xbrli:pureiso4217:EUR325707632022-01-012022-12-31cmn:ConsolidatedMember325707632022-01-012022-12-311cmn:ConsolidatedMember325707632022-01-012022-12-311cmn:ConsolidatedMember325707632022-01-012022-12-312cmn:ConsolidatedMember325707632022-01-012022-12-312cmn:ConsolidatedMember325707632021-01-012021-12-31cmn:ConsolidatedMember325707632022-01-012022-12-31325707632021-01-012021-12-31325707632022-01-012022-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMembercmn:ConsolidatedMember325707632022-01-012022-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember325707632022-01-012022-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember325707632021-01-012021-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember325707632022-01-012022-12-31fsa:RetainedEarningsMember325707632022-01-012022-12-31fsa:RetainedEarningsMember325707632021-01-012021-12-31fsa:RetainedEarningsMember325707632022-12-31cmn:ConsolidatedMember325707632021-12-31cmn:ConsolidatedMember325707632022-12-31325707632021-12-31325707632022-01-01cmn:ConsolidatedMember325707632021-01-01cmn:ConsolidatedMember325707632022-01-01fsa:ContributedCapitalMembercmn:ConsolidatedMember325707632022-01-01fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMembercmn:ConsolidatedMember325707632022-01-01fsa:RetainedEarningsMembercmn:ConsolidatedMember325707632022-12-31fsa:ContributedCapitalMembercmn:ConsolidatedMember325707632022-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMembercmn:ConsolidatedMember325707632022-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember325707632022-01-01fsa:ContributedCapitalMember325707632022-01-01fsa:RetainedEarningsMember325707632022-01-01325707632022-12-31fsa:ContributedCapitalMember325707632022-12-31fsa:RetainedEarningsMember325707632022-01-012022-12-31fsa:ContributedCapitalMembercmn:ConsolidatedMember325707632022-01-012022-12-311cmn:ConsolidatedMember325707632021-01-012021-12-311cmn:ConsolidatedMember325707632022-01-012022-12-31fsa:ShorttermDeferredIncomeMembercmn:ConsolidatedMember325707632022-01-012022-12-31fsa:ShorttermPayablesToGroupEnterprisesMemberGrundlag for konklusionKonklusion2023-07-052023-07-0533963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegningRegnskabsklasse C, stor virksomhed2021-12-312021-01-0133963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2022-12-312022-01-01Accell Danmark ApS32570763ÅrsrapportOdense51005Tværkajen, Postboks 10HorsensHorsens8700<br /><br />11TobaksgårdenThe Executive Board has today considered and approved the annual report of Accell Danmark ApS 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 consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2022 and of the results of their operations and the consolidated cash flows 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.HorsensChristoph MannelChristoph MannelTo the shareholders of Accell Danmark ApSWe have audited the consolidated financial statements and the parent financial statements of Accell Danmark ApS 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, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements
are prepared in accordance with the
Danish Financial Statements Act.
In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2022 and of the results of their operations and the consolidated cash flows 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 consolidated financial statements and the parent financial statements" section of this auditor’s
report. We are independent of the Group in accordance
with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional
Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled
our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.Management is responsible for the preparation of consolidated financial statements and parent 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 consolidated financial statements and parent financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and 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 consolidated financial statements and the parent 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 consolidated financial statements and the parent 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 consolidated financial statements and parent 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 consolidated financial statements and the parent 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 Group's and 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 consolidated financial statements and the parent financial statements, and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the 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 consolidated financial statements and the parent financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or conditions may cause the
Group and the Entity to cease to continue as a going concern.
<br />Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures
in the notes, and whether the consolidated financial statements and the parent 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 consolidated financial statements and the parent 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 consolidated financial statements and the parent financial statements, our responsibility is to read the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the consolidated financial statements and the parent 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 consolidated financial statements and the parent 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.OdenseHeino Hyllested TholsgaardMarco Mosegaard Brøndstedmne34511mne49081State Authorised Public AccountantState Authorised Public AccountantFinancial highlights2022
EUR'0002021
EUR'0002020
EUR'0002019
EUR'0002018
EUR'000Key figuresRevenue74,28867,60819,32415,28212,158Gross profit/loss7,6178,699(863)220863Operating profit/loss3201,878(2,000)(669)199Net financials(1,571)(1,816)(329)(231)(213)Profit/loss for the year(956)(228)(2,412)(690)(29)Balance sheet total54,04784,50337,64217,4569,375Investments in property, plant and equipment4356641741450Equity490742857269959Cash flows from operating activities7,621(869)Indsæt beløbIndsæt beløbIndsæt beløbCash flows from investing activities(184)(188)Indsæt beløbIndsæt beløbIndsæt beløbCash flows from financing activities(4,547)(2,627)Indsæt beløbIndsæt beløbIndsæt beløbAverage number of
employees11097131012RatiosGross margin (%)10.2512.87(4.47)1.447.10Net margin (%)(1.29)(0.34)(12.48)(4.52)(0.24)Equity ratio (%)0.910.882.281.5410.23Do to changes of the annual report where the company make the consolidated financial statement, there is a non-comparability in the financial higlights.
The financial year 2022 and 2021 show the financial highlight of the consolidated Group. According to the Annual Accounts Act §128, stk. 4, we have omitted from including main and key figures for 2-4. previous financial year on group level. Please be aware that it is the parent company's key figures that have been used for 2-4. previous financial year.
Financial 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
RevenueNet margin (%)
:
Profit/loss for the year * 100
RevenueEquity ratio (%)
:Equity * 100
Balance sheet totalPrimary activitiesAs in previous years, the primary activities of the Group and the parent company are import, sale, marketing and technical maintenance of bicycles and spare parts.
Business model
The Accell Denmark Group, including Cycle Service Nordic ApS, is a distributor of bicycles and parts and accessories in the Nordics focusing on bikes in Denmark and parts and accessories in all 4 Nordic countries.
The Group is headquartered in Denmark, where the regional warehousing for parts and accessories is also located, and the Group has local presence with sales and technical service staff across the Nordics in Norway, Finland and Sweden.
With approx. 3,000 Nordic B2B customers Accell Denmark and Cycle Service Nordic is a known and respected business partner all over the Nordics. Acting as a backup to other Group companies elsewhere in Europe, some limited sales occur to countries outside of the Nordics, but still within Europe.
The Group distributes own bicycle brands and up to 50 quality parts and accessories brands from business partners across the globe, with production facilities in Far-east, Europe and USA.
The Group has around 100 permanent employees and in Cycle Service Nordic a dedicated group of approx. 40 students that work part time – young and talented colleagues that work alongside their studies and that we commonly refer to as our Dream Team due to the skills and flexibility they add to our business.
Policies
The Accell Denmark Group relies to a large extend on the well-defined structures and implemented standards that the overarching Accell Group defines and implements.
This includes our comprehensive Group Code of Conduct which address topics like environment and sustainability, protection of human rights, social matters and anti-corruption, to mention some.
The Code of Conduct contains the majority of our policies, but at regional and national level we do from time-to-time supplement with local policies.
We make the Code of Conduct available to all employees and expect them to adhere to our policies and rules. We encourage everyone to speak up if they are in doubt of our Group or local company standards and expectations, or if they notice something suspicious. Either to reach out to their manager or a colleague, or use our Accell Speak Up whistle-blower channels.
In 2023 we’re going to launch a common Supplier Code of Conduct across the Accell Group, which will be implemented going forward and address the topics included in the reporting, and more.
Development in activities and financesThe decrease in gross profit is considered not sufficient, and the negative development is linked to a focus on clearing activities of potential future obsolete stock leading to extraordinary costs from one time sell offs. The extraordinary costs have resulted in a net loss. The parent and the group anticipated a limited positive result for 2022 and consider the result unsatisfactory.
