31498856 2025-01-01 2025-12-31 31498856 2025-01-01 2025-12-31 0 31498856 2025-01-01 2025-12-31 1 31498856 2025-01-01 2025-12-31 2 31498856 2025-01-01 2025-12-31 0 31498856 2025-01-01 2025-12-31 0 31498856 2024-01-01 2024-12-31 31498856 2025-12-31 31498856 2024-12-31 iso4217:DKK xbrli:pure 2025-01-01 2026-03-29 Jakob Grymer Tholstrup Regnskabsklasse B Annual report 37121924 Øernes Revision Registreret Revisionsaktieselskab Langgade 4 4800 Nykøbing F. xWizard version 1.1.1505.0, by EasyX Aps. www.easyx.eu 2024-01-01 2024-12-31 Basis for Opinion Opinion Auditor's report on extended review Ucomposites A/S Ålborgvej 29 4793 Bogø By 7020 8089 31498856 2008-06-01 Bogø By 2025-12-31 Hans Steffen Steffensen Jakob Grymer Tholstrup Hans Christian Gabelgaard Jakob Grymer Tholstrup Jyske Bank Øernes Revision Registreret Revisionsaktieselskab Næstvedvej 2 4760 Vordingborg 37121924 Statement by management on the annual report The executive board has today discussed and approved the annual report of Ucomposites A/S for   the financial year 2025.   The annual report is 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 financial   position at 31. december and of the results of the company's operations for the financial year 1.   januar - 31. december 2025   In our opinion, management's review includes a fair review of the matters dealt with in the   management's review.   Management recommends that the annual report should be approved by the company in general Bogø By 2026-03-09 Jakob Grymer Tholstrup Hans Steffen Steffensen Jakob Grymer Tholstrup Hans Christian Gabelgaard Independent auditor´s report on extended review To the shareholder of Ucomposites A/S. Opinion We have performed extended review of the financial statements of Ucomposites A/S for the financial year 1. januar - 31. december 2025, which comprise income statement, balance sheet, notes and summary of significant accounting policies. The financial statements are prepared under the Danish Financial Statements Act. Based on the performed work it is our opinion, that the financial statements give a true and fair view of the company's financial position at 31. december 2025 and of the results of the company's operations for the financial year 1. januar - 31. december 2025 in accordance with the Danish Financial Statements Act. Basis for Opinion We conducted our extended review in accordance with the Danish Business Authority's standard on auditor's report for small enterprises and FSR - danish auditors' standard on extended review of financial statements in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the “Auditor's responsibilities for the extended review of the financial statements” section of our report. We are independent of the company in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management's responsibilities for the financial statements rev  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 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.   Statement on management's review:   Management is responsible for management's review.   Our opinion on the financial statements does not cover management's review, 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   management's review and, in doing so, consider whether management's review is materially   inconsistent with the financial statements or our knowledge obtained during the extended review,   or otherwise appears to be materially misstated.   Moreover, it is our responsibility to consider whether management's review provides the   information required under the Danish Financial Statements Act.   Based on the work we have performed, we conclude that 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   management's review.   Auditor's responsibility for the extended review of the financial statements   Our responsibility is to express a conclusion on the accompanying financial statements. This   requires us to perform procedures in order to obtain limited assurance for our conclusion on these   financial statements, and in addition perform specifically required supplementary procedures in   order to obtain additional assurance for our conclusion.   An extended review of financial statements includes procedures primarily consisting of making   inquiries of management and others within the entity, as appropriate, applying analytical   procedures and the specifically required supplementary procedures, and evaluating the evidence   obtained.   The procedures performed in an extended review are less than those performed in an audit and   accordingly we do not express an audit opinion on these financial statements.   Independent auditor´s report on extended review Vordingborg 2026-03-09 Øernes Revision Registreret Revisionsaktieselskab 37121924 Peter Hansen Registered Public Accountant Member of FSR - Danish auditors mne16875 Management´s review Business review: The company's main activity is to develop, manufacture, and sell glass fiber products and associated activities. Financial year 2025 delivered the best operational result in the company’s history, driven by   growth and operational efficiency at Ucomposites A/S as well as increased contributions   from the company’s fairly new subsidiary in Portugal. During 2025, the Portuguese   subsidiary continued to develop positively, and its financial results are consolidated in the   annual report, reflecting the increasing importance of the subsidiary within the group’s   operations. The consolidated group income statement for 2025 is presented below:   Financial review:   Management considers the financial year's results very satisfactory, reflecting the company’s   strongest operational performance to date.   