xbrli:pureiso4217:DKK136452052021-01-012021-12-31136452052021-01-012021-12-311136452052021-01-012021-12-311136452052021-01-012021-12-311136452052021-01-012021-12-312136452052021-01-012021-12-313136452052021-01-012021-12-31136452052020-01-012020-12-31136452052021-01-012021-12-31fsa:RetainedEarningsMember136452052020-01-012020-12-31fsa:RetainedEarningsMember136452052021-01-012021-12-31fsa:RetainedEarningsMember136452052021-12-31136452052020-12-31136452052021-01-01fsa:ContributedCapitalMember136452052021-01-01fsa:RetainedEarningsMember136452052021-01-01136452052021-12-31fsa:ContributedCapitalMember136452052021-12-31fsa:RetainedEarningsMember136452052021-01-012021-12-31fsa:OtherShorttermPayablesMemberGrundlag for konklusionKonklusion2022-08-012022-08-01true2020-01-012020-12-3133963556København S23006WeidekampsgadeDeloitte Statsautoriseret RevisionspartnerselskabAllerødAllerød3450Regnskabsklasse BErklæring om udvidet gennemgang2021-12-312021-01-01<br /><br />3Blovstrød TeglværksvejNEFF A/S13645205339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Board of Directors and the Executive Board have today considered and approved the annual report of NEFF A/S for the financial year 01.01.2021 - 31.12.2021.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2021 and of the results of its operations for the financial year 01.01.2021 - 31.12.2021.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting.CopenhagenLars StubHilde Anna G EssersAnn Marie L. EssersNoel Lambert Maria Cornelius EssersTo the shareholders of NEFF A/SWe have performed an extended review of the financial statements of NEFF A/S for the ​financial year 01.01.2021 - 31.12.2021, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies. 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. 31.12.2021 and of the results of its operations for the financial year 01.01.2021 - 31.12.2021 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.CopenhagenJan Larsenmne16541State Authorised Public AccountantPrimary activitiesThe object of the Company is to lease premises and to carry on warehousing and other commercial and manufacturing business.Development in activities and financesProfit for the year amounts to 1,237 DKK thousand and total assets amount to 83,954 DKK thousand. The Company's equity amounts to 41,956 DKK thousand at year-end. Management consideres the performance of the financial year satisfactory.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.12753894282713288089189136650052851365287320914980017983601173311440062747888565548563696163343911217306396625263201312368148585293123681485852931236814503725815309630628652922148950659110533177950308702903087029506591105640482423875345189366892598297756592413517419712348915929310725135332944673043748383953577868423071500000015000000281927872681759543192787418175951500000026817595418175951500000028192787469982145534554699821455345522277520249073291179862563642239550625163693267211426720681301923114937776568135332104103975235036618943113428294363273753551366546315307564360609694047125783953577868423071383781383781 Staff costs2021 DKK2020 DKKWages and salaries7,468,57112,454,124Other social security costs576,6431,014,202Other staff costs43,975196,6798,089,18913,665,005Average number of full-time employees142414242 Depreciation, amortisation and impairment losses2021 DKK2020 DKKDepreciation of property, plant and equipment2,851,3652,873,2092,851,3652,873,2093 Other financial income 2021 DKK2020 DKKFinancial income from group enterprises382,46647,745Exchange rate adjustments18,161143400,62747,8884 Other financial expenses2021 DKK2020 DKKFinancial expenses from group enterprises06,088Other interest expenses443,529492,127Exchange rate adjustments3,40532,392Other financial expenses118,61433,089565,548563,696<br />2021 DKK2020 DKKFinancial expenses from group enterprises06,088Other interest expenses443,529492,127Exchange rate adjustments3,40532,392Other financial expenses118,61433,089565,548563,6965 Tax on profit/loss for the year2021 DKK2020 DKKCurrent tax103,9752,350,366Change in deferred tax146,36697,210Adjustment concerning previous years146,284184,437396,6252,632,0136 Property, plant and equipmentLand and buildings DKKOther fixtures and fittings, tools and equipment DKKCost beginning of year77,638,2876,958,042Additions78,633114,050Cost end of year77,716,9207,072,092Depreciation and impairment losses beginning of year(24,541,982)(6,736,554)Depreciation for the year(2,802,357)(49,009)Depreciation and impairment losses end of year(27,344,339)(6,785,563)Carrying amount end of year50,372,581286,5297 Share capitalNumberPar value DKKNominal value DKKOrdinary shares15,000100015,000,00015,00015,000,0008 Non-current liabilities