xbrli:pureiso4217:DKK387177232021-04-012022-03-31387177232021-04-012022-03-311387177232021-04-012022-03-311387177232021-04-012022-03-312387177232021-04-012022-03-31387177232020-04-012021-03-31387177232021-04-012022-03-31fsa:RetainedEarningsMember387177232020-04-012021-03-31fsa:RetainedEarningsMember387177232021-04-012022-03-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember387177232021-04-012022-03-31fsa:RetainedEarningsMember387177232022-03-31387177232021-03-31387177232021-04-01fsa:ContributedCapitalMember387177232021-04-01fsa:ReserveForNetRevaluationAccordingToEquityMethodMember387177232021-04-01fsa:RetainedEarningsMember387177232021-04-01387177232022-03-31fsa:ContributedCapitalMember387177232022-03-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember387177232022-03-31fsa:RetainedEarningsMember387177232021-04-012022-03-31fsa:ContributedCapitalMemberGrundlag for konklusionKonklusion2022-06-282022-06-28true339635562020-04-012021-03-31Aalborg900026, 4. salØstre HavnepromenadeDeloitte Statsautoriseret RevisionspartnerselskabAalborgSvenstrup J9230Regnskabsklasse BErklæring om udvidet gennemgang2022-03-312021-04-01<br /><br />13LansenPrecision Global ApS38717723339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Executive Board has today considered and approved the annual report of Precision Global ApS for the financial year 01.04.2021 - 31.03.2022. 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 31.03.2022 and of the results of its operations for the financial year 01.04.2021 - 31.03.2022.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.SvenstrupJeppe MüllerThomas Henrik Dresler PetersenTo the shareholders of Precision Global ApSWe have performed an extended review of the financial statements of Precision Global ApS for the ​financial year 01.04.2021 - 31.03.2022, 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. ​Based on our extended review, in our opinion, the financial statements give a true and fair view of the Entity’s ​financial position at. 31.03.2022 and of the results of its operations for the financial year 01.04.2021 - 31.03.2022 in accordance with the Danish Financial Statements Act.We conducted our extended review in accordance with the assurance engagement standard for small enterprises as issued by the Danish Business Authority and the standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act as issued by FSR - Danish Auditors. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the extended review of the financial statements” section. 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 evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.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, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.Our responsibility is to express a conclusion on the financial statements. This requires that we plan and perform procedures to obtain limited assurance about our conclusion on the financial statements and that we also perform specifically required supplementary procedures for the purpose of obtaining additional assurance about our conclusion. An extended review consists of making inquiries, primarily of management and, if appropriate, of other entity personnel, performing analytical and the specifically required supplementary procedures as well as evaluating the evidence obtained. The procedures performed in an extended review are less in scope than in an audit, and accordingly we do not express an audit opinion on the financial statements.Management is responsible for the management commentary. Our conclusion 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 extended review 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 extended review 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 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.AalborgRené Winther Pedersenmne34173State Authorised Public AccountantPrimary activitiesThe purpose of the company is to own shares in other companies as well as other related business on behalf of the Executive Board.Development in activities and finances The result for the year before tax amounts to a profit of 3.772 t.DKK compared to a gain of 1.432 t.DKK last year. This is considered satisfactory, especially given the circumstances of the global pandemic. The overall status of the company group is in a positive direction, but like all other companies, the COVID19 pandemic and global supply chain challenges have had an impact. The result is still negatively affected by impairment loss on intercompany accounts and losses in group enterprises. The result is supporting the continuous growth of the corporation, and there seems to be positive trends in all group enterprises. ​ ​Throughout the underlying companies, we have seen growth and activities picking up. Results in the Australian and French companies have been satisfactory. ​ ​The budgets for 2022/2023 seem to follow the positive trend. The British company have been highly impacted by the COVID19 pandemic and the complete Government shut down. Budget for next year, however, is much more positive. ​ ​The main driver for the positive direction has been deliveries on existing Government contracts in Denmark and Australia. Winning such contract is the main effort for the underlying companies with Precision Technic Defence Group and continues to be. On a corporate level, we have seen that the underlying companies are slowly becoming financial self-sustainable and has the ability to initiated paying both monthly Management Fee’s as well as decreasing their debt towards Precision Global. However, they are still very fragile. On the corporate level, main effort has been to ensure that the corporate structure is enabled to support the growth strategy. Hence, the incorporation of new companies within Precision Technic Defence Group as well as Precision Services ApS. ​ ​Corporate Social Responsibility ​The account of the Corporate Social Responsibility covers the period from 1st of January 2021 until 31st of March 2022. ​ ​The Corporation is a global owner of companies with main activities being sales of systems, solutions and services to Government Authorities within NATO as well as Coalition Partners. Sub-suppliers and Partner are either located in the U.S.A. or within the EU. ​ ​The Corporation does not manufacture any products itself, and is constantly monitoring and analyzing the most important aspects of the value chain, not only in terms of the Corporation, but also in regards to the external environment. ​ ​Risk management is an integrated part of our business. Within Corporate Social Responsibility we have identified four areas of key importance to our eco-syste ​• Climate ​• Social Responsibility and workers welfare ​• Human Rights ​• Anti-Bribery ​ ​Strategic Policies ​In 2020, the corporation has implemented both a Code of Conduct as well as a Corporate Social Responsibility (CSR) Policy throughout the organization. These have been approved by the Board of Director and is an integrated part of the decision making in regards to all strategic business decisions. The strategies as well as the Anti-Bribery Policy can be accessed via www.ptdefence.com/about ​ ​In addition to the, and as part of the implementation, we have added the CSR aspects into the Supplier Review in our ISO9001 and ISO27001 workflow. ​ ​Climate ​Precision Global acknowledge the importance and relevance of protecting the Environment and fight the climate change. Internally, the corporation is focused on waist disposal and to ensure that waist will be re-circled. In 2020, the sales organization have initiated a web shop in order to ensure that used equipment can be sold, and hereby re-circled. ​ ​The overall policy is to reduce our own negative climate footprint. Throughout the financial year, we have changed lighting systems to a more energy optimized system as well as limited our usage of flights and CO2 emissions. ​ ​The corporation will continue to implement Climate friendly solutions. In addition to this, the corporation is trying ​to introduce climate friendly and sustainable products and solution to the Customers. It is the clear strategy, that climate preservation and sustainability must be an evaluation criteria, whenever new products, solutions or procedures are being assessed. ​ ​Precision Global is building a new facility, which is going to be designed and constructed in accordance with the UN World Goals. The vision is to have the facility DGNB certified to Platin. ​ ​Social Responsibility and workers welfare ​A good work environment and a strong focus on safety is high priority within the corporation. There is no actual production taking place within the corporation, but there can be heavy lift within the logistic departments as well as a tendency to a stressful workload with the office work. ​ ​Throughout the financial year, the corporation have implemented equipment as well as facilities to optimize workers safety. Equally, we have are focused on monitoring the stress level within the organization and the implementation of new processes, procedures, and personnel to actively address any identified concerns. In addition to that, the corporation have been implementing homework space to some extend due to the COVID19 pandemic. This has proved an efficient tool for optimizing both efficiency as well as reducing stress. It is the clear strategy for the Corporation to implement this into the daily business workflow. ​ ​Worker’s welfare and social responsibility amongst our Supplier and Partner is also very important. Hence, this is ​a part of the Supplier Review and neglect in these matters can result in termination of corporation or partnership Human Rights ​Risk assessment of the human rights and the impacts for the corporation, shows that main risk is within the Supply chain. However, all Partners and Suppliers are in democratic countries with strong commitments towards human rights. It is a clear corporate strategy not to engage in direct business with any non-NATO or Coalition country. This in order to ensure that human rights and best practice for anti-corruption is being complied with to the full extend. ​ ​Anti-bribery ​The corporation does not tolerate bribery or any form of corruption and have implemented both a Strategy as well as a Policy in regards to this. All employees are being educated in this as part of their initial training, and follow up sessions are being carried out, especially before larger events and activities, where topics concerning gifts, representation dinners etc. may be of relevance. ​ ​In the financial year, there have been no reports of bribery, corruption.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, apart from the COVID19 pandemic. The company cannot at this stage determine the impact of the global challenge, but the underlying companies have been taking whatever necessary steps to minimize costs. It is, however, our view that the situation will not impact the Defense business segment that much. Main effort for the company will be payment terms and a constant evaluation of non-Government entities and their ability to operate, both financial and technically. 238023-18603931679869155721411179487547-1553640-35051545396276511059922434917791129479135184237721941431514-355182-3413334127376177284741273761772847041273763674144438533674144438532434871018668813243487101866881324716124191126668976488452682111030301235143105607943069930215010752633588505032901759798110816505944848357977742505751450000500001879001415354616-2322943-304734116517071123572755000015354616-3047341123572755000018790014-232294381000950398100095039207128271095178986291017461610404002041153535461183361919970312605200191997031260520035797774250575140324200324203402978-340297801 Staff costs2021/22 DKK2020/21 DKKWages and salaries1,433,4731,331,848Pension costs226,143208,825Other social security costs14,62111,897Other staff costs5,6324,6441,679,8691,557,214Average number of full-time employees22222 Other financial income 2021/22 DKK2020/21 DKKFinancial income from group enterprises224,349177,911224,349177,9113 Other financial expenses2021/22 DKK2020/21 DKKFinancial expenses from group enterprises239,999189,773Other interest expenses54,792162,069294,791351,842<br />2021/22 DKK2020/21 DKKFinancial expenses from group enterprises239,999189,773Other interest expenses54,792162,069294,791351,8424 Tax on profit/loss for the year2021/22 DKK2020/21 DKKChange in deferred tax(14,039)37,746Refund in joint taxation arrangement(341,143)(379,079)(355,182)(341,333)5 Property, plant and equipmentOther fixtures and fittings, tools and equipment DKKCost beginning of year539,945Additions35,355Cost end of year575,300Depreciation and impairment losses beginning of year(96,092)Depreciation for the year(111,794)Depreciation and impairment losses end of year(207,886)Carrying amount end of year367,4146 Financial assetsInvestments in group enterprises DKKCost beginning of year3,314,197Additions2,244,499Cost end of year5,558,696Revaluations beginning of year15,354,616Exchange rate adjustments32,420Amortisation of goodwill(318,190)Share of profit/loss for the year5,714,466Dividend(2,000,000)Investments with negative equity value depreciated over receivables6,702Revaluations end of year18,790,014Carrying amount end of year24,348,710Investments in subsidiariesRegistered inCorporate formEquity interest %Precision Technic Defence A/SSvenstrupA/S100.00Precision Technic Defence GmbHHamborgGmbH100.00Precision Technic Defence Pty LtdApplecross WALtd100.00Precision Technic Defence LtdLondonLtd100.00Precision Technic Defence SASParisSAS100.00Precision Facilities ApSSvenstrupApS100.00Precision Technic Defence sp. Z.o.oWarsawsp. Z.o.o.100.00Precision Technic Defence IncWilmingtonInc100.00Precision Services ApSSvenstrupApS100.00Tactical Coatings UK LtdHerefordLTd100.007 Unrecognised rental and lease commitments2021/22 DKK2020/21 DKKLiabilities under rental or lease agreements until maturity in total155,92479,2228 Contingent liabilitiesThe Entity serves as the administration company in a Danish joint taxation arrangement. 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 these entities.This 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 110 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.Gross profit or lossGross profit or loss comprises revenue and external expenses. RevenueRevenue consists of group internal management fees. 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 discounst and is measured at fair value of the consideration fixed.Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities etc.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 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 enterprisesInvestments 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 dividends etc received on other investments, interest income, including interest income on receivables from group enterprises, payables and transactions in foreign currencies as well as 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, payables and transactions in foreign currencies, as well as 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).Property, plant and equipmentOther 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. For assets held under finance leases, cost is the lower of the asset’s fair value and present value of future lease payments. 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:Other fixtures and fittings, tools and equipment3 yearsEstimated useful lives and residual values are reassessed annually. Residual values are valuated at 0 DKK. 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 value. Refer to the above section on business combinations for more details about the accounting policies used on acquisitions of investments in group enterprises. 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. 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.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 cash in hand and bank deposits.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.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.2022-06-28Jeppe Müller