truefalseKaare Bo NielsenÅrsrapport25578198KPMGFrederiks Plads 42, 7.DK-8000 Aarhus C2021-01-012021-12-312020-11-122020-12-312022-03-022022-03-0241854510DAFA Building Solutions A/SHolmstrupgårdvej 18220BrabrandDKDenmark2020-11-12Aarhus KPMG25578198Steffen S. Hansenmne32737statsaut. revisorBredskifte Allé138210AarhusDKDenmark45707077602022-03-02Regnskabsklasse BfalsefalseRevisionspåtegningThe Board of Directors and the Executive Board have today discussed and approved the annual report of DAFA Building Solutions A/S for the financial year 1 January – 31 December 2021.The annual report has been prepared in accordance with the Danish Financial Statements Act.We recommend that the annual report be approved at the annual general meeting.Aarhus,Jens Eg JensenSteen BødtkerChairmanKaare Bo NielsenJens Eg JensenTo the shareholder of DAFA Building Solutions A/SWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the 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 our report. We are independent of the Company 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.Aarhus,29154000-60007785000053000021316000-60001890000246000021259000-60004680000-100016579000-50001500000001579000-500010200007000007150000785000021300001100000017098000018691000016686000001000128000035505000100049990004290005760200043000058702000430000500000040000016096000-500015000000036096000395000640000640000141150000566800029000275900060002254200035000225420003500058702000430000400000-500004600000145220000015790001500000050000001609600015000000Software Software is measured at cost less accumulated amortisation and impairment losses. Software is amortised on a straight-line basis over 3 years. Other fixed assets The accounting policies used in the preparation of the financial statements are consistent with those of last year. Deposits are recognised at amortised cost.100Control Consolidated financial statements DAFA Group A/S, Holmstrupgårdvej 12, DK-8220 Brabrand, Denmark. DAFA Group A/S holds the majority of the contributed capital in the Company. DAFA Building Solutions A/S is part of the consolidated financial statements of DAFA Group A/S, Holmstrupgårdvej 12, 8220 Brabrand, which is the smallest group in which the Company is included as a subsidiary. DAFA Building Solutions A/S is part of the consolidated financial statements of J. Norby Holding ApS, P. Heises Vej 10, 8000 Aarhus C, which is the largest group in which the Company is included as a subsidiary. The consolidated financial statements of DAFA Group A/S and the consolidated financial statements of J. Norby Holding ApS can be obtained by contacting the companies at the addresses above.In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2021 and of the results of the Company's operations for the financial year 1 January – 31 December 2021. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review.We have audited the financial statements of DAFA Building Solutions A/S for the financial year 1 January – 31 December 2021 comprising income statement, balance sheet, statement of changes in equity and notes, including 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 Company's assets, liabilities and financial position at 31 December 2021 and of the results of the Company's operations for the financial year 1 January – 31 December 2021 in accordance with the Danish Financial Statements Act.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 that 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 Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance as to 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 in Denmark will always detect a material misstatement when it exists. Misstatements may 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 made 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 identify and assess the risks of material misstatement of the company 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. 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 Company's internal control. evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. 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 Company'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 Company to cease to continue as a going concern. evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. 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's review. Our opinion on the financial statements does not cover the Management's review, 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's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review 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's review. DAFA Building Solutions A/S' principal activity is to conduct business within trading, service, production and investment as well as other related activities designated by the Board of Directors.The Company's income statement for 2021 shows a profit of DKK 16,579 thousand as against a loss of DKK 5 thousand in 2020. Equity in the Company's balance sheet at 31 December 2021 stood at DKK 36,096 thousand as against DKK 395 thousand at 31 December 2020. As of 1 January 2021, the construction dealer activities in the building materials segment were split off from DAFA A/S into DAFA Building Solutions A/S. Overall, financial performance for 2021 was satisfactory and in line with expectations.The annual report of DAFA Building Solutions A/S for 2021 has been prepared in accordance with the provisions applying to reporting class B entities under the Danish Financial Statements Act with opt-in from higher reporting classes.On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses.Income from the sale of goods is recognised in revenue when delivery and transfer of risk to the buyer have taken place, and the income may be measured reliably and is expected to be received. The economic benefits relating to the sale will flow to the Company. Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts granted are deducted from revenue. Cost of sales comprises costs incurred to generate revenue for the year. This item also comprises direct costs for goods for resale and changes to inventory of goods for resale.Other external costs comprise expenses for premises, costs related to sales, distribution, office, etc. Pursuant to Section 32 of the Danish Financial Statements Act, the Company has decided only to disclose gross profit/loss.Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs, etc., to the Company's employees, excluding reimbursements from public authorities.Financial income and expenses comprise interest income and expense, gains and losses from transactions denominated in foreign currencies, etc. DAFA Building Solutions A/S is subject to the Danish rules on compulsory joint taxation. J. Norby Holding ApS is the administrative company for the joint taxation and accordingly settles all payments of corporation tax to the tax authorities. On payment of joint taxation contributions, current Danish corporation tax is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have used the losses to reduce their own taxable profit. Tax for the year comprises current corporation tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement, and the tax expense relating to amounts directly recognised in equity is recognised directly in equity.Fixtures and fittings, tools and equipment and leasehold improvements are measured at cost less accumulated depreciation and impairment losses.  Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use. The basis of depreciation is cost less any projected residual value after the end of the useful life. Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful lives are as follows: The useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively. Depreciation is recognised in the income statement. Gains and losses on the disposal of property, plant and equipment are stated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively.Fixtures and fittings, tools and equipment 3-10 years Leasehold improvements 10 yearsThe carrying amount of intangible assets and property, plant and equipment is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount.Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value. Finished goods and goods for resale are measured at cost, comprising purchase price plus delivery costs. The net realisable value of inventories is calculated as the sales amount less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and development in expected selling price.Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less write-down for bad debts. Prepayments comprise prepayment of costs incurred relating to subsequent financial years.Cash comprises bank deposits and cash in hand.The expected dividends payment for the year is disclosed as a separate item under equity.Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Extra payments and repayments under the on-account taxation scheme are recognised as an interest expense in the income statement and expenses. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities based on the planned use of the asset or settlement of the liability. However, deferred tax is not recognised on temporary differences relating to goodwill non-deductible for tax purposes and on office premises and other items where the temporary differences arise at the date of acquisition without affecting either profit/loss or taxable income. Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively.Financial liabilities are recognised at cost at the date of borrowing, corresponding to the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost using the effective interest method. Accordingly, the difference between cost and the nominal value is recognised in the income statement over the term of the loan together with interest expenses. Other liabilities are measured at net realisable value.Payments relating to operating leases and other leases are recognised in the income statement over the term of the lease. The Company's total obligation relating to operating leases and other leases is disclosed as contractual obligations and contingencies, etc.Wages and salaries 7,153 0 Pensions 521 0 Other social security costs 58 0 Other staff costs 53 0 7,785 0 Average number of full-time employees 10 0Interest income from group entities 189 0 Interest expense to group entities 2 0 Other financial expenses 244 0 246 0 DAFA Building Solutions A/S is jointly and severally liable for jointly taxed income in the J. Norby Holding ApS Group and its Danish affiliaties and for certain withholding taxes such as dividend tax and royalty tax as well as for the joint registration for VAT. Any subsequent corrections of the taxable income subject to joint taxation or withholding taxes on dividends, etc., may entail an increase in the entities' liability. The Group as a whole is not liable to any other parties. DAFA Building Solutions A/S has taken out guarantees towards suppliers totalling DKK 450 thousand as of 31 December 2021.The Company has entered into operating leases with a remaining term of 41 months. The total obligation of operating leases amounts to DKK 866 thousand as of 31 December 2021. Of the total obligation, DKK 306 thousand falls due within 1 year. The Company has entered into rental agreements with a remaining term of 60 months. The total obligation from rental agreements amounts to DKK 4,270 thousand as of 31 December 2021. Of the total obligation, DKK 854 thousand falls due within 1 year.418545102021-01-012021-12-31418545102021-01-012021-12-311418545102020-11-122020-12-31418545102021-12-31418545102020-12-31418545102021-01-012021-12-311418545102021-01-012021-12-311418545102021-01-012021-12-312418545102021-01-012021-12-313418545102021-01-012021-12-31c:ProposedDividendRecognisedInEquityMember418545102020-11-122020-12-31c:ProposedDividendRecognisedInEquityMember418545102021-01-012021-12-31c:ContributedCapitalMember418545102021-01-01c:ContributedCapitalMember418545102021-12-31c:ContributedCapitalMember418545102021-01-012021-12-31c:RetainedEarningsMember418545102021-01-01c:RetainedEarningsMember418545102021-12-31c:RetainedEarningsMember418545102021-01-012021-12-31c:ProposedDividendRecognisedInEquityMember418545102021-01-01c:ProposedDividendRecognisedInEquityMember418545102021-12-31c:ProposedDividendRecognisedInEquityMember418545102021-01-012021-12-31c:RetainedEarningsMember418545102020-11-122020-12-31c:RetainedEarningsMemberiso4217:DKKxbrli:pure