other than provisionsDue within 12 months 2021 DKKDue within 12 months 2020 DKKDue after more than 12 months 2021 DKKOutstanding after 5 years 2021 DKKMortgage debt2,672,1142,672,06822,277,52014,189,590Other payables00117,98602,672,1142,672,06822,395,50614,189,5909 Other payables2021 DKK2020 DKKVAT and duties418,921480,360Wages and salaries, personal income taxes, social security costs, etc payable250,5161,183,834Holiday pay obligation120,662682,860Other costs payable1,104,2121,081,2401,894,3113,428,29410 Unrecognised rental and lease commitments2021 DKK2020 DKKLiabilities under rental or lease agreements until maturity in total567,592567,59211 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement in which H. Essers Danmark 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.12 Assets charged and collateralMortage debt is secured by way of mortage on properties. The mortage also comprises the plant and machinery deemed part of the property. The carrying amount of mortgaged properties amount to T.DKK 50.659. 13 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group: H. Essers BV, BelgienName and registered office of the Parent preparing consolidated financial statements for the smallest group: H. Essers BV, BelgienThis 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.falseRecognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.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. Gross profit or lossGross profit or loss comprises revenue, other external expenses and property costs.RevenueRevenue 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.Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for ordinary inventory writedowns.Other external expensesOther external expenses 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.Property costsProperty costs include costs incurred to operate the Entity’s properties in the financial year, including repair and maintenance costs, property tax and electricity, water and heating, which are not charged directly from the lessee.Staff costsStaff costs comprise salaries and wages as well as social security contributions, pension contributions, etc for entity staff.Depreciation, amortisation and impairment lossesAmortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment comprise amortisation, depreciation and impairment losses for the financial year, calculated on the basis of the residual values and useful lives of the individual assets and impairment testing as well as gains and losses from the sale of intangible assets as well as property, plant and equipment.Other operating expensesOther operating expenses comprise expenses of a secondary nature as viewed in relation to the Entity’s primary activities.Other financial incomeOther financial income comprises dividends etc received on other investments, interest income, including interest income on receivables from group enterprises, net capital gains on securities, payables and transactions in foreign currencies, amortisation of financial assets as well as tax relief under the Danish Tax Prepayment Scheme etc.Other financial expensesOther financial expenses comprise interest ex-penses, including interest expenses on payables to group enterprises, net capital losses on securities, payables and transactions in foreign currencies, amortisation of financial liabilities 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.Property, plant and equipmentLand and buildings, plant and machinery, and other 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. Straightline depreciation is made on the basis of the following estimated useful lives of the assets:Buildings30 yearsOther fixtures and fittings, tools and equipment3-10 yearsItems of property, plant and equipment 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.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 tax-based value of assets and liabilities, for which the tax based value of assets is calculated based on the planned use of each asset. 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. Mortgage debtAt the time of borrowing, mortgage debt to mortgage credit institutions is measured at cost which corresponds to the proceeds received less transaction costs incurred. Mortgage debt is subsequently measured at amortised cost. This means that the difference between the proceeds at the time of borrowing and the nominal repayable amount of the loan is recognised in the income statement as a financial expense over the term of the loan applying the effective interest method.<br />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.Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income is measured at cost.2022-08-01Noel Lambert Maria Cornelius Essers