xbrli:pureiso4217:DKK261984022022-01-012022-12-31261984022022-01-012022-12-311261984022022-01-012022-12-311261984022022-01-012022-12-311261984022022-01-012022-12-312261984022022-01-012022-12-313261984022022-01-012022-12-314261984022022-01-012022-12-315261984022022-01-012022-12-31261984022021-01-012021-12-31261984022022-01-012022-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember261984022022-01-012022-12-31fsa:RetainedEarningsMember261984022022-01-012022-12-31fsa:ProposedDividendRecognisedInEquityMember261984022022-01-012022-12-31fsa:ProposedDividendRecognisedInEquityMember261984022021-01-012021-12-31fsa:ProposedDividendRecognisedInEquityMember261984022022-01-012022-12-31fsa:RetainedEarningsMember261984022021-01-012021-12-31fsa:RetainedEarningsMember261984022022-12-31261984022021-12-31261984022022-01-01fsa:ContributedCapitalMember261984022022-01-01fsa:ReserveForNetRevaluationAccordingToEquityMethodMember261984022022-01-01fsa:RetainedEarningsMember261984022022-01-01fsa:ProposedDividendRecognisedInEquityMember261984022022-01-01261984022022-12-31fsa:ContributedCapitalMember261984022022-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember261984022022-12-31fsa:RetainedEarningsMember261984022022-12-31fsa:ProposedDividendRecognisedInEquityMember261984022022-01-012022-12-31fsa:ContributedCapitalMember261984022022-01-012022-12-31fsa:ShorttermDeferredIncomeMemberGrundlag for konklusionKonklusion2023-03-132023-03-13Regnskabsklasse C, mellemstor virksomhed339635562021-01-012021-12-318600Silkeborg26PapirfabrikkenDeloitte Statsautoriseret RevisionspartnerselskabSilkeborgSilkeborg8600Revisionspåtegning2022-12-312022-01-01<br /><br />11FrichsvejAu2mate A/S26198402339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Board of Directors and the Executive Board have today considered and approved the annual report of Au2mate 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 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.SilkeborgCarsten Gisselmann JensenKenneth Aaby SachseHenrik AndersenClara Frederikke FossCarl Erik Skovgaard SørensenKarl Klaus Bruno DamchairmanTo the shareholders of Au2mate A/SWe have audited the financial statements of Au2mate 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. 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.SilkeborgPeter Mølkjærmne24821State Authorised Public AccountantFinancial highlights2022 DKK'0002021 DKK'0002020 DKK'0002019 DKK'0002018 DKK'000Key figuresGross profit/loss66,84772,55471,94364,89716,795Operating profit/loss6,52712,94312,2927,7052,357Net financials(199)(210)(236)(50)(22)Profit/loss for the year9,57112,99512,7849,5502,397Total assets82,06977,73376,38060,74952,343Investments in property, plant and equipment2,5951,441824699203Equity32,810 36,21935,63932,90023,277RatiosReturn on equity (%)27.7336.4028.7634.0043.41Equity ratio (%)39.9846.5946.6654.1644.47The period 2018 consists of 3 months, why it is not directly comparable. The calculation of ROE for 2018 is recalculated to est. 12 months. Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Return on equity (%) :Profit/loss for the year * 100 Average equityEquity ratio (%) :Equity * 100 Total assetsPrimary activitiesThe Company’s main activities are sale, development and production of process automation solutions for domestic and foreign customers. Development in activities and financesThe Company’s income statement for 2022 shows a profit of DKK 9,571k, and the Company’s balance sheet at 31.12.2022 shows equity of DKK 32,810k. Profit/loss for the year in relation to expected developmentsThe profit in 2022 is considered satisfactory and in line with the Company's expectations from the financial statement 2021.Uncertainty relating to recognition and measurementThe Company is an order-producing project enterprise. The value of work in progress is recognized based on the stage of completion and associated with estimates / uncertainties.OutlookFor the financial year 2023 the Company expects a level of activity and earnings in line with 2022. Knowledge resourcesThe Company’s most important assets are the employees. Great importance is attached to the employees possessing the highest professional level possible, so supplementary training and knowledge sharing are prioritized. Among other things, knowledge sharing takes place by means of internal courses and speeches, where employees with knowledge within specific areas share their knowledge with the remaining employees, who are to work with the areas in question. Furthermore, skills enhancement is obtained by Au2mate’s partnership with leading suppliers. As Au2mate is partner with the leading suppliers, Au2mate’s employees are trained within the newest technologies. Environmental performanceThe Company is conscious about the responsibility in relation to the external as well as the internal environment and takes the necessary consideration when executing the individual tasks. The Company’s environmental impact is assessed to be lowEvents after the balance sheet dateThe Russian invasion of Ukraine has no direct impact to the business of Au2mate. The indirect impact is yet to be seen. Other than that no events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.668465657255383759245167588345501074054776099652734412943188466814831239384342124683556019980822236510996470158572291425906286230895705641299492105705649000000900000012500000570564494921341673221178334582952319493875027234978258571734068144133011013271267187283539527011062310774505234832271314730221222809545967221533079279415938535651976763511272845963034805512595635415640440541564044079174681868776271006429699877658206873977732817300000030000002989025346814417821291172507279000000125000003281031636218871300000034681441725072712500000362188713000000298902517821291900000073247896401000183300018450009157789824600010997084101658311096499446677358712020955946653287693850211742128967879263122648739798289237274010063433267946401006343326794682068739777328170-12500000-125000000-36997000-36997001 Staff costs2022 DKK2021 DKKWages and salaries50,032,13450,090,325Pension costs7,154,4006,380,487Other social security costs756,526702,779Other staff costs1,302,1071,660,95959,245,16758,834,550Average number of full-time employees8583Remuneration of Management2022 DKKRemuneration of Management 2021 DKKTotal amount for management categories2,509,3372,357,3602,509,3372,357,360Remuneration of Management is presented on a total amount for management categories with reference to Sextion 98b (3) of Danish Financial Statements Act8583Remuneration of Management2022 DKKRemuneration of Management 2021 DKKTotal amount for management categories2,509,3372,357,3602,509,3372,357,360250933723573602 Depreciation, amortisation and impairment losses2022 DKK2021 DKKDepreciation of property, plant and equipment1,074,054776,0991,074,054776,0993 Tax on profit/loss for the year2022 DKK2021 DKKCurrent tax502,1174,176,600Change in deferred tax923,789(1,345,000)Adjustment concerning previous years030,7081,425,9062,862,3084 Proposed distribution of profit and loss2022 DKK2021 DKKOrdinary dividend for the financial year9,000,00012,500,000Retained earnings 570,564494,921 9,570,56412,994,9215 Property, plant and equipmentOther fixtures and fittings, tools and equipment DKKLeasehold improvements DKKCost beginning of year12,308,515340,245Additions2,302,284292,650Disposals(32,207)0Cost end of year14,578,592632,895Depreciation and impairment losses beginning of year(10,190,682)(108,296)Depreciation for the year(1,007,750)(66,304)Reversal regarding disposals36,5720Depreciation and impairment losses end of year(11,161,860)(174,600)Carrying amount end of year3,416,732458,2956 Financial assetsInvestments in group enterprises DKKDeposits DKKCost beginning of year600,0001,327,126Additions02,984Cost end of year600,0001,330,110Revaluations beginning of year3,468,1440Exchange rate adjustments(369,970)0Amortisation of goodwill(109,149)0Share of profit/loss for the year4,668,1480Dividend(2,400,000)0Revaluations end of year5,257,1730Carrying amount end of year5,857,1731,330,110Investments in subsidiariesRegistered inCorporate formEquity interest %Au2mate International ApSSilkeborgApS100.00Au2mate Process Automation Partner Sverige ABSverigeAB80.00Process Automation Partner FZ-LLCDubaiLLC60.00Au2mate Ltd.EnglandLtd.80.00Au2mate Norge ASNorgeAS60.00Au2mate Zealand A/SHIllerødA/S80.00Au2mate Fyn A/SOdenseA/S80.00Au2mate Deutschland GmbHGermanyGmbH100.00Au2mate Australia Pty. Ltd. Australia.Ltd.100.00Au2mate Portugal, LDAPortugalLDA80.00Au2mate Netherlands B.V.HollandB.V.51.00<br />Investments in group enterprises DKKDeposits DKKCost beginning of year600,0001,327,126Additions02,984Cost end of year600,0001,330,110Revaluations beginning of year3,468,1440Exchange rate adjustments(369,970)0Amortisation of goodwill(109,149)0Share of profit/loss for the year4,668,1480Dividend(2,400,000)0Revaluations end of year5,257,1730Carrying amount end of year5,857,1731,330,1107 Contract work in progress2022 DKK2021 DKKContract work in progress52,874,11557,612,700Progress billings regarding contract work in progress(51,643,104)(63,181,809)Transferred to liabilities other than provisions10,997,08410,165,83112,228,0954,596,7228 PrepaymentsPrepayments consists of prepaid expenses related to the Company’s activities.9 Deferred tax2022 DKK2021 DKKProperty, plant and equipment(125,742)(233,000)Receivables7,853,7917,040,000Provisions(403,260)(406,000)Deferred tax7,324,7896,401,000 Changes during the year2022 DKK2021 DKKBeginning of year6,401,0007,746,000Recognised in the income statement923,789(1,345,000)End of year7,324,7896,401,000<br />9 Deferred tax10 Other provisionsOther provisions comprise expected guarantee costs relating to previously recognised revenue. 11 Deferred incomeDeferred income consists of preinvoiced service contracts with customers. 12 Unrecognised rental and lease commitments2022 DKK2021 DKKLiabilities under rental or lease agreements until maturity in total18,343,02220,476,48413 Contingent liabilities2021 DKKRecourse and non-recourse guarantee commitments4,791,504Contingent liabilities 4,791,504The Entity participates in a Danish joint taxation arrangement where N. Foss & Co. A/S serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore secondarily liable for income taxes etc for the jointly taxed entities, which is limited to the equity interest by which the entity participates in the Group, as well as secondarily liable for obligations, if any, relating to thewithholding 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 statements14 Non-arm’s length related party transactionsOnly related party transactions not conducted on an arm’s length basis are disclosed in the annual report.​ No such transactions have been conducted in the financial year.15 Group relationsName and registered office of the Parent preparing consolidated financial statements for the smallest group: N. Foss & Co. A/S, HillerødThis annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).The accounting policies applied to these financial statements are consistent with those applied last year, with minor reclassifications.falseConsolidated financial statementsReferring to section 112 of the Danish Financial Statements Act,no consolidated financial statements have been prepared.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.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. 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. Goodwill is considered belonging to the independent foreign entity and is translated using the exchange rate at the balance sheet date. Exchange differences arising out of the translation of foreign subsidiaries’ equity at the beginning of the year at the balance sheet date exchange rates and out of the translation of income statements from average rates to the exchange rates at the balance sheet date are classified directly as equity. 