Unusual matters:   The company’s financial position as of December 31st, 2025, and its operating results for   the year then ended were not impacted by any unusual or extraordinary events.   Uncertainty in recognition or measurement:   There is no uncertainty associated with the recognition or measurement of specific items in   the financial statements.   Management´s review Significant events occurring after the end of the financial year:   No events have occurred after the balance sheet date which could significantly affect the   company's financial position.   Corporate social responsibility   Ucomposites supports manufacturing companies in becoming more environmentally   sustainable by recycling their composites and glass fiber production waste, which would   otherwise end up in landfills. Through advanced recycling processes, Ucomposites produces   recycled chopped glass fiber products for various industries, serving as a substitute for   virgin glass fibers. Therefore, it is essential for the company to stay at the forefront of   relevant social and environmental matters and take proactive steps to continuously improve   current practices.   Ucomposites contributes to a sustainable future by aligning with the UN Global Compact   Sustainable Development Goals (SDGs), with particular emphasis on areas such as:   Reduction of Co2 emission:   The production of virgin glass fiber is highly energy-intensive. Ucomposites, through its   recycling technology, has developed a process that delivers a significantly reduced   environmental impact. To substantiate our commitment and ensure transparent reporting,   Ucomposites partnered with a renowned external sustainability consultancy to conduct a   comprehensive Carbon Footprint Analysis (PCF). This analysis, based on ISO 14067   standards, provides an in-depth evaluation of the carbon footprint of our recycled materials.   One of the most compelling insights from the PCF analysis is the significant emission   reduction achieved through our use of secondary glass fiber. Compared to the traditional   production of virgin glass fibers, our circular economy approach results in up to a 95%   reduction in carbon emissions for specific products. This underscores the environmental   benefits of using recycled materials and positions Ucomposites as a leader in sustainable   manufacturing.   Waste reduction:   Ucomposites operates in line with the EU thematic strategy for the prevention and recycling   of waste. Through the company’s proprietary technology, glass fiber waste that would   otherwise be deposited in landfills is recycled and reintroduced into production, allowing it   to be used for the same applications as virgin glass fiber.   Local responsibility:   Ucomposites endeavors to support the local communities in which it operates. Our Bogø   plant in Vordingborg Kommune, Denmark, is located in a rural area with limited job   availability. Ucomposites contributes to local development by creating jobs and prioritizing   local sourcing of employees, products, and services.   Sustainable innovation:   Ucomposites has established a rigorous, standardized approach to measuring and managing   emissions. This collaboration involved the development of tools and frameworks for Life   Cycle Assessment (LCA) and carbon footprint tracking, based on validated third-party data   sources, including:   - Ecoinvent 3.9.1 for life cycle inventory data  - DEFRA for transport-related emissions  - Glass Fiber Europe for glass fiber production emission factors  The tools developed in 2024 continued to be actively used throughout 2025, and the   company is continuously working on improving and expanding these systems to further   enhance the quality, transparency, and accuracy of its sustainability reporting.   Certification and responsible resource management:   In 2025, Ucomposites obtained ISCC Plus certification (International Sustainability &   Carbon Certification) as both a Processing Unit and Collecting Point for both the   Ucomposites plant in Denmark and the plant in Portugal. This certification confirms   compliance with internationally recognized standards for traceability, sustainability, and   responsible material sourcing within circular value chains.   Commitment to Ethical Business Practices:   Ucomposites is firmly committed to ethical conduct and governance. We maintain a zero-   tolerance policy toward money laundering, corruption, and bribery. As the company   expands its international footprint, particularly with our operations in Portugal, we continue   to uphold the highest standards of integrity and compliance with all applicable laws and   regulations.   Accounting policies   The annual report of Ucomposites A/S has been prepared in accordance with the provisions of   the Danish Financial Statements Act applying to reporting class B entities   The accounting policies applied are consistent with those of last year.   Accounting policies   Basis of recognition and measurement:   All income is recognized in the income statement as it is earned, based on the following criteria:   - delivery has taken place before the end of the financial year,   - there is a binding sales agreement,   - the selling price is fixed and   - at the time of sale the payment has been received or can with reasonable certainty   expected to be received.   