asset over a period of time in exchange for consideration. The leases are
negotiated individually and contain a range of different terms, conditions and clauses.
Lease assets are ‘right-of-use assets’ from lease agreements. If, at inception, it is assessed that a contract
contains a lease, a lease asset is recognized. Lease assets are initially measured at the present value of future
lease payments, plus the cost of obligations to refurbish the asset. Payments include fixed payments, variable
lease payments depending on an index or a rate, and the exercise price of purchase options that are reasonably
certain to be exercised. The lease assets are depreciated using the straightline method over the shorter of the
expected lease term and the useful life of the underlying asset. The lease assets are tested for impairment
whenever there is an indication that the assets may be impaired.
Lease liabilities are initially recognized at the present value of future lease payments, including payments from
extension or purchase options that are considered reasonably certain to be exercised.
Lease liabilities are
measured using the incremental borrowing rate, rather than the interest rate implicit in the
leases, since these
cannot easily be determined in the contracts. The incremental borrowing rate comprises of
three parts:
- Reference rate
- Financing spread adjustment
- Lease specific adjustment
The discount rate used is derived from the Company's incremental borrowing rate, which is adjusted for the
individual asset classes.
Depreciation and interest costs related to leases are recognised in the income statement under the items
“amortisation, impairment and depreciation”, and “financial expenses”, respectively.
Lease term
The lease term is defined as the non-cancellable period of a lease. The non-cancellable period of a lease extends
from contract start to contract end date extended by periods covered by possible extension options which are
reasonably certain to be exercised or by periods covered by termination options which are not exercised with
reasonable certainty. A number of leases contain extension and termination options in order to guarantee
operational flexibility in managing the leases.
Exemptions in application of IFRS 16
The Company applies the recognition exemption for short-term leases, which are leases with a term less than
one year and the recognition exemption for underlying assets of low value. Contracts covered by the exemptions
amounts to DKK 0 in lease payments during the year.
Key accounting estimates
For property leases, lease terms are estimated taking the size of the building and its strategic importance into
consideration. The Company entered into property leases with extension options. The lease terms of such
agreements are estimated based on the strategic importance of the buildings and the estimated time frame
necessary to vacate the premises. The estimated lease term is reassessed at each reporting date.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 value plus unamortised goodwill and
plus or minus unrealised intra-group profits or losses.
Group enterprises with negative equity value are measured at DKK 0. Any receivables from these enterprises
are written down to net realisable value based on a specific assessment. If the Parent has a legal
or constructive
obligation to cover the liabilities of the relevant enterprise, and it is probable that such
obligation will involve a
loss, a provision is recognised that is measured at present value of the costs
necessary to settle the obligations at
the balance sheet date.
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 in equity.
Goodwill is the positive difference between cost of investments and fair value of assets and liabilities arising
from
acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the
experience gained by Management for each business area. The useful life has been determined based on an
assessment of whether the enterprises
are strategically acquired enterprises with a strong market position and a
long-term earnings profile and whether the amount of goodwill includes intangible resources of a temporary
nature that cannot be
separated and recognised as separate assets. Useful lives are reassessed annually. The
amortisation periods
used are normally 5 years, but can in certain coincidences be assessed to 20 years.
Investments in group enterprises are written down to the lower of recoverable amount and carrying amount.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and
doubtful debts.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.
However, no deferred tax is recognised for amortisation of goodwill disallowed for tax purposes and
temporary
differences arising at the date of acquisition that do not result from a business combination and
that do not have
any effect on profit or loss or on taxable income.
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.Joint taxation contributions receivable or payableCurrent joint taxation contributions payable or joint taxation contributions receivable are recognised in the
balance sheet, calculated as tax computed on the taxable income for the year, which has been adjusted for
prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are
expected to be used under the joint taxation arrangement.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.CashCash comprises bank deposits.Lease liabilitiesLease liabilities relating to assets held under finance leases are recognised in the balance sheet as
liabilities other than provisions, and, at the time of inception of the lease, measured at the present value of
future lease payments. Subsequent to initial recognition, lease liabilities are measured at amortised
cost. The difference between present value and nominal amount of the lease payments is recognised in the
income statement as a financial expense over the term of the leases.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.2023-06-26Lizette Kjellerup