42607819 2025-01-01 2025-12-31 42607819 2025-01-01 2025-12-31 1 42607819 2025-01-01 2025-12-31 2 42607819 2025-01-01 2025-12-31 3 42607819 2025-01-01 2025-12-31 1 42607819 2025-01-01 2025-12-31 2 42607819 2025-01-01 2025-12-31 3 42607819 2025-01-01 2025-12-31 1 42607819 2024-01-01 2024-12-31 42607819 2025-12-31 42607819 2024-12-31 42607819 2024-12-31 fsa:ContributedCapitalMember 42607819 2024-12-31 fsa:RevaluationReserveMember 42607819 2024-12-31 fsa:RetainedEarningsMember 42607819 2025-01-01 2025-12-31 fsa:RevaluationReserveMember 42607819 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 42607819 2025-12-31 fsa:ContributedCapitalMember 42607819 2025-12-31 fsa:RevaluationReserveMember 42607819 2025-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Annual report 2026-06-16 Denis Reuter The Board of Directors and the Executive Board have today considered and approved the annual report of Åge Espersen & Søn 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 31.12.2025and 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. Skive 2026-06-16 Torben Lund Smedegaard Børge Andersen Keld Smedegaard Denis Reuter Anke Eisermann Menno van den Berg To the shareholders of Åge Espersen & Søn A/S We have audited the financial statements of Åge Espersen & Søn A/S for the financial year01.01.2025 - ​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 at31.12.2025and of the results of its operations for the financial year 01.01.2025 - 31.12.2025 accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further ​described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board for ​Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical ​requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with ​these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines ​is necessary to enable the preparation of financial statements that are free from material misstatement, ​whether due to fraud or error.​​In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue ​as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going ​concern basis of accounting in preparing the financial statements unless Management either intends to liquidate ​the Entity or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are ​free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes ​our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted ​in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material ​misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, ​individually or in the aggregate, they could reasonably be expected to influence the economic decisions of ​users taken on the basis of these financial statements.​​As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, ​we exercise professional judgement and maintain professional scepticism throughout the audit. We also: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. 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. Kolding 2026-06-16 Deloitte Statsautoriseret Revisionspartnerselskab 33963556 Allan Trolle Pedersen State Authorised Public Accountant mne34339 Primary activitiesThe company’s primary activities comprise the recycling industry, including the handling and processing of scrap iron and steel scrap, as well as the environmentally responsible treatment of end-of-life vehicles. Description of material changes in activities and financesThe profit for the year amounts to DKK 1,759 thousand compared to DKK 2,212 thousand last year. The result for the year is affected by a gain from the sale of fixed assets of DKK 960 thousand. ​​The financial year has been influenced by a lower price level for scrap and metals compared to the previous year, which has had a negative impact on the company’s earnings. Overall activity levels have been stable during the period. ​​The cost level has been lower than expected, primarily due to lower maintenance and wage costs than budgeted. ​Lower prices have put pressure on earnings, but stable activity levels and reduced costs have partly offset this effect. On this basis, management considers the result for the year to be satisfactory. OutlookManagement expects an unchanged level of activity in the coming financial year. The development in results will largely depend on price developments in scrap and metals, the cost level, and the overall geopolitical situation. ​​For the financial year 2026, a profit before tax in the range of DKK 1,000–1,200 thousand is expected, compared to a budgeted profit before tax for 2026 of DKK 817 thousand. Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 8808355 9453356 5045592 5079354 1523983 1524185 45000 0 2193780 2849817 10979 29655 24302 51979 2180457 2827493 452198 615687 1728259 2211806 1728259 2211806 1728259 2211806 1558159 1833176 7047315 5043057 185632 287398 8791106 7163631 8791106 7163631 10279299 9399780 10279299 9399780 2089057 2008937 270000 35000 0 11200 117711 158106 183678 143640 2660446 2356883 13275 11000 13275 11000 1284403 1196404 14237423 12964067 23028529 20127698 1000000 1000000 106714 152448 18276028 16502035 19382742 17654483 247700 0 247700 0 82535 86359 82535 86359 3824 3824 409184 3874 2118262 1418119 184781 279927 193298 59487 406203 621625 3315552 2386856 3398087 2473215 23028529 20127698 1000000 152448 16502035 17654483 45734 -45734 0 1728259 1728259 1000000 106714 18276028 19382742 1 Staff costs2025​DKK2024​DKKWages and salaries4,075,0704,089,704Pension costs865,718894,653Other social security costs104,80494,9975,045,5925,079,354Average number of full-time employees89 8 9 2 Depreciation, amortisation and impairment losses2025​DKK2024​DKKDepreciation of property, plant and equipment1,523,9831,524,1851,523,9831,524,185 3 Other financial expenses2025​DKK2024​DKKOther interest expenses19,89649,729Exchange rate adjustments2,1560Other financial expenses2,2502,25024,30251,979 4 Tax on profit/loss for the year2025​DKK2024​DKKCurrent tax193,298359,487Change in deferred tax258,900256,200452,198615,687 5 Property, plant and equipmentLand and buildings​DKKPlant and machinery​DKKOther fixtures and fittings, tools and equipment​DKKCost beginning of year8,154,00220,203,6611,440,278Additions03,264,6360Disposals0(2,712,750)0Cost end of year8,154,00220,755,5471,440,278Revaluations beginning of year1,924,53100Revaluations end of year1,924,53100Depreciation and impairment losses beginning of year(8,245,357)(15,160,604)(1,152,880)Depreciation for the year(275,017)(1,123,128)(101,766)Reversal regarding disposals02,575,5000Depreciation and impairment losses end of year(8,520,374)(13,708,232)(1,254,646)Carrying amount end of year1,558,1597,047,315185,632Carrying amount if assets had not been revalued ​1,421,3477,047,315185,632 6 Deferred tax​​Changes during the year2025​DKK2024​DKKBeginning of year11,200267,400Recognised in the income statement(258,900)(256,200)End of year(247,700)11,200 7 Non-current liabilities other than provisionsDue within 12 months ​2025​DKKDue within 12 ​months ​2024​DKKDue after more than 12 months​2025​DKKOutstanding after 5 years​2025​DKKDeferred income3,8243,82482,53567,2393,8243,82482,53567,239Deferred income consists of grants for assets that are recognized as income over the life of the asset 8 Other unrecognised commitmentsThe company has, as of the balance sheet date, not entered into any significant unrecognised commitments to be​settled after the balance sheet date. 9 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement in which TSR Danmark ApS serves as the ​administration company. According to the joint taxation provisions of the the Danish Corporation Tax Act, ​the Entity is therefore liable from the financial year 2013 for income taxes etc for the jointly taxed companies and from 1 July 2012 also for obligations, if any, relating to the withholding of tax on interest, ​royalties and dividend for the jointly taxed companies. 10 Assets charged and collateralAs security for reestablishment, the Company has provided a bank guarantee of DKK 100,000. This annual report has been presented in accordance with the provisions of the Danish Financial Statements ​Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year. 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. Property, plant and equipment, intangible assets, inventories and other nonmonetary assets that have been purchased in foreign currencies are translated using historical rates. Gross profit or lossGross profit or loss comprises revenue, changes in inventories of finished goods and work in progress, 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 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 gains from the sale of intangible assets and property, plant and equipment. 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 as well as social security contributions, pension contributions, etc ​for entity staff. Depreciation, amortisation and impairment lossesAmortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment comprise amortisation, depreciation 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. Other operating expensesOther operating expenses comprise expenses of a secondary nature as viewed in relation to the Entity’s primary activities, including loss from the sale of property, plant and equipment. Other financial incomeOther financial income comprises dividends etc received on other investments, interest income, including ​interest income on receivables from group enterprises, net capital 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. Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, net capital 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 equipment​​Land and buildings are measured at cost #plus revaluation, and for buildings, less accumulated depreciation ​and impairment losses. Revaluation is calculated on the basis of regular, independent fair value measurements.​​​Plant 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. ​​ ​​​​The basis of depreciation is cost plus revaluation and minus 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 Buildings10 - 25 yearsPlant and machinery2,5 - 15 yearsOther fixtures and fittings, tools and equipment2 - 8 yearsEstimated 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. InventoriesInventories are measured at the lower of cost using the weighted average 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. ​​The net realisable value of inventories is calculated as the estimated selling price less completion costs and ​costs incurred to execute sale. 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 tax-based value of assets 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. Other investmentsOther current asset investments comprise unlisted investments measured at the lower of cost and net realisable value. CashCash comprises cash in hand and bank deposits. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Joint taxation contributions payable or receivableCurrent joint taxation contributions receivable or joint taxation contributions payable are recognised in the ​balance sheet, calculated as tax computed on the taxable income of the year, which has been adjusted for ​prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are ​expected to be used under the joint taxation arrangement. Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income ​is measured at cost. true Grundlag for konklusion Konklusion true 2024-01-01 2024-12-31 Kolding 6000 4 Egtved Allé Skive Skive 7800 Regnskabsklasse B Revisionspåtegning 2025-12-31 2025-01-01 2 Svansøvej Åge Espersen & Søn A/S 42607819 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab