27985378
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2025-12-31
27985378
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Annual report
2026-07-16
Asuman Kubra Cetinel
Herredsvej
32
7100
VejleCVR No.: 33771231
The Board of Directors and the Executive Board have today considered and approved the annual report of Lynxeo Systems Denmark A/S for the financial year 01.01.2025 - 31.12.2025.
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 31.12.2025 and of the results of its operations for the financial year 01.01.2025 - 31.12.2025.
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.
Viborg
Valentin Julien Jung
Jean-François Emile Pirot
Asuman Kubra Öztürk
Valentin Julien Jung
To the shareholders of Lynxeo Systems Denmark A/S
We have audited the financial statements of Lynxeo Systems Denmark A/S for the financial year 01.01.2025 - 31.12.2025, 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 31.12.2025 and of the results of its operations for the financial year 01.01.2025 - 31.12.2025 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 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 by relevant law and regulations.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 in the relevant law and regulations. We did not identify any material misstatement of the management commentary.
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: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 Entity’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 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.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.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.
Trekantområdet
PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab
33771231
Lars Almskou Ohmeyer
State Authorised Public Accountant
mne24817
Financial highlights2025DKK'0002024DKK'0002023DKK'0002022DKK'0002021DKK'000Key figuresGross profit/loss26,85554,69941,98651,39948,208Operating profit/loss7,75734,20320,56725,19113,277Net financials765(4,624)1,245(479)(258)Profit/loss for the year6,16523,24217,17319,55110,155Total assets163,748160,242196,632166,658167,077Investments in property,
plant and equipment8584046914181,059Equity100,950117,285146,542133,120117,318RatiosReturn on equity (%)5.6517.6212.2815.618.48Equity ratio (%)61.6573.1974.5379.8870.22Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Return on equity (%)
:Profit/loss for the year * 100Average equityEquity ratio (%)
:Equity * 100Total assets
Primary activitiesLynxeo Systems Denmark A/S is part of the Lynxeo Group, a global provider of specialized cable solutions for industrial applications. Following the separation from Nexans, Lynxeo operates as an independent group focusedon railway, wind, automation and other industrial cable solutions.
The company mainly manufactures and assembles cable harnesses and customized cable solutions according to customer specifications, primarily for the wind energy sector.
Development in activities and financesThe company’s operations during the financial year 2025 resulted in a profit of DKK 6.165k after tax. Management does not consider the result satisfactory; however, it reflects the challenging business conditions and market environment in which the company operated during the year.
During 2025, the company experienced increased activity within medium voltage harnessing, particularly related to the ramp-up of 24/42 kV solutions. Production activities in the Polish facility in Szczecin developed in line with expectations and supported the overall growth within the medium voltage segment.
At the same time, market conditions in the European wind industry remained challenging, especially within offshore wind projects, where delays and lower investment activity continued to impact demand.
The company continued focusing on operational efficiency, cost control and optimization of production processesthroughout the year.
Profit/loss for the year in relation to expected developmentsThe financial result for 2025 was below management expectations and was significantly impacted by challenging market conditions within the European wind industry.
Growth within medium voltage harnessing contributed positively to the company’s activity level during the year. However, lower demand within certain low voltage applications, delayed offshore projects and continued uncertainty in the European wind market had a negative impact on the company’s overall performance and growth potential.
OutlookLynxeo Systems Denmark A/S expects activity levels in 2026 to remain stable, with continued focus on development of medium voltage harnessing capabilities and optimization of the production setup in Poland.
The result is expected to be a profit in the range of 18 MDKK to 20 MDKK.
During recent years, the company has made significant investments related to medium voltage production capabilities in the Polish facility in Szczecin. At the same time, management continues to see business opportunities within both medium and low voltage harnessing solutions, depending on market demand and customer project activity.
In parallel, the company is placing increased focus on development of new business opportunities outside the wind industry in order to diversify the sales portfolio and reduce dependency on a single market segment. Potential growth areas include Railway and Industrial Automation solutions.