Furtheremore we refere to note 1 for going concern.Profit/loss for the year in relation to expected developmentsThe decrease in gross profit is considered not sufficient, and the negative development is linked to a focus on clearing activities of potential future obsolete stock leading to extraordinary costs from one time sell offs. The extraordinary costs have resulted in a net loss. The parent and the group anticipated a limited positive result for 2022 and consider the result unsatisfactory.Uncertainty relating to recognition and measurementWe refere to note 3 and 13, for furthere information about the uncertainty relating to recognition and measurmentOutlookThe parent and the group expect to realize a turnover level close to 2022-level and a net profit in 2023 around XX
mill. EUR, but due to the ongoing uncertainty in the market linked to the post COVID-19 pandemic as well as the present Eastern Europe conflict in Ukraine, there is an obvious and significant uncertainty linked to this outlook. Risk management plans and procedures are implemented and are constantly being updated to meet the restrictions from local governments. The turnover in the first 5 months of 2023 has exceeded the expectations and the prognoses for the upcoming season remains positive.Statutory report on corporate social responsibilityEnvironment and sustainability
In Cycle Service Nordic a cross-functional CSR Team is in place to make sure that optimizations and efficiencies are both identified and implemented. This has resulted in reductions in heat, electricity as well as increased sorting of waste, which all have a positive impact on our environment and the climate.
Our main risk on this topic relates to the environmental and climate footprint outside of our own operations, and as natural development we’re going to increase our focus on this issue going forward, e.g. by implementing a Supplier Code of Conduct as mentioned above. We have already started collecting e.g. CO2 data from some suppliers, and plan to increase these efforts going forward.
We’re going to continue our efforts to minimize our impact by optimizing and reusing packaging, selecting the most responsible transportation options, shifting company cars to electrical models, charging electrical truck at optimal times and reducing plastics among other things.
Human rights
Respecting human rights and obeying to applicable law and high ethical standards is critical to us. Within our own operations, as detailed in the following section, we’re confident that we live up to our ambitions and standards.
We consider that the greatest risk of infringing human rights of individuals is present in our supply chain, and while we do not have examples of violations, we’re committed to address the risk going forward. This is why we will roll out the new Supplier Code of Conduct from 2023 and forward.
Social matters
It is very important for us to maintain a working environment that continues to make us all engaged of coming to work, and where inclusion, diversity and safety is what we all experience. Every year we conduct an employee engagement survey, which historically provided a result that we are proud of, and which is high when comparing to benchmarks with relevant peers.
The survey supports our understanding in management, that we succeed in bringing a diverse group of people together that can collaborate well, make results, and thrive in our working environment. To maintain a safe working environment, we have a dedicated team working on minimizing the risk of accidents, learning from any incidents and an additional area of focus to minimize the risk of stress among our colleagues.
On a quarterly basis we report on various metrics and matters to the Accell Group and hold our department managers accountable for this reporting through ongoing implementation plan and related actions.
We will in the years ahead continue having a dedicated focus on our people and have this as an incorporated part of our current strategy.
Anti-corruption
Our policy includes to avoid all sorts of corrupt behavior, and we ensure that people in relevant functions, such as commercial and procurement, are well trained on a regular basis to understand what to be aware of and what to avoid in the normal course of business.
We consider the risk of corruption in our business to be low and recorded 0 incidents in the past year.
Going forward, we will maintain our existing approach and focus on this matter and optimize where relevant.
Statutory report on the underrepresented genderThe Accell Denmark Group does not have a Board of Directors, and its management consist of 2 executives. Therefore, the Group is exempted from reporting a target for gender representation.
Our local policy to help achieve gender balance at other management levels of the organization, includes that we try to ensure that for all recruitment processes we have candidates of both sexes.
We currently have a management team in Cycle Service Nordic consisting of 5 persons where the 4 are men. This part of the organization is by far the largest within the group, and a focus is in place to achieve greater diversity in management positions, reflecting a diverse organization in general.
Statutory report on data ethics policyWorking responsibly and ethically with data is already an important task for us. And while we do not have a stand-alone data ethics policy as defined by the Danish Business Authority, we do have the same topics incorporated in our existing structures of policies and training, linked up with data protection/GDPR as well as cyber security topics. It is important for us both due to our protection of employee data, as well as in relation to marketing and sales activities to manage both business partner and consumer data in the right way. Events after the balance sheet dateNo events have occurred after the balance sheet date to which would influence the evaluation of this annual
report; however the COVID-19 pandemic and the Eastern Europe conflict in Ukraine obviously brings a lot of
uncertainty to the outlook for 2023. The turnover in the first months of 2023 has ended at a higher level equal to
same period last year, and the activity level so far seems to remain at a high level like in the previous year.
