19201112 2020-12-31 cmn:ConsolidatedMember cmn:TwoYearsAgoMember 19201112 2019-12-31 cmn:ConsolidatedMember cmn:ThreeYearsAgoMember 19201112 2018-12-31 cmn:ConsolidatedMember cmn:FourYearsAgoMember 19201112 2022-12-31 cmn:ConsolidatedMember 19201112 2021-12-31 cmn:ConsolidatedMember 19201112 2022-12-31 19201112 2021-12-31 19201112 2022-01-01 cmn:ConsolidatedMember fsa:ContributedCapitalMember 19201112 2022-01-01 cmn:ConsolidatedMember fsa:HedgeFundMember 19201112 2022-01-01 cmn:ConsolidatedMember fsa:RetainedEarningsMember 19201112 2022-01-01 fsa:ContributedCapitalMember 19201112 2022-01-01 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 19201112 2022-01-01 fsa:RetainedEarningsMember 19201112 2022-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 19201112 2022-12-31 cmn:ConsolidatedMember fsa:HedgeFundMember 19201112 2022-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 19201112 2022-12-31 fsa:ContributedCapitalMember 19201112 2022-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 19201112 2022-12-31 fsa:RetainedEarningsMember 19201112 2022-01-01 cmn:ConsolidatedMember 19201112 2021-01-01 cmn:ConsolidatedMember 19201112 2022-01-01 fsa:AcquiredLicencesMember cmn:ConsolidatedMember 19201112 2022-01-01 fsa:AcquiredLicencesMember 19201112 2022-01-01 fsa:GoodwillMember cmn:ConsolidatedMember 19201112 2022-01-01 fsa:GoodwillMember 19201112 2022-12-31 fsa:AcquiredLicencesMember cmn:ConsolidatedMember 19201112 2022-12-31 fsa:AcquiredLicencesMember 19201112 2022-12-31 fsa:GoodwillMember cmn:ConsolidatedMember 19201112 2022-12-31 fsa:GoodwillMember 19201112 2022-01-01 fsa:LandAndBuildingsMember cmn:ConsolidatedMember 19201112 2022-01-01 fsa:LandAndBuildingsMember 19201112 2022-01-01 fsa:PlantAndMachineryMember cmn:ConsolidatedMember 19201112 2022-01-01 fsa:FixturesFittingsToolsAndEquipmentMember cmn:ConsolidatedMember 19201112 2022-01-01 fsa:FixturesFittingsToolsAndEquipmentMember 19201112 2022-01-01 fsa:PropertyPlantAndEquipmentInProgressMember cmn:ConsolidatedMember 19201112 2022-12-31 fsa:LandAndBuildingsMember cmn:ConsolidatedMember 19201112 2022-12-31 fsa:LandAndBuildingsMember 19201112 2022-12-31 fsa:PlantAndMachineryMember cmn:ConsolidatedMember 19201112 2022-12-31 fsa:FixturesFittingsToolsAndEquipmentMember cmn:ConsolidatedMember 19201112 2022-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 19201112 2022-12-31 fsa:PropertyPlantAndEquipmentInProgressMember cmn:ConsolidatedMember 19201112 2022-01-01 fsa:InvestmentsInGroupEnterprisesMember 19201112 2021-01-01 fsa:InvestmentsInGroupEnterprisesMember 19201112 2022-12-31 fsa:InvestmentsInGroupEnterprisesMember 19201112 2021-12-31 fsa:InvestmentsInGroupEnterprisesMember 19201112 2022-12-31 relatedEntityIdentifier_asso_list_1 fsa:SubsidiaryMember 19201112 2022-12-31 relatedEntityIdentifier_asso_list_2 fsa:SubsidiaryMember 19201112 2022-12-31 relatedEntityIdentifier_asso_list_3 fsa:SubsidiaryMember 19201112 2022-12-31 relatedEntityIdentifier_asso_list_4 fsa:SubsidiaryMember 19201112 2022-12-31 relatedEntityIdentifier_asso_list_5 fsa:SubsidiaryMember 19201112 2022-12-31 relatedEntityIdentifier_asso_list_6 fsa:SubsidiaryMember 19201112 2022-12-31 relatedEntityIdentifier_asso_list_7 fsa:SubsidiaryMember 19201112 2022-12-31 relatedEntityIdentifier_asso_list_8 fsa:SubsidiaryMember 19201112 2022-12-31 relatedEntityIdentifier_asso_list_9 fsa:SubsidiaryMember 19201112 2022-12-31 relatedEntityIdentifier_asso_list_10 fsa:SubsidiaryMember 19201112 2022-12-31 relatedEntityIdentifier_asso_list_11 fsa:SubsidiaryMember 19201112 2022-12-31 relatedEntityIdentifier_asso_list_12 fsa:SubsidiaryMember 19201112 2022-12-31 relatedEntityIdentifier_asso_list_13 fsa:SubsidiaryMember 19201112 2022-01-01 fsa:InvestmentsInAssociatesMember cmn:ConsolidatedMember 19201112 2021-01-01 fsa:InvestmentsInAssociatesMember cmn:ConsolidatedMember 19201112 2022-01-01 fsa:InvestmentsInAssociatesMember 19201112 2021-01-01 fsa:InvestmentsInAssociatesMember 19201112 2022-12-31 fsa:InvestmentsInAssociatesMember cmn:ConsolidatedMember 19201112 2021-12-31 fsa:InvestmentsInAssociatesMember cmn:ConsolidatedMember 19201112 2022-12-31 fsa:InvestmentsInAssociatesMember 19201112 2021-12-31 fsa:InvestmentsInAssociatesMember 19201112 2022-12-31 relatedEntityIdentifier_asso_list_1 fsa:AssociateMember 19201112 2022-01-01 fsa:ReceivablesFromGroupEnterprisesMember cmn:ConsolidatedMember 19201112 2022-01-01 fsa:ReceivablesFromGroupEnterprisesMember 19201112 2022-01-01 fsa:ReceivablesFromAssociatesMember cmn:ConsolidatedMember 19201112 2022-01-01 fsa:ReceivablesFromAssociatesMember 19201112 2022-01-01 fsa:OtherInvestmentsMember cmn:ConsolidatedMember 19201112 2022-01-01 fsa:OtherInvestmentsMember 19201112 2022-01-01 fsa:OtherReceivablesMember cmn:ConsolidatedMember 19201112 2022-12-31 fsa:ReceivablesFromGroupEnterprisesMember cmn:ConsolidatedMember 19201112 2022-12-31 fsa:ReceivablesFromGroupEnterprisesMember 19201112 2022-12-31 fsa:ReceivablesFromAssociatesMember cmn:ConsolidatedMember 19201112 2022-12-31 fsa:ReceivablesFromAssociatesMember 19201112 2022-12-31 fsa:OtherInvestmentsMember cmn:ConsolidatedMember 19201112 2022-12-31 fsa:OtherInvestmentsMember 19201112 2022-12-31 fsa:OtherReceivablesMember cmn:ConsolidatedMember 19201112 2022-12-31 fsa:LongtermPayablesToGroupEnterprisesMember cmn:ConsolidatedMember 19201112 2021-12-31 fsa:LongtermPayablesToGroupEnterprisesMember cmn:ConsolidatedMember 19201112 2022-12-31 fsa:LongtermPayablesToGroupEnterprisesMember 19201112 2021-12-31 fsa:LongtermPayablesToGroupEnterprisesMember 19201112 2022-01-01 2022-12-31 cmn:ConsolidatedMember 19201112 2022-01-01 2022-12-31 1 cmn:ConsolidatedMember 19201112 2022-01-01 2022-12-31 memberOfBoardIdentifier_executive_board_1 cmn:ConsolidatedMember 19201112 2022-01-01 2022-12-31 memberOfBoardIdentifier_board_of_director_1 cmn:ConsolidatedMember 19201112 2022-01-01 2022-12-31 memberOfBoardIdentifier_board_of_director_2 cmn:ConsolidatedMember 19201112 2022-01-01 2022-12-31 memberOfBoardIdentifier_board_of_director_3 cmn:ConsolidatedMember 19201112 2022-01-01 2022-12-31 memberOfBoardIdentifier_board_of_director_4 cmn:ConsolidatedMember 19201112 2022-01-01 2022-12-31 19201112 2022-01-01 2022-12-31 2 cmn:ConsolidatedMember 19201112 2020-01-01 2020-12-31 cmn:ConsolidatedMember cmn:TwoYearsAgoMember 19201112 2019-01-01 2019-12-31 cmn:ConsolidatedMember cmn:ThreeYearsAgoMember 19201112 2018-01-01 2018-12-31 cmn:ConsolidatedMember cmn:FourYearsAgoMember 19201112 2021-01-01 2021-12-31 cmn:ConsolidatedMember 19201112 2021-01-01 2021-12-31 19201112 2022-01-01 2022-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 19201112 2021-01-01 2021-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 19201112 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 19201112 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 19201112 2022-01-01 2022-12-31 fsa:ContributedCapitalMember cmn:ConsolidatedMember 19201112 2022-01-01 2022-12-31 fsa:HedgeFundMember cmn:ConsolidatedMember 19201112 2022-01-01 2022-12-31 fsa:RetainedEarningsMember cmn:ConsolidatedMember 19201112 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 19201112 2022-01-01 2022-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 19201112 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 19201112 2022-01-01 2022-12-31 fsa:AcquiredLicencesMember cmn:ConsolidatedMember 19201112 2022-01-01 2022-12-31 fsa:GoodwillMember cmn:ConsolidatedMember 19201112 2022-01-01 2022-12-31 fsa:AcquiredLicencesMember 19201112 2022-01-01 2022-12-31 fsa:GoodwillMember 19201112 2022-01-01 2022-12-31 fsa:LandAndBuildingsMember cmn:ConsolidatedMember 19201112 2022-01-01 2022-12-31 fsa:PlantAndMachineryMember cmn:ConsolidatedMember 19201112 2022-01-01 2022-12-31 fsa:FixturesFittingsToolsAndEquipmentMember cmn:ConsolidatedMember 19201112 2022-01-01 2022-12-31 fsa:PropertyPlantAndEquipmentInProgressMember cmn:ConsolidatedMember 19201112 2022-01-01 2022-12-31 fsa:LandAndBuildingsMember 19201112 2022-01-01 2022-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 19201112 2022-01-01 2022-12-31 fsa:PrepaymentsForPropertyPlantAndEquipmentMember cmn:ConsolidatedMember 19201112 2022-01-01 2022-12-31 fsa:InvestmentsInGroupEnterprisesMember 19201112 2021-01-01 2021-12-31 fsa:InvestmentsInGroupEnterprisesMember 19201112 2022-01-01 2022-12-31 relatedEntityIdentifier_asso_list_1 fsa:SubsidiaryMember 19201112 2022-01-01 2022-12-31 relatedEntityIdentifier_asso_list_2 fsa:SubsidiaryMember 19201112 2022-01-01 2022-12-31 relatedEntityIdentifier_asso_list_3 fsa:SubsidiaryMember 19201112 2022-01-01 2022-12-31 relatedEntityIdentifier_asso_list_4 fsa:SubsidiaryMember 19201112 2022-01-01 2022-12-31 relatedEntityIdentifier_asso_list_5 fsa:SubsidiaryMember 19201112 2022-01-01 2022-12-31 relatedEntityIdentifier_asso_list_6 fsa:SubsidiaryMember 19201112 2022-01-01 2022-12-31 relatedEntityIdentifier_asso_list_7 fsa:SubsidiaryMember 19201112 2022-01-01 2022-12-31 relatedEntityIdentifier_asso_list_8 fsa:SubsidiaryMember 19201112 2022-01-01 2022-12-31 relatedEntityIdentifier_asso_list_9 fsa:SubsidiaryMember 19201112 2022-01-01 2022-12-31 relatedEntityIdentifier_asso_list_10 fsa:SubsidiaryMember 19201112 2022-01-01 2022-12-31 relatedEntityIdentifier_asso_list_11 fsa:SubsidiaryMember 19201112 2022-01-01 2022-12-31 relatedEntityIdentifier_asso_list_12 fsa:SubsidiaryMember 19201112 2022-01-01 2022-12-31 relatedEntityIdentifier_asso_list_13 fsa:SubsidiaryMember 19201112 2022-01-01 2022-12-31 fsa:InvestmentsInAssociatesMember cmn:ConsolidatedMember 19201112 2021-01-01 2021-12-31 fsa:InvestmentsInAssociatesMember cmn:ConsolidatedMember 19201112 2022-01-01 2022-12-31 fsa:InvestmentsInAssociatesMember 19201112 2021-01-01 2021-12-31 fsa:InvestmentsInAssociatesMember 19201112 2022-01-01 2022-12-31 relatedEntityIdentifier_asso_list_1 fsa:AssociateMember 19201112 2022-01-01 2022-12-31 fsa:ReceivablesFromGroupEnterprisesMember cmn:ConsolidatedMember 19201112 2022-01-01 2022-12-31 fsa:ReceivablesFromGroupEnterprisesMember 19201112 2022-01-01 2022-12-31 fsa:ReceivablesFromAssociatesMember cmn:ConsolidatedMember 19201112 2022-01-01 2022-12-31 fsa:ReceivablesFromAssociatesMember 19201112 2022-01-01 2022-12-31 fsa:OtherInvestmentsMember cmn:ConsolidatedMember 19201112 2022-01-01 2022-12-31 fsa:OtherInvestmentsMember 19201112 2022-01-01 2022-12-31 fsa:OtherReceivablesMember cmn:ConsolidatedMember 19201112 2022-01-01 2022-12-31 cmn:ConsolidatedMember PricewaterhouseCoopers 19201112 2021-01-01 2021-12-31 cmn:ConsolidatedMember PricewaterhouseCoopers 19201112 2022-01-01 2022-12-31 cmn:ConsolidatedMember Other auditors 19201112 2021-01-01 2021-12-31 cmn:ConsolidatedMember Other auditors iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2022-01-01 2021-01-01 2022-12-31 2021-12-31 19201112 BPW FINANS A/S Vranderupvej 2 6000 Kolding +45 75525200 www.bpw.dk bpw@bpw.dk PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Herredsvej 32 7100 Vejle Denmark 79 21 27 00 Underskriv. revisors e-mail anvendes 2023-05-03 Peter Christian Kierkegaard Regnskabsklasse C, stor virksomhed Revisionspåtegning The Executive Board and Board of Directors have today considered and adopted the Consolidated Financial Statements and Parent Company Financial Statements of BPW FINANS A/S for the financial year 1 January - 31 December 2022. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 31 December 2022 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2022. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Consolidated Financial Statements and Parent Company Financial Statements be adopted at the Annual General Meeting. 2023-05-03 Kolding Thorsten Winterberg Manager Tobias Wiedeking Chairman Peter Christian Kierkegaard Thorsten Winterberg Markus Manfred Schell To the shareholder of BPW FINANS A/S Opinion In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2022 and of the results of the Group’s and the Parent Company’s operations and of consolidated cash flows for the financial year 1 January - 31 December 2022 in accordance with the Danish Financial Statements Act. We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of BPW FINANS A/S for the financial year 1 January - 31 December 2022, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (”the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the 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 our report. We are independent of the Group 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 consolidated financial statements and parent company 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 Group´s and the Parent Company´s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Group or the Parent Company 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 Group´s and the Parent Company´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 Group´s and the Parent Company´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 Group and the Parent Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. 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 Management’s Review. Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Trekantområdet 2023-05-03 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Jan Bunk Harbo Larsen State Authorised Public Accountant mne30224 Henrik Junker Andersen State Authorised Public Accountant mne42818 1956969000 2323730000 2390013000 318309000 285526000 333495000 -26414000 -81082000 18297000 -9923000 467000 -5185000 -8977000 -59649000 3739000 583146000 606614000 658263000 1482680000 1513386000 1358793000 40029000 46208000 24124000 -82442000 -1823941000 -11929000 674 731 671 15.3 14.0 16.3 12.3 14.0 2.2 0.9 0.6 -2.8 0.9 3.0 1.2 0.7 -4.2 1.6 33.8 36.3 39.3 40.1 48.4 5.5 1.6 -1.5 -9.4 0.6 Key activities The group's main activities include the production and marketing of components, spare parts and body accessories for semi-trailers and trucks. In addition, the sale of industrial components to selected industrial segments.The group's products are primarily sold on the European market. Development in the year The income statement of the Group for 2022 shows a profit of TDKK 39,283, and at 31 December 2022 the balance sheet of the Group shows positive equity of TDKK 732,945. It is the view of the management that all important statements for judging the financial position and the result of the year appear from the annual report and this statement. In the fiscal year, the Group realized a Net Profit of TDKK 39,283 against a net profit in 2021 of TDKK 10,437. The equity then amounts to TDKK 732,945 corresponding to a solidity of 33.8 %. The past year and follow-up on development expectations from last year The expectation for 2022 has been more the fulfilled. Expected was a result better that the TDKK 10,437 realized in 2021, but far from the realized TDKK 39,283. The major reason for this is the continuous improvement in the sole companies, and that the impact from Covid-19 pandemic and the war in Ukraine was less than expected. Foreign exchange risks Management considers that there are no specific business or financial risks beyond what may be considered common to the industry. Beside DKK, the group's companies trade mainly in EUR and GBP. Foreign cross boarder exchange risks shall be hedged on an individual basis. Targets and expectations for the year ahead In light of the realized result of TDKK 39,283 in 2022, the fact that Covid-19 pandemic is not an issue anymore and further improvement in the performance of some group companies, it is expected that the profit in 2023 will increase to between TDKK 48,000 and TDKK 52,000. Research and development Investments in product and market development will continue in 2023. External environment Management considers that the group's activities do not have a negative impact on the external environment. The parent company BPW Finans A/S acts as an administratively shared service center for the parent company and the 3 Danish subsidiaries as well as a subsidiary in Germany. Thus, the production of the parent company consists exclusively of administrative services and financial services provided by the parent company's 15 employees. All deliveries from the parent company are delivered in close cooperation between management and employees. The activities in question do not have a significant use of resources and thus do not have significant negative effects on the environment. As a result of this organizing, management considers that there are no particular risks in the areas of environment and climate, social and employee relations, respect for human rights, as well as anti-corruption and bribery, and therefore the parent company has not developed written policies in these areas. BPW Finans A/S also acts as the parent company of several foreign subsidiaries that are not subject to reporting under sections 99a and §99b of the Danish Financial Statements Act. None of the 3 Danish subsidiaries that operate the development, production, and trade of components for the transport industry and related industries are separately reporting obligations under ÅRL §99a. Climate change and environmental approachThe activities in question do not have a significant use of resources and thus do not have significant negative effects on the environment. As a result of this organizing, management considers that there are no particular risks in the areas of environment and climate, and therefore the parent company has not developed written policies in these areas. Human rights, employee relations and social relations approachThe parent company has a relatively low number of employees and as a result of this management considers that there are no particular risks in the areas of social and employee relations and respect for human rights, and therefore the parent company has not developed written policies in these areas. Anti-corruption and bribery approachThe activities in question lays within areas with low or none bribery and corruption. As a result of this organizing, management considers that there are no particular risks in the areas of anti-corruption and bribery, and therefore the parent company has not developed written policies in these areas. BPW Finans A/S is obliged to explain the underrepresented gender according to ÅRL §99b, which includes an account of the gender composition of the Board of Directors. BPW Finans A/S has chosen to explain only the situation of the parent company, which by virtue of its size is itself subject to the requirements of section 99b of the Danish Financial Statements Act. The gender balance in other management layers has not been explained, as the parent company BPW Finans A/S has less than 50 employees and is therefore not covered by these rules. To ensure its competitiveness, the parent company relies on always hiring the most qualified employee in the specific job. This applies to both the board of directors, management, and other employees. Where qualifications are identical, the parent company's intention will be to ensure gender balance as far as possible. Against this background, the parent company's aim is to have a balanced distribution between the sexes at the different employee levels. Target for the Board of DirectorsThe four members of the Board of Directors are males. Thereby, BPW Finans A/S did not reach the goal to have one woman on the Board by 2022. The goal was not met, as the new male member who have been elected is assessed to have the best qualifications. As the goal was not met, the company have chosen to set a new target, of one woman on the Board by 2024. It is the Group's assessment, that it does not have data that has not been adequately handled within GDPR legislation, why it is considered that there currently is no need of a data ethics policy. 2873128000 2516124000 13971000 17648000 52645000 40178000 0 0 2197763000 1982737000 0 0 288409000 221657000 4570000 4196000 439601000 351908000 9401000 13452000 345104000 300351000 8883000 11790000 30439000 28973000 1997000 3049000 64058000 22584000 -1479000 -1387000 0 0 40574000 26521000 15119000 9138000 23194000 13763000 27494000 13447000 20361000 28257000 51683000 18275000 41928000 10640000 12400000 7838000 2645000 203000 39283000 10437000 39283000 10437000 40580000 26633000 -1297000 -16196000 6384000 8785000 1804000 3104000 599000 1622000 0 0 6983000 10407000 1804000 3104000 123519000 126328000 13049000 12377000 55489000 43453000 0 0 21536000 20090000 30000 0 6787000 16071000 0 0 207331000 205942000 13079000 12377000 615599000 546686000 0 27000 28642000 51148000 3269000 0 1317937000 1215576000 22524000 217247000 2168142000 1950278000 1597634000 1390230000 0 0 697277000 639483000 18708000 22420000 18708000 22420000 612443000 495599000 839946000 495599000 4377000 0 4296000 0 363000 334000 0 0 635891000 518353000 1560227000 1157502000 850205000 734702000 1575110000 1172983000 544039000 482315000 4000 23000 11082000 10510000 11369000 207450000 9613000 7786000 0 0 10963000 8259000 696000 581000 675899000 624389000 15334000 208058000 97999000 108872000 7186000 9166000 179114000 179114000 179114000 179114000 0 0 291495000 264694000 -18648000 -4869000 0 0 224000 1607000 1444000 313000 25020000 22173000 0 0 10221000 14773000 0 0 35465000 38553000 1444000 313000 694245000 654626000 716555000 559217000 694245000 654626000 716555000 559217000 92822000 76941000 0 0 371454000 241361000 141140000 116206000 4166000 3077000 0 0 179114000 179113618 179113618 179113618 572479000 532956000 262336000 263393000 732945000 707201000 732945000 707201000 108713000 117677000 1819000 6123000 128332000 110842000 3731000 1170000 705487000 549898000 146690000 123499000 1399732000 1204524000 863245000 682716000 2168142000 1950278000 1597634000 1390230000 179114000 -4869000 532957000 179114000 264694000 263394000 0 -13779000 0 0 -13779000 0 0 0 239000 0 0 239000 0 0 39283000 0 40580000 -1297000 179114000 -18648000 572479000 179114000 291495000 262336000 39283000 10437000 43841000 48479000 -102500000 -175405000 -19376000 -116489000 15119000 9139000 27494000 13445000 -31751000 -120795000 14521000 2491000 -46272000 -123286000 3653000 5745000 30090000 43258000 616855000 230614000 0 13915000 495599000 0 -154999000 -265702000 0 14633000 20686000 0 169712000 285855000 0 104245000 190398000 375467000 -10873000 -13521000 108872000 122393000 97999000 108872000 97999000 108872000 0 0 No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. Geographical segments EU countries 1922830000 1668262000 13971000 17648000 Other European countries 949455000 843376000 0 0 Other countries 843000 4486000 0 0 0 0 0 0 Other countries 0 0 0 0 2873128000 2516124000 13971000 17648000 The distribution of net revenue by business area does not differ significantly from each other, as the groups net revenue consists solely of production and marketing of components, spare parts and body accessories for semi-trailers and trucks and associated services. 287213000 253587000 7985000 10762000 20625000 17083000 539000 746000 37266000 29437000 59000 38000 0 244000 300000 244000 345104000 300351000 8883000 11790000 785 778 11 12 14639000 8043000 15394000 8190000 0 19000 302000 19000 479000 896000 6763000 5464000 1000 180000 735000 90000 3865000 0 0 0 15581000 9329000 15935000 9335000 8048000 4028000 4426000 18922000 0 90000 0 0 27494000 13447000 20361000 28257000 10855000 2171000 799000 165000 -1311000 5722000 316000 93000 715000 110000 715000 110000 2141000 0 815000 0 12400000 7838000 2645000 203000 0 165000 0 0 43799000 9377000 39029000 6998000 -182000 -1024000 2537000 693000 1116000 0 -277000 -559000 45877000 10070000 38562000 6998000 35014000 6273000 37407000 6998000 -128000 -1025000 4860000 1993000 1581000 0 -253000 0 39493000 8266000 37963000 6998000 6384000 1804000 599000 0 244583000 49147000 205182000 141388000 39000 16071000 -3308000 -2316000 -1710000 -252000 5134000 672000 15385000 8985000 34000 586000 0 -2213000 -1814000 0 0 9618000 0 -9618000 246409000 49819000 225656000 146849000 73000 6787000 118255000 36770000 161729000 121298000 39000 0 -904000 -1670000 -1360000 0 5539000 0 11400000 7194000 4000 0 0 -1292000 -1819000 0 122890000 36770000 170167000 125313000 43000 0 123519000 13049000 55489000 21536000 30000 6787000 374788000 270675000 31000000 104114000 405788000 374789000 264694000 228904000 -13778000 9157000 41105000 29201000 0 -352000 -532000 -2328000 0 112000 291489000 264694000 Exmax A/S Kolding, Denmark 100 HBN-Teknik A/S Ringsted, Denmark 100 Besko A/S Aarhus, Denmark 100 Hesterberg & Söhne GmbH & Co. KG Ennepetal, Germany 100 Hestal Umformung GmbH Ennepetal, Germany 100 BPW Ltd. Leicester, UK 100 Transpec Ltd. Dublin, Ireland 100 BPW Polska Sp.Z.o.o. Lomianki, Poland 100 BPW Benelux N.V. Herstal, Belgium 100 EMS-FP&S Limited (subsidiary of BPW Limited) Norwich, UK 100 Besko Nutzfahrzeugteile GmbH (subsidiary of Besko A/S) Büdelsdorf, Germany 100 TVP Benelux B.V. (subsidiary of BPW Benelux N.V.) Veghel, Netherlands 100 Marpeto Polska Sp. Z.o.o. (subsidiary of BPW Polska Sp.Z.o.o.) Lomianki, Poland 100 22420000 22420000 22420000 22420000 22420000 22420000 22420000 22420000 -3718000 0 -3718000 0 6000 0 6000 0 -3712000 0 -3712000 0 Hendrickson Austria GmbH Judenburg, Austria 50 495599000 495599000 0 0 14945000 14945000 334000 612443000 631406000 4377000 4296000 0 0 29000 -495599000 -287059000 0 0 0 0 0 612443000 839946000 4377000 4296000 14945000 14945000 363000 0 0 0 0 -14945000 -14945000 0 0 0 0 0 -14945000 -14945000 0 40110000 31996000 0 0 10551000 14021000 0 0 493378000 436298000 4000 23000 Prepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Deferred tax asset at 1 January 6,179,000 12,128,000 Other adjustments 8,767 -227 Amounts recognised in the income statement for the year -5,557,000 -5,722,000 Deferred tax asset at 31 December 9,389,000 6,179,000 Deferred tax asset at 1 January -313,000 -220,000 Other adjustments -1,203 0 Amounts recognised in the income statement for the year -316,000 -93,000 Deferred tax asset at 31 December -1,444,000 -313,000 The recognised tax asset comprises tax loss carry-forwards expected to be utilised within the next two to four years. In connection with the assessment of the utilisation of the tax asset, special emphasis has been placed on the Group having implemented efficiency measures which are expected to have an effect in the coming years. The Company provides warranties of on some of its products and is therefore obliged to repair or replace goods which are not satisfactory. Based on previous experience in respect of the level of repairs and returns, other provisions of TDKK 10,221 (2021: TDKK 14,416) have been recognised for expected warranty claims. Other provisions 10221 14773 10221 14773 The provisions are expected to mature as follows: Between 1 and 5 years 10221 14773 10221 14773 444888000 461057000 444888000 461057000 249357000 193569000 271667000 98160000 138653000 115636000 138653000 115636000 832898000 770262000 855208000 674853000 Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt. The debt falls due for payment as specified below: -15119000 -9138000 27494000 13447000 32845000 28973000 12400000 7838000 -61724000 -82996000 -47597000 -166842000 -1705000 1312000 8526000 73121000 Rental and lease obligations Future lease and rent commitments until expiration 172,811,000 89,640,000 98,000 560,000 Other contingent liabilities The group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability. Owner mortgage deeds nom. TDKK 7,800 with a mortgage on the property Bragesvej 16, Ringsted, lies within the company. Controlling interest BPW Bergische Achsen, Wiehl, Tyskland Ultimate parent Other related parties Tobias Wiedeking Board member Peter Christian Kierkegaard Board member Markus Manfred Schell Board member Thorsten Winterberg Board member Transactions The Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(7) of the Danish Financial Statements Act. The Company is included in the Group Annual Report of the Parent Company of the largest and smallest group: Name Place of registered office BPW Bergische Achsen Wiehl, Germany The Group Annual Report of BPW Bergische Achsen may be obtained at the following address: 675000 675000 0 19000 89000 101000 165000 125000 1333000 1211000 102000 120000 132000 103000 The Annual Report of BPW FINANS A/S for 2022 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C. The accounting policies applied remain unchanged from last year. The Consolidated Financial Statements and the Parent Company Financial Statements for 2022 are presented in TDKK. 1 Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Basis of consolidation The Consolidated Financial Statements comprise the Parent Company, BPW FINANS A/S, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates. On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises. The Parent Company's investments in the consolidated subsidiaries are set off against the Parent Company's share of the net asset value of subsidiaries stated at the time of consolidation. Leases in terms of which the Group assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets of the Group. The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement. All other leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates. Derivative financial instruments are initially recognised in the balance sheet at cost and are subsequently remeasured at their fair values. Positive and negative fair values of derivative financial instruments are classified as ”Other receivables” and ”Other payables”, respectively. Changes in the fair values of derivative financial instruments are recognised in the income statement unless the derivative financial instrument is designated and qualify as hedge accounting, see below. Changes in the fair values of financial instruments that are designated and qualify as fair value hedges of a recognised asset or a recognised liability are recognised in the income statement as are any changes in the fair value of the hedged asset or the hedged liability related to the hedged risk. Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of expected future transactions are recognised in the fair value reserve under equity as regards the effective portion of the hedge. The ineffective portion is recognised in the income statement. If the hedged transaction results in an asset or a liability, the amount deferred in equity is transferred from equity and recognised in the cost of the asset or the liability, respectively. If the hedged transaction results in an income or an expense, the amount deferred in equity is transferred from equity to the income statement in the period in which the hedged transaction is recognised. The amount is recognised in the same item as the hedged transaction. Changes in the fair values of financial instruments that are designated and qualify as hedges of net investments in independent foreign subsidiaries or associates are recognised directly in equity as regards the effective portion of the hedge, whereas the ineffective portion is recognised in the income statement. Information on geographical segments based on the Group´s risks and returns and its internal financial reporting system. The Group has not disclosed the distribution of revenue by business segments, as the business segments do not differ from each other. Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Group. Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Expenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve the consolidated revenue for the year. Other external expenses comprise indirect production costs and expenses for premises, sales as well as office expenses, etc. Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. The item is net of refunds made by public authorities. Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Group, including gains and losses on the sale of intangible assets and property, plant and equipment. Dividends from associates are recognised as income in the income statement when adopted at the General Meeting of the associate. However, dividends relating to earnings in the associate before it was acquired by the Parent Company are set off against the cost of the associate. The item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. The Company is jointly taxed with wholly owned Danish and foreign subsidiaries. The tax effect of the joint taxation is allocated to Danish enterprises in proportion to their taxable incomes. Goodwill acquired is measured at cost less accumulated amortisation. Goodwill is amortised on a straight-line basis over its useful life, which is assessed at 8 year. Patents and licences are measured at the lower of cost less accumulated amortisation and recoverable amount. Patents are amortised over the remaining patent period, and licences are amortised over the licence period; however not exceeding 20 year. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Interest expenses on loans contracted directly for financing the construction of property, plant and equipment are recognised in cost over the construction period. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Production buildings 25-50 years Plant and machinery 3-10 years Other fixtures and fittings, tools and equipment 3-10 years Depreciation period and residual value are reassessed annually. The carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. If so, the asset is written down to its lower recoverable amount. Investments in subsidiaries are recognised and measured under the equity method. Investments in associates are measured at cost. Where cost exceeds the recoverable amount, write-down is made to this lower value. The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises. The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries. Subsidiaries with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. Fixed asset investments, which consist of listed bonds and shares, are measured at their fair values at the balance sheet date. Fair value is determined on the basis of the latest quoted market price. Investments which are not traded in an active market are measured at the lower of cost and recoverable amount. Other fixed asset investments consist of deposits. Inventories are measured at the lower of cost under the FIFO method and net realisable value. The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price. The cost of goods for resale, raw materials and consumables equals landed cost. The cost of finished goods and work in progress comprises the cost of raw materials, consumables and direct labour with addition of indirect production costs. Indirect production costs comprise the cost of indirect materials and labour as well as maintenance and depreciation of the machinery, factory buildings and equipment used in the manufacturing process as well as costs of factory administration and management. Receivables are recognised in the balance sheet at amortised cost, which substantially corresponds to nominal value. Provisions for estimated bad debts are made. Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Provisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Group has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation. Other provisions include warranty obligations in respect of repair work within the warranty period of 1-5 years. Provisions are measured and recognised based on experience with guarantee work. Provisions for pensions and similar obligationsThe pension obligations of Danish companies are covered by insurance. Certain foreign companies are also covered by insurance. Foreign companies that are not or are only partly covered by insurance (defined benefit plans) recognise the actuarial liability at present value at the balance sheet date. The provisions are expected to mature as follows: within one year TDKK 289, between one and five years TDKK 153 and more than five years TDKK 24.577. Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Loans, such as loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period. Other debts are measured at amortised cost, substantially corresponding to nominal value. The cash flow statement shows the Group’s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group’s cash and cash equivalents at the beginning and end of the year. Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents. Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments. Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders. Cash and cash equivalents comprise ”Cash at bank and in hand”. The cash flow statement cannot be immediately derived from the published financial records. Gross margin Gross profit x 100 / Revenue Profit margin Profit before financials x 100 / Revenue Return on assets Profit before financials x 100 / Total assets at year end Solvency ratio Equity at year end x 100 / Total assets at year end Return on equity Net profit for the year x 100 / Average equity