39880156 2021-05-01 2022-04-30 39880156 2021-05-01 2022-04-30 0 39880156 2021-05-01 2022-04-30 0 39880156 2021-05-01 2022-04-30 1 39880156 2021-05-01 2022-04-30 2 39880156 2020-05-01 2021-04-30 39880156 2021-05-01 2022-04-30 fsa:ProposedDividendRecognisedInEquityMember 39880156 2020-05-01 2021-04-30 fsa:ProposedDividendRecognisedInEquityMember 39880156 2021-05-01 2022-04-30 fsa:RetainedEarningsMember 39880156 2020-05-01 2021-04-30 fsa:RetainedEarningsMember 39880156 2022-04-30 39880156 2021-04-30 39880156 2021-05-01 fsa:InvestmentsInGroupEnterprisesMember 39880156 2020-05-01 fsa:InvestmentsInGroupEnterprisesMember 39880156 2021-05-01 2022-04-30 fsa:InvestmentsInGroupEnterprisesMember 39880156 2020-05-01 2021-04-30 fsa:InvestmentsInGroupEnterprisesMember 39880156 2022-04-30 fsa:InvestmentsInGroupEnterprisesMember 39880156 2021-04-30 fsa:InvestmentsInGroupEnterprisesMember 39880156 2021-05-01 2022-04-30 0 39880156 2022-04-30 0 39880156 2021-05-01 2022-04-30 1 39880156 2022-04-30 1 39880156 2021-05-01 2022-04-30 2 39880156 2022-04-30 2 39880156 2021-05-01 2022-04-30 3 39880156 2022-04-30 3 39880156 2021-05-01 2022-04-30 4 39880156 2022-04-30 4 39880156 2021-05-01 2022-04-30 5 39880156 2022-04-30 5 39880156 2021-05-01 2022-04-30 6 39880156 2022-04-30 6 39880156 2021-05-01 2022-04-30 7 39880156 2022-04-30 7 39880156 2021-05-01 2022-04-30 8 39880156 2022-04-30 8 39880156 2021-05-01 2022-04-30 9 39880156 2022-04-30 9 39880156 2021-05-01 2022-04-30 10 39880156 2022-04-30 10 39880156 2021-05-01 2022-04-30 11 39880156 2022-04-30 11 39880156 2021-05-01 2022-04-30 12 39880156 2022-04-30 12 39880156 2021-05-01 2022-04-30 13 39880156 2022-04-30 13 39880156 2021-05-01 2022-04-30 14 39880156 2022-04-30 14 39880156 2021-05-01 2022-04-30 15 39880156 2022-04-30 15 39880156 2021-05-01 2022-04-30 16 39880156 2022-04-30 16 39880156 2021-05-01 2022-04-30 17 39880156 2022-04-30 17 39880156 2021-05-01 2022-04-30 18 39880156 2022-04-30 18 39880156 2021-05-01 2022-04-30 19 39880156 2022-04-30 19 39880156 2021-05-01 2022-04-30 20 39880156 2022-04-30 20 39880156 2021-05-01 2022-04-30 21 39880156 2022-04-30 21 39880156 2021-05-01 2022-04-30 22 39880156 2022-04-30 22 39880156 2021-05-01 2022-04-30 23 39880156 2022-04-30 23 39880156 2021-05-01 fsa:ContributedCapitalMember 39880156 2021-05-01 fsa:RetainedEarningsMember 39880156 2021-05-01 fsa:ProposedDividendRecognisedInEquityMember 39880156 2021-05-01 39880156 2021-05-01 2022-04-30 fsa:ContributedCapitalMember 39880156 2021-05-01 2022-04-30 fsa:RetainedEarningsMember 39880156 2021-05-01 2022-04-30 fsa:ProposedDividendRecognisedInEquityMember 39880156 2022-04-30 fsa:ContributedCapitalMember 39880156 2022-04-30 fsa:RetainedEarningsMember 39880156 2022-04-30 fsa:ProposedDividendRecognisedInEquityMember 39880156 2021-05-01 2022-04-30 0 39880156 2021-05-01 2022-04-30 1 iso4217:DKK xbrli:pure 2021-05-01 2022-04-30 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement by management on the annual report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Board of Directors and the Executive Board have today discussed and approved the annual report of NA International A/S for the financial year 1 May 2021 - 30 April 2022.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report is prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the financial statements give a true and fair view of the company's financial position at 30 April 2022 and of the results of the company's operations for the financial year 1 May 2021 - 30 April 2022.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, management's review includes a fair review of the matters dealt with in the management's review.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management recommends that the annual report be approved at the annual general meeting.</td></tr></table> Horsens 2022-06-30 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditor's report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of NA International A/S</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">We have audited the financial statements of NA International A/S for the financial year 1 May 2021 - 30 April 2022, which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the financial statements give a true and fair view of the company's financial position at 30 April 2022 and of the results of the company's operations for the financial year 1 May 2021 - 30 April 2022 in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">We are independent of the Company 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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's responsibilities for the financial statements</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">In preparing the financial statements, management is responsible for assessing the 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 company or to cease operations, or has no realistic alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor's responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">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 made on the basis of these financial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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 company's internal control.</td></tr><tr><td colspan="1">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.</td></tr><tr><td colspan="1">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 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 company to cease to continue as a going concern.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on Management's review</td></tr><tr><td colspan="1">Management is responsible for the Management's review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover management's review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether management's review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, we conclude that management's review 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 management's review.</td></tr></table> Odense 2022-06-30 NA International A/S Ormhøjgårdvej 9 8700 Horsens 39880156 Horsens Nordea Lars Brøgger 2022-07-11 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s review</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Business activities</td></tr><tr><td colspan="1">The Company’s main activities it to own shares in subsidiaries in the automotive division of the Nissens group and to provide management services to the subsidiaries.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Business and Financial review</td></tr><tr><td colspan="1">The Company's income statement for the year ended 30 April 2022 shows a profit before tax of DKK 169,238 thousand, and the balance sheet at 30 April 2022 shows equity of DKK 1,173,200 thousands.</td></tr><tr><td colspan="1">Management regards the result of NA International A/S for the financial year 2021/2022 as satisfactory.</td></tr><tr><td colspan="1">Significant events occurring after end of reporting period</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">No events have occurred after the balance sheet date which could significantly affect the Company's financial position.</td></tr></table> 10118000 8983000 1135000 170813000 950000 3660000 169238000 111000 169127000 Regnskabsklasse B <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Accounting policies</td></tr><tr><td colspan="1">The annual report of NA International A/S for 2021/2022 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to reporting class B and elective choice of certain provisions applying to reporting class C entities.</td></tr><tr><td colspan="1">The annual report for 2021/2022 is presented in DKK'000.</td></tr><tr><td colspan="1">The accounting policies used in the preparation of the financial statements are consistent with those of last year.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Pursuant to section §112 of the Danish Financial Statements Act, the company has not prepared consolidated financial statements. The financial statements for NA International A/S and its group entities are part of the consolidated financial statements for K. Nissens International A/S.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis of recognition and measurement</td></tr><tr><td colspan="1">Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, are also recognised in the income statement.</td></tr><tr><td colspan="1">Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the company and the value of the asset can be measured reliably.</td></tr><tr><td colspan="1">Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company and the value of the liability can be measured reliably.</td></tr><tr><td colspan="1">On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item.</td></tr><tr><td colspan="1">Certain financial assets and liabilities are measured at amortised cost using the effective interest method. Amortised cost is calculated as the historic cost less any instalments and plus/less the accumulated amortisation of the difference between the cost and the nominal amount.</td></tr><tr><td colspan="1">On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Income statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other operating income</td></tr><tr><td colspan="1">Other operating income comprises items of a secondary nature relative to the company's core activities including management fees.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other external expenses</td></tr><tr><td colspan="1">Other external expenses include the year's expenses relating to the company's core activities, including administration.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Gross margin</td></tr><tr><td colspan="1">In the income statement other operating income and other external expenses are presented as gross margin, disclosure according to §32 of the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Staff costs</td></tr><tr><td colspan="1">Staff costs include wages and salaries, including compensated absence and pensions as well as other social security contributions, etc. made to the company's employees. The item is net of refunds made by public authorities.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial income and expenses</td></tr><tr><td colspan="1">Financial income and expenses are recognised in the income statement at the amounts that relate to the financial reporting period. The items comprise interest income and expenses, e.g. from group entities and associates, exchange gains and losses of financial assets and liabilities.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Income from investments in group entities</td></tr><tr><td colspan="1">Dividend from subsidiaries are recognized as income in the income statement when adopted at the General Meeting of the subsidiaries. However, dividends relating to earnings in the subsidiary before it was acquired by the parent company are set off against the cost of the subsidiaries.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Tax on profit/loss for the year</td></tr><tr><td colspan="1">Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity.</td></tr><tr><td colspan="1">The Company and its Danish group entities are jointly taxed. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption).</td></tr><tr><td colspan="1">Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Balance sheet</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Investments in subsidiaries</td></tr><tr><td colspan="1">Investments in subsidiaries are measured at cost price. Where cost exceeds the recoverable amount, write down is made to this lower value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Receivables</td></tr><tr><td colspan="1">Receivables are measured at amortised cost, which usually corresponds to the nominal value. Provisions are made for bad debts on the basis of objective evidence that a receivable or a group of receivables are impaired. Provisions are made to the lower of the net realisable value and the carrying amount.</td></tr><tr><td colspan="1">An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable is impaired, an impairment loss for that individual asset is recognised.</td></tr><tr><td colspan="1">Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received, using the effective interest rate of individual receivables or portfolios of receivables as discount rate.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash</td></tr><tr><td colspan="1">Cash comprise cash and short term securities which are readily convertible into cash and subject only to minor risks of changes in value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Dividend</td></tr><tr><td colspan="1">Proposed dividends are disclosed as a separate item under equity. Dividends are recognised as a liability at the date of declaration by the annual general meeting.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Income tax and deferred tax</td></tr><tr><td colspan="1">Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account.</td></tr><tr><td colspan="1">Deferred tax is measured according to the liability method in respect of temporary differences between the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use of the asset and settlement of the liability, respectively.</td></tr><tr><td colspan="1">Deferred tax assets, including the tax base of tax loss allowed for carry forward are measured at the value to which the asset is expected to be realised, either by elimination in tax on future income or by offsetting against deferred tax liabilities within the same legal tax entity. Any deferred net tax assets are measured at net realisable value.</td></tr><tr><td colspan="1">Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax adjustments resulting from changes in tax rates are recognised in the income statement, with the exception of items taken directly to equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Liabilities</td></tr><tr><td colspan="1">Other liabilities are measured at net realisable value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Foreign currency translation</td></tr><tr><td colspan="1">On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.</td></tr><tr><td colspan="1">Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rate at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or financial expenses.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Staff costs</td></tr></table> 8641000 324000 19000 3 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Financial income</td></tr></table> 783000 167000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Financial expenses</td></tr></table> 3649000 11000 0 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Tax on profit/loss for the year</b></td></tr><tr><td width="71%" ></td><td width="14%" colspan="1" align="right" valign="middle" ><b>2021/22</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>2020/21</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>DKK’000</b></td></tr><tr><td width="71%" colspan="1" align="left" valign="middle" >Estimated tax charge for the year</td><td width="14%" align="right" valign="middle" >134</td><td width="15%" align="right" valign="middle" >130</td></tr><tr><td width="71%" colspan="1" align="left" valign="middle" >Deferred tax for the year</td><td width="14%" align="right" valign="middle" >-245</td><td width="15%" align="right" valign="middle" >245</td></tr><tr><td colspan="3"></td></tr><tr><td width="71%" colspan="1" align="left" valign="middle" ><b>Tax on profit/loss for the year total</b></td><td width="14%" align="right" valign="middle" ><b>-111</b></td><td width="15%" align="right" valign="middle" ><b>375</b></td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Investments in group entities</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Investments in subsidiaries are specified as follows</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" ><b>.Equity</b></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >The share capital consists of</td></tr><tr><td width="83%" ></td><td width="17%" colspan="1" align="right" valign="middle" ><b>Nominal value</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="83%" colspan="1" align="left" valign="middle" >1 shares of DKK 1.000 thousand nominal value each</td><td width="17%" align="right" valign="middle" >1.000</td></tr><tr><td colspan="2"></td></tr><tr><td width="83%" ></td><td width="17%" align="right" valign="middle" ><b>1.000</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >There have been no changes in the share capital since the establishment in 2018/2019.