7428784967608435286491372452414830115823827761920466195939210751783255223743501831910275794177364308438127248941327617483869914919554351357533615603956612699546597793021141536115958371894875413199081878297928882490690119364108586109758108535169020219249786203471567353-125093061905418293-968128-294503290230995611150-956427-2283250-956427-956427-228325408337-979278408337408337-97927875872992657820340030510000962129123167800292408033091652873855298485316511011750474431714553326487435549294085050103785996152369132113836852203103858912999085922133521768320512932150855439191583849633089143314700299275081811848429927508181184841163033014696122671043911332196414161944275693389094844274919106174978524818396659535403093301558828814065818171253785985381410619783556292981555400692607-133482923490508370025438486082867866490510703483556547365404747784503401140123975896943616767167671676716767-55504-102405291037355301019644-13869349036674205716767-1024073553074205716767-555045291031036411-12192616767-138693-12192616767101964434608035646334608035646334608035646334608035646326683502941187454204267326683502941187454204267349900173510961932608460666958473162826395793466957142939725535644779811146557758125669249543818129630092116361101028243428213900306855054268180463694125844865869222653211031834048811262990658734899540474778450340114012397589694360-452640-45264750000750000750000750000114153611595837791933-202063192533771017249119364108586-1690202-1924978-61975-696267620564-868769-28123-20905-129892-167572Acquisition etc. of Deposit-255300-183545-1884777437019-1057246-4642149-1602339-654641-10242947500000-4546790-26266332890229-36838791555400-1334829020274361 Going concernManagement does not consider that there are any challenges with the continued operation, as a result of the company entering into a cash pool arrangement with Accell Nederland B.V.
and thus indirectly also is supported by KKR & Co. Inc.
1 Going concernManagement does not consider that there are any challenges with the continued operation, as a result of the company entering into a cash pool arrangement with Accell Nederland B.V.
and thus indirectly also is supported by KKR & Co. Inc.
2 Events after the balance sheet dateNo events have occurred after the balance sheet date to which would influence the evaluation of this annual
report; however the COVID-19 pandemic and the Eastern Europe conflict in Ukraine obviously brings a lot of
uncertainty to the outlook for 2023. The turnover in the first months of 2023 has ended at a higher level equal to
same period last year, and the activity level so far seems to remain at a high level like in the previous year.
2 Events after the balance sheet dateNo events have occurred after the balance sheet date to which would influence the evaluation of this annual
report; however the COVID-19 pandemic and the Eastern Europe conflict in Ukraine obviously brings a lot of
uncertainty to the outlook for 2022. The turnover in the first months of 2022 has ended at a higher level equal to
same period last year, and the activity level so far seems to remain at a high level like in the previous year.
3 Uncertainty relating to recognition and measurement
Refer to note 13 for further explanation.4 Revenue2022
EUR2021
EURDenmark46,089,58840,399,744United Kingdom189,88838,283Netherland122,5078,843Germany971,1620Spain110,7473,122Sweden9,848,03710,387,052Norway8,372,9889,290,849Finland
8,582,9327,480,542Total revenue by geographical market74,287,84967,608,435Cycles28,649,13924,524,148Cycle parts45,638,71043,084,287Total revenue by activity 74,287,84967,608,4353 Revenue2022
EUR2021
EURCycles28,649,13724,524,148Total revenue by geographical market28,649,13724,524,148Denmark28,649,13724,524,148Total revenue by activity 28,649,13724,524,1485 Fees to the auditor appointed by the Annual General Meeting2022
EUR2021
EURStatutory audit services40,34326,251Other assurance engagements09,667Tax services71,32854,074111,67189,992In the statutory audit services, there is fees from other than Deloitte in 22 there was 5,379 EUR, and in 21 there was 5,699 EUR 6 Staff costs2022
EUR2021
EURWages and salaries5,359,3884,964,715Pension costs543,748455,783Other social security costs252,903240,7716,156,0395,661,269Average number of full-time employees11097Remuneration to the management is not disclosed in accordance with section 98b of the Danish Financial Statements Act. 3.4 Staff costs2022
EUR2021
EURWages and salaries871,117713,215Pension costs70,10159,293Other social security costs13,4416,794954,659779,302Average number of full-time employees1412Remuneration to the management is not disclosed in accordance with section 98b of the Danish Financial Statements Act. 3.1109714127 Other financial income2022
EUR2021
EURFinancial income from group enterprises108,33193,551Other interest income922776Other financial income10,11114,259119,364108,5865 Other financial income2022
EUR2021
EURFinancial income from group enterprises108,33193,551Other interest income922776Other financial income50514,208109,758108,5358 Other financial expenses2022
EUR2021
EURFinancial expenses from group enterprises1,490,8001,683,172Other interest expenses83,105103,838Other financial expenses116,297137,9681,690,2021,924,9782022
EUR2021
EURFinancial expenses from group enterprises1,490,8001,683,172Other interest expenses83,105103,838Other financial expenses116,297137,9681,690,2021,924,978<br />6 Other financial expenses2022
EUR2021
EURFinancial expenses from group enterprises566,1591,556,941Other financial expenses54,18810,412620,3471,567,353<br />2022
EUR2021
EURFinancial expenses from group enterprises566,1591,556,941Other financial expenses54,18810,412620,3471,567,3539 Tax on profit/loss for the year2022
EUR2021
EURCurrent tax77,92364,048Change in deferred tax(374,835)218,146Adjustment concerning previous years2,4098,036(294,503)290,2307 Tax on profit/loss for the year2022
EUR2021
EURChange in deferred tax9,95611,1509,95611,15010 Proposed distribution of profit/loss2022
EUR2021
EURRetained earnings(956,427)(228,325)(956,427)(228,325)8 Proposed distribution of profit and loss2022
EUR2021
EURRetained earnings408,337(979,278)408,337(979,278)11 Intangible assetsAcquired intangible assets
EURGoodwill
EURCost beginning of year1,252,0811,332,057Additions28,1230Cost end of year1,280,2041,332,057Amortisation and impairment losses beginning of year(325,503)(1,026,957)Amortisation for the year(195,972)(101,700)Amortisation and impairment losses end of year(521,475)(1,128,657)Carrying amount end of year758,729203,400Acquired intangible assets
EURGoodwill
EURCost beginning of year1,252,0811,332,057Additions28,1230Cost end of year1,280,2041,332,057Amortisation and impairment losses beginning of year(325,503)(1,026,957)Amortisation for the year(195,972)(101,700)Amortisation and impairment losses end of year(521,475)(1,128,657)Carrying amount end of year758,729203,400<br />9 Intangible assetsGoodwill
EURCost beginning of year315,057Cost end of year315,057Amortisation and impairment losses beginning of year(315,057)Amortisation and impairment losses end of year(315,057)Carrying amount end of year0<br />Goodwill
EURCost beginning of year315,057Cost end of year315,057Amortisation and impairment losses beginning of year(315,057)Amortisation and impairment losses end of year(315,057)Carrying amount end of year012 Property, plant and equipmentLand and buildings
EUROther fixtures and fittings, tools and equipment
EURLeasehold improvements
EURCost beginning of year4,671,1021,440,010596,708Additions143,000292,0350Disposals0(133,002)0Cost end of year4,814,1021,599,043596,708Depreciation and impairment losses beginning of year(1,361,937)(928,999)(331,834)Depreciation for the year(528,085)(275,163)(119,341)Reversal regarding disposals090,4350Depreciation and impairment losses end of year(1,890,022)(1,113,727)(451,175)Carrying amount end of year2,924,080485,316145,533Recognised assets not owned by Entity2,924,080123,962010 Property, plant and equipmentLand and buildings
EUROther fixtures and fittings, tools and equipment
EURCost beginning of year135,058126,784Additions2,00274,138Disposals0(70,222)Cost end of year137,060130,700Depreciation and impairment losses beginning of year(79,760)(82,467)Depreciation for the year(28,562)(43,408)Reversal regarding disposals070,222Depreciation and impairment losses end of year(108,322)(55,653)Carrying amount end of year28,73875,047Recognised assets not owned by entity28,73875,04713 Financial assetsOther receivables
EURDeferred tax
EURCost beginning of year211,383310,385Additions25,530384,791Disposals0(9,956)Cost end of year236,913685,220Carrying amount end of year236,913685,22011 Financial assetsInvestments in group enterprises
EURDeferred tax
EURCost beginning of year3,116,00099,085Disposals0(9,956)Cost end of year3,116,00089,129Carrying amount end of year3,116,00089,129A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.14 Deferred tax
Changes during the year2022
EUR2021
EURBeginning of year310,385528,546Recognised in the income statement374,835(218,161)End of year685,220310,385Deferred tax assets
The deferred tax asset has been recorded in the annual report as a result of the presented budgets. The budgets present positive results for the future, indicating that the deferred tax asset can be recorded in the balance. It is the management expectation that this year's and previous years' deficits will be utilized within 3 - 5 years.
in the presented budgets, a limited revenue growth close to 2022-level has been planned. In addition, an increase in the coverage ratio of 11-20% has been taken into account as a prerequisite. The increase in the coverage ratio can be explained by the fact that previous events are not expected to appear in the future, and a change in the product composition
will support the increase in the expected coverage ratio.
Based on budgets for, management expects to be able to utilize tax assets within a 3-5 year period.12 Deferred tax
Changes during the year2022
EUR2021
EURBeginning of year99,085110,235Recognised in the income statement(9,956)(11,150)End of year89,12999,085Deferred tax assetsBased on budgets, management expects to be able to utilize tax assets within a 3-5 year period.15 Receivables from group enterprisesThe group is part of a cash pool scheme administered by Accell Group N.V. As of December 31, 2022 the
balance in the cashpool scheme amounts to EUR 3,165,200. The company is liable for the other group
companies in the cash pool agreememt. 13 Receivables from group enterprisesThe company enters into a cash pool agreement administered by Accell Group N.V. Pr. December 31, 2022 constitutes outstanding
in the cash pool agreement 3,091,972 EUR.
16 PrepaymentsPrepayments consists of prepaid costs.17 Contributed capitalNumberPar value
EURNominal
value
EURContributed Capital116,767.0016,767116,76718 Other provisions Other provisions consist of the company's guarantee provisions14 Other provisionsOther provisions consist of the company's guarantee provisions19 Non-current liabilities other than provisionsDue within 12
months
2022
EURDue within 12
months
2021
EURDue after
more than 12
months
2022
EUROutstanding
after 5 years
2022
EURLease liabilities499,001735,1092,668,350819,090499,001735,1092,668,350819,09015 Non-current liabilities other than provisionsDue within 12
months
2022
EURDue within 12
months
2021
EURDue after
more than 12
months
2022
EUROutstanding
after 5 years
2022
EURLease liabilities61,93260,84645,420'061,93260,84645,420020 Payables to group enterprisesThe group is part of a cash pool scheme administered by Accell Group N.V. As of December 31, 2022 the balance in the cashpool scheme amounts to EUR 37,007,993. The company is liable for the other group companies in the cash pool agreememt. 16 Payables to group enterprisesThe company enters into a cash pool agreement administered by Accell Group N.V. Pr. December 31, 2022 constitutes the debt
in the cash pool agreement 8,754,410 EUR.21 Deferred incomeDeferred income contains contributions that are not recognised as income, until the recognition criteria are met. 16 Payables to group enterprisesThe company enters into a cash pool agreement administered by Accell Group N.V. Pr. December 31, 2022 constitutes the debt
in the cash pool agreement 8,754,410 EUR.22 Changes in working capital2022
EUR2021
EURIncrease/decrease in inventories(11,809,024)(8,490,896)Increase/decrease in receivables42,701,042(20,659,962)Increase/decrease in trade payables etc.(23,002,094)27,094,061Other changes(97,991)36,1667,791,933(2,020,631)23 Contingent assetsThere is a tax loss for carryforwards of 739 T.EUR that has not been capitalized17 Contingent assetsThere is a tax loss for carryforwards of 739 T.EUR that has not been capitalized24 Contingent liabilitiesThe parent participates as the administration company for the Danish companies in a Danish joint taxation arrangement with Cycle Service Nordic ApS. 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. 18 Contingent liabilitiesThe Company has no assets charged nor any recourse guarantee commitments at 31 December 2022.
The Entity participates as the administration company in a Danish joint taxation arrangement with Cycle Service Nordic ApS. 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. 25 Assets charged and collateralBank debt in the Cycle Service Nordic companies is secured on a charge receivables of a nominal amount of EUR 1,008,539.
Receivables comprises in the Cycle Service Nordic companies to EUR 5,352,453 at 31.12.2022.26 Transactions with related partiesTransactions with related parties are only disclosed if they have not been in accordance with the arm´s length
principle. All transactions have been on arm´s length conditions.
20 Transactions with related partiesTransactions with related parties are only disclosed if they have not been in accordance with the arm´s length
principle. All transactions have been on arm´s length conditions.
27
Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group:
Sprint Luxco S.C.A., 2, rue Edward Steichen, L-2540, Luxembourg Name and registered office of the Parent preparing consolidated financial statements for the smallest group:
Accell Danmark ApS., Tobaksgården 11, 8700 Horsens, Danmark.Copies of the consolidated financial statements of Sprint Luxco S.C.A. may be ordered at the following address:
Sprint Luxco S.C.A., 2, rue Edward Steichen, L-2540, Luxembourg
Copies of the consolidated financial statements of Accell Danmark ApS. may be ordered at the following address:
Accell Danmark ApS., Tobaksgården 11, 8700 Horsens, Danmark.28 SubsidiariesRegistered inOwnership
%Cycle Service Nordic ApSDenmark100.00Cycle Service Nordic ASNorway100.00Cycle Service Nordic OYFinland100.00Cycle Service Nordic ABSweden100.003116000311600019 Related parties with controlling interestRelated parties with controlling interest
wholly owns the shares of the Entity and thus has control over the
Entity:
Accell Nederland B.V., Industriweg 4, 8444 AR Heerenveen, Netherland
Accell Group B.V., Industrieweg 4, 8444 AR Heerenveen, Netherland
Sprint Bidco B.V., Spicalaan 39, 2132 JG Hoofddorp, Netherland
Sprint Holdco B.V., Spicalaan 39, 2132 JG Hoofddorp, Netherland
Sprint Midco B.V., Spicalaan 39, 2132 JG Hoofddorp, Netherland
Sprint IntermediateCo B.V., Spicalaan 39, 2132 JG Hoofddorp, Netherland
Sprint TopCo B.V., Spicalaan 39, 2132 JG Hoofddorp, Netherland
Sprint Luxco S.C.A., 2, rue Edward Steichen, L-2540, Luxembourg
Sprint LuxCo GP S.à r.l., 2, rue Edward Steichen, L-2540, Luxembourg
KKR Sprint Aggregator L.P., 152928 Canada Inc.,199, Bay Street, Suite 5300, Toronto, Ontario M5L 1B9, Canada
For group relations we refere to note 24 in the consolidated notes.This 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 consolidated financial statements and parent financial statements are consistent with those applied last year.falseNon-comparabilityThere is non-comparability in the parents accounts, due to a different presentation of wage subsidies and others
personnel costs, which has the following effect on the comparison do to changes in the acounting listed below:
- Gross profit (10.410)
- Staff costs 10.410
Do to changes of the annual report where the company make the consolidated financial statement, there is a noncomparability in the annual report.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. <br />Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence. Enterprises in which the
Group, directly or indirectly, holds between 20% and 50% of the voting rights and exercises significant, but not controlling influence, are regarded as associates.<br />Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies.
Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements. Minority interests’ pro rata shares of the profit/loss and the net assets are disclosed as separate items in Management's proposal for the distribution of net profit/loss and equity, respectively.
Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the takeover date, with net assets having been calculated at fair value.RevenueRevenue from the sale of manufactured goods is recognised in the income statement when delivery is made and risk has passed to the buyer. Revenue is recognised net of VAT, duties and sales discounts. 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
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 as well as social security contributions, pension contributions, etc for entity staff. Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to intangible assets comprise depreciation, amortisation and impairment losses for the financial year, calculated on the basis of the residual values and useful lives of the individual assets and impairment testing as well as gains and losses from the sale of intangible assets. Other financial incomeOther financial income comprises dividends etc. received on interest income, including
interest income on receivables from group enterprises.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, foreign currency transactions, 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.GoodwillGoodwill is the positive difference between cost and fair value of assets and liabilities arising from acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by Management for each business area. Useful life is determined based on an assessment of whether the amount of goodwill includes intangible resources of a temporary nature that cannot be separated and recognised as separate assets. If the useful life cannot be estimated reliably, it is fixed at 10 years. Useful lives are reassessed on an annual basis. The amortisation periods used are 10 years.
Goodwill is written down to the lower of recoverable amount and carrying amount.<br />Acquired intangible assetsAcquired intangible assets comprise customer directory.Acquired intangible assets acquired are measured at cost less accumulated amortisation.
Acquired intangible assets are
amortised
on a straight-line basis over their remaining duration.
Depreciation is made on the basis of a useful lifetime of 7 years.Acquired intangible assets are written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentLand and buildings, plant and machinery, and other fixtures and fittings, tools and equipment are
measured at cost less accumulated depreciation and impairment losses. Land is not depreciated.
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. 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.
Interest expenses on loans for the financing of the manufacture of property, plant and equipment are
included in
cost if they relate to the manufacturing period. All other finance costs are recognised in the income
statement.
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
Buildings'3-10Other fixtures and fittings, tools and equipment'2-7Leasehold improvements5For 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.
Lease assets
On initial recognition, lease assets are measured at the amount of the initial measurement of the lease
liabilities, any lease payments made before the commencement date less any lease incentives received, and
any initial direct costs incurred by the lessee.
An estimate of costs to be incurred by the lessee in dismantling and removing the lease assets, or restoring
the underlying assets, are recognised as a separate provision. The costs are added to the cost of the lease
assets unless the liability is incurred to produce inventories in which case the costs are recognised in the cost
of the manufactured goods. Subsequently, lease assets are measured at cost less accumulated depreciation
and impairment losses.
Lease assets are depreciated over the lower of the lease term and the useful life of the underlying assets. If
the lease transfers the ownership of the lease assets by the end of the lease term or if the exercise of a
purchase option is expected, the lease assets are depreciated over their useful life. Depreciation begins at
the commencement date.
Lease assets are written down to the lower of recoverable amount and carrying amount
Lease assets are adjusted upon remeasurement of the lease liabilities; see above in the lease liability section.
Lease assets are recognised as fixed assets within the asset item in which the underlying assets of the lease
would be recognised if the Entity owned them.
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.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and tax-based
value of assets and liabilities, for which the taxbase 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. 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.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 cash in hand and bank deposits.Other provisionsOther provisions comprise anticipated costs of non-recourse guarantee commitments, and returns.
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.
Lease liabilitiesOn initial recognition, lease liabilities are measured at the present value of the lease payments that are not
paid at the commencement date, discounted using the interest rate implicit in the lease. If that rate cannot
be readily determined, the Entity’s incremental borrowing rate shall be used.
Lease payments included in the
measurement of the lease liability comprise the following payments:
- Fixed payments less any lease incentives provided by the lessor to the lessee.
- Variable lease payments that depend on an index or a rate, initially measured using the index or rate
as at the commencement date.
- Amounts expected to be payable under residual value guarantees.
- The exercise price of a purchase option if it is reasonably certain to exercise that option.
- Payments of penalties for terminating the lease if the lease term reflects the lessee exercising an option
to terminate the lease.
On subsequent measurement, lease liabilities are adjusted for accrued interest and repayments made, calculated
by the effective interest rate method.
Lease liabilities are remeasured and the corresponding lease assets are similarly adjusted when:
- There is a change in the lease term, e.g. as a result of a change in the assessment of whether an option
to extend or to purchase will be exercised. Remeasurement takes place by discounting the revised
lease payments using a discount rate revised at the time of changing the lease.
- There is a change in lease payments resulting from a change in an index or a rate, or in the amounts
expected to be payable under a residual value guarantee. Remeasurement takes place by discounting
the revised lease payments using the original discount rate. However, a revised discount rate is used if
the change reflects a change in the floating interest rate.
- There is a lease modification that is not accounted for as a separate lease. Remeasurement takes place
by discounting the revised lease payments using a revised discount rate.
If the remeasurement results in the reduction of a lease liability exceeding the carrying amount of the
corresponding lease asset, the excess amount is recognised in the income statement.
Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income
is measured at cost.Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk.
The cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk.
2023-07-05Christoph Mannel