29173982 2025-01-01 2025-12-31 29173982 2025-01-01 2025-12-31 1 29173982 2025-01-01 2025-12-31 1 29173982 2025-01-01 2025-12-31 2 29173982 2025-01-01 2025-12-31 3 29173982 2025-01-01 2025-12-31 1 29173982 2025-01-01 2025-12-31 2 29173982 2024-01-01 2024-12-31 29173982 2025-12-31 29173982 2024-12-31 29173982 2024-12-31 fsa:ContributedCapitalMember 29173982 2024-12-31 fsa:SharePremiumMember 29173982 2024-12-31 fsa:RetainedEarningsMember 29173982 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 29173982 2025-12-31 fsa:ContributedCapitalMember 29173982 2025-12-31 fsa:SharePremiumMember 29173982 2025-12-31 fsa:RetainedEarningsMember 29173982 2025-01-01 2025-12-31 fsa:ShorttermDebtToBanksMember iso4217:DKK xbrli:pure Annual report 2026-04-29 David Schøndorff The Board of Directors and the Executive Board have today considered and approved the annual report of PNO Danmark A/S for the financial year 01.01.2025 - 31.12.2025. 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 31.12.2025and of the results of its operations for the financial year 01.01.2025 - 31.12.2025. 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. Copenhagen Jacob Nelson Lee Ørnstrand CEO Pauli Majgaard Johannesen Chairman Jacob Nelson Lee Ørnstrand Solvej Ge Hyun Lee Ørnstrand To the shareholder of PNO Danmark A/S We have audited the financial statements of PNO Danmark A/S for the financial year01.01.2025 - ​31.12.2025, 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.​​ ​​In our opinion, the financial statements give a true and fair view of the Entity’s financial position at31.12.2025and of the results of its operations for the financial year 01.01.2025 - 31.12.2025 in accordance with the Danish Financial Statements Act. We 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 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. Our 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. Management 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.​ Copenhagen Deloitte Statsautoriseret Revisionspartnerselskab Deloitte Statsautoriseret Revisionspartnerselskab 33963556 33963556 Bjørn Winkler Jakobsen State Authorised Public Accountant mne32127 Henrik Hartmann Olesen State Authorised Public Accountant mne34143 Financial highlights2025​DKK'0002024​DKK'0002023​DKK'0002022​DKK'0002021​DKK'000Key figuresGross profit/loss69,39580,26182,82075,09466,688Operating profit/loss16,15323,6663,88012,70810,799Net financials(11,922)(17,366)(13,268)(5,949)(5,763)Profit/loss for the year6,9214,863(8,150)2,4121,462Total assets296,288343,072465,428335,607327,124Investments in property, ​plant and equipment15,63915,917178,53675,37875,707Equity22,72815,8079443,0942,581RatiosReturn on equity (%)35.9258.06(403.67)85.0020.02Equity ratio (%)7.674.610.200.920.79Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Return on equity (%) :Profit/loss for the year * 100​Average equityEquity ratio (%) :Equity * 100​Total assets Primary activitiesThe activity of the company is to conduct business with rental and sales of trailers in Denmark. Development in activities and financesThe result for the year was a profit of DKK 6.9 million, which is considered not to be satisfactory. In the company`s balance sheet per December 31, 2025, equity is amounted to positive DKK 22.7 million. Profit/loss for the year in relation to expected developmentsThe result for the year is considered in line with expectations given the continued challenging market conditions. ​Throughout 2025, the company operated in a market characterized by lower transport activity and continued uncertainty, which impacted rental demand. However, performance improved towards the end of the year, supported by increasing utilization and ongoing operational adjustments. ​​The company has continued to focus on cost control and fleet optimization, including divestment activities, which​have supported the overall result. ​​Overall, the result reflects a solid operational performance in a still challenging market environment. OutlookFollowing a challenging 2025, PNO expects a gradual stabilization of market conditions going into 2026. While macroeconomic uncertainty remains, there are indications of improving utilization and a more balanced fleet situation. ​​The company will continue to focus on optimizing fleet composition, improving utilization, and maintaining strict cost control. At the same time, efforts will be directed towards strengthening customer relationships and capturing new business opportunities as market activity improves. ​​A full market recovery is not expected in the short term, and revenue growth is therefore expected to remain moderate. However, through continued operational improvements and cost discipline, the company expects to maintain a stable performance with potential for improved profitability going forward. Knowledge resourcesGenerally, the PNO Denmark A/S’ customers in the transport sector are very dependent on economic trends, which affect the company’s sales potential and thus earnings. ​​Moreover, the company depends on the procurement of necessary funding on terms that match market demands for leasing terms. Over several years in the trailer industry, the company's employees have accumulated considerable and unique knowledge within the industry, as well as a good technical understanding of the company's products. ​​Ongoing training of employees, as well as annual measurement of employee satisfaction continuously monitors job satisfaction and improve the employee’s skills in relation to existing and future work tasks. 