truefalseChristian DamÅrsrapport25578198KPMGDampfærgevej 28DK-2100 København Ø2021-01-012021-12-312020-01-012020-12-312022-06-302022-06-3029511098Ramudden A/SFinervej 74621GadstrupDKDenmark2006-04-12Roskilde KPMG25578198Kenn Wolff Hansenmne30154statsaut. revisorDampfærgevej 28282100CopenhagenDKDenmark45707077602022-06-30Regnskabsklasse BfalsefalseRevisionspåtegningThe Board of Directors and the Executive Board have today discussed and approved the annual report of Ramudden 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.Gadstrup,Christian DamHans Olov Arne BlomChairmanChristian DamMorten FinsloTo the shareholders of Ramudden 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.Copenhagen,96823841097444811436668978161732735002827768-5027784-16349372844342616679591650449-5678932-22427701191000382000-6869932-2624770-6869932-26247708177762828244610924210710082870048389546238931320774071033776635992866686908821827190320119100011286817550931846717826542041414330810240929224303121863047510000001000000-14146183-7276251-13146183-6276251634707217671342152414819012801770527541267913557649524906726355764952490672622430312186304751000000-72762510-68699321000000-141461832018Control Ramudden A/S' related parties comprise the following: AVS Verkehrssicherung GmbH, Marie-Curie-Strasse 16, D-51377 Leverkusen, Germany. Ramudden A/S is part of the consolidated financial statements of AVS Verkehrssicherung GmbH, Marie-Curie-Strasse 16, D-51377 Leverkusen, Germany, which is the smallest group in which the Company is included as a subsidiary. The consolidated financial statements of AVS Verkehrssicherung GmbH can be obtained by contacting the Company at the address 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 Ramudden 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. The Company's principal activity consists of sale and rental of materials for the road industry in Denmark as well as the execution of barrier and marking contracts in connection with road and railway work.The Company's income statement for 2021 shows a loss of DKK -6,869,932 as against DKK -2,624,770 in 2020. Equity in the Company's balance sheet at 31 December 2021 stood at DKK -13,146,183 as against DKK -6,276,251 at 31 December 2020. At 31 December 2021, the Company has lost its share capital. The Company has received a letter of support from its shareholder in order to secure its liquidity in the financial year 2022. Moreover, reference is made to note 2, in which the matter is described in further detail.No events have occured after the balance sheet date which have significantly affected the Company's financial position. The annual report of Ramudden 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.The accounting policies used in the preparation of the financial statements are consistent with those of last year.Pursuant to section 32 of the Danish Financial Statements Act, the Company has decided only to disclose gross profit.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 date of transfer of the most significant benefits and risks is determined using standard Incoterms ® 2020. 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 income comprises items secondary to the activities of the entity, including gains on the disposal of property, plant and equipment. Government grants are recognised when it is fairly certain that the grant conditions will be complied with, and the grant will be received. Grants compensating for costs incurred are recognised directly as other income in the income statement as costs eligible for grants are incurred. If the conditions for receiving the grant are not complied until after related costs have been recognised, the grant is to be recognised in the income statement when the conditions have been complied with and it is farily certain that the grant will be awarded.Financial income and expenses comprise interest income and expense, gains and losses on payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc.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 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. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately. 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. 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 income or other costs, respectively.Fixtures and fittings, tools and equipment 3-15 yearsThe carrying amount of 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. Goods for resale and raw materials and consumables 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 at amortised cost. Write-down is made for bad debt losses where there is an objective indication that a receivable or a portfolio of receivables has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis.Cash at bank and in hand comprise cash and bank deposits.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. 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 assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Any deferred net assets are measured at net realisable value. 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 amortised cost.At 31 December 2021, the Company has lost its share capital. It is management's assessment that the share capital will be re-established via its own future earnings. To secure the Company's liquidity in the financial year 2022, the Company has received a letter of support from its shareholder, valid until the general meeting in 2023 where the annual report for 2022 is approved. The letter of support is limited to EUR 2,000 thousand (approx. DKK 14.9 million). It is the management's assessment that this is adequate to ensure the company's continued operation in 2022.Gross profit includes special items comprising compensation under COVID-19 government aid packages of DKK 0 (2020: DKK 126,413). Wages and salaries 10,437,345 8,943,665 Pensions 934,004 785,909 Other social security costs 65,319 52,043 11,436,668 9,781,617 Average number of full-time employees 20 18Interest expense to group entities 663,809 633,020 Other financial costs 15,782 17,429 679,591 650,449 Deferred tax for the year 1,191,000 382,000 1,191,000 382,000 DKK Fixtures and fittings, tools and equipment Cost at 1 January 2021 25,084,144 Additions for the year 3,180,239 Disposals for the year -376,859 Cost at 31 December 2021 27,887,524 Depreciation and impairment losses at 1 January 2021 -16,801,698 Depreciation for the year -3,273,500 Reversed depreciation and impairment losses on assets sold 365,436 Depreciation and impairment losses at 31 December 2021 -19,709,762 Carrying amount at 31 December 2021 8,177,762 At 31 December 2021, the Company has a deferred tax asset of DKK 4,478 thousand, which mainly relates to tax losses to be carried forward. Of this, the Company's management has recognised DKK 0 thousand as deferred tax assets in the financial statements.The Company has entered into operating leases with a remaining term of 1 to 63 months totalling DKK 9,972 thousand of which DKK 4,561 thousand fall due within 12 months and DKK 4,913 thousand fall due between 1 to 5 years. The Company has entered into rental obligations with a remaining term of 26 months totalling DKK 3,093 thousand. No events have occured after the balance sheet date which have significantly affected the Company's financial position. 295110982021-01-012021-12-31295110982021-01-012021-12-311295110982020-01-012020-12-31295110982021-12-31295110982020-12-31295110982021-01-012021-12-311295110982021-01-012021-12-311295110982021-01-012021-12-312295110982021-01-012021-12-313295110982021-01-012021-12-31c:ContributedCapitalMember295110982021-01-01c:ContributedCapitalMember295110982021-12-31c:ContributedCapitalMember295110982021-01-012021-12-31c:RetainedEarningsMember295110982021-01-01c:RetainedEarningsMember295110982021-12-31c:RetainedEarningsMember295110982021-01-012021-12-31c:RetainedEarningsMember295110982020-01-012020-12-31c:RetainedEarningsMemberiso4217:DKKxbrli:pure