25539419 2022-01-01 2022-12-31 25539419 2022-01-01 2022-12-31 1 25539419 2022-01-01 2022-12-31 2 25539419 2022-01-01 2022-12-31 1 25539419 2022-01-01 2022-12-31 2 25539419 2022-01-01 2022-12-31 3 25539419 2022-01-01 2022-12-31 4 25539419 2022-01-01 2022-12-31 5 25539419 2022-01-01 2022-12-31 1 25539419 2021-01-01 2021-12-31 25539419 2020-01-01 2020-12-31 25539419 2019-01-01 2019-12-31 25539419 2018-01-01 2018-12-31 25539419 2022-12-31 25539419 2021-12-31 25539419 2020-12-31 25539419 2019-12-31 25539419 2018-12-31 25539419 2021-12-31 fsa:ContributedCapitalMember 25539419 2021-12-31 fsa:RetainedEarningsMember 25539419 2021-12-31 fsa:ProposedDividendRecognisedInEquityMember 25539419 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 25539419 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 25539419 2022-01-01 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 25539419 2022-12-31 fsa:ContributedCapitalMember 25539419 2022-12-31 fsa:RetainedEarningsMember 25539419 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember iso4217:DKK xbrli:pure Lars Bunch Statement by the Supervisory Board and the ExecutiveBoardThe Supervisory Board and the Executive Boardhave today discussed and approved the annual report ofAmmeraal Beltech Modular A/S for the financial year1 January – 31 December 2022.The annual report has been prepared in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities andfinancial position at 31 December 2022 and of the results of the Company's operations for the financialyear1 January – 31 December 2022.Further, in our opinion, the Management's review gives a fair review of the development in theCompany's activities and financial matters, of the results for the year and of the Company's financialposition.We recommend that the annual report be approved at the annual general meeting. Vejle, Alex Peter Ludvigsen Søren Klitvang Michael Wilhelmer Chairman Thomas Fritz Andreas Kristofer Ringquist Karsten VangsgaardJensen Employee representative Jesper Gartner Bang Employee representive To the shareholder of Ammeraal Beltech Modular A/S OpinionWe have audited the financial statements of Ammeraal Beltech Modular A/S for the financial year1January – 31 December 2022 comprising income statement, balance sheet, statement of changes inequity and notes, including accounting policies. The financial statements are prepared in accordance withthe Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities andfinancial position at 31 December 2022 and of the results of the Company's operations for the financialyear1 January – 31 December 2022 in accordance with the Danish Financial Statements Act. Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additionalrequirements applicable in Denmark. Our responsibilities under those standards and requirements arefurther described in the "Auditor's responsibilities for the audit of the financial statements" section of ourreport. We are independent of the Company in accordance with the International Ethics Standards Board forAccountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additionalethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the IESBA Code.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour opinion. Management's responsibility for the financial statementsManagement is responsible for the preparation of financial statements that give a true and fair view inaccordance with the Danish Financial Statements Act and for such internal control that Managementdetermines is necessary to enable the preparation of financial statements that are free from materialmisstatement, whether due to fraud or error.In preparing the financial statements, Management is responsible for assessing the Company's ability tocontinue as a going concern, disclosing, as applicable, matters related to going concern and using thegoing concern basis of accounting in preparing the financial statements unless Management eitherintends to liquidate the Company 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 as to whether the financial statements as a whole arefree from material misstatement, whether due to fraud or error, and to issue an auditor's report thatincludes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that anaudit conducted in accordance with ISAs and the additional requirements in Denmark will always detect amaterial misstatement when it exists. Misstatements may arise from fraud or error and are consideredmaterial if, individually or in the aggregate, they could reasonably be expected to influence the economicdecisions of financial statement users made on the basis of these financial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable inDenmark, we exercise professional judgement and maintain professional scepticism throughout the audit.We also— identify and assess the risks of material misstatement of the company financial statements, whetherdue to fraud or error, design and perform audit procedures responsive to those risks, and obtain auditevidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detectinga material misstatement resulting from fraud is higher than for one resulting from error as fraud mayinvolve 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 proceduresthat are appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the Company's internal control.— evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by Management.— conclude on the appropriateness of Management's use of the going concern basis of accounting inpreparing the financial statements and, based on the audit evidence obtained, whether a materialuncertainty exists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty exists, we arerequired to draw attention in our auditor's report to the related disclosures in the financial statementsor, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the auditevidence obtained up to the date of our auditor's report. However, future events or conditions maycause the Company to cease to continue as a going concern.