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. 69395482 80260977 5286821 4759538 47955785 51835543 16152876 23665896 200360 2019688 12122482 19385986 4230754 6299598 -2690424 1436500 6921178 4863098 259441092 308837210 259441092 308837210 259441092 308837210 30967180 30859972 2266585 372984 1015861 2256804 0 350427 1209181 364103 35458807 34204290 1388072 30336 36846879 34234626 296287971 343071836 800000 800000 9900000 9900000 12028227 5107049 22728227 15807049 7547766 8470000 7547766 8470000 86415059 134991189 74645062 55421836 161060121 190413025 91991416 97269518 0 7607237 12028946 11872546 773228 11413545 158267 218916 104951857 128381762 266011978 318794787 296287971 343071836 800000 9900000 5107049 15807049 6921178 6921178 800000 9900000 12028227 22728227 1 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. 2 Staff costs2025​DKK2024​DKKWages and salaries4,582,4174,108,618Pension costs562,664552,578Other social security costs141,74098,3425,286,8214,759,538Average number of full-time employees87 8 7 3 Depreciation, amortisation and impairment losses2025​DKK2024​DKKDepreciation of property, plant and equipment47,955,78551,835,54347,955,78551,835,543 4 Other financial income2025​DKK2024​DKKFinancial income from group enterprises43,9011,965,195Other interest income156,45954,499Exchange rate adjustments0(6)200,3602,019,688 5 Other financial expenses2025​DKK2024​DKKFinancial expenses from group enterprises3,944,8356,336,360Other interest expenses7,773,72712,529,274Exchange rate adjustments403,920520,35212,122,48219,385,986 6 Tax on profit/loss for the year2025​DKK2024​DKKChange in deferred tax(922,234)1,436,500Adjustment concerning previous years(1,768,190)0(2,690,424)1,436,500 7 Proposed distribution of profit and loss2025​DKK2024​DKKRetained earnings6,921,1784,863,0986,921,1784,863,098 6921178 4863098 6921178 4863098 8 Property, plant and equipmentOther fixtures and fittings, tools and equipment​DKKCost beginning of year562,741,700Additions15,638,922Disposals(75,828,913)Cost end of year502,551,709Depreciation and impairment losses beginning of year(253,904,490)Depreciation for the year(47,955,785)Reversal regarding disposals58,749,658Depreciation and impairment losses end of year(243,110,617)Carrying amount end of year259,441,092Recognised assets not owned by entity257,498,265 9 PrepaymentsPrepayments consists of prepaid expenses concerning rent, insurance premiums, subscriptions and interest. 10 CashThe company is part of a group that uses a cash pool arrangement as part of its overall liquidity management. Cash includes balances from the cash pool arrangement with PNO Holding A/S amounting to net cash of DKK 1,341,568. 11 Contributed capitalNumberPar value​DKKNominal​value​DKKShares800,0001800,000800,000800,000 12 Deferred tax2025​DKK2024​DKKProperty, plant and equipment52,677,08667,401,000Liabilities other than provisions(38,983,405)(51,097,000)Tax losses carried forward(6,145,915)(7,834,000)Deferred tax7,547,7668,470,000​​Changes during the year2025​DKK2024​DKKBeginning of year8,470,0007,033,500Recognised in the income statement(922,234)1,436,500End of year7,547,7668,470,000Included in the deferred tax liablity is a part of the value of tax losses going forward. Based on future expected taxable income Management has concluded on the recognised value of the tax asset. 13 Non-current liabilities other than provisionsDue within 12 months​2025​DKKDue within 12 ​months​2024​DKKDue after more than 12 months​2025​DKKOutstanding after 5 years​2025​DKKLease liabilities91,991,41697,269,51886,415,059949,975Payables to group enterprises0074,645,062091,991,41697,269,518161,060,121949,975 14 Bank loansThe company is part of a group that uses a cash pool arrangement as part of its overall liquidity management. Bank loan includes balance from the cash pool arrangement with PNO Holding A/S amounting to net DKK 0.​ 15 Other unrecognised commitmentsUnrecognised rental and lease commitments2025​DKK2024​DKKLiabilities under rental or lease agreements until maturity in total127,119231,788 16 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement in which Jacob Lee Ørnstrand Holding A/S, Central ​Business Registration No 34619530, 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 total known net liability of the jointly taxed entities under the joint taxation ​arrangement is evident from the administration company`s financial statements . 17 Assets charged and collateralCertain items of plant and machinery, and other fixtures etc have been financed by means of finance ​leases. The carrying amount of assets held under finance leases is DKK 295,544,603. Some of the finance leases is​secured by accounts receviables. ​​The Company participates in a cash pool with PNO Holding A/S and the Group at Danske Bank. Participants in the​cash pool are jointly and severally liable for the total debt in the cash pool. 18 Transactions with related partiesIt is only required to report on transaction with related parties which has not been on marked conditions. ​​All transaction with related parties in the fiscal year has been on marked conditions. 