42700606 2023-01-01 2023-12-31 42700606 2023-01-01 2023-12-31 auditor_1 42700606 2023-01-01 2023-12-31 auditor_2 42700606 2023-01-01 2023-12-31 memberOfBoardIdentifier_1 42700606 2023-01-01 2023-12-31 memberOfBoardIdentifier_1 42700606 2023-01-01 2023-12-31 memberOfBoardIdentifier_2 42700606 2023-01-01 2023-12-31 memberOfBoardIdentifier_3 42700606 2022-01-01 2022-12-31 42700606 2023-12-31 42700606 2022-12-31 42700606 2022-12-31 fsa:ContributedCapitalMember 42700606 2022-12-31 fsa:RetainedEarningsMember 42700606 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 42700606 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 42700606 2023-12-31 fsa:ContributedCapitalMember 42700606 2023-12-31 fsa:RetainedEarningsMember 42700606 2022-12-31 fsa:LandAndBuildingsMember 42700606 2022-12-31 fsa:PlantAndMachineryMember 42700606 2022-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 42700606 2022-12-31 fsa:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember 42700606 2023-01-01 2023-12-31 fsa:LandAndBuildingsMember 42700606 2023-01-01 2023-12-31 fsa:PlantAndMachineryMember 42700606 2023-01-01 2023-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 42700606 2023-01-01 2023-12-31 fsa:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember 42700606 2023-12-31 fsa:LandAndBuildingsMember 42700606 2023-12-31 fsa:PlantAndMachineryMember 42700606 2023-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 42700606 2023-12-31 fsa:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember iso4217:DKK pure Årsrapport 2023-01-01 2022-01-01 2023-12-31 2022-12-31 2024-07-04 42700606 2024-07-04 2021-09-22 Reporting class C, medium-size enterprise KPMG 9000 Aalborg Østre Havnegade 22D 25578198 Auditor's report on audited financial statements Aalborg 2024-07-04 KPMG 25578198 Østre Havnegade 22D 9000 KPMG 25578198 Østre Havnegade 22D 9000 true Claus Erdmann The Board of Directors and the Executive Board have today discussed and approved the annual report for LL COLD TRS ApS for the financial year 1 January - 31 December 2023. The annual report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2023 and of the results of the Company's operations for the financial year 1 January - 31 December 2023.Further, in our opinion, the Management's review gives a fair review of the development in the Company's activities and financial matters, of the results for the year and of the Company's financial position. We recommend that the annual report be approved at the annual general meeting. Carsten Wolf CEO Harld Johan Peters Chairman Annegien Maria Kooij Frede Michael Holdorff Independent auditor's report To the shareholder of LL COLD TRS ApS Opinion We have audited the financial statements of LL COLD TRS ApS for the financial year 1 January - 31 December 2023, comprising 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. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2023 and of the results of the Company's operations for the financial year 1 January - 31 December 2023 in accordance with the Danish Financial Statements Act. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report.We are independent of the 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management's responsibility for the financial statementsManagement 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 that 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 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. Auditor's responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance as to 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 in Denmark will always detect a material misstatement when it exists. Misstatements may 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 financial statement users made 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 alsoidentify and assess the risks of material misstatement of the company 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 Company's internal control.evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the 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.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.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. Statement on the Management's reviewManagement is responsible for the Management's review.Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. Steffen S. Hansen mne32737 Simon Falker Underlien Jensen mne50560 LL COLD TRS ApS Esbjerg Brygge 28 DK-6700 Esbjerg 75 12 96 44 emea.dk.esbjerg.info@lineagelogistics.com Esbjerg Principal activities The Company's principal activities are rental of deep freeze storage to the sector of groceries. The Company operates in Denmark. Development in activities and financial position Loss for the year (including comparison with forecasts previously announced) The Company's income statement for 2023 shows a loss of DKK 21,444 thousand as against a loss of DKK 12,987 thousand in 2022. Equity in the Company's balance sheet at 31 December 2023 stood at DKK 10,600 thousand as against DKK 32,045 thousand at 31 December 2022. Outlook Management expects improved financial results due to changed service pricing. Events after the balance sheet date No events have occurred after the balance sheet date of material importance to the annual report for 2023. -8853000 -2876000 372000 273000 19038000 13465000 -28263000 -16614000 4000 0 3000 36000 -28262000 -16650000 -6818000 -3663000 -21444000 -12987000 1329000 1989000 25589000 30501000 13020000 14484000 1115000 0 41053000 46974000 41053000 46974000 200000 356000 607000 693000 2232000 14699000 3187000 0 186000 124000 281000 383000 6493000 15899000 14000 338000 6707000 16593000 47760000 63567000 50000 50000 10550000 31995000 10600000 32045000 0 1400000 8000 0 25681000 14240000 11471000 15882000 37160000 30122000 47760000 63567000 50000 31994000 0 -21444000 50000 10550000 The annual report of LL COLD TRS ApS for 2023 has been prepared in accordance with the provisions applying to reporting class C medium-sized entities under the Danish Financial Statements Act.The accounting policies used in the preparation of the financial statements are consistent with those of last year.Change of reporting classThe annual report of LL COLD TRS ApS for 1 January - 31 December 2023 has been prepared in accordance with the provisions applying to reporting class C entities under the Danish Financial Statements Act. The transition compared to the previous financial year from the provisions applying to reporting class B entities under the Danish Financial Statements Act has not resulted in changes to recognition and measurement. Omission of cash flow statementPursuant to section 86(4) of the Danish Financial Statements Act, no cash flow statement has been prepared. The Company's cash flows are included in the cash flow statement in the consolidated financial statements of Lineage Danish Bidco 5 ApS. Revenue Revenue from the sale of services is recognised as the services are provided, and revenue from rent is recognised on a straight-line basis in the income statement. Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts granted are recognised in revenue. Production costs Production costs comprise costs, including depreciation, amortisation, wages and salaries incurred to generate revenue for the year. Commercial entities recognise their cost of sales, whereas production entities recognise production costs incurred to generate revenue for the year. Such costs include direct and indirect costs for raw materials and consumables, wages and salaries, rent and leases and depreciation of production plant. Production costs also include research and development costs that do not qualify for capitalisation and amortisation of capitalised development costs. In addition, provisions for bad debts on contract work are recognised. Distribution costs Distribution costs comprise costs incurred to distribute goods sold during the year and to conduct sales campaigns, etc., including costs relating to sales staff, advertising and exhibitions as well as depreciation. Administrative expenses Administrative expenses comprise expenses incurred during the year for management and administration of the Company, including expenses for administrative staff, management, office premises, office expenses and depreciation. Financial income and expenses Financial income and expenses comprise interest income and expense, financial costs regarding finance leases, gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc. Dividends from equity investments in measured at cost are recognised as income in the Parent Company's income statement in the financial year when the dividends are declared. In case of indication of impairment, an impairment test is conducted. Indication of impairment exists if distributed dividends exceeds profit for the year or if the carrying amount of equity investments exceeds the consolidated carrying amounts of the net assets in the subsidiary. Tax on loss for the year The Parent Company is subject to the Danish rules on compulsory joint taxation of the Group's Danish subsidiaries. The subsidiaries are included in the joint taxation from the date when they are included in the consolidated financial statements and up to the date when they are excluded from the consolidation. The Parent Company is the administrative company for the joint taxation and accordingly settles all payments of corporation tax to the tax authorities. On payment of joint taxation contributions, current Danish corporation tax is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have used the losses to reduce their own taxable profit. Tax for the year comprises current corporation tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement, and the tax expense relating to amounts directly recognised in equity is recognised directly in equity. Property, plant and equipmentLand and buildings, plant and machinery and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use. Indirect production overheads and borrowing costs are not recognised in cost.Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately.The basis of depreciation is cost less any projected residual value after the end of the useful life. Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful lives are as follows:Buildings40 yearsPlant and machinery5-15 yearsFixtures, fittings, tools and equipment3-10 yearsThe useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively.Land is not depreciated.Fixed assets under construction are recognised and measured at cost at the balance sheet date. Upon entry into service, the cost is transferred to the relevant group of property, plant and equipment.Depreciation is recognised in the income statement as production costs, distribution costs and administrative expenses, respectively. Gains and losses on the disposal of property, plant and equipment are stated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively. Impairment of fixed assets The carrying amount of intangible assets and property, plant and equipment as well as equity investments in subsidiaries and participating interests (including associates) is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount. The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as the present value of the forecast net cash flows from the use of the asset or the group of assets, including forecast net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Inventories Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value. Goods for resale and raw materials and consumables are measured at cost, comprising purchase price plus delivery costs. Finished goods and work in progress are measured at cost, comprising the cost of raw materials, consumables, direct wages and salaries. Indirect production overheads and borrowing costs are not recognised in cost. The net realisable value of inventories is calculated as the sales amount less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and development in expected selling price. Receivables Receivables are measured at amortised cost. Write-down is made for bad debt losses where there is an objective indication that a receivable has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis. Receivables with no objective indication of individual impairment are assessed for objective indication of impairment on a portfolio basis. The portfolios are primarily based on the debtors' registered offices and credit rating in accordance with the Company's credit risk management policy. The objective indicators used in relation to portfolios are determined on the basis of historical loss experience. Write-downs are calculated as the difference between the carrying amount of receivables and the present value of forecast cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Corporation tax and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities measured on the planned use of the asset or settlement of the liability, respectively. However, deferred tax is not recognised on temporary differences relating to office buildings non-deductible for tax purposes and other items where temporary differences arise at the date of acquisition without affecting either profit/loss or taxable income. Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Any deferred net assets are measured at net realisable value. Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively. Prepayments Prepayments comprise prepayment of costs incurred relating to subsequent financial years. Liabilities other than provisions Financial liabilities are recognised at the date of borrowing at cost, corresponding to the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between cost and the nominal value is recognised in the income statement over the term of the loan together with interest expenses. Finance lease obligation comprise the capitalised residual lease obligation of finance leases. The liability in relation to frozen holiday funds is measured at net realisable value, including indexation. Indexation adjustments are recognised as interest expense in the income statement. 86737000 97014000 7285000 6948000 1575000 1501000 172000 171000 16704000 135043000 94615000 0 0 0 4631000 1115000 -11838000 -42530000 -13431000 0 4866000 92513000 85815000 1115000 -14715000 -104542000 -80131000 0 -92000 -3452000 -5648000 0 11270000 41070000 12984000 0 -3537000 -66924000 -72795000 0 1329000 25589000 13020000 1115000 Contingent liabilities The Company is jointly taxed with the other Danish companies in the Group and has joint and several unlimited liability for income taxes and any obligations to withhold tax at at source on interest, royalties and dividends for the jointly taxed companies. LL COLD TRS ApS' related parties comprise the following:Control LL Cold ApS, Esbjerg Brygge 28, 6700 Esbjerg. LL Cold ApS holds the majority of the contributed capital in the Company. LL Cold TRS ApS is part of the consolidated financial statements of Lineage Danish Bidco 5, c/o Lundsøe Køl & Frys A/S Jellingvej 5, 9230 Svenstrup J, and the consolidated financial statements of Lineage Logistics Holdings, LLC, Michigan, which is the smallest and largest group, respectively, in which the Company is included as a subsidiary. In accordance with section 98 c(7) of the Danish Financial Statements Act, the Company has not disclosed any related party transactions as they were conducted on an arm's length basis.