The company will continue focusing on operational improvements, customer service and strengthening its market position across selected industrial sectors.
Environmental performanceLynxeo Systems Denmark A/S maintains a strong focus on reducing the environmental impact from its operations, primarily related to consumption of electricity, heating and waste generated from production activities.
The company is certified according to ISO 9001 and ISO 14001 standards. Through these certifications, the company continuously works to improve quality and environmental performance and to meet increasing customer requirements regarding sustainability and responsible operations.
Research and development activitiesResearch activities are mainly carried out within other companies of the Lynxeo Group, while development activities related to the company’s operations and production processes are performed internally.
Events after the balance sheet dateNo events have occurred after the balance sheet date that would materially affect the assessment of the annual report.
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1 Staff costs2025DKK2024DKKWages and salaries15,433,20317,471,883Pension costs2,078,6281,871,553Other social security costs906,550488,21518,418,38119,831,651Average number of full-time employees3033The company only remunerate one executive board member and for 2025 the board of directors has not received remuneration. Referring to §98 b of the Danish Financial Statements Act, remuneration to Management is not disclosed.
30
33
2 Depreciation, amortisation and impairment losses2025DKK2024DKKDepreciation of property, plant and equipment679,331663,837679,331663,837
3 Tax on profit/loss for the year2025DKK2024DKKCurrent tax2,779,9625,769,471Change in deferred tax(746,000)739,000Adjustment concerning previous years322,898(171,473)2,356,8606,336,998
4 Proposed distribution of profit and loss2025DKK2024DKKOrdinary dividend for the financial year6,164,9620Retained earnings023,242,4016,164,96223,242,401
6164962
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0
23242401
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5 Property, plant and equipmentPlant and machineryDKKOther fixtures and fittings, tools and equipmentDKKCost beginning of year7,796,2351,803,592Additions439,241419,136Cost end of year8,235,4762,222,728Depreciation and impairment losses beginning of year(7,017,435)(1,620,247)Depreciation for the year(488,695)(190,636)Depreciation and impairment losses end of year(7,506,130)(1,810,883)Carrying amount end of year729,346411,845
6 Financial assetsInvestments in group enterprisesDKKReceivables from group enterprisesDKKCost beginning of year15,698,00017,040,279Additions011,754,800Cost end of year15,698,00028,795,079Impairment losses beginning of year(5,468,068)0Impairment losses for the year(561,167)0Reversal of impairment losses89,0000Impairment losses end of year(5,940,235)0Carrying amount end of year9,757,76528,795,079Investments in subsidiariesRegistered inCorporate formEquityinterest%EquityDKKProfit/lossDKKLynxeo Systems Poland Sp z.o.o.Polandsp. z o.o.100.003,587,3643,812,784Lynxeo Cable (Tianjin) Co., Ltd.ChinaLtd100.008,988,023(466,253)
7 Deferred tax2025DKK2024DKKProperty, plant and equipment256,000276,000Inventories1,545,1001,702,100Receivables(58,100)(58,100)Tax losses carried forward923,0000Deferred tax2,666,0001,920,000Changes during the year2025DKK2024DKKBeginning of year1,920,0002,659,000Recognised in the income statement746,000(739,000)End of year2,666,0001,920,000Deferred tax assetsDeferred tax assets is related to property, plant and equipment, inventories, receivables and tax losses carried forward, which is expected to equalize within a period of
three years.
8 PrepaymentsPrepayments consist of prepaid expenses.
9 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where Lynxeo System Denmark Holding ApS serves
as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act,
the Entity is therefore liable for income taxes etc for the jointly taxed entities.
10 Transactions with related partiesTransactions with related parties, is only mentioned in the annual report if the transactions are not performed
at arm’s length. There is no such transaction in the financial year 2025.
11 Group relationsName and registered office of the Parent preparing consolidated financial statements for the smallest group:
Lynxeo Holding, 52, avenue du Général de Gaulle, 92800 Puteaux, France.Registration number: 942 848 748
This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).The accounting policies applied to these financial statements are consistent with those applied last year.
Consolidated financial statementsReferring to section 112(1) of the Danish Financial Statements Act,
no consolidated financial statements have been prepared.
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.
Gross profit or lossGross profit or loss comprises revenue, changes in inventories of finished goods and work in progress, own
work capitalised, other operating income, cost of raw materials and consumables and external expenses.
RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement
when delivery is made and risk has passed to the buyer. Revenue from the sale of services is recognised
in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and
sales discounts and is measured at fair value of the consideration fixed.
Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary
activities, including profit from the sale of intangible assets and property, plant and equipment, and salary refunds.
Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal
inventory writedowns.
Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for
premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets.
Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc
for entity staff.
Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment comprise depreciation, amortisation and impairment losses for the financial year, and gains and
losses from the sale of intangible assets and property, plant and equipment.
Other financial income from group enterprisesOther financial income from group enterprises comprises interest income etc on receivables from group
enterprises.Other financial incomeOther financial income comprises dividends etc received on other investments, interest income, including
interest income on receivables from group enterprises, net capital or exchange gains on securities, payables
and transactions in foreign currencies, amortisation of financial assets as well as tax relief under the Danish
Tax Prepayment Scheme etc.
Impairment losses on financial assetsImpairment losses on financial assets comprise impairment losses on financial assets which are not measured
at fair value on a current basis.
Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises,
net capital or exchange losses on securities, payables and transactions in foreign currencies, amortisation
of financial liabilities as well as tax surcharge under the Danish Tax Prepayment Scheme etc.
Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the
income statement by the portion attributable to the profit for the year and recognised directly in equity by
the portion attributable to entries directly in equity.
Property, plant and equipmentPlant and machinery, and other fixtures and fittings, tools and equipment 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. For self-constructed assets, cost comprises
direct and indirect costs of materials, components, subsuppliers and labour costs. For assets held under
finance leases, cost is the lower of the asset’s fair value and present value of future lease payments.
The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line
depreciation is made on the basis of the following estimated useful lives of the assets:Useful lifeResidual valuePlant and machinery2-5 year0%Other fixtures and fittings, tools and equipment5 years0%Estimated useful lives and residual values are reassessed annually.
Items of property, plant and equipment are written down to the lower of recoverable amount and carrying
amount.
Investments in group enterprisesInvestments in group enterprises are measured at cost. Investments 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. Cost of manufactured goods and work in progress consists
of costs of raw materials, consumables, direct labour costs and indirect production costs.Indirect production costs comprise indirect materials and labour costs, costs of maintenance of, depreciation
of and impairment losses relating to machinery, factory buildings and equipment used in the manufacturing
process, and costs of factory administration and management. Finance costs are not included in cost.
The net realisable value of inventories is calculated as the estimated selling price less completion costs and
costs incurred to execute sale.
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.
PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.
CashCash comprises bank deposits.
DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for
the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial
year is recognised directly in equity when distributed and disclosed as a separate item in Management's
proposal for distribution of profit/loss.
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.
Tax receivable or payableCurrent tax receivable or payable is recognised in the balance sheet, stated as tax computed on this year's
taxable income, adjusted for prepaid tax.
Cash flow statementIn accordance with section 86.4 of the Danish Financial Statements Act, the company has not prepared a
cash flow statement.
true
Grundlag for konklusion
Konklusion
2026-07-16
2026-07-16
Regnskabsklasse C, mellemstor virksomhed
2024-01-01
2024-12-31
Viborg
Viborg
8800
Revisionspåtegning
2025-12-31
2025-01-01
37
Livøvej
Lynxeo Systems Denmark A/S
27985378
33963556
2300 København S
Weidekampsgade 6
Deloitte Statsautoriseret Revisionspartnerselskab