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" ><b>Long-term debt</b></td></tr><tr><td width="51%" colspan="1" align="left" valign="middle" ><b>DKK’000</b></td><td width="10%" colspan="1" align="right" valign="middle" ><b>Debt at 1 May 2021</b></td><td width="10%" colspan="1" align="right" valign="middle" ><b>Debt at 30 April 2022</b></td><td width="8%" colspan="1" align="right" valign="middle" ><b>Payment within 1 year</b></td><td width="10%" colspan="1" align="right" valign="middle" ><b>Payment between 1 – 5 years</b></td><td width="11%" colspan="1" align="right" valign="middle" ><b>Debt after 5 years</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="51%" colspan="1" align="left" valign="middle" >.Other payables</td><td width="10%" align="right" valign="middle" >63</td><td width="10%" align="right" valign="middle" >0</td><td width="8%" align="right" valign="middle" >0</td><td width="10%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="51%" ></td><td width="10%" align="right" valign="middle" ><b>63</b></td><td width="10%" align="right" valign="middle" ><b>0</b></td><td width="8%" align="right" valign="middle" ><b>0</b></td><td width="10%" align="right" valign="middle" ><b>0</b></td><td width="11%" align="right" valign="middle" ><b>0</b></td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Contingent assets, liabilities and other financial obligations</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Recourse and non-recourse guarantee commitments</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The company is jointly taxed with its parent company, AX V Nissens III ApS (management company), and is jointly and severally liable with the other jointly taxed entities for the payment of income taxes as well as withholding taxes on interest, royalties and dividends.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company is jointly VAT registered with its subsidiary, Nissens Automotive A/S, and is jointly and severally liable for joint VAT registration.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company is liable for credit facilities in AX V Group of DKK 332,401 thousand.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Shares in Nissens Automotive A/S carrying amount DKK 1,100,000 thousand have been pledged as security for credit facilities.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Rent liabilities and payments under operating leases concerning cars to DKK 286 thousand (30 April 2021 DKK 21 thousand).</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The remaining terms are 0-2 year.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Related parties and ownership</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Controlling interest</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >K. Nissen International A/S, Horsens, Denmark</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >AX V Nissens ApS, Horsens, Denmark</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >AX V Nissens I ApS, Horsens, Denmark</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >AX V Nissens II ApS, Horsens, Denmark</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >AX V Nissens III ApS, Horsens, Denmark</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Consolidated financial statements</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company is included in the group annual report of</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Ultimate</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >AX V Nissens III ApS, CVR no. 38 64 73 50</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Immediate</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >K. Nissen International A/S, Horsens, CVR no. 70 60 69 17</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Statement of changes in equity</td></tr></table> -50000 -110000 Årsrapport 30700228 EY Godkendt Revision Cortex park 3 5230 Odense M xWizard version 1.1.1125.0, by EasyX Aps. www.easyx.eu 2020-05-01 2021-04-30 Revisionspåtegning Grundlag for konklusion Konklusion Klavs Pedersen Mikkel Krogslund Andersen Klavs Pedersen Morten Bøgetoft Thomsen 1818000 3948000 -2130000 65000000 221000 1852000 61239000 -375000 61614000 3835000 103000 10000 2 221000 0 1825000 0 27000 0 50000000 169127000 11614000 1242754000 1242754000 1242754000 134000 31154000 0 0 31288000 54000 31342000 1274096000 1000000 1172200000 0 1173200000 0 0 98017000 18000 2861000 100896000 100896000 1274096000 1234614000 1234614000 1234614000 130000 25454000 245000 3492000 29321000 208000 29529000 1264143000 1000000 1113073000 50000000 1164073000 63000 63000 98340000 26000 1641000 100007000 100070000 1264143000 1234614000 1180912000 8140000 53702000 1242754000 1234614000 Nissens Automotive A/S A/S Denmark 51315000 0 174007000 Nissens UK Ltd Ltd England 1152000 0 6431000 Nissen France EURL EURL France 1034000 0 9784000 Radiadores Nissen S.A. S.A Spain 2032000 0 5475000 Nissens Sverige A.B. A.B Sweden 185000 0 1973000 Nissens Schweiz A.G. A.G Switzerland 114000 0 3154000 Nissens Portugal LDA Lda. Portugal 40000 0 1227000 Chlodnice Nissens Polska Sp.zo.o. Sp. Z o.o Poland 4480000 0 7827000 Nissens Belgium S.A. S.A Belgium 420000 0 5388000 Nissens Hungaria Jarmuhuto Kft Ktf. Hungary 504000 0 3557000 Nissens Italia S.R.L. S.r.l Italy 578000 0 4482000 Nissens Finland OY OY Finland 167000 0 1875000 Nissens North America Inc. Inc. USA -264000 0 27644000 Nissens Ukraine Ltd Ltd. Ukraine 328000 0 -5473000 Nissens Deutschland GmbH GmbH Germany 2517000 0 9368000 Nissens Automotive SK S.R.O. S.r.o. Slovakia 6930000 0 22382000 AVA Benelux BV BV Netherland 6084000 0 47855000 AVA CEE Sp. z o.o. Sp. Z o.o Poland 6196000 0 12371000 AVA Cooling UK Ltd Ltd England 0 0 6979000 AVA Cooling France SAS France 961000 0 12606000 Selskabet af 29. April 2021 A/S A/S Denmark -259000 0 564000 Nissens Automotive Service A/S A/S Denmark 1239000 0 5232000 NA Properties ApS ApS Denmark 840000 0 4408000 Anpartsselskabet af 10. Maj 2021 ApS Denmark -14000 0 986000 1000 1113073000 50000 1164073000 0 0 0 0 -110000 169127000 -50000 0 0 1000 1172200000 0 EY Godkendt Revisionspartnerselskab 30700228 Søren Smedegaard Hvid State Authorised Public Accountant mne31450 Henrik Carstensen State Authorised Public Accountant mne47765 30700228 EY Godkendt Revisionspartnerselskab