19 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group: ​PNO Holding A/S, Copenhagen This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).The accounting policies applied to these financial statements are consistent with those applied last year. Recognition 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. Gross profit or lossGross profit or loss comprises revenue, work capitalised, other operating income, cost of raw materials and consumables and external expenses. RevenueRevenue from the sale of rental services, divestment of trailers and related service is recognised in the ​​income statement when delivery is made and risk has passed to the buyer.​​​Revenue can be divided into three categories. Rental sales, divestment sales and workshop sales. All revenue ​​categories are recognized in the income statement when: ​​ ​​ • Delivery to customer has taken place before balance date ​​ ​​ • A binding agreement has been signed ​​ ​​ • The value of the contract has been determined ​​ ​​ • Payment has been received or is highly likely to be received in the future. ​​ ​​Revenue is recognized net of VAT, duties and sales discounts and is measured at fair value of the consideration ​fixed. Net profit from sales and divestment of trailers are recognised as net revenue. ​​ ​​Other operating income ​​Other operating income comprises income of a secondary nature as viewed in relation to the Entity`s primary ​activities. Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary ​activities, including profit from the sale of intangible assets and property, plant and equipment, and salary refunds. Cost of salesCost of sales comprises goods consumed in the financial year measured at cost. 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. Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff. Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible ​assets comprise depreciation, amortisation and impairment losses for the financial year, and gains and ​losses from the sale of intangible assets and property, plant and equipment. Other financial incomeOther financial income comprises interest income, including interest income on receivables from group enterprises, net capital or exchange gains on securities, payables and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish Tax Prepayment Scheme etc. Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group ​enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies, ​amortisation of financial liabilities, and 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. ​​ ​​The Entity is jointly taxed with Jacob Lee Ørnstrand Holding A/S. The current Danish income tax is allocated ​​among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning ​tax losses). Property, plant and equipmentOther fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and ​​impairment losses. ​​ ​​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. For assets held under finance leases, cost ​​is the lower of the asset’s fair value and present value of future lease payments. ​​ ​​The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line ​depreciation is made on the basis of the following estimated useful lives of the assets:Useful life Other fixtures and fittings, tools and equipment3-8 yearsTrailers (included in above)3-8 yearsEstimated useful lives and residual values are reassessed annually. ​​Items 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. Joint taxation contributions receivable or payableCurrent joint taxation contributions payable or joint taxation contributions receivable are recognised in the balance sheet, calculated as tax computed on the taxable income for the year, which has been adjusted for prepaid tax. 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 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. Lease liabilitiesLease liabilities relating to assets held under finance leases are recognised in the balance sheet as liabilities other​than provisions, and, at the time of inception of the lease, measured at the present value of future lease payments. Subsequent to initial recognition, lease liabilities are measured at amortised cost. The difference between present value and nominal amount of the lease payments is recognised in the income statement as a financial expense over the term of the leases. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Cash flow statementReferring to section 86(4) of the Danish Financial Statements Act, the Entity has prepared no cash flow statement as such statement is included in the consolidated cash flow statement of PNO Holding A/S, Business Reg. No. 26101409 true Grundlag for konklusion Konklusion 2026-04-29 2026-04-29 Regnskabsklasse C, mellemstor virksomhed 2024-01-01 2024-12-31 København S 2300 6 Weidekampsgade Horsens Horsens 8700 Revisionspåtegning 2025-12-31 2025-01-01 17 Mossvej PNO Danmark A/S 29173982 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab