xbrli:pureiso4217:EUR364599482021-01-012021-12-31364599482021-01-012021-12-311364599482021-01-012021-12-311364599482021-01-012021-12-311364599482021-01-012021-12-312364599482021-01-012021-12-313364599482021-01-012021-12-314364599482021-01-012021-12-31364599482020-01-012020-12-31364599482021-01-012021-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember364599482021-01-012021-12-31fsa:RetainedEarningsMember364599482021-01-012021-12-31fsa:ProposedDividendRecognisedInEquityMember364599482021-01-012021-12-31fsa:ProposedDividendRecognisedInEquityMember364599482020-01-012020-12-31fsa:ProposedDividendRecognisedInEquityMember364599482021-01-012021-12-31fsa:RetainedEarningsMember364599482020-01-012020-12-31fsa:RetainedEarningsMember364599482021-12-31364599482020-12-31364599482021-01-01fsa:ContributedCapitalMember364599482021-01-01fsa:ReserveForNetRevaluationAccordingToEquityMethodMember364599482021-01-01fsa:RetainedEarningsMember364599482021-01-01fsa:ProposedDividendRecognisedInEquityMember364599482021-01-01364599482021-12-31fsa:ContributedCapitalMember364599482021-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember364599482021-12-31fsa:RetainedEarningsMember364599482021-12-31fsa:ProposedDividendRecognisedInEquityMember364599482021-01-012021-12-31fsa:ContributedCapitalMemberGrundlag for konklusionKonklusion2022-03-232022-03-23Regnskabsklasse C, mellemstor virksomhed339635562020-01-012020-12-31Esbjerg67018DokkenDeloitte Statsautoriseret RevisionspartnerselskabEsbjergBramming6740Revisionspåtegning2021-12-312021-01-01<br /><br />37IndustrivejVC VIII Polytech Holding ApS36459948339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Board of Directors and the Executive Board have today considered and approved the annual report of VC VIII Polytech Holding ApS for the financial year 01.01.2021 - 31.12.2021.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2021 and of the results of its operations for the financial year 01.01.2021 - 31.12.2021.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting.BrammingMads KirkegaardCEOKnud AndersenBjarne Kveim LieMarcus Johannes Cornelis de JongMagnus MalmströmChairmanTo the shareholders of VC VIII Polytech Holding ApSWe have audited the financial statements of VC VIII Polytech Holding ApS for the financial year 01.01.2021 -
31.12.2021, which comprise the income statement, balance sheet, statement of changes in equity and
notes, including a
summary of significant accounting policies. The financial statements are prepared in
accordance with the
Danish Financial Statements Act.
In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2021 and of the results of its operations for the financial year 01.01.2021 - 31.12.2021 in accordance
with the Danish Financial Statements Act.We conducted our 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:<br />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.
<br />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.
<br />Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by Management.
<br />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.
<br />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.<br />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 under the Danish Financial Statements Act.
<br />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 of the Danish Financial
Statements Act. We did not identify any material misstatement of the management commentary.EsbjergMikael Grosbølmne33707State Authorised Public AccountantFinancial highlights2021
EUR'0002020
EUR'0002019
EUR'0002018
EUR'0002017
EUR'000Key figuresGross profit/loss6,390(194)(47)(21)(51)Operating profit/loss474(1,876)(47)(21)(51)Net financials(372)(340)(29)(484)(534)Profit/loss for the year17,23834,82219,1986,4243,127Total assets145,215108,09356,92740,39239,442Investments in property,
plant and equipment571212000Equity96,91987,61949,98031,75865,96RatiosReturn on equity (%)18.6850.6146.9733.5049.77Equity ratio (%)66.7481.0687.8078.6216.72Financial 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 assetsPrimary activitiesThe Company's activities are to carry on business - directly or indirectly - within the fields of development,
manufacturing and distribution of polymeric and metal products and any associated equipment and tools, as well
as any other activities that the Board of Directors deems ancillary or related thereto. Development in activities and financesProfit of the year amounts to EUR 17,238k (EUR 34,822k in 2020). On 31 December 2021 equity stands
at EUR 96,919k (EUR 87,619k in 2020).Profit/loss for the year in relation to expected developmentsThe development and result are below management's expectations caused by changed market conditions.OutlookThe company expect lower demand within all market segments and result for 2022 will be lower than 2021 result.
Use of financial instrumentsThe Company have acounts recivabels predominantly settled in EUR, USD or CNY. The Company has chosen not
to enter into forward exchange contracts to hedge currency risks.