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.When recognising foreign subsidiaries that are integral entities, monetary assets and liabilities are translated using the exchange rates at the balance sheet date. Non-monetary assets and liabilities are translated at the exchange rate at the time of acquisition or the time of any subsequent revaluation or writedown. The items of the income statement are translated at the average rates of the months; however, items deriving from non-monetary assets and liabilities are translated using the historical rates applicable to the relevant non-monetary items.Gross profit or lossGross profit or loss comprises revenue, own work capitalised, other operating income, cost of raw materials and consumables and external expenses.RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement when delivery is made and risk has passed to the buyer. 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.Contract work in progress is included in revenue based on the stage of completion so that revenue corresponds to the selling price of the work performed in the financial year (the percentage-of-completion method).Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary activities.Cost of salesExpenses for raw materials and consumablescomprise the raw materials and consumables consumedto achieve revenue for the year.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 comprise depreciation, amortisation and impairment losses for the financial year, and gains and losses from the sale of 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 payables and transactionsin foreign currencies as well as tax reliefunder the Danish Tax Prepayment Scheme etcFinancial expenses from group enterprisesFinancial expenses from group enterprises comprise interest expenses etc from payables to group enterprises.<br />Other financial expensesOther financial expenses comprise interest expenses,including payables and transactions inforeign currencies as well as tax surcharge underthe 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 bythe 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).Property, plant and equipmentOther fixtures and fittings, tools and equipmentare measured at cost less accumulated depreciationand impairment losses. Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs ofthe 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 ​YearsOther fixtures and fittings, tools and equipment3-10 yearsLeasehold improvements3-10 yearsEstimated 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 equitymethod. This means that investments are measured at the pro rata share of the enterprises’ equity value. 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 legalor constructive obligation to cover the liabilities of the relevant enterprise, and it is probable that suchobligation will involve a loss, a provision is recognised that is measured at present value of the costsnecessary to settle the obligations at the balance sheet date. Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred toReserve for net revaluation according to the equity method under equity. 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.Contract work in progressContract work in progress is measured at the selling price of the work carried out at the balance sheet date. The selling price is measured based on the stage of completion and the total estimated income from the individual contracts in progress. Usually, the stage of completion is determined as the ratio of actual to total budgeted consumption of resources. If the selling price of a project in progress cannot be made up reliably, it is measured at the lower of costs incurred and net realisable value. Each contract in progress is recognised in the balance sheet under receivables or liabilities other than provisions, depending on whether the net value, calculated as the selling price less prepayments received, ispositive or negative. Costs of sales work and of securing contracts, and finance costs are recognised in the income statement as incurred.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.Other investmentsOther current asset investments comprise listed securities measured at fair value (market price) at the balance sheet date. CashCash comprises cash in hand and bank deposits.DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial year is recognised directly in equity when distributed and disclosed as a separate item in Management's proposal for distribution of profit/loss. Deferred taxDeferred tax is recognised on all temporary differencesbetween the carrying amount and tax-basedvalue of assets and liabilities, for which the taxbaseis calculated based on the planned use ofeach 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. Non-recourse guarantee commitments comprise commitments to remedy defects and deficiencies within the guarantee period. Once it is probable that total costs will exceed total income from a contract in progress, provision is made for the total loss estimated to result from the relevant contract. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Joint taxation contributions payable or receivableCurrent joint taxation contributions receivable or joint taxation contributions payable are recognised in the balance sheet, calculated as tax computed on the taxable income of 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.Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income is measured at cost.Cash flow statementReferring to Section 86(4) of the Danish FinancialStatements Act, no cash flow statement is prepared as the Company is included in the cashflows of the higher-level N. Foss & Co. A/S Group.2023-05-26Kenneth Aaby Sachse