Income is recognised in the income statement as earned, including value adjustments of financial   assets and liabilities. All expenses, including amortisation, depreciation and impairment losses,   are also recognised in the income statement.   Assets are recognised in the balance sheet when it is probable that future economic benefits will   flow to the company and the value of the asset can be measured reliably.   Liabilities are recognised in the balance sheet when it is probable that future economic benefits   will flow from the company and the value of the liability can be measured reliably.   On initial recognition, assets and liabilities are measured at cost. On subsequent recognition,   assets and liabilities are measured as described below for each individual accounting item.   Certain financial assets and liabilities are measured at amortised cost using the effective interest   method. Amortised cost is calculated as the historic cost less any installments and plus/less the   accumulated amortisation of the difference between the cost and the nominal amount.   In this way, capital losses and gains are distributed over the term.   On recognition and measurement, allowance is made for predictable losses and risks which occur   before the annual report is presented and which confirm or invalidate matters existing at the   balance sheet date.   Danish kroner (DKK) is used as the measurement currency. All other currencies are considered   foreign currency.   Foreign currency translation:   During the year, transactions in foreign currencies have been translated applying the exchange   rate at the transaction date. If currency positions are considered hedge of future cash flows, the   value adjustments are recognised directly in equity.   Receivables and debt denominated in foreign currencies have been recognised at the exchange   rate of the balance sheet date. Realised and unrealised exchange gains and losses have been   recognised in the income statement under other financial income and expenses.   Income statement Gross profit:   Gross profit reflects an aggregation of revenue, changes in inventories of finished goods and   work in progress and other operating income less costs of raw materials and consumables and   other external expenses.   Revenue:   Revenue from the sale of goods is recognised in the income statement when delivery is made and   risk has passed to the buyer before the end of the financial year   Net revenue is recognized excl. VAT and with deduction of discounts in connection with the sale.   Other operating income and expenses:   Other operating income and expenses comprises items of a secondary nature relative to the   company's activities, including gains/losses on the sale of intangible assets and items of property,   plant and equipment and salary refunds etc.   Other external expenses: Other external expensesincludeexpensesrelatedtodistribution,sale,advertising,administration, premises, bad debts, payments under operating leases, etc. Staff costs:   Staff costs include wages and salaries, including compensated absence and pensions, as well as   other social security contributions, etc. made to the entity's employees.   Financial income and expenses:   Financial income and expenses are recognised in the income statement at the amounts that relate   to the financial year. Net financials include interest income and expenses, financial expenses   relating to finance leases, realised and unrealised capital/exchange gains and losses on securities,   liabilities and foreign currency transactions, amortisation of financial assets and liabilities and   surcharges and allowances under the Danish Tax Prepayment Scheme, etc.   Tax on profit/loss for the year   Tax for the year, which comprises the current tax charge for the year and changes in the deferred   tax charge, is recognised in the income statement as regards the portion that relates to the   profit/loss for the year and directly in equity as regards the portion that relates to entries directly   in equity.   Balance sheet Intangible assets:   Patents are measured at cost less accumulated depreciation and impairment losses.  Patents is amortised over the remaining patent period.   Gains or losses of intangible assets is calculated as the difference between the selling price less   selling costs and the accounting value at the time of sale.   Gains or losses from the disposal of intangible assets are recognised in the income statement as   other operating income or other operating expenses, respectively.   Tangible assets:   Property, items of plant and machinery and fixtures and fittings, tools and equipment are  measured at cost less accumulated depreciation and impairment losses.   The depreciable amount is cost less the expected residual value at the end of the useful life.   Straight-line depreciation is provided on the basis of the following estimated useful lives of the   assets:   Property: 50 year, residual value 0%   Other fixtures and fittings, tools and equipment: 5-10 year, residual value 0-20%   Gains or losses of property, plant and equipment is calculated as the difference between the   selling price less selling costs and the accounting value at the time of sale.   Gains or losses from the disposal of property, plant and equipment are recognised in the income   statement as other operating income or other operating expenses, respectively.   Small acquisitions, which individually and cumulatively are immaterial, are deducted   immediately in the profit and loss statement.   Leased assets and other leaseholds:   Payments relating to leases are recognised in the income statement over the term of the lease.   The company's total liabilities relating to leases and other rent agreements are disclosed under   'Contingencies, etc.'   Financial assets:   Capital shares in subsidiaries are measured at cost price. In cases where the cost price exceeds  the recovery value, it is written down to this lower value. The cost price is reduced by dividends   received that exceed the accumulated earnings after the takeover date.   Impairment of fixed assets:   The accounting value of intangible fixed assets, tangible fixed assets and financial fixed assets   that are not measured at fair value are assessed annually for indications of impairment beyond   what is expressed by depreciation.   If there are indications of impairment, the impairment test is carried out on each individual asset   or a group of assets.   A write-down is made to the recoverable amount if this is lower than the accounting value.   Stocks:   Stocks are measured at cost using the FIFO method. Where the net realisable value is lower than  the cost, inventories are recognised at this lower value.   The net realisable value of stocks is calculated as the expected selling price less direct costs of   completion and expenses incurred to effect the sale. The net realisable value is determined taking   into account marketability, obsolescence and expected selling price movements.   Receivables:   Receivables are measured at amortised cost. An impairment loss is recognised if there is  objective evidence that a receivable or a group of receivables is impaired. If there is objective   evidence that an individual receivable is impaired, an impairment loss for that individual asset is   recognised.   Deferred tax:   Deferred tax is measured according to the liability method in respect of temporary differences   between the carrying amount of assets and liabilities and their tax base, calculated on the basis of   the planned use of the asset and settlement of the liability, respectively.   Deferred tax assets, including the tax base of tax losses allowed for carry forward, are measured   at the value to which the asset is expected to be realised, either as a set-off against tax on future   income or as a set-off against deferred tax liabilities within the same legal tax entity.   Deferred tax is measured according to the tax rules and at the tax rates applicable in the   respective countries at the balance sheet date when the deferred tax is expected to crystallise as   current tax. For the current year the tax rate is 22%.   Corporation tax:   Current tax liabilities and current tax receivables are recognised in the balance sheet as the   estimated tax on the taxable income for the year, adjusted for tax on the taxable income for   previous years and tax paid on account.   Liabilities:   Liabilities, which include trade payables, payables to group entities and other payables, are   measured at amortised cost, which is usually equivalent to nominal value.   Prepayments:   Prepayments recognised under 'Current assets' comprises expenses incurred concerning   subsequent financial years.   14576723 9758946 18089582 11279529 2152813 1701781 287025 700 226873 7406 633182 320122 627419 433944 3991661 2288912 857685 446492 3133976 1842420 2000000 1133976 0 1842420 721678 121252 721678 121252 9801298 9893716 10869494 11516536 20670792 21410252 499150 88900 499150 91608 588050 590758 21980520 22122262 2491660 1100554 2438514 126077 3592214 2564591 4609705 7030211 604334 2790763 8353285 442312 0 104093 12348343 1342712 17283269 39263789 11586360 919869 15070820 37193082 727952 11168722 2000000 727952 10034746 0 13896674 10762698 1767112 1703759 1767112 1703759 15259321 5060000 1402380 15274619 4200000 1490586 21721701 20965205 220000 768284 258332 631686 2048486 961485 127908 623541 1878302 23600003 39263789 3761420 24726625 37193082 Notes to the annual report   Note   2025   2024   1 Staff costs   Wages and salaries   10.400.017   9.004.010   Pensions   1.183.968   953.531   Other social security costs   234.489   274.104   activated staff costs   -538.945   -472.699   11.279.529   9.758.946   Average number of people employed   17,4 16,7 17.4 16.7 2 Long term debt   Debt outstanding after 5 years   4.180.000   2.760.000   3 Mortgages and collateral   The company has registered mortgage deeds with   mortgages on other operating assets and fixtures. The   mortgage deeds are deposited as security for loans   and constitutes   3.500.000   3.500.000   The accounting value on the balance sheet date of the   pledged assets amounts to   10.869.494   11.684.604   The company has registered mortgage deeds with   mortgages on properties. The mortgage deeds are   deposited as security for loans and constitutes   10.000.000   10.000.000   The accounting value on the balance sheet date of the   pledged assets amounts to   9.801.298   9.893.716   As security for engagement with the bank, the   company has provided a corporate mortgage, nom.   2.000.000   2.000.000   The corporate mortgage includes the following assets,   whose accounting value on the balance sheet date is   Stocks   3.592.214   2.564.591   Trade receivables   20.670.792   2.790.765   Tangible assets   4.609.705   21.578.320   Intangible assets   721.678   121.252   4 Contingent liabilities   There is no contingent liabilities