The majority of the company's outstanding debt to credit institutions consists of floating currency rates. Events after the balance sheet dateThe COVID-19 pandemic throughout the world can potentially have an influence on the business of PolyTech Group in 2022. The spread of COVID-19 has not materially impacted PolyTech A/S’s business activities during 2021, although the aftermarket activities were lower than expected at the beginning of 2021. However, currently it is not possible to predict the influence of the COVID-19 pandemic in the coming months. As the potential impact is unknown at this time, this has not been included when setting the expectations for activity and earnings in 2022, especially in China.6390000-194000580300016770001130005000474000-187600017169000366690001739000770002111000417000172710003445300033000-3690001723800034822000-373900012977000800000080000006000000687600010000002362000278220001257700007900011900021750000148310001190001550002070004420000597000207000768130007136400010310002912000531000374000024970007837500077147000938030007747300092960001222300013778000170050000900079400002975000819000590500056400032748000306200001866400005141200030620000145215000108093000140001300088905000816060008000000600000096919000876190001300008160600060000008761900014000088905000800000099700009970000011510000019400001170400011300063930002570900009690001451000185900000191800092600047299000877000047299000204740001452150001080930000-6000000-6000000-6877000-687700010001836000001837000190300000190300001199000011990001 Events after the balance sheet dateThe COVID-19 pandemic throughout the world can potentially have an influence on the business of the Group in
2022. COVID-19 has not materially impacted the Group’s business activities during 2021, although the aftermarket activities were lower than expected at the beginning of 2021. However, currently it is not possible to predict the influence of the COVID-19 pandemic in the coming months. As the potential impact is unknown at this time, this has not been included when setting the expectations for activity and earnings in 2022, especially in China.
2 Staff costs2021
EUR'0002020
EUR'000Wages and salaries4,3941,499Pension costs555115Other social security costs318Other staff costs823555,8031,677Average number of full-time employees409Remuneration
of
Management2021
EUR'000Remuneration of Management
2020
EUR'000Total amount for management categories57295729Special incentive programmesIn 2021, warrants were granted free of charge in Euros HoldCo AB (a parent company) to members of VC VIII
Polytech Holding's Executive Board and Board of directors as part of an incentive programme.
A total of 5,696 A-warrants were issued, which each give a right to subscribe (without any pre-emption rights for other shareholders) a share in Euros HoldCo AB of a quota value of SEK 0.025 at a subscription of DKK 1,545.
A total of 5,696 B-warrants were issued, which each give a right to subscribe (without any pre-emption rights for other shareholders) a share in Euros HoldCo AB of a quota value of SEK 0.025 at a subscription price of DKK
1,545. B-warrants can only be exercised if the fair market price of a share of a quota value of SEK 0,025 equals or exceeds DKK 3,091.
A total of 5,696 C-warrants were issued, which each give a right to subscribe (without any pre-emption rights for other shareholders) a share in Euros HoldCo AB of a quota value of SEK 0.025 at a subscription price of DKK
1,545. C-warrants can only be exercised if the fair market price of a share in the Company of a quota value of SEK 0.025 equals or exceeds DKK 4,636.
409Remuneration
of
Management2021
EUR'000Remuneration of Management
2020
EUR'000Total amount for management categories5729572957000290003 Depreciation, amortisation and impairment losses2021
EUR'0002020
EUR'000Amortisation of intangible assets400Depreciation of property, plant and equipment655Profit/loss from sale of intangible assets and property, plant and equipment8011354 Other financial income2021
EUR'0002020
EUR'000Financial income from group enterprises1,65260Other interest income100Exchange rate adjustments77171,739775 Other financial expenses2021
EUR'0002020
EUR'000Other interest expenses2,020321Exchange rate adjustments91962,111417<br />2021
EUR'0002020
EUR'000Other interest expenses2,020321Exchange rate adjustments91962,1114176 Tax on profit/loss for the year2021
EUR'0002020
EUR'000Current tax(971)(367)Change in deferred tax1,005(3)Adjustment concerning previous years(1)133(369)7 Proposed distribution of profit and loss2021
EUR'0002020
EUR'000Ordinary dividend for the financial year8,0006,000Extraordinary dividend distributed in the financial year6,8761,000Retained earnings 2,36227,822 17,23834,822Dividend distributed after the balance sheet dateExtraordinary dividend-1,900-1,9008 Intangible assetsAcquired intangible assets
EUR'000Acquired licences
EUR'000Development projects in progress
EUR'000Cost beginning of year01190Additions12,57702,175Cost end of year12,5771192,175Amortisation for the year0(40)0Amortisation and impairment losses end of year0(40)0Carrying amount end of year12,577792,1759 Development projectsDevelopment projects comprise of the development of a new financial system, which is expected to undergo
further development within the coming year. 10 Property, plant and equipmentOther fixtures and fittings, tools and equipment
EUR'000Property, plant and equipment in progress
EUR'000Cost beginning of year2120Additions129442Disposals(134)0Cost end of year207442Depreciation and impairment losses beginning of year(5)0Depreciation for the year(65)0Reversal regarding disposals180Depreciation and impairment losses end of year(52)0Carrying amount end of year155442Recognised assets not owned by entity103011 Financial assetsInvestments in group enterprises
EUR'000Deposits
EUR'000Cost beginning of year80,442374Additions0157Cost end of year80,442531Revaluations beginning of year(9,078)0Transfers9,0780Revaluations end of year00Exchange rate adjustments1,8360Transfers(9,078)0Adjustments on equity1,9030Amortisation of goodwill(3,819)0Share of profit/loss for the year20,9650Dividend(15,436)0Investments with negative equity value depreciated over receivables (614)0Reversal regarding disposals6140Impairment losses end of year(3,629)0Carrying amount end of year76,813531Investments in subsidiariesRegistered inCorporate formEquity
interest
%Polytech A/SEsbjergA/S100.00PolyTech Test & Validation A/SEsbjergA/S100.00PolyTech Manufacturing A/SEsbjergA/S100.00PolyTech Wind Power Technology (Wuxi) Co., Ltd.ChinaLtd.100.00PolyTech Wind Power Technology Inc.USAInc.100.00PolyTech Lightning A/S under liquidationEsbjergA/S100.00PolyTech Manufacturing Mexico, S. de R.L. de C.VMexicoR.L de C.V.100.00Polytech Wind Power Technology Germany GmbHGermanyGmbH100.00Fos4X Wind Power Technology (Beijing) Co., Ltd.ChinaLtd.100.00Polytech Test & Validation (Sheyang) Co. Ltd.ChinaLtd.100.00PolyTech Wind Power Technology Mexico S. de R.L. de S.V.MexicoR. L. de C.V.100.00<br />Investments in group enterprises
EUR'000Deposits
EUR'000Cost beginning of year80,442374Additions0157Cost end of year80,442531Revaluations beginning of year(9,078)0Transfers9,0780Revaluations end of year00Exchange rate adjustments1,8360Transfers(9,078)0Adjustments on equity1,9030Amortisation of goodwill(3,819)0Share of profit/loss for the year20,9650Dividend(15,436)0Investments with negative equity value depreciated over receivables (614)0Reversal regarding disposals6140Impairment losses end of year(3,629)0Carrying amount end of year76,81353112 Deferred tax
Changes during the year2021
EUR'0002020
EUR'000Beginning of year95Recognised in the income statement(1,006)4End of year(997)9Deferred tax primary relates to property, plant and equipment and liabilities other than provisions.Deferred tax assets comprise of temporary differences between the tax base and the carrying amount. 13 PrepaymentsPrepayments consist of prepaid expenses. 14 Share capitalNumberRecorded par value
EUR'000Share capital101,13314101,1331415 Non-current liabilities other than provisionsDue within 12 months
2021
EUR'000Due within 12
months
2020
EUR'000Bank loans06,393Lease liabilities11301136,39316 Unrecognised rental and lease commitments2021
EUR'0002020
EUR'000Liabilities under rental or lease agreements until maturity in total1,9971,96617 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where VC VIII Jupiter Holding ApS serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc for the jointly taxed entities and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements. 18 Assets charged and collateralThe group has secured a commitment with GLAS Trust Corporation Limited through a registered company
charge of EUR 24,500k nominal. The registered company charge includes property, plant and equipment,
inventories, trade receivables and trade receivables from group enterprises. The carrying amount of pledged
assets amounts to EUR 24,724k.
Furthermore bank loans are secured by pledge of shares in PolyTech A/S, PolyTech Test & Validation A/S and
PolyTech Manufacturing A/S. The carrying amount of the investment is EUR 42,710k.