— evaluate the overall presentation, structure and contents of the financial statements, including thedisclosures, and whether the financial statements represent the underlying transactions and events ina manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the plannedscope and timing of the audit and significant audit findings, including any significant deficiencies ininternal control that we identify during our audit. Statement on the Management's reviewManagement is responsible for the Management's review.Our opinion on the financial statements does not cover the Management's review, and we do not expressany form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the Management'sreview and, in doing so, consider whether the Management's review is materially inconsistent with thefinancial statements or our knowledge obtained during the audit, or otherwise appears to be materiallymisstated.Moreover, it is our responsibility to consider whether the Management's review provides the informationrequired under the Danish Financial Statements Act.Based on the work we have performed, we conclude that the Management's review is in accordance withthe financial statements and has been prepared in accordance with the requirements of the DanishFinancial Statements Act. We did not identify any material misstatement of the Management's review. Fredericia, Michael Lund Siegumfeldt State AuthorisedPublic Accountant mne28662 Ammeraal Beltech Modular A/S Hjulmagervej 21 DK 7000 Vejle 25539419 Vejle KPMGStatsautoriseret Revisionspartnerselskab Vesterballevej 27, 2 DK 7000 Fredericia 25578198 579711000 587411000 456796000 390351000 388417000 196470000 290998000 227448000 142651000 135957000 65727000 156736000 109915000 29867000 32869000 58425000 127257000 83463000 144355000 35922000 414212000 539144000 478585000 420572000 375731000 249960000 366535000 339278000 255815000 220691000 56448000 25988000 15341000 24996000 40908000 169 181 182 187 190 The financial ratios have been calculated as follows:Gross profit x 100Gross marginRevenueOperating profit/loss x 100Operating marginRevenueProfit/loss from ordinary activities after tax x 100Return on equityAverage equity 0.339 0.495 0.498 0.365 0.35 0.114 0.267 0.241 0.077 0.85 0.19 0.361 0.281 0.606 0.081 Operating review Principal activities The Company's activity consists of the development, production and sale of modular belts and chains made of plastic and steel for the use on internal conveyors. Primary market segments are the food processing, packaging and automotive industries. Development in activities and financial position Ammeraal Beltech Modular A/S enjoyed continuous growth in 2022 despite an extraordinary year with geopolitical tension and financial market volatility at a magnitude not seen since the financial crises and inflation driven by energy prices related to the war in Ukraine. Sales of our modular products grew globally across all major products series and across all major markets. Revenue decreased 1% to DKK 580 million vs DKK 587 million in 2021. The Company’s income statement for 2022 shows a gross profit of DKK 196 million vs DKK 291 million last year. Gross profit was impacted by declining sales during the second part of 2022 due to the global situation. Further, gross profit was challenged by price increases in both raw materials and utilities and increased costs related to subcontracting operations. As mitigation for the increasing inflation, savings initiatives were initiated, and tighter cost controls were implemented. From an overall perspective, revenue was lower compared to the outlook for 2022 and did not meet the expected increase of 16-20% in revenue and EBITDA, which was stated in the annual report for 2021. The expectations for 2022 were to some extent moderate because of post COVID-19 and the uncertainties that followed. It was hard to tell how the individual countries and industries would develop and a shortage of critical raw materials was expected. Unfortunately, additional external factors came across during 2022 due to geopolitical uncertainties, financial crisis and inflation, and the war in Ukraine, the reality was a more declining financial outcome of business operations than expected. However, our Procurement Team has succeeded in eliminating the risk of shortage of raw materials based on great cooperation with vendors and the Operation Team. Good planning and optimisation in production meant that we could production constant throughout the entire year, also supported by investments in new machines and technology preparing for a more efficient manufacturing setup. Results of business operations in 2022 are considered very satisfactory in a very challenging year. Results after tax were DKK 58 million vs DKK 127 million in 2021, which was impacted by increasing group management costs and settlement of transfer pricing across the group. Outlook Revenue and EBITDA for 2023 are expected to match 2022. Based on the latest developments in the world, market supply on POM is currently very scarce but we have been able to establish dual supply and long-term supply agreements. Financial instruments The Company's risk exposure Particular risks No special risks apart from generally occurring risks in the industry. Operating risks The key business risk of Ammeraal Beltech Modular A/S is related to the potential inability to be competitive in our main markets. Our continuous development and launch of new products reduce this risk. Financial risks The Company invoices in Danish kroner as well as a number of foreign currencies, primarily Euro, US Dollars and Great British Pounds. Business and payments from Russian customers completely stopped due to restrictions related to the war in Ukraine. Purchases are made primarily in Danish kroner, Euro and Polish zloty. Subsequent events No subsequent events of relevance. Business model Ammeraal Beltech Modular A/S is a part of the AMMEGA group, and is responsible for operational management, project management and it owns the manufacturing know-how and technical expertise required in the execution of the manufacturing process. Furthermore, it holds the responsibility and knowhow related to R&D for both new products as well as new technologies. All Finished Goods (belts, chains and sprockets) are sold to many different industries, where it becomes an integral part of the manufacturing process and equipment. The products are being sold through AMMEGA’s global sales organization, who is responsible for local sales and marketing functions. Furthermore, the sales team is involved in the local business development, designing and technical specifications of the product offering in order to meet the client’s particular needs, installation, as well as after sales services. The Finished Goods are either delivered from Ammeraal Beltech Modular A/S or via an assembly site in Poland directly to the end customer, which can be either an End User (a factory), an OEM (a machine builder) or a Distributor. Operating review The human rights policy covers: • safe and healthy workplaces • freedom of association • elimination of forced labour, child labour and human trafficking • workplaces free of discrimination, harassment and violence • fair remuneration • support for local communities • land rights and water use • employee guidance and reporting rules. Furthermore, human rights are described in the AMMEGA Code of Conduct with reference to the Human Rights Policy. The Company will continue to have mandatory test relating to the Code of Conduct every year. Actions and results To ensure compliance with human rights policy, AMMEGA makes sure that all employees, business partners and other stakeholders receive print or digital copies of the Code of Conduct. In 2022 all employees completed an e-learning with a mandatory test relating to the Code of Conduct. Ammeraal Beltech Modular A/S is also a member of the Dansk Arbejdsgiverforening (Danish employer association) and has signed and complies with union agreements for all work areas within the Company. Every quarter a job satisfaction survey is conducted. This survey is conducted to get the employees perspective on their well-being. Survey results are distributed to the managers and managers are encouraged to talk to their employees about the result to understand which corrective actions shall be made, if any. The latest survey showed overall a good result and satisfied employees. AMMEGA conducts a yearly Organizational Health Index Survey with the goal of becoming a better organization every single year. The survey is designed to be an in-depth evaluation of the way we organize and complete our work. Survey results were analysed and distributed by AMMEGA. Focus areas were defined based on the survey and action plans have been initialized. Besides this, AMMEGA has a global speak up hotline, hosted by a third party, which is promoted to all employees in AMMEGA. All employees have been informed how to report incidents to this hotline and if any incidents are reported it will be managed by the Group. KPIs & due diligence No specific KPIs are measured. Ammeraal Beltech Modular A/S has no formalised due diligence process related to CSR for the local entity, but corporate is assisting in assessing all key suppliers in an annual supplier assessment to validate they also adhere to the UN declaration of Human Rights. Future efforts It is the belief of Ammeraal Beltech Modular A/S that the current efforts are satisfactory, so no further initiatives have been planned for 2023. Through AMMEGA there is an enhanced focus on improving rights and conditions for employees. We will follow the development in AMMEGA and implement the policies when they are released. Labour and social conditions AMMEGA’s most important asset is its workforce and Ammeraal Beltech Modular A/S is aiming at being known as a company taking care of its employees and actively contributing to job satisfaction, well-being, development, and safety. Health and safety are an important part of the overall business operations. Ammeraal Beltech Modular A/S has a health & safety policy that outlines that the focus is on safety in the execution of the job and on the employee’s well-being, commitment and personal development via on-the-job training and education. Besides this Ammeraal Beltech Modular A/S also follows the global AMMEGA Health & safety policy. v has an absenteeism policy that calls out that the aim is to reduce absenteeism via conversations with the employees. This is in place to avoid long-term illness and support the employees to avoid long-term illness situations. Besides this Ammeraal Beltech Modular A/S also has a stress policy which outlines Ammeraal Beltech Modular A/S’ active role in supporting the employees to avoid stress, but also ensuring that the employee returns safely to the workplace after a stress incident. It is the belief of Ammeraal Beltech Modular A/S S that the current efforts are satisfactory. The Company will therefore continue to conduct performance appraisals every year. Besides performance, also job satisfaction, education and future opportunities will continuously be evaluated so no further initiatives have been planned for 2023.” Actions & results The health & safety manager is responsible for monitoring compliance with local law and to support and stimulate the awareness of Health and Safety in Ammeraal Beltech Modular A/S. Each and every health & safety incident is evaluated, communicated in the broader group, and the implementation of related corrective measures is being pursued. In 2022 848 safety observations, 5 injuries without lost time and 2 lost time injuries were reported. The management team participates in weekly Gemba safety walks, with the purpose of identifying potential risks and stimulating safety awareness throughout the entire organization. Every quarter a job satisfaction survey is conducted. This survey is conducted to get the employee perspective on their well-being. Survey results are distributed to the managers and managers are encouraged to talk to their employees about the result in order to understand which corrective actions shall be made, if any. The latest survey showed overall a good result and satisfied employees. On a quarterly basis dialogue meetings with Ammeraal Beltech Modular A/S’ employees are being held. The goal of these meetings is to ensure that employees know how Ammeraal Beltech Modular A/S is performing in general but also what new initiatives Ammeraal Beltech Modular A/S is focusing on. In all these meetings safety is an important agenda topic. A safety week was held in May 2022 and included a variety of activities. First aid courses, lectures in diet and lifestyle, lectures in ergonomics and lifting, elemental firefighting, precision driving with work forklift and many more. The ambition is to be ISO45001 certified during 2023. The concept of safety week will continue in 2023. Furthermore, a variety of safety trainings are conducted for relevant blue and white collars on a yearly basis. Every year performance appraisals are conducted. Besides performance, also job satisfaction, education and future opportunities are evaluated. KPIs & due diligence Ammeraal Beltech Modular A/S is on a continuous basis measuring the • Illness rate • The Bradford factor • No. of accidents at work and the no. of near miss accidents. Ammeraal Beltech Modular A/S has no formalised due diligence process related to Labour and Social conditions. Future efforts It is the belief of Ammeraal Beltech Modular A/S that the current efforts are satisfactory, so no further initiatives have been planned for 2023, but ongoing scouting of the markets and possibilities across customers and competitors are ongoing in the Business Development area. Environment Ammeraal Beltech Modular A/S has no policies related to environment, however it follows the AMMEGA Responsible Sourcing Policy that describes how the AMMEGA Group shall work with its suppliers and ask them to meet the minimum health & safety, human rights, ethical and environmental standards. Further the AMMEGA group and thereby Ammeraal Beltech Modular A/S supports the UNGC universal principles on human rights, labour, environment and anti-corruption. By this AMMEGA strives to take its social responsibility seriously and strives to do business in a way that minimizes the negative impacts and maximizes the positive value for people, the environment and society. The AMMEGA Group and thereby also Ammeraal Beltech Modular A/S requests its suppliers to maintain effective policies, processes and procedures to manage their environmental impact and to operate their business in a sustainable manner, consistent with the UNGC’s Sustainable Development Goals. Further AMMEGA Group and thereby also Ammeraal Beltech Modular A/S is also committed to making its products more sustainable by developing cleaner processes and minimize the impact on the environment. Actions & results Ammeraal Beltech Modular A/S has continued the project Clean Sweep, a project defined for the plastic industry internationally which is about minimizing pollution from plastic pellets in the immediate environment. Grids have been installed in drains in the production area and during the weekly Gemba walks it is controlled that there is no plastic floating around either inside or outside on the property. In 2022 the potential pollution which was captured with filtering of drains was measured to less than 1 kg of plastic pellets, so improvements to processes and buildings have reduced the environmental impact to an absolute minimum. Based on the “Energisynsrapport” prepared in 2019, Ammeraal Beltech Modular A/S kept working on reducing the CO2 footprint. Projects relating to purchase of raw materials with less CO2 footprint and recycling of plastic waste were initialized in 2021 and continued during 2022, further development in 2023 and effect expected to be measurable in 2024. KPIs & due diligence Ammeraal Beltech Modular A/S reports a variety of KPIs related to the business impact on the environment to its head quarter and several are related to CSR. Amongst others Ammeraal Beltech Modular A/S is on a continuous basis measuring the: • Energy consumption: Electricity consumption in kWh and Gas consumption in m3 • Water consumption: Water consumption in m3 • Fuel consumption for both company cars and driving in non-company cars but for company-related matters. Ammeraal Beltech Modular A/S has no formalised due diligence process related to the Environment. Future efforts In 2022, Ammeraal Beltech Modular A/S was re-certified of ISO 9001 (Quality Management System) and achieved the ISO 14001 certificate (Environmental Management System). Furthermore, the process for certification of ISO 45001 (Safety and Work environment) was initiated for expected approval in 2023. By 2023 AMMEGA aim to on-board 70% of our group supplier spend from our production sites around the globe into our Supplier Relationship Management Program. The suppliers that will be part of the Program have been selected based on the criteria: impact and continuous collaboration with AMMEGA production sites. Main target category for Ammeraal Beltech Modular A/S is Polymers. These suppliers will be engaged in reducing the CO2 footprint of Ammeraal Beltech Modular A/S. Target is to reduce our CO2 footprint with 7.5% YoY. Anti-corruption Ammeraal Beltech Modular A/S disassociates itself from corruption. The disassociation is expressed in the policies: • The AMMEGA anti-corruption policy • The AMMEGA anti-trust policy • Code of Conduct, which is published on the AMMEGA and Ammeraal Beltech Modular A/S intranet. The anti-corruption policy outlines that: • Employees in AMMEGA and hereunder Ammeraal Beltech Modular A/S must act with business integrity by being compliant with law, not be involved in any bribery, facilitation payments, corruption, extortion or embezzlement. All business activities shall be conducted with honesty, integrity, and in accordance with the moral, ethical and legal standards of the country. • Employees in AMMEGA and hereunder Ammeraal Beltech Modular A/S must comply with applicable antitrust laws that is implemented to control anticompetitive agreements and practices. Antitrust laws are focused mainly on identifying the line between robust competition and anticompetitive. Furthermore, anti-corruption and anti-trust is described in the AMMEGA Code of Conduct with reference to the Anti-Corruption Policy and the Anti-Trust Policy. The Company will continue to conduct training for the employees every year and based on that perform an evaluation of the awareness. No further initiatives have been planned for 2023. Actions & results To ensure compliance with the anti-corruption policy and the anti-trust policy, AMMEGA makes sure that all employees, business partners and other stakeholders receive print or digital copies of the Code of Conduct. In 2022 all employees completed an e-learning with a mandatory test relating to the Code of Conduct. Furthermore, employees in positions with relations to external parties also had to complete an e-learning course in anti-bribery. AMMEGA has a global speak up hotline, hosted by a third party, which is promoted to all employees in AMMEGA. All employees have been informed how to report incidents to this hotline and if any incidents are reported it will be managed by the Group. KPIs & due diligence No specific KPIs are measured. Ammeraal Beltech Modular A/S has no formalised due diligence process related to anti-corruption. Future efforts It is the belief of Ammeraal Beltech Modular A/S that the current efforts are satisfactory, so no further initiatives have been planned for 2023. Actions & results No specific actions & results in 2022. The Company will continue to conduct training for the employees every year and based on that perform an evaluation of the awareness. No further initiatives have been planned for 2023. KPIs & due diligence No specific KPIs are measured. Ammeraal Beltech Modular A/S has no formalised due diligence process related to data ethics. Future efforts Through AMMEGA there is an enhanced focus on data security and data reliability. We will follow the development in AMMEGA and implement the policies when they are released. Corporate social responsibility CSR is in accordance with on section 99a of the Danish Financial Statements Act. Environment Ammeraal Beltech Modular A/S’ CSR policies and procedures are reflected throughout its overall business model and strategy. Ammeraal Beltech Modular A/S has conducted a risk evaluation within CSR-related areas and have not found any material risks. Ammeraal Beltech Modular A/S has not found any breaches of its CSR policies during 2022. During 2022 the Company became ISO14001 accredited as part of the journey of continuous improvement related to the environment. Human rights Ammeraal Beltech Modular A/S has through AMMEGA a Global Human Rights policy that is prepared in line with the UN Guiding Principles on business and human rights (the UNGPs). The policy is derived from The United Nations (UN) Universal Declaration of Human Rights, The International Labour Organisation’s (ILO) Declaration of Fundamental Principles and Rights at Work and The United Nations Global Compact. Data ethics Ammeraal Beltech Modular A/S take responsibility for the data that we, as a company, collect. Most of our data relates to our employees, business partners, suppliers as well as our customers. The data ethics principles were enhanced in 2022 and policies and training will be rolled out during 2023. However, until now we have generated, handled and used data in accordance with prior practices and policies, including policies in General Data Protection Regulation (GDPR) that ensure that employees knows how to work with personal information. Furthermore, we work on data ethics and data security when using data across the value chain. We do not use data to track movements or consumer preferences of any private individuals, nor do we use machine learning, AI or similar to profile customers, employees or other private individuals. AMMEGA work continuously with IT security and ethics and we expect that Group policies will be implemented in the future which is why we have not prepared a policy for Ammeraal Beltech Modular A/S. Goals and policies for the underrepresented gender The part about “underrepresented gender” is in accordance with section 99b of the Danish Financial Statements Act. Ammeraal Beltech Modular A/S is of the opinion that a diverse and accommodating organization makes the Company stronger, fosters a fruitful and innovative working environment and gives the Company additional competitive strength. We intend to develop and make use of the full potential of our employees and ensure work-life balance for our employees in this respect. Gender equality among the management members and focus on diversity is an integrated part of Ammeraal Beltech Modular A/S’ informal staff policy. Ammeraal Beltech Modular A/S has no females in the Supervisory Board, which is the consul monitoring and supporting the Board of Directors, in Danish named the “Tilsynsråd” and consist of 2 persons. Gender is not decisive to election for the Board of Directors of Ammeraal Beltech Modular A/S, which is the operating Board of Directors focusing on the strategic direction, business performance and compliance. By contrast, board members are elected due to their insight into the lines of business in which Ammeraal Beltech Modular A/S operates. The Executive Boards goal for gender diversity is to ensure representation by both genders and the aim is to have 1 female Director represented in the Supervisory Board and in the Board of Directors latest in year 2024, when a new election and appointment is expected. Currently the Board of Directors consists of 5 members, all males, and one suppliant which is a female. It is the belief of Ammeraal Beltech Modular A/S that the current efforts are satisfactory. The Company will continue its focus on underrepresented gender for 2023, by requesting feedback and involvement via the yearly organizational Health Index Survey which is a process including evaluation of the management and the managerial setup and based on this setting the organisational goals for the Company. Through its staff, Ammeraal Beltech Modular A/S wishes to reflect modern society and convey diversity. 579711000 587411000 319230000 242632000 2638000 1342000 66649000 55123000 196470000 290998000 101283000 105651000 29060000 28445000 400000 166000 65727000 156736000 10694000 10984000 6645000 3010000 69776000 164710000 11351000 37453000 58425000 127257000 9975000 11970000 3305000 3965000 9984000 7781000 23264000 23716000 1618000 1199000 26105000 25850000 109519000 91485000 712000 475000 0 0 137954000 119009000 4098000 4020000 165316000 146745000 37602000 17261000 54579000 46475000 92181000 63736000 11592000 15629000 129709000 292800000 9670000 4674000 814000 1105000 151785000 314208000 4930000 14455000 248896000 392399000 414212000 539144000 3000000 3000000 246960000 188535000 0 175000000 249960000 366535000 16676000 17237000 3304000 3018000 19980000 20255000 4519000 6737000 6005000 5984000 10524000 12721000 2437000 4716000 51691000 40049000 53868000 27836000 12821000 36985000 12931000 30047000 133748000 139633000 144272000 152354000 414212000 539144000 3000000 188535000 175000000 366535000 0 0 175000000 175000000 0 58425000 0 58425000 3000000 246960000 0 249960000 Accounting policiesThe annual report of Ammeraal Beltech Modular A/S for 2022 has been prepared in accordance with theprovisions applying to reporting class C large entities under the Danish Financial Statements Act.The annual report for 2022 is presented in DKK thousand. Omission of audit feePursuant to section 96(3) of the Danish Financial Statements Act, the Company has not disclosed the feeto auditors appointed at the general meeting. The Company's fee to auditors appointed at the generalmeeting is included in the consolidated financial statements of Ammega Group BV. Marconistraat 15,Heerhugowaard, 1704RH, the Netherlands, and the consolidated financial statements of Alpha ABMDHoldco BV, Marconistraat 15, Heerhugowaard, 1704RH, the Netherlands.Business combinationsThe book value method is applied to business combinations such as the acquisition and disposal ofequity investments, mergers, demergers, contribution of assets, share exchanges, etc., between entitiescontrolled by the Parent Company. The uniting of interests is considered completed as from the earliestaccounting period included in the annual report, however, no earlier than the date when the companiesbecame subject to joint control. Comparative figures have not been restated. Differences between theagreed consideration and the carrying amount of the acquired entity is recognised in equity. Foreign currency translationOn initial recognition, transactions denominated in foreign currencies are translated at the exchangerates at the transaction date. Foreign exchange differences arising between the exchange rates at thetransaction date and the date of payment are recognised in the income statement as financial income orfinancial expenses.Receivables, payables and other monetary items denominated in foreign currencies are translated at theexchange rates at the balance sheet date. The difference between the exchange rates at the balancesheet date and the date at which the receivable or payable arose or was recognised in the latest financialstatements is recognised in the income statement as financial income or financial expenses.Upon recognition of foreign group entities and associates that are independent entities, the incomestatements are translated into Danish kroner at average exchange rates for the month, and balancesheet items are translated at the exchange rates at the balance sheet date. Foreign exchange differencesarising upon translation of foreign group entities' opening equity and results at the exchange rates at thebalance sheet date are recognised directly in equity.Foreign exchange adjustments of balances with independent foreign group entities considered part of thetotal investment in the group entity are recognised directly in equity. Similarly, foreign exchange gainsand losses on loans and derivative financial instruments taken out for the purpose of hedginginvestments in foreign group entities are recognised directly in equity.Upon recognition of foreign group entities that are integrated entities, monetary items are translated atthe exchange rates at the balance sheet date. Non-monetary items are translated at the exchange ratesat the date of acquisition or the date of subsequent revaluations of the asset. Income statement items aretranslated at the exchange rates at the transaction date, whereas items derived from non-monetary itemsare translated at historical exchange rates for the non-monetary item.Income statementRevenueIncome from the sale of goods is recognised in revenue when delivery and transfer of risk to the buyerhave taken place, and the income may be measured reliably and is expected to be received. The date oftransfer of the most significant benefits and risks is determined using standard Incoterms ® 2020.Revenue from the sale of goods where installation is a condition for significant risks being considered tohave been transferred to the buyer is recognised as revenue when installation has been completed.Revenue from the sale of goods where delivery has been postponed at the buyer's request is recognisedas revenue when ownership of the goods has been transferred to the buyer.A contract is broken down by individual transactions when the fair value of the individual salestransactions may be reliably measured, and the individual sales transactions are of separate value to thebuyer. Sales transactions are deemed to be of a separate value to the buyer when the transaction isindividually identifiable and usually sold individually. The contract price is broken down by the individualsales transactions in accordance with the fair value method. The separate sales transactions arerecognised as revenue when complying with the criteria applying to the sale of goods and services.Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged onbehalf of third parties. All discounts granted are recognised in revenue.For products with a high degree of customisation, revenue is recognised as production takes place, andaccordingly, revenue corresponds to the selling price of the work performed for the year (the percentageof completion method). When total income and costs attributable to the contract or the stage ofcompletion at the balance sheet date cannot be estimated reliably, revenue is recognised only at costsincurred and only to the extent that the recovery thereof is likely.Revenue from the sale of services is recognised on a straight-line basis in the income statement as theservices are provided.Services based on time spent are recognised in revenue as the work is performed.Cost of goods soldRaw materials and consumables include costs relating to raw materials and consumables used ingenerating the year's revenue.Other operating incomeOther operating income comprises items secondary to the activities of the entity, including gains on thedisposal of intangible assets and property, plant and equipment.Other external costsOther external costs comprise distribution costs and costs related to sales, sales campaigns,administration, office premises, operating leases, etc.Staff costsStaff costs comprise wages and salaries, including holiday allowance, pension and other social securitycosts, etc., to the Company's employees, excluding reimbursements from public authorities.Other operating costsOther operating costs comprise items secondary to the activities of the entity, including losses on thedisposal of intangible assets and property, plant and equipment.Financial income and expensesFinancial income and expenses comprise interest income and expense, financial costs regarding financeleases, gains and losses on securities, payables and transactions denominated in foreign currencies,amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account taxscheme, etc.Dividends from investments in group entities are recognised in the income statement in the financial yearin which dividend is declared. To the extent that the distributed dividend exceeds accumulated earningsat the acquisition date, the dividend is recognised as write-down of the cost of the equity investment.In case of indication of impairment, an impairment test is conducted. Indication of impairment exists ifdistributed dividend exceeds profit for the year or if the carrying amount of equity investments exceedsthe consolidated carrying amounts of the net assets in the subsidiary. Tax on profit/loss for the yearTax for the year includes current tax on the year's expected taxable income and the year's deferred taxadjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised inthe income statement, whereas the portion that relates to transactions taken to equity is recognised inequity.The entity and its Danish group entities are taxed on a joint basis. The Danish income tax charge isallocated between profit-making and loss-making Danish entities in proportion to their taxable income (fullallocation method).Jointly taxed companies entitled to a tax refund are, as a minimum, reimbursed by the managementcompany according to the current rates applicable to interest allowances, and jointly taxed companieswith insufficient tax payments, as a maximum, are to pay a surcharge according to the current ratesapplicable to interest surcharges to the management company.Balance sheetIntangible assetsPatents and licences are measured at cost less accumulated amortisation and impairment losses.Patents are amortised on a straight-line basis over the remaining life of the patent, and licences areamortised over the contract period, however, not exceeding 7 years.GoodwillGoodwill is amortised on a straight-line basis over the estimated useful life determined on the basis ofManagement's experience within the individual business areas. The maximum amortisation period isbetween 5 and 25 years and longest for strategically acquired entities with a strong market position andlong-term earnings profile.Property, plant and equipmentLand and buildings, plant and machinery and fixtures and fittings, tools and equipment are measured atcost less accumulated depreciation and impairment losses. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date onwhich the asset is available for use. Indirect production overheads and borrowing costs are notrecognised in cost. Where individual components of an item of property, plant and equipment have different useful lives, theyare accounted for as separate items, which are depreciated separately.The basis of depreciation is cost less any projected residual value after the end of the useful life.Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful livesare as follows:Buildings10 - 33 yearsPlant and machinery5 - 10 yearsFixtures and fittings, tools and equipment5 - 10 yearsLeasehold improvements10 - 14 yearsThe useful life and residual value are reassessed annually. Changes are treated as accountingestimates, and the effect on depreciation is recognised prospectively.Fixed assets under construction are recognised and measured at cost at the balance sheet date. Uponentry into service, the cost is transferred to the relevant group of property, plant and equipment.Gains and losses on the disposal of property, plant and equipment are stated as the difference betweenthe selling price less selling costs and the carrying amount at the date of disposal. Gains and losses arerecognised in the income statement as other operating income or other operating costs, respectively.LeasesOn initial recognition, leases for non-current assets that transfer substantially all risks and rewardsincident to ownership to the Company (finance leases) are recognised in the balance sheet at the lowerof fair value and the net present value of future lease payments. When calculating the net present value,the interest rate implicit in the lease or the incremental borrowing rate is used as the discount factor.Assets held under finance leases are subsequently treated as the Company's other non-current assets.The capitalised lease obligation is recognised in the balance sheet as a liability at amortised cost,allowing the interest element of the lease payment to be recognised in the income statement over theterm of the lease.All other leases are operating leases. Payments relating to operating leases and other leases arerecognised in the income statement over the term of the lease. The Company's total obligation relating tooperating leases and other leases is disclosed as contractual obligations, etc.InventoriesInventories are measured at cost in accordance with the FIFO method. Where the net realisable value islower than cost, inventories are written down to this lower value.Goods for resale and raw materials and consumables are measured at cost, comprising purchase priceplus delivery costs.Finished goods and work in progress are measured at cost, comprising the cost of raw materials,consumables, direct wages and salaries and indirect production overheads. Indirect productionoverheads comprise indirect materials and wages and salaries as well as the maintenance ofdepreciation of production machinery, buildings and equipment as well as factory administration andmanagement. Borrowing costs are not included in cost.The net realisable value of inventories is calculated as the sales amount less costs of completion andcosts necessary to make the sale and is determined taking into account marketability, obsolescence anddevelopment in expected selling price.Impairment of fixed assetsThe carrying amount of intangible assets and property, plant and equipment as well as equityinvestments in group entities and associates is subject to an annual test for indications of impairmentother than the decrease in value reflected by depreciation or amortisation.Impairment tests are conducted of individual assets or groups of assets when there is an indication thatthey may be impaired. Write-down is made to the recoverable amount if this is lower than the carryingamount.The recoverable amount is the higher of an asset's net selling price and its value in use. The value in useis determined as the present value of the forecast net cash flows from the use of the asset or the group ofassets, including forecast net cash flows from the disposal of the asset or the group of assets after theend of the useful life.ReceivablesReceivables are measured at amortised cost.Write-down is made for bad debt losses where there is an objective indication that a receivable or aportfolio of receivables has been impaired. If there is an objective indication that an individual receivablehas been impaired, write-down is made on an individual basis.Receivables with no objective indication of individual impairment are assessed for objective indication ofimpairment on a portfolio basis. The portfolios are primarily based on the debtors' registered offices andcredit rating in accordance with the Company's credit risk management policy. The objective indicatorsused in relation to portfolios are determined on the basis of historical loss experience.Write-downs are calculated as the difference between the carrying amount of receivables and the presentvalue of forecast cash flows, including the realisable value of any collateral received. The effectiveinterest rate for the individual receivable or portfolio is used as discount rate.PrepaymentsPrepayments comprise prepayment of costs incurred relating to subsequent financial years.Cash at bank and in handCash at bank and in hand comprise cash and bank deposits.EquityDividendsThe expected dividend payment for the year is disclosed as a separate item under equity. Dividends arerecognised as a liability at the date of declaration by the annual general meeting.Corporation taxCurrent tax payable and receivable is recognised in the balance sheet as tax computed on the taxableincome for the year, adjusted for tax on the taxable income of prior years and for tax paid on account.Deferred tax is measured using the balance sheet liability method on all temporary differences betweenthe carrying amount and the tax value of assets and liabilities based on the planned use of the asset orsettlement of the liability. However, deferred tax is not recognised on temporary differences relating togoodwill non-deductible for tax purposes and on office premises and other items where the temporarydifferences arise at the date of acquisition without affecting either profit/loss or taxable income.Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expectedvalue of their utilisation within the foreseeable future; either as a set-off against tax on future income or asa set-off against deferred tax liabilities in the same legal tax entity. Any deferred net assets are measuredat net realisable value.Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balancesheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as aresult of changes in tax rates are recognised in the income statement or equity, respectively.ProvisionsProvisions comprise expected expenses relating to guarantee commitments, etc. Provisions arerecognised when the Company has a legal or constructive obligation as a result of a past event at thebalance sheet date and it is probable that an outflow of resources embodying economic benefits will berequired to settle the obligation.Provisions are measured at net realisable value or at fair value if the obligation concerned is expected tobe settled far into the future.LiabilitiesFinancial liabilities are recognised at cost at the date of borrowing, corresponding to the proceedsreceived less transaction costs paid. In subsequent periods, the financial liabilities are measured atamortised cost using the effective interest method. Accordingly, the difference between cost and thenominal value is recognised in the income statement over the term of the loan together with interestexpenses.Finance lease obligation comprise the capitalised residual lease obligation of finance leases.Other liabilities are measured at net realisable