xbrli:pureiso4217:DKK378441792022-01-012022-12-31378441792022-01-012022-12-311378441792022-01-012022-12-311378441792022-01-012022-12-311378441792022-01-012022-12-312378441792022-01-012022-12-313378441792022-01-012022-12-314378441792022-01-012022-12-312378441792022-01-012022-12-31378441792020-10-012021-12-31378441792022-01-012022-12-31fsa:RetainedEarningsMember378441792022-01-012022-12-31fsa:RetainedEarningsMember378441792020-10-012021-12-31fsa:RetainedEarningsMember378441792022-12-31378441792021-12-31378441792022-01-01fsa:ContributedCapitalMember378441792022-01-01fsa:ReserveForDevelopmentExpenditureMember378441792022-01-01fsa:RetainedEarningsMember378441792022-01-01378441792022-12-31fsa:ContributedCapitalMember378441792022-12-31fsa:ReserveForDevelopmentExpenditureMember378441792022-12-31fsa:RetainedEarningsMember378441792022-01-012022-12-31fsa:ReserveForDevelopmentExpenditureMemberGrundlag for konklusionKonklusion2023-06-142023-06-14Regnskabsklasse C, stor virksomhed339635562020-10-012021-12-31Aarhus C80002City Tower, VærkmestergadeDeloitte Statsautoriseret RevisionspartnerselskabFavrskovHinnerup8382Revisionspåtegning2022-12-312022-01-01<br /><br />3SigmaR&D Test Systems A/S37844179378441798382 HinnerupSigma 3R&D Test Systems A/SÅrsrapportThe Board of Directors and the Executive Board have today considered and approved the annual report of R&D Test Systems A/S for the financial year 01.01.2022 - 31.12.2022.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2022 and of the results of its operations for the financial year 01.01.2022 - 31.12.2022.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting.HinnerupPeter Kattai UlrikkeholmCEOGuilherme SilvaPeter Kattai UlrikkeholmMonique MartinsEmil WolffChairmanTo the shareholder of R&D Test Systems A/SWe have audited the financial statements of R&D Test Systems A/S for the financial year 01.01.2022 -
31.12.2022, which comprise the income statement, balance sheet, statement of changes in equity and
notes, including a
summary of significant accounting policies. The financial statements are prepared in
accordance with the
Danish Financial Statements Act.
In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2022 and of the results of its operations for the financial year 01.01.2022 - 31.12.2022 in accordance
with the Danish Financial Statements Act.We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements
applicable in Denmark. Our responsibilities under those standards and requirements are further
described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s
report. We are independent of the Entity in accordance with the International Ethics Standards Board for
Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical
requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.Management is responsible for the preparation of financial statements that give a true and fair view in accordance
with the Danish Financial Statements Act, and for such internal control as Management determines
is necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue
as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going
concern basis of accounting in preparing the financial statements unless Management either intends to liquidate
the Entity or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these financial statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark,
we exercise professional judgement and maintain professional scepticism throughout the audit. We also:<br />Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
<br />Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Entity’s internal control.
<br />Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by Management.
<br />Conclude on the appropriateness of Management’s use of the going concern basis of accounting in
preparing the financial statements, and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or conditions may cause the
Entity to cease to continue as a going concern.
<br />Evaluate the overall presentation, structure and content of the financial statements, including the disclosures
in the notes, and whether the financial statements represent the underlying transactions and
events in a manner that gives a true and fair view.<br />We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.Management is responsible for the management commentary.
Our opinion on the financial statements does not cover the management commentary, and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
Moreover, it is our responsibility to consider whether the management commentary provides the information
required under the Danish Financial Statements Act.<br />Based on the work we have performed, we conclude that the management commentary is in accordance with
the financial statements and has been prepared in accordance with the requirements of the Danish Financial
Statements Act. We did not identify any material misstatement of the management commentary.
HinnerupHenrik VedelMikael Møllermne10052mne47835State Authorised Public AccountantState Authorised Public AccountantFinancial highlights2022
DKK'0002020/21
DKK'0002019/20
DKK'0002018/19
DKK'0002017/18
DKK'000Key figuresRevenue350,771431,013403,142145,462147,395Gross profit/loss101,330115,351147,42262,52254,031Operating profit/loss35,34926,43278,68922,05019,368Net financials183(429)(515)185381Profit/loss for the year27,47420,26360,96417,33815,393Total assets295,476194,858228,873126,68390,473Investments in property,
plant and equipment2,3691532,4450919Equity89,11061,63681,37445,01027,672RatiosGross margin (%)28.8926.7636.5742.9836.66EBIT margin (%)10.086.1319.5215.1613.14Net margin (%)7.834.7015.1211.9210.44Return on equity (%)36.4528.3496.4747.7150.40Equity ratio (%)30.1631.6335.5535.5330.59Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Gross margin (%)
:Gross profit/loss * 100
RevenueEBIT margin (%):Operating profit/loss
* 100
RevenueNet margin (%)
:Profit/loss for the year * 100
RevenueReturn on equity (%)
:Profit/loss for the year * 100
Average equityEquity ratio (%)
:Equity * 100
Total assetsPrimary activitiesThe company's activities comprise consultancy, development, production and installation of test systems.Development in activities and financesThe income statement for the period 01.01.22 - 31.12.22 shows a profit of DKK 27,473,846 against DKK 20,262,611 for the period 04.10.20 - 31.12.21. The balance sheet shows equity of DKK 89,110,303.
The management considers the net profit for the year satisfying.Profit/loss for the year in relation to expected developmentsThe earnings expectations for the financial year 01.01.22 - 31.12.22 were a net profit between DKK 20,000,000 and 30,000,000. The profit for 2022 is in line with the outlook communicated in the annual report 2021.Uncertainty relating to recognition and measurementNo important matters regarding uncertainty relating to recognition and measurement.Unusual circumstances affecting recognition and measurementNo important events have occurred that affected recognition of measurement.OutlookThe company expects a profit between DKK 30,000,000 and 40,000,000.
Use of financial instrumentsThe company has been affected by the supply chain crisis through purchase of raw materials, Components and
sub-systems. The risk of further price increases is considered high. The company sells it products on long
contracts which makes it difficult to calculate the added costs into the prices on the short term.
There has been no use of derivates in the financial year 01.01.2022 - 31.12.22 and the exchange rate risks are
considered low given the company primarily sell and buy in DKK and EUR. The interest rate risk is low given the
low level of debt.
The company is part of a ITW which uses a cash pool. The liquidity preparedness of the company is therefore
considered to be good and the liquidity risk is considered low. Knowledge resourcesR&D Test Systems employs a highly educated workforce, primarily within the engineering disciplines to design and manufacture test systems, primarily for the wind industry. During the financial year, the company introduced project manager training as well as Techlead training to ensure the continued professional development of the staff.Environmental performance
The Company's production has a limited impact on the external environment in the form of effluent and smoke
emissions. Continuous monitoring and steps are taken to ensure that these emissions always, both quantitatively
and qualitatively, are within the limits that apply according to the Company's environmental approval.Research and development activitiesDevelopment activities mainly comprise the development of software, which is applied and sold as a part of the
future projects. The development is expected to generate future earnings to the company.Statutory report on corporate social responsibilityStatement on corporate social responsibility can be found on the website of the group https://www.rd-as.com/corporate-social-responsibility/csr/.
Statutory report on the underrepresented genderStatement on corporate social responsibility can be found on the website of the group https://www.rd-as.com/corporate-social-responsibility/csr/.
Statutory report on data ethics policyStatement on corporate social responsibility can be found on the website of the group https://www.rd-as.com/corporate-social-responsibility/csr/.
Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of
this annual report.35077138543101259256667376643630226966189294018776281419802828693710132995311535050964030168862596521950883265859135348902264322662157273728580197390311576553553227226003191805842657405802747384620262611274738462747384620262611565226137671611665658135768911442529818836190408123693780318821419040813785336337737259378533633773725941618468410838693643630364363013240279573613406692156944948730447001422043715176711423052682497860332335253489288130197150363623577333253857287153774483295475755194858352500000500000441022107398488169281600624738911030361636457500000107398460062473616364575000004410228816928117030365172645324016046789088521046411251554170502220005022200099677327000142983240812987566837892320837994516192615208005911384186122833557643072185319041103044278185319041108066478295475755194858352-6329620-63296206329626329621 Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of
this
annual report.2 Revenue2022
DKK2020/21
DKKEurope313,652,731349,067,903Asia25,844,21976,170,045America11,274,4355,774,644Total revenue by geographical market350,771,385431,012,592R&D Test Systems A/S has only activities within the segment of developing test systems for the wind industry. That is the reason for showing the net turnover on geographical split and not also on activities.3 Fees to the auditor appointed by the Annual General Meeting2022
DKK2020/21
DKKStatutory audit services159,000155,000Other services25,00020,000184,000175,0004 Staff costs2022
DKK2020/21
DKKWages and salaries59,723,82682,268,124Pension costs2,144,697336,941Other social security costs285,809364,290Other staff costs1,875,8363,290,29764,030,16886,259,652Average number of full-time employees9398
There is no management remuneration, as the management is employed by MTS Systems Danmark ApS.93985 Depreciation, amortisation and impairment losses2022
DKK2020/21
DKKAmortisation of intangible assets865,6381,652,203Depreciation of property, plant and equipment1,085,2451,006,3881,950,8832,658,5916 Other financial income2022
DKK2020/21
DKKFinancial income from group enterprises216,3840Other financial income1,940,889728,5802,157,273728,5807 Other financial expenses2022
DKK2020/21
DKKFinancial expenses from group enterprises417,1319,216Other financial expenses1,556,7721,148,4391,973,9031,157,655<br />2022
DKK2020/21
DKKFinancial expenses from group enterprises417,1319,216Other financial expenses1,556,7721,148,4391,973,9031,157,6558 Tax on profit/loss for the year2022
DKK2020/21
DKKCurrent tax8,292,59311,384,186Change in deferred tax(234,167)(5,643,606)8,058,4265,740,5809 Proposed distribution of profit and loss2022
DKK2020/21
DKKRetained earnings 27,473,84620,262,611 27,473,84620,262,61110 Intangible assetsCompleted development projects
DKKAcquired intangible assets
DKKCost beginning of year4,968,6331,357,183Cost end of year4,968,6331,357,183Amortisation and impairment losses beginning of year(3,591,917)(1,291,370)Amortisation for the year(811,490)(54,148)Amortisation and impairment losses end of year(4,403,407)(1,345,518)Carrying amount end of year565,22611,66511 Development projectsThe development projects consists of finished development projects. Development cost is comprised of costs to development of software, which is used and sold as a part of future projects. The new software platform is a control system that handles the control of a test bench.
The completed development projects are currently used in contract work projects for customers. The management has not identified indications of impairment of the recognised projects.12 Property, plant and equipmentOther fixtures and fittings, tools and equipment
DKKProperty, plant and equipment in progress
DKKCost beginning of year3,605,7370Additions02,369,378Disposals(222,311)0Cost end of year3,383,4262,369,378Depreciation and impairment losses beginning of year(1,701,656)0Depreciation for the year(1,085,245)0Reversal regarding disposals222,3110Depreciation and impairment losses end of year(2,564,590)0Carrying amount end of year818,8362,369,37813 Financial assetsOther receivables
DKKCost beginning of year37,737,259Transfers116,104Cost end of year37,853,363Carrying amount end of year37,853,363<br />Other receivables
DKKCost beginning of year37,737,259Transfers116,104Cost end of year37,853,363Carrying amount end of year37,853,36314 Contract work in progress2022
DKK2020/21
DKKContract work in progress532,593,082433,475,702Progress billings regarding contract work in progress(463,377,388)(383,988,398)69,215,69449,487,30415 Receivables from group enterprisesThe company, together with other group companies, engages in cash pool arrangements where other companies
are liable to the bank. Deposits and debts in relation to the cash pool scheme are accepted as intra-group
receivables and debt, respectively. At 31 December 2022, the item receivables from group enterprises includes an
amount of DKK 46.229k, which is placed in the cash pool arrangement.16 Prepayments
Prepayments consist of prepaid expenses, including insurance17 Deferred tax
Changes during the year2022
DKK2020/21
DKKBeginning of year17,264,53222,908,138Recognised in the income statement(234,167)(5,643,606)End of year17,030,36517,264,532Deferred tax relates to intangible assets, property, plant and equipment, guarantee provisions and contract work in progress.<br />17 Deferred tax18 Other provisionsOther provisions consists of guarantee provisions from contract work in progress and restricted share units.
19 Contingent liabilities
The company has provided a performance bond as security to the customers, which amounts to DKK 18.256k.
Other contingent liabilities
The Entity participates in a Danish joint taxation
arrangement where ITW Denmark ApS serves as the
administration company. According to the joint taxation provisions of
the Danish Corporation Tax Act, the Entity
is therefore liable for income taxes etc for the jointly taxed entities, and for obligations, if any, relating to the
withholding of tax on interest, royalties and dividend for the jointly
taxed entities. The jointly taxed entities' total
known net liability under the joint taxation arrangement is
disclosed in the administration company's financial
statements.20 Assets charged and collateralThe company has provided a company charge of DKK 5.000k as security for group enterprises' debt to credit
institutions of DKK 0k. The company charge comprises goodwill, intellectual property rights, motor vehicles,
other plant, fixtures and fittings, tools and equipment, inventories and trade receivables. The total carrying
amount of the comprised assets is DKK 172.092k.
21 Related parties with controlling interestMTS Systems Danmark ApS owns all shares in the Entity, thus exercising control. 22 Non-arm’s length related party transactionsOnly related party transactions not conducted on an arm’s length basis are disclosed in the annual report. No such transactions have been conducted in the financial year.23 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group:
Illinois Tool Works Inc., Illinois, USAName and registered office of the Parent preparing consolidated financial statements for the smallest group:
Illinois Tool Works Inc., Illinois, USACopies of the consolidated financial statements of Illinois Tool Works Inc may be ordered at the following address: Illinois, USAThis annual report has been presented in accordance with the provisions of the Danish Financial Statements Act
governing reporting class C enterprises (large).The accounting policies applied to these financial statements are consistent with those applied last year.falseNon-comparabilityThere is non-comparability between this year's figures and the comparative figures, as items from the previous
year are based on a period of 15 months whereas the current year's items are based on a period of 12 months.Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic
benefits will flow to the Entity, and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a
result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the
value of the liability can be measured reliably.
On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial
recognition is effected as described below for each financial statement item.
Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm
or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and
measurement.
Income is recognised in the income statement when earned, whereas costs are recognised by the amounts
attributable to this financial year.Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the
transaction date. Receivables, payables and other monetary items denominated in foreign currencies that
have not been settled at the balance sheet date are translated using the exchange rate at the balance
sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect
at the payment date, or the rate at the balance sheet date, are recognised in the income statement as
financial income or financial expenses. Public grantsPublic grants are recognised when a final commitment has been received from the grantor and it is probable
that the conditions of the grant will be fulfilled. Grants are recognised when there is reasonable certainty that the grant conditions have been met and that the grant will be received.
Grants to cover expenses incurred are recognised on a proportionate basis in the income statement over the period in which the expenses eligible for grants are expensed. Grants are recognised under other operating income.RevenueRevenue from the sale of services is recognised
in the income statement when delivery is made to the buyer.
Revenue is recognised net of VAT, duties and
sales discounts and is measured at fair value of the consideration
fixed.Contract work in progress is included in revenue based on the stage of completion so that revenue
corresponds
to the selling price of the work performed in the financial year (the percentage-of-completion
method).Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary
activities.Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for ordinary
inventory writedowns.Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for
stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised
in current assets.Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity
staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible
assets comprise depreciation, amortisation and impairment losses for the financial year.Other financial incomeOther financial income comprises interest income, net capital or exchange gains on securities, etc. Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group
enterprises and net capital or exchange losses on securities, payables and transactions in foreign currencies.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the
income statement by the portion attributable to the profit for the year and recognised directly in equity by
the portion attributable to entries directly in equity.The Entity is jointly taxed with all Danish group enterprises. The current Danish income tax is allocated
among the jointly taxed entities proportionally to their taxable income (full allocation with a refund
concerning tax losses).Intellectual property rights etcIntellectual property rights etc comprise development projects completed and acquired intellectual property rights.Development projects on clearly defined and identifiable products and processes, for which the technical rate
of utilisation, adequate resources and a potential future market or development opportunity in the enterprise
can be established, and where the intention is to manufacture, market or apply the product or process in
question, are recognised as intangible assets. Other development costs are recognised as costs in the income
statement as incurred. When recognising development projects as intangible assets, an amount equalling
the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced
as the development projects are amortised and written down.
The cost of development projects comprises costs such as salaries and amortisation that are directly and
indirectly attributable to the development projects.
Completed development projects are amortised on a straight-line basis using their estimated useful lives
which are determined based on a specific assessment of each development project. The amortisation
periods used are 5 years. Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are
amortised on a straight-line basis over their remaining duration, and licences are amortised over the term of the agreement.
Intellectual property rights etc are written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentPlant and machinery, tools and equipment etc are
measured at cost less accumulated depreciation and
impairment losses.
Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of
the
asset until the time when it is ready to be put into operation.
The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line
depreciation is made on the basis of the following estimated useful lives of the assets:Useful life
Other fixtures and fittings, tools and equipment3-10 yearsFor leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed
the contract period.
Estimated useful lives and residual values are reassessed annually.
Items of property, plant and equipment are written down to the lower of recoverable amount and carrying
amount.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and
doubtful debts.InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value.
Cost consists of purchase price plus delivery costs.
The net realisable value of inventories is calculated as the estimated selling price less completion costs and
costs incurred to execute sale.Contract work in progressContract work in progress is measured at the selling price of the work carried out at the balance sheet date.
The selling price is measured based on the stage of completion and the total estimated income from the
individual contracts in progress. Usually, the stage of completion is determined as the ratio of actual to total
budgeted consumption of resources.
If the selling price of a project in progress cannot be made up reliably, it is measured at the lower of costs
incurred and net realisable value.
Each contract in progress is recognised in the balance sheet in receivables or liabilities other than provisions,
depending on whether the net value, calculated as the selling price less prepayments received, is
positive or
negative.
Costs of sales work and of securing contracts, and finance costs are recognised in the income statement
as incurred.Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's
taxable income, adjusted for prepaid tax.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.CashCash comprises bank deposits.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based
value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset.
Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at
their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.
Deferred tax relating to retaxation of previously deducted losses in foreign subsidiaries is recognised on the
basis of an actual assessment of the purpose of each subsidiary.Other provisionsOther provisions comprise anticipated costs of non-recourse guarantee commitments, loss on contract work in progress etc.
Other provisions are recognised and measured as the best estimate of the expenses required to settle the
liabilities at the balance sheet date. Provisions that are estimated to mature more than one year after the
balance sheet date are measured at their discounted value.
Non-recourse guarantee commitments comprise commitments to remedy defects and deficiencies within
the guarantee period.
Once it is probable that total costs will exceed total income from a contract in progress, provision is made
for the total loss estimated to result from the relevant contract.Operating leasesLease payments on operating leases are recognised on a straight-line basis in the income statement over
the term of the lease.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Cash flow statementIn pursuance of section 86 of the Danish Financial Statements Act, the preparation of cash flow statement is excluded as it contained in the cash flow statement for the ultimate parent company Illinois Tool Works Inc., Illinois, USA.
2023-06-14Emil Wolff