78322519 2025-01-01 2025-12-31 cmn:ConsolidatedMember 78322519 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 78322519 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 78322519 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 78322519 2025-01-01 2025-12-31 cmn:ConsolidatedMember 2 78322519 2025-01-01 2025-12-31 cmn:ConsolidatedMember 3 78322519 2025-01-01 2025-12-31 cmn:ConsolidatedMember 2 78322519 2024-01-01 2024-12-31 cmn:ConsolidatedMember 78322519 2025-12-31 cmn:ConsolidatedMember 78322519 2024-12-31 cmn:ConsolidatedMember 78322519 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 78322519 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 78322519 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 78322519 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 78322519 2024-01-01 2024-12-31 cmn:ConsolidatedMember 2 78322519 2025-01-01 2025-12-31 cmn:ConsolidatedMember 2 78322519 2023-12-31 cmn:ConsolidatedMember 78322519 2023-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 78322519 2023-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 78322519 2023-12-31 cmn:ConsolidatedMember fsa:ProposedDividendRecognisedInEquityMember 78322519 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 78322519 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 78322519 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:ProposedDividendRecognisedInEquityMember 78322519 2024-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 78322519 2024-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 78322519 2024-12-31 cmn:ConsolidatedMember fsa:ProposedDividendRecognisedInEquityMember 78322519 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 78322519 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 78322519 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:ProposedDividendRecognisedInEquityMember 78322519 2025-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 78322519 2025-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 78322519 2025-12-31 cmn:ConsolidatedMember fsa:ProposedDividendRecognisedInEquityMember iso4217:EUR xbrli:pure Dr. Alessandro Fenzi ROLLTECH A/S Johs. E. Rasmussens Vej 12 DK 9800 Hjørring 96 23 33 43 96 23 33 11 www.rolltech.dk info@rolltech.dk 78322519 Hjørring Østre Havnepromenade 26, 4. DANSKE BANK Prinsensgade 11 DK 9000 Aalborg Hjørring, Jesper Holm Thorstensen Mgr. Director Dr. Alessandro Fenzi Chairman Marco Del Bianco Lorenzo Brandolese The Board of Directors and the Executive Board have today considered and approved the annual report of ROLLTECH A/S for the financial year 1 January - 31 December 2025 of ROLLTECH A/S.The annual report is presented in accordance with the Danish Financial Statements Act. It is our opinion, the financial statements give a true and fair view of the Entity's financial position as per 31 December 2025 and of the result of its operations and cash flows for the financial year 1 January - 31 December 2025.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. To the Shareholders of ROLLTECH A/S OpinionWe have audited the financial statements of ROLLTECH A/S for the financial year 01.01.2025 - 31.12.2025, which comprise the income statement, balance sheet, statement of changes in equity, cash flow statement 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 31.12.2025 and of the result of its operations and cash flows for the financial year 01.01.2025 - 31.12.2025 in accordance with the Danish Financial Statements Act. Basis of opinionWe 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's responsibilities for the financial statementsManagement 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. Auditor's responsibilities for the audit of the financial statementsOur 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:• 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.• 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.• 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 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.• 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.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. Statement on the management commentaryManagement 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 by relevant law and regulations.