value.Lease liabilitiesLease liabilities are measured at the net present value of the remaining lease payments including aguaranteed residual value, if any, based on the interest rate implicit in the lease.Segment informationSegment information is provided on geographical markets. The segment information is in line with theGroup's accounting policies, risks and internal financial management.In accordance with section 96 of the Danish Financial Statements Act, the distribution of revenue acrossbusiness segments is not disclosed, as such information may be detrimental to the Group. true Omission of cash flow statementPursuant to section 86(4) of the Danish Financial Statements Act, no cash flow statement has beenprepared. The Company's cash flows are included in the cash flow statement in the consolidated financialstatements of Ammega Group BV. Marconistraat 15, Heerhugowaard, 1704RH, the Netherlands, and theconsolidated financial statements of Alpha ABMD Holdco BV, Marconistraat 15, Heerhugowaard,1704RH, the Netherlands. Segment informationSegment information is provided on geographical markets. The segment information is in line with theGroup's accounting policies, risks and internal financial management.For competetive reasons, segment information on net sales is omitted, see section 96(1) of the DanishFinancial Statements Act.DKK'000 2022 2021Revenue, Europe356,090376,924Revenue, USA127,691131,698Revenue, Latin America24,89425,152Revenue, Asia64,17844,781Revenue, Other6,8588,856579,711 587,411 169 181 Staff costs include remuneration of the Executive Board of DKK 4,010 thousand (2021: DKK 3,181thousand).In accordance with section 98b(3) of the Danish Financial Statements Act, remuneration of theExecutive Board is presented as an aggregate single amount.Staff costsWages and salaries86,87591,732Pensions12,62612,004Other social security costs1,7821,915101,283 105,651 Other financial incomeInterest income from group entities1,8174Other financial income01,558Exchange gains8,8779,42210,694 10,984 Other financial expensesInterest expense to group entities654422Other financial expenses675449Exchange losses5,3162,1396,645 3,010 DKK'000 2022 2021Tax on profit for the yearCurrent tax for the year12,82136,039Deferred tax for the year2,333468Adjustment for prior years-909946Adjustment to deferred tax for prior years-2,894011,351 37,453 0 175000000 58425000 -47743000 58425000 127257000 8 Intangible assetsOtherintangibleDKK'000assetsGoodwillSoftwareTotalCost at 1 January 202217,9545,94738,90562,806Transfers for the year008,6878,687Cost at 31 December 2022 17,954 5,947 47,592 71,493Amortisation and impairment losses at 1January 2022-5,984-1,982-31,124-39,090Amortisation for the year-1,995-660-6,484-9,139Amortisation and impairment losses at 31December 2022 -7,979 -2,642 -37,608 -48,229Carrying amount at 31 December 2022 9,975 3,305 9,984 23,264 Property, plant and equipmentProperty,plant andFixtures andequipmentfittings, toolsLeaseholdLand andunderPlant andandimprove-DKK'000buildingsconstructionmachineryequipmentmentsTotalCost at 1 January 202216,64325,850370,18115,6461,391429,711Additions for the year056,1350313056,448Disposals for the year-5070-30,081-240-30,612Transfers for the year690-55,88046,50300-8,687Cost at 31 December 2022 16,826 26,105 386,603 15,935 1,391 446,860Depreciation andimpairment losses at 1January 2022-15,4440-278,696-15,171-1,391-310,702Depreciation for the year-2710-19,574-760-19,921Depreciation andimpairment losses for theyear on assets sold507021,18624021,717Depreciation andimpairment losses at 31December 2022 -15,208 0 -277,084 -15,223 -1,391 -308,906Carrying amount at 31December 2022 1,618 26,105 109,519 712 0 137,954Assets held under financeleases 0 0 11,625 0 0 0 InvestmentsDKK'000DepositsCost at 1 January 20224,020Additions for the year784,098Cost at 31 December 2022Carrying amount at 31 December 2022 4,098 ReceivablesReceivables from group entities comprise DKK 51,599 thousand regarding cash pool (2021: DKK140,399 thousand). PrepaymentsPrepayments comprise prepaid expenses regarding rent, insurance premiums, subscriptions andinterest. EquityContributed capital consists of three shares of a nominal value of DKK 1,000,000.00 each.All shares rank equally.There have been no changes in contributed capital during the last five years. DKK'000 31/12 2022 31/12 2021Provision for deferred taxDeferred tax at 1 January17,23716,769Provision in the year-56146816,676 17,237 Other provisionsCustomer claims1,7361,450Floor repair cost1,5681,5683,304 3,018 Non-current liabilities other than provisionsDKK'000 31/12 2022 31/12 2021Lease liabilities can be specified as follows:0-1 years2,4374,7161-5 years4,5196,7376,956 11,453Other payables can be specified as follows:1-5 years68221>5 years5,9375,7636,005 5,984Total liabilities other than provisions12,961 17,437 Subsequent eventsNo subsequent events have occured. Contractual obligations, contingencies, etc.Contingent liabilitiesThe Company is jointly taxed with its Parent Company, Ammega Holding Denmark ApS (managementcompany) and is jointly and severally liable with the other jointly taxed entities for the payment of incometaxes from the income year 2013 and onwards and withholding taxes on dividends, interest and royaltiesfalling due for payment on or after 1 July 2012.Operating lease liabilitiesThe Company has entered into operating leases with a remaining term of 9 years and an average yearlylease payment of DKK 8,217 thousand, totalling DKK 69,848 thousand. Related party disclosuresAmmeraal Beltech Modular A/S' related parties comprise the following:Ammeraal Beltech Danmark A/S, Hjulmagervej 21, 7100 VejleAmmeraal Beltech Danmark A/S holds the majority of the contributed capital in the Company.Ammeraal Beltech Modular A/S is part of the consolidated financial statements of Ammega Group BV.Marconistraat 15, Heerhugowaard, 1704RH, the Netherlands, and the consolidated financial statementsof Alpha ABMD Holdco BV, Marconistraat 15, Heerhugowaard, 1704RH, the Netherlands, which is thesmallest and largest group, respectively, in which the Company is included as a subsidiary.The consolidated financial statements can be obtained by contacting the companies at the addressesabove.Related party transactionsDKK'0002022Sale of goods to group entities524,898Sale of services to parent entity3,074Purchase of goods from groups entities40,186Purchase of services from group entities62,499Purchase of services from parent entity26,828657,485Receivables from and payables to group entities are disclosed in the balance sheet. Interest income isdisclosed in note 4 and interest expense in note 5. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2022-01-01 2022-12-31 2021-01-01 2021-12-31 2023-07-06 Regnskabsklasse C, stor virksomhed 2023-07-06 25578198 KPMG Statsautoriseret Revisionspartnerselskab Vesterballevej 27, 2 DK-7000 Fredericia Opinion Basis for Opinion 2023-07-06