19 Related parties with controlling interestEuros BidCo AB, Stockholm, Sweden (Parent company of VC VIII Polytech Holding ApS)
Euros HoldCo AB, Stockholm, Sweden (Parent company of Euros BidCo AB)
BJP HoldCo AB, Stockholm, Sweden (Parent company of Euros HoldCo AB)
Verdane Capital 2020 (D) AB, Stockholm, Sweden (Parent company of BJP HoldCo AB)
Verdane Fund Manager Future AB (Ultimate parent company)20 Transactions with related partiesOnly related party transactions not conducted on an arm’s length basis are disclosed in the annual report. No
such transactions have been conducted in the financial year.21 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group:
BJP HoldCo AB, reg. np. 559261-2948, Stockholm, Sweden.Name and registered office of the Parent preparing consolidated financial statements for the smallest group:
BJP HoldCo AB, reg. no. 559261-2948, Stockholm, Sweden. Copies of the consolidated financial statements of BJP HoldCo AB may be ordered at the following address:
www.Cvr.dk in addition to the financial statement of VC VIII Polytech Holding ApS, reg. no. 36459948.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.The annual report is presented in Euros at a EUR/DKK rate of 7.45 (2020: 7.45)falseThe annual report is presented in Euros at a EUR/DKK rate of 7.45 (2020: 7.45)Consolidated financial statementsReferring to section 112(1) of the Danish Financial Statements Act,
no consolidated financial statements have
been prepared. VC VIII Polytech Holding ApS and its subsidiaries are included in the consolidated financial statements of BJP HoldCo AB.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, other operating income and external expenses.RevenueRevenue from the sale of services is recognised
in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and
sales discounts and is measured at fair value of the consideration fixed.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.Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual
enterprises’ profit/loss after full elimination of intra-group profits or losses.Other financial incomeOther financial income comprises dividends etc received on other investments, 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 all Danish group enterprises. 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).Intellectual property rights etcIntellectual property rights etc comprise of software.Development projects on clearly defined and identifiable products and processes, for which the technical rate
of utilisation, adequate resources and a potential future market or development opportunity in the enterprise
can be established, and where the intention is to manufacture, market or apply the product or process in
question, are recognised as intangible assets. Other development costs are recognised as costs in the income
statement as incurred. When recognising development projects as intangible assets, an amount equalling
the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced
as the development projects are amortised and written down.
The cost of development projects comprises costs such as salaries and amortisation that are directly and
indirectly attributable to the development projects.
Completed development projects are amortised on a straight-line basis using their estimated useful lives
which are determined based on a specific assessment of each development project. If the useful life cannot
be estimated reliably, it is fixed at 10 years. For development projects protected by intellectual property
rights, the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation
periods used are 20 years. Software are measured at cost less accumulated amortisation. Software are amorties over 3-4 years.
Intellectual property rights etc are written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentOther fixtures and fittings, tools and equipment are
measured at cost less accumulated depreciation and
impairment losses. Land is not depreciated.
Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of
the
asset until the time when it is ready to be put into operation. For self-constructed assets, cost comprises
direct
and indirect costs of materials, components, subsuppliers and labour costs. 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:Other fixtures and fittings, tools and equipment3-6 yearsFor leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed
the contract period.
Estimated 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.Investments in group enterprisesInvestments in group enterprises are recognised and measured according to the equity
method. This means that investments are measured at the pro rata share of the enterprises’ equity value plus unamortised goodwill and plus or minus unrealised intra-group profits or losses. Refer to the above
section on business combinations for more details about the accounting policies used on acquisitions of
investments in group enterprises.
Group enterprises with negative equity value are measured at DKK 0. Any receivables from these enterprises
are written down to net realisable value based on a specific assessment. If the Parent has a legal
or constructive obligation to cover the liabilities of the relevant enterprise, and it is probable that such
obligation will involve a loss, a provision is recognised that is measured at present value of the costs
necessary to settle the obligations at the balance sheet date.
Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to
reserve for net revaluation according to the equity method in equity.
Goodwill is the positive difference between cost of investments and fair value of assets and liabilities arising from
acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the
experience gained by Management for each business area. For one amount of goodwill, it has not been
possible to estimate useful life reliably, for which reason such useful life has been set at 10 years. For other amounts of goodwill, useful life has been determined based on an assessment of whether the enterprises
are strategically acquired enterprises with a strong market position and a long-term earnings profile and whether the amount of goodwill includes intangible resources of a temporary nature that cannot be
separated and recognised as separate assets. Useful lives are reassessed annually. The amortisation periods
used are 7-10 years.
Investments in group enterprises 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.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.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. For tax losses, joint taxation contributions receivable are only recognised if such losses are
expected to be used under the joint taxation arrangement.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.CashCash comprises of bank deposits.DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for
the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial
year is recognised directly in equity when distributed and disclosed as a separate item in Management's
proposal for distribution of profit/loss.Lease liabilitiesLease commitments 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 commitments 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 statementPursuant to section 86(4) of the Danish Financial Statements Act, the Company has not prepared a cash flow
statement as it is included in the group cash flow statement of BJP
Holding AS.
2022-06-30Troels Jessen