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 in the relevant law and regulations. We did not identify any material misstatement of the management commentary. Aalborg, DELOITTE STATSAUTORISERET REVISIONSPARTNERSELSKAB 33963556 Peter Nørrevang René Winther Pedersen State Authorized Public Accountant State Authorized Public Accountant Financial highlights(Amounts in t.EUR) 2025 2024 2023 2022 2021Profit and loss accountGross profit 10.164 10.997 15.380 13.126 13.356Profit from primary operations 3.328 4.213 8.105 4.915 5.465Profit from financial items 91 281 175 -30 -36Profit before taxation 3.419 4.494 8.280 4.885 5.429Profit for the year 2.673 3.690 6.664 3.757 4.258BalanceTotal balance 22.655 27.982 30.294 26.849 24.643Total equity 18.831 23.179 24.507 20.884 19.127Investments in long-term assets 1.480 947 2.080 666 966Cash flowsFrom operating activities 4.190 4.378 12.164 4.293 2.263From investment activities -1.480 -943 -1.214 -182 -961From financial activities -1.339 -3.083 -11.904 -4.026 -4.332Change in cash liquidity 1.371 352 -954 85 -3.030Cash liquidity, net as on 31 December 2.666 1.295 943 1.897 1.812EmployeesAverage number of employees 79 78 90 96 92Key figures in %Rate of return 13,1 14,5 28,4 19,1 22,1Equity ratio 83,1 82,8 80,9 77,8 77,6Return on equity 12,7 15,5 29,4 18,8 22,4Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.The financial highlights are calculated as follows:Operating profit x 100Rate of returnAverage assetsCapital and reserves, 31.12 x 100Equity ratioTotal balance 31.12Ordinary profit after taxation x 100Return on equityAverage equityDevelopment in activities and financesThe profit before taxation of the financial year amounts to 3.419 t.EUR compared with 4.494 t.EUR in 2024. The profit for the year amounts to 2.673 t.EUR compared with 3.690 t.EUR in 2024. Expectations going into this year was a profit at the same level as 2024. The company's profit for the year is lower than last year and therefore also lower than expectations for this year primarily due to decrease in sales volume and prices compared to last year.InvestmentsThe company has in the financial year invested 1.480 t.EUR in intangible and tangible assets incl. assets under construction. The depreciations of the year amount to 910 t.EUR in total.Financial positionOf the total balance sheet of 22.655 t.EUR the capital and reserves amount to 18.831 t.EUR (83%) before distribution of dividend.Development activitiesThe product and technology development activities have been characterized by further development of the company's products and improvement of the production methods. The costs have been entered in the profit and loss account.The futureThe declining economic conditions have affected sales volume and profit in 2025. For 2026 we expect sales and profit on the same level as 2025.No events have occurred after the end of the accounting year, which might influence the financial position of the company substantially.Particular risksThe company's costs for raw materials of metals and plastic account for a large share of the total costs. Therefore, the fluctuations of the prices of the raw materials have a particular influence of the profit of the company. Main activityThe main activity of the company is production and sale of spacer bars for isolating glass and sale of other products for the isolating glass and window industry. The company has been DS/EN ISO 9000 certified (quality management system) since 1994 and DS/EN ISO 50001 (energy management system) certified since 2016. Conversion to foreign currencyOn 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 recognized in the profit and loss account statement as financial profits or financial costs.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 rate at the balance sheet date and the date at which the receivable or payable arose or was recognized in the latest financial statements is recognized in the profit and loss account statement as financial profits or financial costs.Exchange differences arising from the translation of equity at the beginning of the year to the exchange rate on the balance sheet date are recognized directly in the equity as variation in exchange rate.At the balance sheet date the exchange rate 746,89 (746,00 previous year) DKK per 100 EUR has been used.PROFIT AND LOSS ACCOUNTGross profitGross profit or loss comprises revenue, changes in inventories of finished goods and work in progress, 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 profit and loss account when delivery is made and risk has passed to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.Changes in inventories of finished goods and work in progressChanges in inventories of finished goods and work in progress comprise decreases or increases for thefinancial year in inventories of finished goods and work in progress. This item includes ordinary writedownsof such inventories. Changes in inventories of raw materials are included in costs of raw materials andconsumables.Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff.Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary activities.Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, administration costs, marketing costs, development costs etc. This item also includes writedowns of receivables recognised in current assets.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangibleassets comprise depreciation, amortisation and impairment losses for the financial year.Financial profits and costsFinancial income and costs comprise interest income and expences on bank deposits and credits, including interest income on loan to affiliated companies and other financial costs.TaxTax for the year comprises current tax for the year and changes in deferred tax for the year. 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.BALANCE SHEETIntangible and tangible assetsIT software, land and buildings, plant and machinery and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Land is not depreciated.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when 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, which is calculated as cost less any residual value, is depreciated on a straight-line basis over the expected useful life (cf. note 2). Buildings acquired in 2014 and later are depreciated to expected scrap value, all other tangible fixed assets are depreciated to zero. No fixed asset revaluation is made.The basis of depreciation is based on the residual value of the asset and is reduced by impairment losses, if any. The depreciation period and the residual value are determined at the time of acquisition and are reassessed every year. Where the residual value exceeds the carrying amount of the asset, no further depreciation charges are recognised.In case of changes in the amortisation period or the residual value, the effect on the depreciation charges is recognised prospectively as a change in accounting estimates.Impairment of non-current assetsThe carrying amount of intangible assets and property, plant and equipment is tested annually for evidence of impairment other than the decrease in value reflected by amortisation/depreciation. Impairment tests are conducted when there is evidence of impairment. Assets are written down to the lower of the carrying amount and the recoverable amount.InventoriesInventories are measured at cost using the FIFO method. If the net realisable value is lower than cost, thevalue is written down to the lower value.Cost of commodities and raw materials comprising purchase price plus delivery costs. Finished goods are stated at cost, which consists of material consumption, variable production and production overheads. Indirect production costs include indirect materials and wages, maintenance and depreciation, etc. Borrowing costs are not included in cost.The net realisable value of inventories is calculated as the estimated selling price less completion costs andcosts incurred to execute sale.ReceivablesReceivables are reported at amortized cost. Provisions are made for anticipated losses when there is an indication that the receivable is impaired. Impairment losses are calculated as the difference between the carrying value of receivables and the present value of expected cash flows, including the realizable value of any collateral.Cash liquidityCash comprises cash in hand and bank deposits.EquityDividend proposed for the year is recognised as a liability at the date when they are adopted at the annualgeneral meeting (declaration date). Dividend expected to be distributed for the financial year is presentedas a separate line item under "Equity".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. However, no deferred tax is recognised for amortisation of goodwill disallowed for tax purposes and temporary differences arising at the date of acquisition that do not result from a business combination and that do not have any effect on profit or loss or on taxable income.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 consist of expected warranty costs and pending litigation. Provisions are measured at net realizable value or fair value, where the performance of the obligation in time is expected to be possible in the future.LiabilitiesFinancial liabilities are measured at amortised cost, which usually corresponds to nominal value.CASH FLOW STATEMENTThe cash flow statement shows the company's cash flows from operating, investing and financing activities for the year, the change in cash and cash equivalents at the beginning and end.Cash flow from operations is calculated as net income adjusted for non-cash operating items, changes in working capital and paid tax.Cash flows from investment activities comprise payments in connection with the purchase and sale of businesses and the purchase and sale of intangible and tangible fixed assets.Cash flows from financial activities comprise changes in the size or composition of the company sharecapital and related costs as well as borrowing, repayment of interest-bearing debt, payment of dividends to shareholders and change in fixed term deposits.Cash comprises cash in hand and bank deposits. true true 10164000 10997000 5194000 5175000 563000 534000 169000 5926000 159000 5868000 4238000 5129000 910000 916000 3328000 4213000 133000 315000 42000 34000 3419000 4494000 746000 804000 2673000 3690000 820000 994000 820000 994000 4867000 4998000 2237000 1560000 428000 450000 230000 19000 7762000 7027000 8582000 8021000 1572000 2515000 1929000 2109000 3501000 4624000 3275000 3558000 4443000 320000 0 0 131000 164000 57000 0 7906000 4042000 2666000 11295000 14073000 19961000 22655000 27982000 1874000 1877000 11957000 14302000 5000000 7000000 18831000 23179000 268000 119000 30000 42000 298000 161000 651000 993000 651000 993000 341000 339000 449000 304000 981000 1183000 123000 89000 40000 137000 941000 1597000 2875000 3649000 3526000 4642000 22655000 27982000 3419000 4494000 910000 916000 554000 -216000 Taxes paid Taxes paid -693000 -816000 4190000 4378000 1480000 945000 0 2000 -1480000 -943000 7000000 4995000 Loan to affiliated companies Loan to affiliated companies -4000000 0 Change in fixed term deposits Change in fixed term deposits 10000000 2248000 339000 336000 -1339000 -3083000 1371000 352000 1295000 943000 2666000 1295000 1878000 17629000 5000000 24507000 1000 17000 5000 23000 0 0 4995000 4995000 0 -3310000 7000000 3690000 1877000 14302000 7000000 23179000 3000 18000 0 21000 0 0 7000000 7000000 0 -2327000 5000000 2673000 1874000 11957000 5000000 18831000 79 78 AssetsLandPlantOtherunderandandplants andcon-Long-term assets Software buildings machinery equipment structionCost price 1 January 2025 1.247 6.221 14.490 6.950 19Variation in exchange rate -1 -7 -17 -8 0Transfers 0 0 9 10 -19Disposals 0 0 -436 -417 0Additions 50 73 1.011 116 230Cost price 31 December 2025 1.296 6.287 15.057 6.651 230Depreciations 1 January 2025 -253 -1.223 -12.930 -6.500 0Variation in exchange rate 0 1 15 8 0Depreciations on disposals 0 0 436 417 0Depreciations -223 -198 -341 -148 0Depreciations 31 December 2025 -476 -1.420 -12.820 -6.223 0Book value 31 December 2025 820 4.867 2.237 428 230Expected useful lives 5 years 25 years 5 years 1-5 years Tax of ordinary profit 2025 2024Tax of ordinary profit 596 816Tax regulation previous years 0 98Adjustment of deferred tax this year 149 -110745 804 EquityThe share capital can be specified as follows:31.12.2025 31.12.2024Share capital 1 January 1.877 1.878Variation in exchange rate -3 -1Additions and reductions this year 0 0Share capital 31 December 1.874 1.877The share capital consists of the following shares:138 shares of 100.000 DKK 1.846 1.8492 shares of 40.000 DKK 11 111 share of 20.000 DKK 3 38 shares of 10.000 DKK 11 113 shares of 5.000 DKK 2 22 shares of 2.000 DKK 1 11 share of 1.000 DKK 0 01.874 1.877No shares carry special rights. The share capital has not been changed for more than 5 years. Deferred tax 31.12.2025 31.12.2024Deferred tax at 1 January 119 229Variation in exchange rate 0 0Entered in the profit and loss account this year 149 -110Deferred tax at 31 December 268 119Deferred tax does primarily concern intangible and tangible assets. Other provisions 31.12.2025 31.12.2024Provision warranty costs and pending litigation 30 42Provisions are expected to mature within 0-2 years. Repay-Debt in total ments Debt afterDebt to mortgage banks 31.12.2025 first year 5 yearDebt to mortgage banks 992 341 0 Mortgage and securitiesMortgages for land and buildings, carrying amount 4.867 t.EUR at 31 December 2025 have beenpledged as collateral for mortgage banks, 992 t.EUR. 5000000 7000000 -2327000 -3310000 2673000 3690000 Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2025-01-01 2025-12-31 2024-01-01 2024-12-31 2026-03-20 Reporting class B 2026-03-20 78322519 ROLLTECH A/S Johs. E. Rasmussens Vej 12 9800 Hjørring Opinion Basis for Opinion 2026-03-20 mne11706 mne34173 33963556 DELOITTE STATSAUTORISERET REVISIONSPARTNERSELSKAB Østre Havnepromenade 26, 4. 9000 Aalborg DK 9000 Aalborg