Room for people.
Annual report 2022-23.
8850 Bjerringbro
Business Registration no. 21 32 00 80
Annual Report
01.05.2022 – 30.04.2023
The Annual General Meeting adopted the Annual Report on 30.06.2023
Chairman of the General Meeting
___________________________
Peter Thostrup
HOLMRIS B8 A/S
Contents Page
Company information 1
Statement by Management 2
Independent auditor’s report 3
Management commentary 6
Key figures and ratios 11
Consolidated financial statements 12
Consolidated statement of profit or loss and other comprehensive income 12
Consolidated statement of financial position 13
Consolidated statement of changes in equity 15
Cash flow statement 16
Notes 17
Parent income statement 46
Parent balance sheet 47
Parent statement of changes in equity 49
Parent cash flow statement 50
Notes 51
HOLMRIS B8 A/S
1
Company information
The Company
HOLMRIS B8 A/S
Odinsvej 5
DK-8850 Bjerringbro
Business Registration No.: 21 32 00 80
Registered office: Bjerringbro
Date of incorporation: 01.12.1998
Financial year: 01.05.2022 – 30.04.2023
Board of Directors:
Peter Thostrup, Chairman
Peter Liu Johansen, Vice Chairman
Jacob Østergaard Bergenholtz
Jan Lythcke-Jørgensen
Jens-Peter Poulsen
Niels Henrik Lauritzen
Henrik Holmris Hansen
Executive Board
Flemming Ib Windfeld
Henrik Holmris Hansen
Henrik Sykes Bjerregaard
Auditors
Deloitte Statsautoriseret Revisionspartnerselskab
City Tower, Værkmestergade 2
8000 Aarhus C
HOLMRIS B8 A/S 2
Statement by Management
The Board of Directors and Executive Board have today discussed and approved the annual report for HOLMRIS
B8 A/S for the financial year 2022/23.
The consolidated financial statements and the parent's financial statements have been prepared in accordance
with International Financial Reporting Standards, which have been adopted by the EU.
Further, the consolidated financial statements have been prepared in accordance with additional requirements
under the Danish Financial Statements Act.
In our opinion the consolidated financial statements and the financial statements for the parent company give
a true and fair view of HOLMRIS B8 Group’s and the parent company’s assets, liabilities and financial position
at April 30, 2023 and of the results of the HOLMRIS B8 Group’s and the parent company’s operations and cash
flow for the financial year 2022/23.
The management review contains in our opinion a true and fair review of the development in the HOLMRIS B8
Group’s and the parent company’s operations, financial circumstances and results for the year, and the parent
company’s financial position, and describes the material risks and uncertainties affecting the HOLMRIS B8
Group and the parent company.
We recommend that the Annual Report will be approved at the Annual General Meeting.
Bjerringbro 30.06.2023
Executive Board
Flemming Ib Windfeld Henrik Holmris Hansen Henrik Sykes Bjerregaard
Board of Directors
Peter Thostrup Peter Liu Johansen Jacob Østergaard Bergenholtz
Chairman Vice Chairman
Jan Lythcke-Jørgensen Jens-Peter Poulsen Niels Henrik Lauritzen
Henrik Holmris Hansen
HOLMRIS B8 A/S 3
Independent auditor’s report
To the Shareholders of HOLMRIS B8 A/S
O
pinion
We have audited the consolidated financial statements and the parent financial statements of HOLMRIS B8 A/S
for the financial year 01.05.2022 – 30.04.2023, which comprise the income statement, statement of compre-
hensive income, balance sheet, statement of changes in equity, cash flow statement and notes, including a
summary of significant accounting policies, for the Group as well as the Parent. The consolidated financial state-
ments and the parent financial statements are prepared in accordance with International Financial Reporting
Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.
I
n 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 30.04.2023, and of the results of their operations and
cash flows for the financial year 01.05.2022 - 30.04.2023 in accordance with International Financial Reporting
Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.
B
asis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional re-
quirements 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 of Accountants' Code of Ethics for Professional Accountants (IESBA Code)
and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities
in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
S
tatement on the management commentary
Management is responsible for the management commentary.
O
ur 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 state-
ments 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.
HOLMRIS B8 A/S 4
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.
Management's responsibilities for the consolidated financial statements and the parent financial statements
Management is responsible for the preparation of consolidated financial statements and parent financial state-
ments that give a true and fair view in accordance with International Financial Reporting Standards as adopted
by the EU and additional requirements of the Danish Financial Statements Act, and for such internal control as
Management determines is necessary to enable the preparation of consolidated financial statements and par-
ent 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 respon-
sible for assessing the Group’s and the Parent’s ability to continue as a going concern, for disclosing, as appli-
cable, 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 Group or the Entity or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the consolidated financial statements and the parent financial state-
ments
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 appli-
cable 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
these 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:
- 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.
- 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 Parent’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by Management.
HOLMRIS B8 A/S 5
- 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 Parent’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. How-
ever, future events or conditions may cause the Group and the Parent to cease to continue as a going concern.
- E
valuate the overall presentation, structure and content of the consolidated financial statements and the par-
ent financial statements, including the disclosures in the notes, and whether the consolidated financial state-
ments and the parent financial statements represent the underlying transactions and events in a manner that
g
ives a true and fair view.
- O
btain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the consolidated financial statements. We are responsible
for the direction, supervision and performance of the group audit. We remain solely responsible for our audit
opinion.
W
e 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.
A
arhus, 30.06.2023
D
eloitte
Statsautoriseret Revisionspartnerselskab
Business Registration No 33 96 35 56
Ja
cob Nørmark
State-A
uthorised Public Accountant
Identification No (MNE) mne30176
Chris Middelhede
State-Authorised Public Accountant
Identification No (MNE) mne45823
HOLMRIS B8 A/S 6
Management commentary
Primary activities
The Group is a leading Scandinavian sales and design house developing, selling, and servicing innovative interior
design solutions for spaces within the private and public sector spanning across multiple segments with Office,
Hospitality (hotels, restaurants and student/elderly housing) and Learning being the most significant.
The solutions are based on a one-stop shop offering from more than 1,000 brand partners paired with a strong
offering of selected own products, supported by a flexible supply chain and related advisory and consultancy
services. The Group's sales activities take place from both the parent company and subsidiaries. The solutions
are sold partly in Denmark where the Group is a clear market leader, in international markets where our cus-
tomers operate and in selected export markets where the Group has placed a significant focus and experiences
a strong momentum.
Development in activities and finances
In the 2022/23 financial year, the Group achieved a revenue of DKK 1,122 million and an EBITDA of DKK 106
million. The revenue was in line with the previous financial year, however, with significant variations between
the segments. The order intake has been satisfactory throughout the year, leaving an even stronger order back-
log heading into 2023/24.
With another strong result, the Group has proven that it continues to deliver innovative solutions to its custom-
ers based on an efficient and flexible supply chain. Throughout the year, the Group has still been affected by
the general volatility in global supply chains resulting in increased lead times and cost prices. The Group’s own
efficient supply chain and timely stock buffering have made it possible to continue to mitigate most of these
negative effects.
Early in the financial year 2022/23, a new strategy plan was finalized and initiatives supporting this were initi-
ated. This meant that extra resources have been spent on strengthening the organization as well as on starting
up carefully selected new strategic business areas. In addition, a further consolidation of the Danish footprint
has been carried out which will improve the cost structure and efficiency in the supply chain in 2023/24 and
beyond. Combined with the effects of high inflation in 2022/23, the overall cost level has increased. Despite
this, a strong result for the year has been realized and further tangible positive results are expected to be real-
ized in 2023/24 and beyond.
Due to the current challenging supply chain situation, inventory levels have been kept at a higher level than
normal, and thereby partly offset the delivery uncertainties. In spite of this, the positive cash flow before fi-
nancing for the financial year 2022/23 ended up at DKK 87 million.
The Group has maintained its market position and its ability to deliver innovative solutions to its customers,
both in Denmark and abroad. The recently developed strategy plan further supports this. The focus on sustain-
ability and future ways of working has continued to increase throughout the 2022/23 financial year across all
segments and tech and data-driven concepts have further expanded.
HOLMRIS B8 A/S 7
Profit/loss for the year in relation to expected developments
The level of both revenue and profitability has been realized in line with expectations.
Outlook
Group management expects both Group revenue and profitability to be similar, yet slightly increased compared
to the levels in the 2022/23 financial year. The main drivers are expected to be a continued strong core market
as well as positive effects from the investments made in 2022/23 into selected new strategic areas.
Particular risks
The Group is not exposed to any particular risks beyond usual risks within the Group’s industry. In general, the
volatility and cost price inflation in global supply chains are currently seen to represent the most significant
external risks.
Price risks
Increased risk is seen driven by the global cost price inflation, cf. the above.
Foreign exchange risks
It is the Group’s policy to hedge the commercial foreign exchange risks for up to 12 months. Such hedging is
primarily obtained through foreign exchange contracts on anticipated sales and purchases over the next 12
months in the relevant currencies. Exchange adjustments of investments in subsidiaries and associates which
are independent entities are recognized directly in equity. As a principal rule, related currency risks are not
hedged, as the Group believes that current hedging of such long-term investments will not be optimal from an
overall risk and cost point of view.
Interest rate risks
Significant changes in the interest rate level will have a minor impact on earnings, which, however, is not con-
sidered material.
Capital structure risks
HOLMRIS B8 A/S’s share capital is divided into share classes. Management assesses on a regular basis whether
the Company and the Group have an adequate capital structure, and Management assesses on a continuing
basis whether the Company’s capital structure is consistent with the Company’s and its stakeholders’ interests.
The general objective is to ensure a capital structure that supports long-term and profitable growth.
It is Management’s assessment that the present capital structure provides the necessary flexibility to meet the
Company’s future strategy.
Intellectual capital resources
In addition to the Group's primary activity of developing, selling, and servicing innovative interior solutions, the
Group's business foundation includes advisory services to customers on the design of its spaces. The Group has
own product designs and brand and cooperation with more than 1,000 third-party brand partners. This places
particularly high demands on the knowledge resources regarding employees and business processes.
HOLMRIS B8 A/S 8
Moreover, there are special requirements for the knowledge resources in the development of the Group's
main products. In order to continuously deliver these solutions, it is crucial for the Group to be able to recruit
and retain employees, both employees with a high educational level and employees with technical experi-
ence.
The critical business processes relating to the Group's main products are design, construction, service, quality
and, to a less extent, individual solutions. In order to ensure that the customer receives the agreed service, the
individual methods and procedures are required to be documented. As a measure of whether the Group meets
this requirement, observance of delivery time and the number of customer complaints are important indicators
of how the business processes are working. In the coming year, emphasis will be on a further reduction of
delivery and development times without compromising on quality and the technological level.
Environmental performance
On behalf of the Group, HOLMRIS B8 A/S has prepared an overall strategy for its environmental efforts. An
environmental policy and related objectives have been developed in this respect to manage the environmental
efforts. The environmental policy is based on environmentally sound operations and is integrated as a natural
element of the Group's objectives for product quality and supply chain.
Research and development activities
The development activities are managed in the parent company where they are primarily carried out. There
were no major development activities during the financial year.
Statutory report on corporate social responsibility
The Group has prepared a CSR report. The CSR report includes HOLMRIS B8 A/S's report on the gender compo-
sition of management, see S. 99b of the Danish Financial Statements Act, and HOLMRIS B8 A/S's report on
corporate social responsibility, see S. 99a of the Danish Financial Statements Act. The CSR report can be found
on HOLMRIS B8 A/S’s website at the following link: https://media.holmris.com/csr/csr-rapport-2023/?page=1
HOLMRIS B8 A/S 9
Statutory report on corporate governance
The Board of Directors and the Executive Board of HOLMRIS B8 A/S continuously aim at ensuring that the
Group's management structure and control systems are appropriate and well-functioning.
The foundation for organizing Management's tasks includes the Danish Companies Act, the Danish Financial
Statements Act, the Company’s Articles of Association, policies approved by the Board of Directors as well as
good practices for enterprises of the same size as HOLMRIS B8 A/S.
As a company owned by a private equity fund, the group must also follow the Active Owners Denmark recom-
mendations and guidelines for responsible ownership and corporate governance. It is Management’s assess-
ment that the recommendations are followed. Please refer to www.aktiveejere.dk for further information on
the guidelines.
The Board of Directors ensures that the Executive Board observes the objectives, strategies and business pro-
cesses laid down by the Board of Directors.
HOLMRIS B8 A/S has established a formal group reporting process comprising a monthly reporting process,
which includes budget follow-up, performance assessment and achievement of adopted goals etc. The report-
ing is assessed at directors’ and chairman’s meetings.
The Board of Directors convenes at least five times a year based on a fixed meeting schedule. Furthermore, the
Chairman and the CEO have meetings at least once every month. Extraordinary meetings will be convened if
necessary.
The Board of Directors has decided not to appoint a separate audit committee as the board wants to retain the
direct involvement in the group’s accounting considerations.
Statutory report on the underrepresented gender
The report on the underrepresented gender is incorporated in the above mentioned CSR report.
Approach to data ethics
It is the company’s assessment that it does not have data that has not been adequately handled via the GDPR
legislation, which is why there is currently no need of a data ethics policy.
Employees
The average number of employees per fiscal year increased from 273 in 2021/22 to 291 employees in
2022/23.
HOLMRIS B8 A/S 10
Events after the balance sheet date
No significant events have been experienced since the balance sheet date.
Board of Directors:
The share capital of the Company is divided into share classes. The private equity fund BWB Partners is the
ultimate parent to HOLMRIS B8 A/S holding an ultimate ownership share of 58%.
Peter Thostrup
(Chairman)
Peter Johansen
(Deputy
chairman)
Jacob Østergaard
Bergenholtz
Henrik Holmris
Hansen
Niels Henrik
Lauritzen
Jan Lythcke-
Jørgensen
Jens-Peter
Poulsen
Professional Board
member
Partner - BWB
Partners
Managing Partner -
BWB Partners
Creative Director
& Founder -
HOLMRIS B8
Professional Board
member
Professional Board
member
Managing Director
- Kvik A/S
Majority
shareholders
Majority
shareholders
Majority
shareholders
Majority
shareholders
Majority
shareholders
Majority
shareholders
Majority
shareholders
Chairman of the
Board of
Directors in
HOLMRIS B8
A/S, Power Stow
International ApS,
Power Stow A/S,
RTX A/S, BWBP
Fonden
28. juni 2012 II
A/S, Jack-up
Holding A/S, Jack-
Up Holding II
ApS, SH Group
A/S
Kvik Production
A/S, Kvik Retail
A/S, Kvik BE
Deputy chairman
of the Board of
Directors in
Member of the
board of
Directors in
Aktieselskabet TH.
Wessel & Vett.
Magasin Du Nord
28. juni 2012 II
A/S, Mentha
Capital Denmark
P/S, Jack-up
Holding A/S, JB
Partners ApS, SH
Group A/S
HOLMRIS B8
A/S, Mentha
Capital Denmark
P/S, ERHVERVS
WEBDESIGN
ApS, MC Pluto
Holding ApS,
BWBP Fonden
HOLMRIS B8
A/S,
Designbrokers
Hospitality DK
ApS, Holmris
Customized A/S,
Holmris Ejendom
ApS, Labofa A/S
HOLMRIS B8
A/S, Norisol A/S,
NO Invest A/S,
NRSL Holding
A/S, Lythcke
Consulting ApS,
LC2 Invest ApS,
Tietgen Invest
ApS; Overbeck
Machinery ApS, TI-
OS Invest ApS
HOLMRIS B8
A/S, Kvik A/S,
European House of
Beds - Denmark
A/S, European
House of Beds
Holding ApS,
NewCo E ApS,
Kvik BE,
Kvik DE GmbH,
Kvik France
SARL, Orthex Oyj
Member of the
Executive Board
in
Anpartsselskabet af
1. december 2011,
Anpartsselskabet af
14. oktober 2013,
Anpartsselskabet af
28. juni 2012,
Anpartsselskabet af
31. oktober 2007,
BWB Partners GP
ApS, BWBP CIV
GP ApS, Cavian
ApS, Cavian III
ApS, JB Partners
ApS
Anpartsselskabet af
1. december 2011,
Anpartsselskabet af
14. oktober 2013,
Anpartsselskabet af
28. juni 2012,
Anpartsselskabet af
31. oktober 2007,
BWB Partners GP
ApS, BWBP CIV
GP ApS, JB1 ApS,
MC Pluto Holding
ApS, Mentha
Capital Denmark
P/S
HHUS ApS, HI 97
ApS, HI
Ejendomsselskab
ApS, HOLMRIS
B8 A/S, Labofa
A/S, Holmris
Ejendom ApS,
Erik Holmris
Holding ApS,
Livet i Pakhus 77
ApS
DKA Udvikling
ApS, KKHL 1
ApS, KKHL ApS,
Klara Holding
ApS, Konrad
Holding ApS
Lythcke Consulting
ApS, LC2 Invest
ApS
Kvik A/S, Kvik
Retail Norge AS
HOLMRIS B8 A/S 11
Key figures and ratios
DKK'000
2022/23
2021/22
2020/21
2019/20
2018/19
Income statement
Revenue
1,122,226
1,119,638
852,974
1,140,881
1,139,912
Gross profit/loss
348,064
334,911
271,172
357,197
385,858
EBITDA
105,681
106,214
45,499
37,413
56,979
Operating profit before non-recurring
items
82,380
83,005
12,224
(20,306)
18,904
Non-recurring items
(9,590)
(1,313)
754
(27,295)
(14,185)
Net financials
(20,695)
(18,710)
(12,834)
(12,379)
(8,621)
Profit/loss before tax
51,828
65,276
142
(59,980)
(3,902)
Profit/loss for the year
40,656
50,344
14,431
(58,755)
(5,783)
Statement of financial position
Investments in property, plant and
Equipment
2,173
5,323
4,760
3,205
10,537
Total assets
746,953
646,269
383,937
401,704
506,375
Equity
194,145
154,426
42,002
27,602
93,264
Gross margin
31.0%
29.9%
31.8%
31.3%
33.8%
Net margin
3.6%
4.5%
1.7%
(5.1%)
(0.5%)
Return on equity
23.3%
51.3%
41,5%
(97.2%)
(6.2%)
Equity ratio
26.0%
23.9%
10.9%
6.9%
18.4%
Ratios
Calculation formula
Calculation formula reflects
Gross margin (%)
Gross profit/loss x 100
The entity's operating gearing.
Revenue
Net margin (%)
Profit/loss for the year x 100
The entity's operating profita-
bility.
Revenue
Return on equity (%)
Profit/loss for the year x 100
The entity's return on capital
invested in the entity by the
owners.
Average equity
Equity ratio (%)
Equity including shareholder
loans x 100
The financial strength of the
entity.
Total assets
HOLMRIS B8 A/S 12
Consolidated financial statements
Consolidated statement of profit or loss and other comprehensive income
Consolidated income statement
DKK’000
Note
2022/23
2021/22
Revenue
3
1,122,226
1,119,638
Other income
969
-
Cost of sales
(775,131)
(792,852)
Gross profit/(loss)
348,064
326,786
Staff costs
4
(186,780)
(173,441)
Other external expenses
(55,603)
(47,131)
Operating profit/(loss) before amortisation and depreciation
105,681
106,214
Amortisation and depreciation
6
(23,301)
(23,209)
Operating profit/(loss) before non-recurring items
82,380
83,005
Non-recurring items 7
(9,590)
(1,313)
Income from investments in associated enterprises
(267)
2,294
Financial income
8
31
37
Financial expenses
9
(20,726)
(18,747)
Profit/(loss) before tax
51,828
65,276
Tax on profit/(loss)
10
(11,172)
(14,932)
Profit/(loss) for the financial year
40,656
50,344
Other comprehensive income/loss
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign enterprises
(787)
294
Other comprehensive income/(loss) after tax
(787)
294
Total comprehensive income/(loss)
39,869
50,638
HOLMRIS B8 A/S 13
Consolidated financial statements
Consolidated statement of financial position
DKK'000
Note
30 April
2023
30 April
2022
Assets
Goodwill
284,625
284,625
Acquired intangible assets
4,960
5,941
Completed development projects 3,711 5,549
Development projects in progress
1,314
-
Total intangible assets
11
294,610
296,115
Plant and machinery
12
5,008
6,163
Other fixtures, fittings and operating equipment 12 978 1,506
Leasehold improvements
12
2,197
2,899
Right-of-use assets
13
46,926
28,195
Total property, plant and equipment
55,109
38,763
Investment in associates 14 12,580 13,899
Deposits
5,672
3,455
Deferred tax
10
10,295
17,970
Total financial assets
28,547
35,324
Total non-current assets
378,266
370,202
Inventories
15
95,607
91,585
Trade receivables
16
115,424
87,475
Contract assets
3
8,128
2,501
Receivables from associates 1,657 244
Other receivables
16
10,751
8,701
Prepaid expenses
6,933
5,930
Cash and cash equivalents
130,187
79,631
Total current assets
368,687
276,067
Assets
746,953
646,269
HOLMRIS B8 A/S 14
DKK'000
Note
30 April
2023
30 April
2022
Equity and liabilities
Share capital
1,295
1,295
Retained earnings
192,850
153,131
Total equity
194,145
154,426
Other provisions 17
2,209
1,741
Subordinated loans
18
-
58,102
Bank loans
18
98,100
74,875
Other non-current liabilities
18
17,696
22,665
Lease liabilities
18
30,593
14,826
Corporate Tax 10
3,843
4,391
Total non-current liabilities
152,441
176,600
Current portion of long-term liabilities other than provisions
18
61,808
39,343
Bank loans
18
1,509
1,112
Contract liabilities 3
99,638 53,621
Trade payables
189,299
164,252
Other payables
40,101
56,915
Corporate Tax
8,012
-
Total current liabilities
400,367
315,243
Total liabilities
552,808
491,843
Equity and liabilities
746,953
646,269
HOLMRIS B8 A/S 15
Consolidated financial statements
Consolidated statement of changes in equity
DKK'000
Contributed
capital
Retained
earnings
Total
2022/2023
Equity at 1 May
1,295
153,131
154,426
Profit/loss for the year
-
40,656
40,656
Other
-
(508)
(508)
Sale of treasury shares
- 358 358
Comprehensive income for the year
Exchange rate adjustments
-
(787)
(787)
Equity at 30 April
1,295
192,850
194,145
DKK'000
2021/2022
Equity at 1 May
545
41,457
42,002
Profit/loss for the year
-
50,344
50,344
Capital injections
750
(750)
-
Additions from acquisitions etc.
- 61,786 61,786
Comprehensive income for the year
1,295
152,837
154,132
Exchange rate adjustments
-
294
294
Equity at 30 April
1,295
153,131
154,426
Share capital
Share capital consists of 1,295,424 shares of DKK 1 each.
DKK
30 April 2023
A shares
591,700
B shares
18,300
C shares
395,000
D shares
64,199
E shares
86,100
EA shares
134,951
EB shares
4,174
F shares
1,000
Total
1,295,424
HOLMRIS B8 A/S 16
Consolidated financial statements
Cash flow statement
DKK'000
Note
2022/23
2021/22
Operating profit / loss
82,380
83,005
Amortisation, depreciation and impairment losses
23,301
23,209
Non-recurring items
(9,590)
(1,313)
Working capital changes
19
14,271
41,876
Cash flow from ordinary operating activities
110,362
146,777
Interest received / income
31
37
Interest paid / expenses
(20,726)
(18,747)
Cash flow from operating activities
89,667
128,067
Investments in intangible assets
(2,250)
(2,408)
Investments in property, plant and equipment
(702)
(5,323)
Sale of property, plant and equipment
28
1,433
Deposits
-
(199)
Cash flows from investing activities
(2,924)
(6,497)
Proceeds and repayments of loans
20
(18,918)
(24,834)
Payment of principal portion of lease liabilities
20
(17,269)
(17,286)
Cash flows from financing activities
(36,187)
(42,120)
Cash flows for the year
50,556
79,450
Cash at 1 May
79,631
181
Cash and cash equivalents at 30 April
130,187
79,631
HOLMRIS B8 A/S 17
Notes
1. Summary of significant accounting policies
2. Significant accounting estimates and judgements
3. Revenue and contract assets and liabilities
4. Staff costs
5. Share-based payments
6. Amortisation and depreciation
7. Non-recurring items
8. Financial income
9. Financial expenses
10. Taxation including current and deferred tax
11. Total intangible assets
12. Total property, plant and equipment
13. Right-of-use assets
14. Investment in associates
15. Inventories
16. Trade and other receivables
17. Other provisions
18. Financial risks
19. Working capital changes
20. Reconciliation of liabilities arising from financing activities
21. Guarantees, contingent liabilities and collateral
22. Fees to auditor appointed by the general meeting
23. Related parties
24. Events after the balance sheet date
25. Adoption of new and amended Standards
HOLMRIS B8 A/S 18
Notes
1. Summary of significant accounting policies
Compliance with International Financial Reporting Standards
The Group's consolidated financial statements have been prepared in accordance with International Financial
Reporting Standards ("IFRS") as adopted by the EU and additional Danish disclosure requirements for the finan-
cial statements of reporting class C (Large) enterprises, cf. the Danish Executive Order on Adoption of IFRSs
("IFRS-bekendtgørelsen") issued in accordance with the Danish Financial Statements Act ("DFSA").
Basis of preparation
These financial statements have been prepared on the historical cost basis. Historical cost is generally based on
the fair value of the consideration given in exchange for the assets.
The consolidated financial statements are presented in DKK thousands and all values are rounded to the nearest
thousand (DKK'000), except when otherwise indicated.
The accounting policies set out below have been used consistently in respect of the financial year and the com-
parative figures with minor reclassifications.
Basis of consolidation
The financial statements incorporate the financial statements of the Company and entities controlled by the
Company (its subsidiaries). Control is achieved where the Company has the power to govern the financial and
operating policies of an investee entity so as to obtain benefits from its activities.
The profits or losses of subsidiaries acquired or disposed of during the year are included in the consolidated
statement of comprehensive income from the date the Company gains control until the date when the Com-
pany ceases to control the subsidiary. Where necessary, adjustments are made to the financial statements of
subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-group trans-
actions, balances, income and expenses are eliminated on consolidation.
Recognition and measurement
Assets 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 Group, and the value of the asset can be measured reliably.
HOLMRIS B8 A/S 19
1. Summary of significant accounting policies (continued)
Liabilities are recognised in the balance sheet when the Group 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 Group, 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 measure-
ment.
Income is recognised in the income statement when earned, whereas costs are recognised by the amounts
attributable to this financial year.
Functional currency and presentation currency
On 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 non-monetary assets that
have been purchased in foreign currencies are translated using historical rates.
When recognising foreign subsidiaries and associates that are independent entities with different functional
currencies, the income statements are translated at average exchange rates for the months that do not signifi-
cantly deviate from the rates at the transaction date. Balance sheet items are translated using the exchange
rates at the balance sheet date.
Going concern
The Board of Directors has a reasonable expectation that the Group has adequate resources to continue as a
going concern for the foreseeable future, having considered the Group's forecasts and projections, taking ac-
count of reasonably possible changes in operating performance and the current economic uncertainty. Accord-
ingly, they have adopted the going concern basis of accounting in preparing the financial statements.
Cash flow statement
The cash flow statement shows cash flows from operating, investing and financing activities as well as cash at
the beginning and the end of the financial year.
HOLMRIS B8 A/S 20
1. Summary of significant accounting policies (continued)
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 income taxes paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of enter-
prises and fixed asset investments as well as purchase, development, improvement and sale, etc. of intangible
assets and property, plant and equipment, including acquisition of assets held under finance leases.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital and
related costs as well as the raising of loans, utilisation of revolving credit facility, inception of finance leases,
instalments on interest-bearing debt, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash and cash equivalents.
Income statement
Revenue from contracts with customers
Revenue from contracts with customers is recognised when control of the goods or services is transferred to
the customer at an amount that reflects the consideration to which the Group expects to be entitled in ex-
change for those goods or services. The Group has generally concluded that it is the principal in its revenue
arrangements. The normal credit term is 14 to 60 days upon delivery.
Office interior solutions
Revenue from the sale of furniture is recognised at the point in time when control of the asset is transferred to
the customer, generally on delivery of the equipment or at the customer's acceptance, if the contract contains
acceptance requirements.
Hospitality services
The Group provides installation and services that are either sold separately or in a bundle together with the
sale of furniture to a customer. Installation and services comprise one performance obligation because the
Group determined that the hospitality services are a series of distinct services that are substantially the same
and have the same pattern of transfer to the customer. Contracts for bundled sales of furniture and installa-
tion/services are therefore comprised of two performance obligations because the promises to transfer furni-
ture and provide installation/services are capable of being distinct and separately identifiable. Accordingly, the
Group allocates the transaction price based on the relative stand-alone selling prices of the equipment and
installation services.
The Group concluded that revenue from installation/services is to be recognised over time because the Group’s
performance enhances the assets and that the customer simultaneously receives and consumes the benefits
HOLMRIS B8 A/S 21
1. Summary of significant accounting policies (continued)
provided by the Group. The Group determined that the output method is the best method in measuring pro-
gress of the services, hence the Group recognises revenue on the basis of milestones reached (e.g. rooms fin-
ished).
Cost of sales
Cost of sales comprises goods consumed in the financial year measured at cost, adjusted for ordinary inventory
writedowns.
Other external expenses
Other external expenses include expenses relating to the Group’s ordinary activities, stationery and office sup-
plies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets.
Staff costs
Staff costs comprise salaries and wages as well as social security contributions, pension contributions, etc. for
group staff.
Non-recurring items
Non-recurring items include significant income and expenses of a special nature in terms of the Group’s reve-
nue-generating activities that cannot be attributed directly to the Group’s ordinary operating activities.
Non-recurring items include costs related to outsourcing and restructuring activities, premises costs related to
consolidation on fewer physical locations, other normalizations one-off issues and strategy, consolidation and
process optimization.
Non-recurring items are shown separately from the Group’s ordinary operations to facilitate a better under-
standing of the Group’s financial performance.
Depreciation and amortisation
Depreciation and amortisation relating to property, plant and equipment and intangible assets comprise depre-
ciation and amortisation for the financial year, as well as gains and losses from the sale of intangible assets and
property, plant and equipment.
Financial expenses
Financial expenses comprise interest expenses, including interest expenses on payables to group enterprises,
net capital or exchange losses on securities, payables and transactions in foreign currencies, amortisation of
financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc.
HOLMRIS B8 A/S 22
1. Summary of significant accounting policies (continued)
Taxation
Tax on profit/loss for the year
Tax 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 in other comprehensive
income (OCI) for items in OCI and directly in equity by the portion attributable to entries directly in equity. The
Group is jointly taxed with the Danish subsidiaries. The current Danish income tax is allocated among the jointly
taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses).
Deferred tax
Deferred tax is recognised on all temporary differences between the carrying amount and the tax-based value
of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset or
the planned settlement of each liability. However, no deferred tax is recognised for amortisation of goodwill
disallowed for tax purposes and temporary differences arising at the date of acquisition that do not result from
a business combination and that do not have any effect on profit or loss or on taxable income.
Deferred tax assets, including the tax base of tax loss carry forwards, 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.
Income tax receivable or payable
Current tax receivable or payable is recognised in the balance sheet, stated as tax computed on this year's
taxable income, adjusted for prepaid tax.
Joint taxation contributions receivable or payable
Current joint taxation contributions receivable or 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.
Balance sheet
Goodwill
Goodwill comprises the amount by which the cost of the acquired operation exceeds the established fair value
of identifiable net assets, as recognised in the acquisition analysis. In connection with the acquisition of oper-
ating activities, goodwill is allocated to cash-generating units. Since goodwill has an indefinite useful life, it is
not amortised. Thus, it is not possible to determine a useful life. Instead, goodwill is subject to impairment
testing either annually or when an indication of impairment arises. The carrying amount comprises the cost
less any accumulated impairment losses.
HOLMRIS B8 A/S 23
1. Summary of significant accounting policies (continued)
For the purposes of impairment testing, goodwill is allocated to each of the Group's cash-generating units (or
groups of cash-generating units) that is expected to benefit from the synergies of the combination.
A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more fre-
quently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-gen-
erating unit is lower than its carrying amount, the impairment loss is allocated first to reduce the carrying
amount of any goodwill allocated to the unit and then to the other assets of the unit on a pro rata basis on the
carrying amount of each asset in the unit. Any impairment of goodwill is recognised directly in profit or loss. An
impairment loss recognised for goodwill is not reversed in subsequent periods. On disposal of the relevant cash-
generating unit, the attributable amount of goodwill is included in the determination of the profit/(loss) on
disposal.
Other intangible assets
Other intangible assets comprise development projects completed and in progress with related intangible as-
sets acquired.
Development projects on clearly defined and identifiable products and processes, for which the technical rate
of utilisation, adequate resources and a potential future market or development opportunity in the enterprise
can be established, and where the intention is to manufacture, market or apply the product or process in ques-
tion, are recognised as intangible assets. Other development costs are recognised as costs in the income state-
ment as incurred.
The cost of development projects comprises costs that are directly and indirectly attributable to the develop-
ment projects.
Development projects in progress are subject to impairment testing either annually or when an indication of
impairment arises. The carrying amount comprises the cost less any accumulated impairment losses.
Completed development projects are amortised on a straight-line basis using their estimated useful lives which
are determined based on a specific assessment of each development project. If the useful life cannot be esti-
mated reliably, it is fixed at 10 years. For development projects protected by intellectual property rights, the
maximum amortisation period is the remaining duration of the relevant rights. The amortisation periods used
are 3-5 years.
Other intangible assets acquired are measured at cost less accumulated amortisation, and are written down to
the lower of recoverable amount and carrying amount. The amortisation period is 3-10 years.
HOLMRIS B8 A/S 24
1. Summary of significant accounting policies (continued)
Property, plant and equipment
Plant and machinery as well as other fixtures and fittings, tools and equipment are measured at cost less accu-
mulated 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 less estimated residual value after the end of useful life. Straight-line depreci-
ation is made on the basis of the following estimated useful lives of the assets:
Plant and machinery 3 - 10 years
Other fixtures and fittings, tools and equipment 3 - 8 years
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.
Leases
When entering into an agreement, the Company assesses whether an agreement is a lease agreement or con-
tains a lease element.
The right-of-use asset is measured at cost, which is calculated as the present value of the lease obligation plus
any direct costs related to the entering into of the lease and prepaid lease payments.
The right-of-use asset is depreciated on a straight-line basis over the shorter of the lease term and the useful
life of the asset.
The Company leases vehicles and properties which include a service element in the payments to the lessor. This
service is deducted from the lease payment when measuring the lease obligation. Where the Company cannot
reliably separate lease and non-lease items, it is considered a single lease payment.
Short leases with a maximum lease term of 12 months and leases where the underlying asset has a low value
are not recognised in the statement of financial position.
The lease term is defined as the non-cancellable period of a lease together with periods covered by options to
extend the lease if it is reasonably certain that the options will be exercised and periods covered by options to
terminate the lease if it is reasonably certain that the options will not be exercised. A number of leases contain
extension and termination options in order to guarantee operational flexibility in managing the leases.
HOLMRIS B8 A/S 25
1. Summary of significant accounting policies (continued)
The lease obligation, which is recognised under “Lease liabilities”, is measured at the present value of the re-
maining lease payments, discounted by the Company’s incremental loan interest rate, if the implicit interest
rate is not stated in the lease agreement or cannot reasonably be determined. The lease obligation is subse-
quently adjusted if:
- The value of the index or interest rate on which the lease payments are based changes.
- There is a change in the exercise of options to extend or shorten the lease period due to a material
event or material change in circumstances which are within the control of the lessee.
- The lease term is changed as a result of exercising an option to extend or shorten the lease term.
Subsequent adjustments of the lease obligation are recognised as a correction to the right-of-use asset. How-
ever, if the right-of-use asset has a value of DKK 0, a negative reassessment of the right-of-use asset is recog-
nised in the income statement.
Investments in associates
Associates is an entity over which the Group has significant influence, but not control. Investments in associates
are accounted for using the equity method. Under the equity method, interests in associates are initially recog-
nised at cost and adjusted thereafter to recognise the Group’s share of the post-acquisition profits or losses.
When the Group’s share of losses in a associate equals or exceeds its interests in the associates, the Group does
not recognise further losses, unless it has incurred obligations or made payments on behalf of the associates.
Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the
Group’ interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence
of an impairment of the asset transferred.
Deposits
On initial recognition, deposits are measured at fair value and subsequently at amortised cost less impairment
losses, if any.
Inventories
Inventories are measured at the lower of cost using the FIFO method and net realisable value.
Cost consists of the purchase price plus delivery costs. Cost of manufactured goods and work in progress con-
sists of costs of raw materials, consumables, direct labour costs and indirect production costs.
Indirect production costs comprise indirect materials and labour costs, costs of maintenance of, depreciation
of and impairment losses relating to machinery, factory buildings and equipment used in the manufacturing
process as well as costs of factory administration and management. Finance costs are not included in cost.
HOLMRIS B8 A/S 26
1. Summary of significant accounting policies (continued)
The net realisable value of inventories is calculated as the estimated selling price less completion costs and
costs incurred to execute sale.
Contract assets and liabilities
A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If
the Group performs by transferring goods or services to a customer before the customer pays the consideration
or before payment is due, a contract asset is recognised for the earned consideration that is conditional.
A contract liability is the obligation to transfer goods or services to a customer for which the Group has received
consideration from the customer. If a customer pays the consideration before the Group transfers goods or
services to the customer, a contract liability is recognised when the payment is made. Contract liabilities are
recognised as revenue when the Group performs under the contract.
Trade receivables
Trade receivables consist of trade receivables not subject to factoring and are measured at amortised cost less
provisions for expected credit losses. The Group applies the simplified approach in order to measure lifetime
expected credit losses. Trade receivables have been grouped based on shared credit risk characteristics. Trade
receivables are subject to impairment, where the actual provision made is based on a predefined percentage
dependent on the number of reminders sent to the customer.
Other receiveables
Other receivables consist of unpaid consideration from the factoring agreement measured at amortised cost,
usually equalling nominal value.
Prepayments
Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.
Other investments
Other current asset investments comprise listed securities measured at fair value (market price) at the end of
reporting period.
Cash
Cash comprises cash in hand and bank deposits.
Other provisions
Other provisions comprise anticipated costs of non-recourse guarantee commitments etc. 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 meas-
ured at their discounted value.
HOLMRIS B8 A/S 27
1. Summary of significant accounting policies (continued)
Bank loans
Bank loans are initially recognised at fair value net of transaction expenses and subsequently measured at amor-
tised cost using the effective interest method.
Other financial liabilities
Other financial liabilities comprise holiday allowances, other payables, VAT and other accrued costs. Other fi-
nancial liabilities are measured at amortised cost, which usually corresponds to nominal value.
2. Significant accounting estimates and judgements
Significant accounting estimates
As part of the preparation of the consolidated financial statements, Management makes a number of account-
ing estimates and judgements as well as assumptions as a basis for recognising and measuring the Group's
assets, liabilities, income and expenses. The estimates, judgements and assumptions made are based on expe-
rience gained and other factors that are considered prudent by Management in the circumstances, but which
are inherently subject to uncertainty and volatility. The assumptions may be incomplete or inaccurate, and
unforeseen events or circumstances may occur for which reason the actual results may differ from the esti-
mates and judgements made. The Group's accounting policies are described in detail in note 1 to the consoli-
dated financial statements to which we refer.
Management considers the following accounting estimates and judgements to be significant in the preparation
of the annual report.
Impairment test of goodwill
Determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating
units (CGU) to which goodwill has been allocated. The value-in-use calculation requires Management to esti-
mate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order
to calculate present value of the cash flows. Where the present value of the expected cash flows will not exceed
the carrying amount of goodwill, a material impairment loss may arise. The key assumptions used in the impair-
ment tests of goodwill are disclosed in note 11. The carrying amount of goodwill is DKK 284,625 thousand
(2021/22: DKK 284,625 thousand).
The Group has determined that the group as a whole comprises the only CGU where it is possible to determine
relevant cash flows and used as a part of reporting hereof to management and it is not possible to distinguish
cash flow from entities on a stand alone basis. Key factors which have been considered in this determination is
that even though the group comprises several entities they all contribute with different parts of the fully com-
bined solution towards the clients (acqiusition of furniture, development of new solutions etc.).
HOLMRIS B8 A/S 28
2. Significant accounting estimates and judgements (continued)
Determining the lease term of contracts
The Group determines the lease term as the non-cancellable term of the lease, together with any periods cov-
ered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an
option to terminate the lease, if it is reasonably certain not to be exercised.
The Group has several lease contracts that include termination options. The Group applies judgement in evalu-
ating whether it is reasonably certain whether or not to exercise the option to terminate the lease. That is, it
considers all relevant factors that create an economic incentive for it to exercise the termination. After the
commencement date, the Group reassesses the lease term if there is a significant event or change in circum-
stances that is within its control and affects its ability to exercise or not to exercise the option to terminate (e.g.,
construction of significant leasehold improvements or significant customisation to the leased asset). The peri-
ods covered by termination options are included as part of the lease term only when they are reasonably certain
not to be exercised. Refer to note 13 for information on potential future rental payments relating to periods
following the exercise date of termination options that are not included in the lease term.
Non-recurring items
The use of special items entails management judgement in the separation from ordinary items. Management
carefully considers individual items and projects (including restructurings) in order to ensure the correct dis-
tinction and split between operating activities and significant income and expenses of a special nature.
Management initially assesses the entire restructuring project and recognises all present costs of the project.
The projects are assessed on an ongoing basis, with additional costs possibly being incurred during the lifetime
of the project.
The estimate includes expenses related to costs related to outsourcing and restructuring activities, premises
costs related to consolidation on fewer physical locations, other normalizations one-off issues and strategy,
consolidation and process optimization. Management reassesses the useful life and residual value of non-cur-
rent assets used in an entity undergoing restructuring.
Valuation of deferred tax assets
Management has evaluated the measurement of deferred tax assets on the basis of budgets and forecasts and
expected future income for the coming years. Deferred tax assets are expected to be utilised against future
positive income over the next 3-5 years. Since the calculation of expected future taxable income for the coming
years is subject to significant estimation and judgment, the valuation of the recognised deferred tax asset is
inherently subject to uncertainty.
HOLMRIS B8 A/S 29
3. Revenue and contract assets and liabilities
DKK'000
2022/23
2021/22
Revenue by business activity
Office, learning and care interior solutions
983,018
905,717
Hospitality
139,208
213,921
Total revenue by business activity
1,122,226
1,119,638
Revenue by country
Denmark
898,948
953,448
Other countries
223,278
166,190
Total revenue by country
1,122,226
1,119,638
Contract assets and liabilities
Contract balances
30 April 2023
30 April 2022
Contract assets
Current contract assets
8,128
2,501
Total current contract assets
8,128
2,501
Contract liabilities
Current contract liabilities 99,638
53,621
Total revenue by country
99,638
53,621
The Group has decided to use the practical expedient provided under IFRS and has therefore not disclosed the
amount of the remaining performance obligation for contracts that qualify for invoicing.
4. Staff costs
DKK'000
2022/23
2021/22
Salaries and wages
156,246
143,742
Pension contributions
20,696
19,488
Other social security costs
3,801
3,442
Other staff costs
6,037
6,769
Total staff costs
186,780
173,441
Average number of employees
291
273
HOLMRIS B8 A/S 30
4. Staff costs (continued)
2022/23
Salary and
pension
Bonus
Benefits and
other related
expenses
Total
Remuneration to Executive Board
5,951
1,126
-
7,077
Remuneration to Board of Directors
550
-
-
550
6,501
1,126
-
7,627
2021/22
Remuneration to Executive Board
5,756
840
-
6,596
Remuneration to Board of Directors
972 -
-
972
6,728
840
-
7,568
5. Share-based payments
Common stock warrants
In 2018, Holmris Holding A/S issued 55,000 D-share warrants to directors of the Company. The holders of the
warrants have paid fair market value and therefore no compensation expense is recognised. The warrants give
the holders the right (without a pre-emption right for the Company’s existing shareholders) to subscribe for 1
D-share in the Company with a par value of one Danish Krone, by cash contribution at exercise.
The D-share warrants expire at the earlier of (i) a change of control of the Group or an IPO or (ii) the period
from 1 April 2023 to 15 April 2023.
The development in outstanding warrants can be specified as follows:
Number of warrants
30 April 2023
30 April 2022
Outstanding at 1 May
45,000
45,000
Forfeited during the period
(22,500)
-
Exercised during the period
(22,500)
-
Outstanding at 30 April
0
45,000
Weighted average remaining contractual life (years)
0
0,96
HOLMRIS B8 A/S 31
6. Amortisation and depreciation
DKK'000
2022/23
2021/22
Amortisation and impairment, intangible assets
3,328
3,724
Depreciation of property, plant and equipment
4,532
4,426
Profit/loss from sale of intangible assets and property, plant and equip-
ment
545 425
Leasing of property, plant and equipment
14,896
14,634
Total
23,301
23,209
7. Non-recurring items
DKK'000
2022/23
2021/22
Non-recurring items:
Loss related to restructuring activities
6,858
-
Optimization of synergies and restructuring costs
-
1,313
Premises costs related to consolidation on fewer physical locations
2,732
-
Total non-recurring items
9,590
1,313
Impact of non-recurring items on operating profit
If non-recurring items had been recognised in operating profit before non-recurring items, they would have
been included in the following line items:
DKK'000
2022/23
2021/22
Other external expenses
3,961
836
Staff costs
5,629
477
Total non-recurring items
9,590
1,313
During 2022/23 it was decided to consolidate the company’s sourcing and assembly activities into a central
department and location in order to captivate synergies.
Further, product management capabilities have been centralized and management structures reorganized.
This has been done to improve internal efficiency, reduce costs and reap the benefits of better being able to
apply best practices.
8. Financial income
DKK'000
2022/23
2021/22
Interest income
31
37
Total financial income
31
37
HOLMRIS B8 A/S 32
9. Financial expenses
DKK'000
2022/23
2021/22
Interest expenses
18,459
15,156
Financial expenses
2,267
3,591
Total financial expenses
20,726
18,747
10. Taxation including current and deferred tax
DKK'000
2022/23
2021/22
Current tax
3,496
4,391
Changes in deferred tax
7,676
10,412
Adjustment previous year
-
129
Total
11,172
14,932
Reconciliation of tax expense and the profit multiplied by domestic
tax rate for 2021/22 and 2022/23:
Profit before tax
51,828
65,276
Tax computed as statutory 22% tax rate
11,402
14,361
Other adjustment
(632)
44
Utilisation of previously unrecognised tax losses
-
(5,366)
Utilisation of tax losses (gains) from companies within the joint taxation
contribution
-
6,183
Non-deductible expenses
343
86
Non-taxable income
59
(505)
Adjustment previous year
-
129
Income tax at the effective income tax rate of 22 %
11,172
14,932
Income tax expense reported in the income statement
11,172
14,932
Deferred tax assets, net
DKK'000
2022/23
2021/22
Deferred tax at 1 May
17,970
22,851
Adjustment previous year
-
(129)
Effect from merger, unrecognised tax assets etc.
-
5,660
Deferred tax for the year recognised in the income statement (7,675)
(10,412)
Deferred tax at 30 April
10,295
17,970
Deferred tax is recognised in the statement of financial position as follows:
DKK'000
2022/23
2021/22
Deferred tax (asset)
10,295
17,970
Deferred tax (liability)
-
-
Deferred tax at 30 April
10,295
17,970
HOLMRIS B8 A/S 33
10. Taxation including current and deferred tax (continued)
Deferred tax concerns
DKK'000
2022/23
2021/22
Intangible assets
700
1,712
Property, plant and equipment
1,444
1,181
Provisions
141
284
Liabilities other than provisions
535
225
Tax loss carry forwards
7,475
14,568
Deferred tax at 30 April
10,295
17,970
Deferred tax
Management has evaluated the measurement of deferred tax assets on the basis of budgets and forecasts and
expected future income for the coming years. Deferred tax asset is expected to be utilised against future posi-
tive income within the next couple of years. Since the calculation of expected future taxable income for the
coming years is subject to significant estimation and judgment, the valuation of the recognised deferred tax
asset is inherently subject to uncertainty.
11. Total intangible assets
DKK'000
Goodwill
Acquired
intangible
assets
Completed
development
projects
Development
projects in
progress
30 April 2023
Cost at 1 May
284,625
16,421
18,824
-
Transfers
-
-
-
-
Additions
-
-
766
1,314
Disposals
-
-
(257)
-
Cost at 30 April
284,625
16,421
19,333
1,314
Amortisation at 1 May
-
(10,480)
(13,275)
-
Amortisation
-
(227)
(2,347)
-
Impairment
-
(754)
-
-
Reversal of amortisation
- - - -
Amortisation at 30 April 2023
-
11,461
(15,622)
-
Carrying amount at 30 April 2023
284,625
4,960
3,711
1,314
HOLMRIS B8 A/S 34
11. Total intangible assets (continued)
DKK'000
Goodwill
Acquired
intangible
assets
Completed
development
projects
Development
projects in
progress
30 April 2022
Cost at 1 May
112,920
15,346
18,185
204
Transfers
-
-
204
(204)
Additions
171,705
1,137
1,271
-
Disposals
-
(62)
(836)
-
Cost at 30 April
284,625
16,421
18,824
-
Amortisation at 1 May
-
(9,715)
(11,060)
-
Amortisation
-
(673)
(3,051)
-
Impairment
-
(154)
-
-
Reversal of amortisation
-
62 836
-
Amortisation at 30 April 2022
-
(10,480)
(13,275)
-
Carrying amount at 30 April 2022
284,625
5,941
5,549
-
Goodwill
At 30 April 2023, goodwill amounted to DKK 285 million (2021/22: DKK 285 million) for the Group. The Group
has on 30 April in 2023 and 2022 performed impairment testing of the carrying amount of goodwill at the end
of the financial year based on value in use. Impairment testing is performed each year based on the budgets or
business plans approved by the Board of Directors.
The Group has determined that the Group itself represents the only identifyable CGU. As this is the case, then
the carrying amount of goodwill and development projects in progress is allocated thereto. The impairment
test for cash-generating units compares the recoverable amount, equivalent to the present value of the ex-
pected future free cash flow, with the carrying amount of the individual cash-generating units.
Budgets and projections for the 2024-2033 period are based on business plans and external market surveys,
assessing risks associated with key parameters and incorporating these in expected future free cash flows. A
ten-year period as opposed to a shorter period is used to make sure that assumptions are modelled as detailed
as possible. The value for the period after 2033 takes into account the real growth and inflation expectations,
which is described below.
When calculating the recoverable amount of goodwill, a discount rate of 12.9% (2021/22: 11.4%) after tax is
assumed. The discount rate is based on a risk-free interest rate of 2.5% (2022: 0.7%). The discount rate has been
determined based on the Cost of Capital model. The risk-free interest rate, the market risk premium and the
beta factor are determined using external sources. The impairment tests performed at April 2023 indicate sig-
nificantly higher value in use of the assets compared to the carrying amounts, and the impairment tests are
therefore not sensitive to changes in the significant conditions and factors.
HOLMRIS B8 A/S 35
11. Total intangible assets (continued)
Key assumptions from the impairment testing of goodwill are as follows:
Value drivers based on
average for the period
2024-2033
Value drivers based on
average for the
terminal period
Net sales growth
7.0%
2.0%
EBITDA margin
10.8%
11.0%
EBITA margin
9.6%
10.0%
Intangible assets/Sales
17.8%
14.3%
Property, plant and equipment/Sales
1.6%
1.3%
NWC/Sales
-3.6%
-3.8%
ROIC (beginning of year invested capital)
49.8%
65.7%
Acquired intangible assets, completed development projects and development projects in progress
The intangible assets comprising acquired intangible assets, completed development projects and development
projects in progress have a total recoverable amount at 30 April 2023 of DKK 9,985 thousand (30 April 2022:
DKK 11,491 thousand). No impairment loss are identified.
HOLMRIS B8 A/S 36
12. Total property, plant and equipment
DKK'000
Plant and
machinery
Other
fixtures and
fitings, tools
and equip-
ment
Leasehold
improve-
ments
30 April 2023
Cost at 1 May
9,549
4,916
6,950
Additions
1,082
296
795
Disposals
(234)
(28)
-
Cost at 30 April
10,397
5,184
7,745
Depreciation at 1 May
(3,386)
(3,410)
(4,051)
Depreciation
(2,237)
(796)
(1,499)
Disposals
234
-
-
Depreciation at 30 April 2023
(5,389)
(4,206)
(5,550)
Carrying amount at 30 April 2023
5,008
978
2,195
30 April 2022
Cost at 1 May
3,629
5,119
4,558
Reclassification
-
1,042
-
Additions
2,798
629
1,896
Disposals
(2,342)
(897)
(577)
Other changes
5,464 (977) 1,073
Cost at 30 April
9,549
4,916
6,950
Depreciation at 1 May
(1,680)
(2,373)
(3,284)
Reclassification
-
(1,042)
-
Depreciation
(2,210)
(872)
(1,344)
Disposals
504 877 577
Depreciation at 30 April 2022
(3,386)
(3,410)
(4,051)
Carrying amount at 30 April 2022
6,163
1,506
2,899
HOLMRIS B8 A/S 37
13. Right-of-use assets
DKK'000
30 April 2023
30 April 2022
30 April 2023
Cost at 1 May
120,699
111,120
Additions
36,454
8,308
Adjustments and revaluations (1,236) 1,271
Cost at 30 April
155,917
120,699
Depreciation at 1 May
(92,504)
(77,870)
Depreciation
(16,487)
(14,634)
Depreciation at 30 April 2023
(108,991)
(92,504)
Carrying amount at 30 April 2023
46,926
28,195
Carrying amounts of lease liabilities and movements during the period:
DKK'000
30 April 2023
30 April 2022
At 1 May
29,475
34,572
Additions
36,454
8,308
Accrual of interest 1,082
793
Payments
(17,269)
(17,286)
Adjustments and revaluation
(1,241)
3,088
At 30 April
48,501
29,475
Current
17,908
14,649
Non-current
30,593
14,826
The maturity analysis of lease liabilities is disclosed in note 18.
The following amounts have been recognised in profit or loss:
DKK'000
2022/2023
2021/2022
Depreciation expense of right-of-use assets
16,487 14,634
Interest expense on lease liabilities
1,082
793
Total amount recognised in profit or loss
17,569
15,427
The Group had total cash outflow for leases of DKK 17.3 million (2021/22: DKK 17.3 million).
The Group leases various properties, production equipment, equipment and cars. Lease terms are negotiated
on an individual basis and contain a wide range of different terms and conditions.
HOLMRIS B8 A/S 38
14. Investment in associates
Investment in
associates
2022/23
Cost at 1 May
11,280
Additions
-
Cost at 30 April
11,280
Value adjustments at start of year
2,619
Share of profit/(loss)
(1,319)
Value adjustments at 30 April
1,300
Carrying amount at 30 April
12,580
List of subsidiaries owned by the Parent Company:
Registered in:
Equity interest %
Holmris Form/Funk AS
Norway
40
ETOS air ApS
Bjerringbro
40
15. Inventories
DKK'000
30 April 2023
30 April 2022
Raw materials and consumables
24,485
20,311
Work in progress
2,631
0
Manufactured goods and goods for resale
61,317
58,616
Prepayments for goods
7,174
12,658
Total inventories
95,607
91,585
Included in the income statement
During 2022/23, DKK 776 million (2021/22: DKK 793 million) was recognised as an expense for inventories car-
ried at net realisable value. This is recognised in cost of sales.
During 2022/23, DKK 1 million (2021/22: DKK 8 million) was recognised as write down of inventories carried at
net realisable value. This is recognised in cost of sales.
HOLMRIS B8 A/S 39
16. Trade and other receivables
DKK'000
30 April 2023
30 April 2022
Trade receivables
115,627
77,243
Loss allowance
(203)
(392)
Other receivables
10,751
10,624
Total receivables
126,175
87,475
The average credit period for the sale of goods is 30 days.
The Group holds a portfolio of trade receivables which meets the SPPI test. The trade receivables are either
held to collect their cash flows whereas some receivables are subject to factoring arrangements. The factoring
arrangement results in derecognition of the trade receivables and recognition of a separate asset representing
the unpaid consideration from the factor.
Trade receivables
Trade receivables have been grouped based on share credit risk characteristics. The expected credit losses on
trade receivables are estimated using a provision matrix by reference to past default experience of the debtor
and an analysis of the debtor’s current financial position, adjusted for factors that are specific to the debtors.
See out below is the movement in the allowance for expected credit losses:
DKK'000
30 April 2023
30 April 2022
At 1 May
392
775
Provision for expected credit loss
-
392
Reversal of write-off
(392)
(775)
Write-off 42 -
At 30 April
42
392
17. Other provisions
DKK'000
30 April 2023
30 April 2022
Balance at 1 May
1,741
1,225
Reduction arising from payment
(961)
-
Additions
1,429
516
Other provisions at 30 April
2,209
1,741
Other provisions are expected to fall due as follows:
0-1 year
2,209
1,741
1-5 years
-
-
Other provisions at 30 April
2,209
1,741
Other provisions comprise anticipated costs of non-recourse guarantee commitments, restructuring, returns
etc.
HOLMRIS B8 A/S 40
18. Financial risks
Capital management
The Group's Management assesses whether the Group's capital structure is in line with the interests of the
Group and its shareholders. The overall objective is to ensure a capital structure that supports long-term prof-
itable growth. At 30 April 2023, the Group's interest-bearing debt net, including leases, amounts to DKK 187
million (30 April 2022: DKK 216 million).
Financial risk management
The overall framework to manage financial risks is reflected in the Group’s financial risk management policies.
The policies include identification, limits, measurement and how to address risks regarding credit, foreign cur-
rency, liquidity and interest rates.
The policies are updated annually and approved by the Board of Directors.
It is the Group’s policy not to speculate in financial risks. Hence, the financial risk management strategy aims at
managing and reducing risks due to the Group’s operations, investments and finance activities.
Only significant risks are described below. Each section gives a short description of the financial risk, the related
business activity, risk management and impact during the year.
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations towards the Group, leading to a financial
loss. The Group is exposed to credit risk primarily related to its trade and other receivables, receivables from
group enterprises, contract assets and cash held at financial institutions.
Trade and other receivables
In general, trade and other receivables consist of counterparties within the public sector or large corporations.
To reduce credit risk and to secure flexibility in terms of liquidity related to the activity level in the business, the
Group sells the majority of its trade receivables under a factoring agreement. In order for a trade receivable to
qualify for factoring, an insurance company must approve the debtor’s creditworthiness. Hence, the credit risk
on factored receivables is reduced to a minimum. For the remaining trade receivables (i.e. not factored), Man-
agement assesses credit risk based on available information regarding the particular counterparty. Historic in-
formation typically relates to registered payment profiles, potential previous losses, annual reports etc. How-
ever, information used to estimate expected losses is derived from rating agencies, budgets, general develop-
ment in macro-economic variables (e.g. unemployment rates) etc. Management assesses the need for credit
insurance or collateral on an ongoing basis.
The maximum exposure to credit risk of trade and other receivables at the end of the reporting period equals
the carrying amounts, see note 16.
HOLMRIS B8 A/S 41
18. Financial risks (continued)
Cash
The carrying amount of cash is DKK 130,2 million (30 April 2022: DKK 79.6 million). According to the Group’s
policy, cash is deposited at financial institutions with a high credit rating.
Liquidity risk
Liquidity risk is the risk of a loss or higher than expected costs to ensure the ability to fulfil the Group’s short-
term and long-term payment obligations. The Group aims to ensure that it is able to timely obtain the financing
from both related and external counterparties.
The tables below summarise the maturity profile of the Group’s financial liabilities based on contractual undis-
counted payments:
DKK’000
Carrying
amount
< 1 year
1 to 5 years
> 5 years
Total
30 April 2023
Bank loans
135,360
42,719
104,419
-
147,138
Trade payables
189,299
189,299
-
-
189,299
Subordinate loan capital
2,677
2,677
-
-
2,677
Other payables
45,574
45,574
-
-
45,574
Holiday allowances
17,696
-
-
17,696
17,696
Lease liabilities
48,500
17,931
30,569
-
48,500
Total
439,106
298,200
134,988
17,696
450,884
DKK’000
Carrying
amount
< 1 year
1 to 5 years
> 5 years
Total
30 April 2022
Bank loans
92,612
21,626
82,727
-
104,353
Trade payables
164,252
164,252
-
-
164,252
Subordinate loan capital
58,102
1,932
8,254
70,838
81,024
Other payables
64,389
60,085
4,304
-
64,389
Holiday allowances
17,307
433
1,731
17,740
19,904
Lease liabilities
29,475
14,826
16,253
-
31,079
Total
426,137
263,154
113,269
88,578
465,001
Methods and assumptions of the maturity analysis
The maturity analysis is based on undiscounted cash flows which include estimated interest payments. The
Revolving Credit Facility can be called by the bank on demand, hence the interest is deemed immaterial.
HOLMRIS B8 A/S 42
18. Financial risks (continued)
Interest rate risk
Interest rate risk is the risk that future cash flows of a financial instrument will fluctuate because of changes in
market interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to
the Group’s liabilities towards banks carrying floating interest rates. The Group manages its interest rate risk by
having a balanced portfolio of fixed and floating rate loans and borrowings. Therefore, the Group’s net interest
rate risk exposure is limited at 30 April 2023 and 30 April 2022.
Interest rate sensitivity
The Group is primarily exposed to CIBOR 3M which has risen in 22/23. CIBOR 3M has started out negative but
increased throughout the financial year. Therefore, a reasonable possible change in the interest rate is assessed
to have an immaterial impact on the Group's profit or loss and equity for the years ended 30 April 2023 and 30
April 2022. This assessment is based on recognised financial assets and liabilities at year-end. If market interest
rates increased by one percentage point, it would not affect the interest rate sensitivity.
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of
changes in foreign exchange rates. The Group’s exposure to the risk of changes in foreign exchange rates relates
primarily to the Group’s operating activities (when revenue or expense is denominated in a foreign currency
other than the Group entity’s functional currency) and the Group’s net investments in foreign subsidiaries.
The Group’s net foreign currency risk exposure is limited as goods are sourced locally in each subsidiary's own
currency at 30 April 2023 and 30 April 2022. However, Management assesses on an ongoing basis whether risk
exposures exceed the risk limits.
HOLMRIS B8 A/S 43
18. Financial risks (continued)
Financial assets and liabilities
DKK'000
30 April
2023
30 April
2022
Trade receivables
115,424
87,475
Receivables from associates
1,657
244
Other receivables
10,770
8,701
Prepaid expenses
6,933
5,930
Cash
130,187
79,631
Financial assets measured at amortised cost
264,971
181,981
Revolving Credit Facility
1,509
1,112
Bank loans
134,725
91,500
Trade payables
189,299
164,252
Other payables
65,073
89,765
Lease liabilities
48,500
29,475
Financial liabilities measured at amortised cost
439,106
376,104
Since the Group’s financial instruments measured at amortised cost are either short-term and/or exposed to
floating interest rates, Management has assessed that the carrying amount is a reasonable approximation of
fair value.
19. Working capital changes
DKK'000
30 April 2023
30 April 2022
Increase (-)/decrease (+) in inventories
(4,022)
(14,301)
Increase (-)/decrease (+) in receivables etc.
(38,017)
3,900
Increase (+)/decrease (-) in current liabilities
56,310
52,277
Total
14,271
41,876
HOLMRIS B8 A/S 44
20. Reconciliation of liabilities arising from financing activities
DKK'000
Other
Borrowings
Subordinated
loan
Lease
liabilities
Total
liabilities from
financing
activities
30 April 2023
Liabilities at 1 May
122,234
58,102
29,475
209,811
Additions from acquisitions etc.
-
-
36,453
36,453
Loan raised
60,606 - - 60,606
Repayments
(26,371)
(55,425)
(17,269)
(99,065)
Adjustments and revaluations
526
-
(158)
368
Other
-
-
-
-
Liabilities at 30 April
156,995
2,677
48,501
208,173
30 April 2022
Liabilities at 1 May
87,547 -
34,571 122,118
Additions from acquisitions etc.
15,000
100,958
-
115,958
Loan raised
61,314
-
8,308
69,622
Repayments
(43,057)
(42,856)
(17,286)
(103,199)
Adjustments and revaluations
-
-
3,088
3,088
Other
1,430
-
793
2,223
Liabilities at 30 April
122,234
58,102
29,474
209,810
21. Guarantees, contingent liabilities and collateral
The following assets are provided as collateral in favour of credit institutions in the Group:
DKK'000
30 April 2023
30 April 2022
Property, plant and equipment
55,111
38,763
Inventories
95,607
91,585
Trade receivables 115,424 87,475
Contract assets
8,128
2,501
Carrying amount of assets held as collateral
274,270
220,324
Debt to the factoring company is secured on a receivables charge on unsecured claims relating to the sale of
goods and services. Debt to the factoring company has been set off against the value of trade receivables.
As security for commitments with clients and lessors, performance and payments guarantees of DKK 6,2 million
(2021/22: DKK 2,0 million) have been provided through the bank.
HOLMRIS B8 A/S 45
The company has issued a mortgage deed letter to the company's bank capped at DKK 15,000 thousand in trade
receivables, acquired intangible assets, inventories, plant and machinery and other fixtures, fittings and oper-
ating equipment.
The booked value of the assets is DKK 145,748 thousand.
22. Fees to auditor appointed by the general meeting
DKK'000
2022/23
2021/22
Statutory audit
615
600
Other assurance engagements
0
93
Tax and VAT advisory services
626
455
Other services
346
388
Total
1,587
1,536
23. Related parties
The ultimate owner is BWB Partners I K/S with a registered office in Kokkedal.
Related parties also comprise the members of the Board of Directors and the Executive Board as well as close
family members of the members of the Board of Directors and the Executive Board as well as other senior
executives.
Transactions with related parties:
Transactions with the Board of Directors and the Executive Board which comprise salaries, pension and other
benefits are described in note 4. Other transactions with group enterprises:
DKK'000
2022/23
2021/22
Financial expenses from owners
(1,067)
(1,398)
24. Events after the balance sheet date
No events have occurred after the balance sheet date to this date, which would influence the evaluation of
this annual report.
25. Adoption of new and amended Standards
The new and amended Standards and Interpretations that have been issued, but which are not yet effective,
up to the date of issuance of the Group’s Financial Statements have not been adopted by the Group. The Group
intends to adopt these new and amended Standards and Interpretations, if applicable, when they become ef-
fective. The adoption of these is not expected to have significant impact on the financial reporting for future
periods.
HOLMRIS B8 A/S 46
Parent income statement
DKK’000
Note
2022/23
2021/22
Revenue
3
941,048
904,155
Other Income
10,086
8,151
Cost of sales
(715,019)
(708,959)
Gross profit/(loss)
236,115
203,347
Staff costs
4
(137,490)
(125,876)
Other operating income
(37,462)
(29,399)
Operating profit/(loss) before amortisation and depreciation
61,163
48,072
Amortisation and depreciation 6
(16,773) (17,797)
Operating profit/(loss) before non-recurring items
44,390
30,275
Non-recurring items
7
(6,849)
(1,313)
Income from investments in group enterprises
(267)
17,294
Financial income
8
417
662
Financial expenses
9
(20,129)
(19,051)
Profit/(loss) before tax
17,562
27,867
Tax on profit/(loss)
10
(3,996)
(2,973)
Profit/(loss) for the financial year
13,566
24,894
Other comprehensive income/loss
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign enterprises
(787)
294
Other comprehensive income/(loss) after tax
(787)
294
Total comprehensive income/(loss)
12,779
25,188
HOLMRIS B8 A/S 47
Parent balance sheet
DKK'000
Note
30 April
2023
30 April
2022
Assets
Goodwill
266,957
266,957
Acquired intangible assets
4,088
4,842
Completed development projects
1,409
2,118
Total intangible assets
11
272,454
273,917
Plant and machinery
12
1,839
1,862
Other fixtures, fittings and operating equipment 12 363 400
Leasehold improvements
12
2,197
2,899
Right-of-use assets
13
40,333
20,922
Total property, plant and equipment
44,732
26,083
Investment in group enterprises
14
50,442
32,897
Investment in associates
15
12,580
13,899
Deposits
5,628
3,118
Deferred tax
10
9,632
17,686
Total financial assets
78,282
67,600
Total non-current assets
395,468
367,600
Inventories
16
61,401
51,569
Trade receivables
17
78,057
50,434
Receivables from group enterprises
30,539
7,395
Receivables from associates
-
244
Other receivables 17 7,886 6,795
Joint taxation contribution receivable
16,672 10,979
Prepaid expenses
6,563
5,570
Cash and cash equivalents
104,766
42,739
Current assets
305,884
175,725
Total current assets
305,884
175,725
Assets
701,352
543,325
HOLMRIS B8 A/S 48
Parent balance sheet
DKK'000
Note
30 April
2023
30 April
2022
Equity and liabilities
Share capital
1,295 1,295
Other capital reserves
2,834
1,652
Retained earnings
136,620
124,664
Total equity
140,749
127,611
Other provisions
18
139
720
Subordinated loans
19
-
58,102
Bank loans
19
98,100
74,875
Other payables
19
15,779
20,278
Lease liabilities
19
27,191
10,831
Corporate tax
3,843
-
Total non-current liabilities
145,052
164,806
Current portion of long-term liabilities
other than provisions
19
57,230 34,882
Contract liabilities
3
74,305
44,331
Trade payables
140,316
95,820
Payables to group enterprises
111,273
52,388
Other payables
28,036
23,487
Corporate Tax
4,391 -
Total current liabilities
415,551
250,908
Total liabilities
560,603
415,714
Equity and liabilities
701,352
543,325
HOLMRIS B8 A/S 49
Parent statement of changes in equity
DKK’000
2021/2022
Equity at 1 May
545
3,129
-
54,872
58,546
Profit/loss for the year
-
-
-
24,894
24,894
Transfer to reserves
-
(1,477)
-
1,477
-
Capital injections
750
-
-
(750)
-
Additions from acquisitions etc.
-
-
-
43,877
43,877
Comprehensive income for the
year
Exchange rate adjustments
-
-
-
294
294
Equity at 30 April
1,295
1,652
-
124,664
127,611
Share capital
Share capital consists of 1,295,424 shares of DKK 1 each.
DKK
30 April 2023
A shares
591,700
B shares
18,300
C shares
395,000
D shares
64,199
E shares
86,100
EA shares
134,951
EB shares
4,174
F shares
1,000
Total
1,295,424
DKK’000
Share
capital
Reserve for
develop-
ment
expenditure
Reserve for
net
revaluation
according to
the equity
method
Retained
earnings
Total
2022/2023
Equity at 1 May
1,295
1,652
-
124,664
127,611
Profit/loss for the year
-
-
-
13,566
13,566
Transfer to reserves
-
(554)
1,300
(746)
-
Sale of treasury shares
-
-
-
(350)
(350)
Other
-
-
-
709
709
Comprehensive income for the
year
Exchange rate adjustments
-
-
-
(787)
(787)
Equity at 30 April
1,295
1,098
1,300
137,056
140,749
HOLMRIS B8 A/S 50
Parent cash flow statement
DKK'000
Note
2022/23
2021/22
Operating profit /loss
44,390
30,275
Amortisation, depreciation and impairment losses
16,555
17,526
Non-recurring items
(6,849)
(1,313)
Working capital changes
20
79,622
25,166
Cash flow from ordinary operating activities
133,718
71,654
Interest received / income
417
662
Interest paid / expenses
(20,129)
(19,051)
Cash flow from operating activities
114,006
53,265
Investments in intangible assets
(732)
(164)
Investments in property, plant and equipment
(2,056)
(3,577)
Investments in financial assets
(17,545)
(99)
Sale of intangible assets
257
-
Sale of property, plant and equipment
102
1,293
Received dividends
-
15,000
Cash flows from investing activities
(19,974)
12,453
Proceeds and repayments of loans
21
(18,981)
(9,718)
Payment of principal portion of lease liabilities
21
(13,024)
(13,261)
Cash flows from financing activities
(32,005)
(22,979)
Cash flows for the year
62,027
42,739
Cash at 1 May
42,739
-
Cash and cash equivalents at 30 April
104,766
42,739
HOLMRIS B8 A/S 51
Notes
1. Summary of significant accounting policies
2. Significant accounting estimates and judgements
3. Revenue and contract assets and liabilities
4. Staff costs
5. Share-based payments
6. Amortisation and depreciation
7. Non-recurring items
8. Financial income
9. Financial expenses
10. Taxation including current and deferred tax
11. Total intangible assets
12. Total property, plant and equipment
13. Right-of-use assets
14. Fixed asset investments
15. Investment in associates
16. Inventories
17. Trade and other receivables
18. Other provisions
19. Financial risks
20. Working capital changes
21. Reconciliation of liabilities arising from financing activities
22. Guarantees, contingent liabilities and collateral
23. Fees to auditor appointed by the general meeting
24. Related parties
25. Events after the balance sheet date
26. Adoption of new and amended Standards
HOLMRIS B8 A/S 52
Notes
1. Summary of significant accounting policies
Accounting policies
The accounting policies of the HOLMRIS B8 Group and the Parent Company are identical except for the situa-
tions mentioned below.
Situations, where the accounting policies of the Parent Company deviate from those of the Group
Investments in subsidiaries
Investments in subsidiaries are measured at cost in the parent company financial statements. If an indication
of impairment exists, then an impairment test is performed as described in the accounting policies for the con-
solidated financial statements. If the carrying amount exceeds the recoverable amount, investments are written
down to such lower amount.
If distributions are made from reserves other than retained earnings of subsidiaries, such distribution will re-
duce the cost of the investments if the distribution is in the nature of a repayment of the Parent Company's
investment.
Distribution of profits accumulated by subsidiaries is recognised as income in the Parent Company’s income
statement in the financial year in which the dividend is declared. If an amount is distributed exceeding the
subsidiary's comprehensive income for the period, then an impairment test is performed.
Other intangible assets
Other intangible assets comprise development projects completed and in progress with related intangible as-
sets acquired.
Development projects on clearly defined and identifiable products and processes, for which the technical rate
of utilisation, adequate resources and a potential future market or development opportunity in the enterprise
can be established, and where the intention is to manufacture, market or apply the product or process in ques-
tion, are recognised as intangible assets. Other development costs are recognised as costs in the income state-
ment as incurred. The cost of development projects comprises costs that are directly and indirectly attributable
to the development projects.
When recognising development projects as intangible assets, an amount equalling the costs incurred less de-
ferred tax is taken to equity under Reserve for development costs that is reduced as the development projects
are amortised and written down.
HOLMRIS B8 A/S 53
2. Significant accounting estimates and judgements
As part of the preparation of the parent company financial statements, Management makes a number of ac-
counting estimates and judgements as well as assumptions as a basis for recognising and measuring the Parent
Company's assets, liabilities, income and expenses. The estimates, judgements and assumptions made are in all
respects, except for the situations described below, similar to the ones for the HOLMRIS B8 Group described in
note 2 to the consolidated financial statements.
Situations where the significant accounting estimates of the Parent Company deviate from Group:
Impairment test of investments in subsidiaries
Determining whether investments in subsidiaries are impaired requires an estimation of the value in use of the
cash-generating units representing the investments in subsidiaries. The value-in-use calculation requires Man-
agement to estimate the future cash flows expected to arise from the cash-generating unit and a suitable dis-
count rate in order to calculate present value of the cash flows. Where the present value of the expected cash
flows will not exceed the carrying amount of investments in subsidiaries, a material impairment loss may arise.
The key assumptions used in the impairment tests are disclosed in note 11.
3. Revenue and contract assets and liabilities
DKK'000
2022/23
2021/22
Revenue by business activity
Office interior solutions
941,048
904,155
Hospitality
-
-
Total revenue by business activity
941,048
904,155
Revenue by country
Denmark
816,103
795,872
Other countries
124,945
108,283
Total revenue by country
941,048
904,155
Contract assets and liabilities
Contract balances
30 April 2023
30 April 2022
Contract assets
Current contract assets
-
-
Total current contract assets
-
-
Contract liabilities
Current contract liabilities
74,305
44,331
Total current contract liabilities
74,305
44,331
HOLMRIS B8 A/S 54
3. Revenue and contract assets and liabilities (continued)
The Parent Company has decided to use the practical expedient provided under IFRS and has therefore not
disclosed the amount of the remaining performance obligation for contracts that qualify for invoicing.
4. Staff costs
DKK'000
2022/23
2021/22
Salaries and wages
113,638
103,571
Pension contributions
16,271
15,301
Other social security costs
1,136
900
Other staff costs
6,445
6,104
Total staff costs
137,490
125,876
Average number of employees
197
188
2022/23
Salary and
pension
Bonus
Benefits and
other related
expenses
Total
Remuneration to Executive Board
5,951
1,126
-
7,077
Remuneration to Board of Directors
550
-
-
550
6,501
1,126
-
7,627
2021/22
Remuneration to Executive Board
5,756
840
-
6,596
Remuneration to Board of Directors
972
-
-
972
6,728
840
-
7,568
HOLMRIS B8 A/S 55
5. Share-based payments
Common stock warrants
In 2018, Holmris Holding A/S issued 55,000 D-share warrants to directors of the Company. The holders of the
warrants have paid fair market value and therefore no compensation expense is recognised. The warrants give
the holders the right (without a pre-emption right for the Company’s existing shareholders) to subscribe for 1
D-share in the Company with a par value of one Danish Krone, by cash contribution at exercise.
The D-share warrants expire at the earlier of (i) a change of control of the Group or an IPO or (ii) the period
from 1 April 2023 to 15 April 2023.
The development in outstanding warrants can be specified as follows:
Number of warrants
30 April 2023
30 April 2022
Outstanding at 1 May
45,000
45,000
Granted during the period
-
-
Forfeited during the period
(22,500)
-
Exercised during the period
(22,500)
-
Outstanding at 30 April
0
45,000
Weighted average remaining contractual life (years)
0,00
0,96
6. Amortisation and depreciation
DKK'000
2022/23
2021/22
Amortisation, intangible assets
1,938
2,692
Depreciation of property, plant and equipment
2,432
2,129
Profit/loss from sale of intangible assets and property, plant and equip-
ment
(144)
425
Leasing of property, plant and equipment
12,547
12,551
Total
16,773
17,797
7. Non-recurring items
DKK'000
2022/23
2021/22
Non-recurring items:
Loss related to restructuring activities
6,849
-
Optimization of synergies and restructuring costs
-
1,313
Premises costs related to consolidation on fewer physical locations
-
-
Total non-recurring items
6,849
1,313
HOLMRIS B8 A/S 56
7. Non-recurring items (continued)
Impact of non-recurring items on operating profit
If non-recurring items had been recognised in operating profit before non-recurring items, they would have
been included in the following line items:
DKK'000
2022/23
2021/22
Other external expenses
6,849
836
Staff costs
-
477
Total non-recurring items
6,849
1,313
During 2022/23 it was decided to consolidate the company’s sourcing and assembly activities into a central
department and location in order to captivate synergies.
Further, product management capabilities have been centralized and management structures reorganized.
This has been done to improve internal efficiency, reduce costs and reap the benefits of better being able to
apply best practices.
8. Financial income
DKK'000
2022/23
2021/22
Financial income arising from subsidiaries
417
662
Total financial income
417
662
9. Financial expenses
DKK'000
2022/23
2021/22
Financial expenses from subsidiaries
1,474
1,286
Interest expenses
14,735
14,420
Exchange rate adjustments
211
384
Financial expenses
3,709 2,961
Total financial expenses
20,129
19,051
HOLMRIS B8 A/S 57
10. Taxation including current and deferred tax
DKK'000
2022/23
2021/22
Current tax
414
-
Changes in deferred tax
8,055
2,844
Adjustment previous year
-
129
Utilisation of tax losses
(4,473)
-
Total
3,996
2,973
Reconciliation of tax expense and the profit multiplied by domestic tax
rate for 2021/22 and 2022/23:
Profit before tax
17,562
27,867
Tax computed as statutory 22% tax rate
3,864
6,131
Other adjustment
45
(63)
Utilisation of previously unrecognised tax losses
-
(4,057)
Utilisation of tax losses (gains) from companies within the joint taxation
contribution
-
4,552
Non-deductible expenses
28
86
Non-taxable income
59
(3,805)
Adjustment previous year
-
129
Income tax at the effective income tax rate of 22%
3,996
2,973
Income tax expense reported in the income statement
3,996
2,973
Deferred tax assets, net
DKK'000
2022/23
2021/22
Deferred tax at 1 May
17,686
20,000
Adjustment previous year
-
(129)
Effect from merger, unrecognised tax assets etc. - 659
Deferred tax for the year recognised in the income statement
(8,054)
(2,844)
Deferred tax at 30 April
9,632
17,686
Deferred tax is recognised in the statement of financial position as follows:
DKK'000
2022/23
2021/22
Deferred tax (asset)
9,632
17,686
Deferred tax (liability)
-
-
Deferred tax at 30 April
9,632
17,686
HOLMRIS B8 A/S 58
10 Taxation including current and deferred tax (continued)
Deferred tax concerns
DKK'000
2022/23
2021/22
Intangible assets
1,434
2,446
Property, plant and equipment
474
336
Provisions
32
158
Liabilities other than provisions
218
225
Tax loss carry forwards
7,474
14,521
Deferred tax at 30 April
9,632
17,686
Deferred tax
Management has evaluated the measurement of deferred tax assets on the basis of budgets and forecasts and
expected future income for the coming years. Deferred tax asset is expected to be utilised against future posi-
tive income within the next couple of years. Since the calculation of expected future taxable income for the
coming years is subject to significant estimation and judgment, the valuation of the recognised deferred tax
asset is inherently subject to uncertainty.
HOLMRIS B8 A/S 59
11. Total intangible assets
DKK'000
Goodwill
Acquired
intangible
assets
Completed
development
projects
30 April 2023
Cost at 1 May
266,957
14,218
12,528
Reclassification
-
-
-
Additions
-
-
732
Disposals
-
- (257)
Cost at 30 April
266,957
14,218
13,003
Amortisation at 1 May
-
(9,376)
(10,410)
Reclassification
-
-
-
Amortisation
-
(754)
(1,184)
Impairment
-
-
-
Reversal of amortisations
-
-
-
Amortisation at 30 April 2023
-
10,130
11,594
Carrying amount at 30 April 2023
266,957
4,088
1,409
30 April 2022
Cost at 1 May
112,438
14,218
12,364
Reclassification
-
-
-
Additions
154,519
-
164
Disposals
-
-
-
Cost at 30 April
266,957
14,218
12,528
Amortisation at 1 May
- (8,586) (8,353)
Reclassification
-
-
-
Amortisation
-
(635)
(2,057)
Impairment
-
(155)
-
Reversal of amortisations
-
-
-
Amortisation at 30 April 2023
-
(9,376)
(10,410)
Carrying amount at 30 April 2023
266,957
4,842
2,118
HOLMRIS B8 A/S 60
11 Total intangible assets (continued)
Goodwill
At 30 April 2023, goodwill amounted to DKK 267 million (2021/22: DKK 267 million) for the parent. The Group
has on 30 April in 2023 and 2022 performed impairment testing of the carrying amount of goodwill at the end
of the financial year based on value in use. Impairment testing is performed each year based on the budgets or
business plans approved by the Board of Directors.
The Parent Company has determined that the Parent Company itself represents the only identifyable CGU. As
this is the case, then the carrying amount of goodwill and development projects in progress is allocated thereto.
The impairment test for cash-generating units compares the recoverable amount, equivalent to the present
value of the expected future free cash flow, with the carrying amount of the individual cash-generating units.
Budgets and projections for the 2024-2033 period are based on business plans and external market surveys,
assessing risks associated with key parameters and incorporating these in expected future free cash flows. A
ten-year period as opposed to a shorter period is used to make sure that assumptions are modelled as detailed
as possible. The value for the period after 2033 takes into account the real growth and inflation expectations,
which is described below.
When calculating the recoverable amount of goodwill, a discount rate of 12.9% (2021/22: 11.4%) after tax is
assumed. The discount rate is based on a risk-free interest rate of 2.5% (2022: -0.7%). The discount rate has
been determined based on the Cost of Capital model. The risk-free interest rate, the market risk premium and
the beta factor are determined using external sources. The impairment tests performed at April 2023 indicate
significantly higher value in use of the assets compared to the carrying amounts, and the impairment tests are
therefore not sensitive to changes in the significant conditions and factors.
Key assumptions from the impairment testing of goodwill are as follows:
Value drivers based on
average for the period
2024-2033
Value drivers based on
average for the
terminal period
Net sales growth
7.0%
2.0%
EBITDA margin
10.8%
11.0%
EBITA margin
9.6%
10.0%
Intangible assets/Sales
17.8%
14.3%
Property, plant and equipment/Sales
1.6%
1.3%
NWC/Sales
-3.6%
-3.8%
ROIC (beginning of year invested capital)
49.8%
65.7%
HOLMRIS B8 A/S 61
11 Total intangible assets (continued)
Acquired intangible assets, completed development projects and development projects in progress
The intangible assets comprising acquired intangible assets, completed development projects and development
projects in progress have a total recoverable amount at 30 April 2023 of DKK 5,497 thousand (30 April 2022:
DKK 6,960 thousand). No impairment loss are identified.
12 Total property, plant and equipment
DKK'000
Plant and
machinery
Other fix-
tures and
fitings, tools
and equip-
ment
Leasehold
improve-
ments
30 April 2023
Cost at 1 May
3,179
4,795
7,687
Additions
963
296
797
Disposals
(435)
(28)
-
Cost at 30 April
3,707
5,063
8,484
Depreciation at 1 May
(1,316)
(4,395)
(4,788)
Depreciation
(627)
(305)
(1,500)
Disposals
75
-
-
Depreciation at 30 April 2023
1,868
4,700
6,288
Carrying amount at 30 April 2023
1,839
363
2,196
30 April 2022
Cost at 1 May
2,379
3,829
5,791
Reclassification
-
1,042
-
Additions
1,383
298
1,896
Disposals
(583) (374) -
Cost at 30 April
3,179
4,795
7,687
Depreciation at 1 May
(1,452)
(3,272)
(3,474)
Reclassification
-
(1,042)
-
Depreciation
(368)
(447)
(1,314)
Disposals
504
366
-
Depreciation at 30 April 2022
(1,316)
(4,395)
(4,788)
Carrying amount at 30 April 2022
1,863
400
2,899
HOLMRIS B8 A/S 62
13 Right-of-use assets
DKK'000
30 April 2023
30 April 2022
30 April 2023
Cost at 1 May
100,203
95,008
Additions
32,782
6,403
Adjustments and revaluations
(824)
(1,208)
Cost at 30 April
132,161
100,203
Depreciation at 1 May
(79,281)
(66,730)
Depreciation
(12,547)
(12,551)
Depreciation at 30 April 2023
(91,828)
(79,281)
Carrying amount at 30 April 2023
40,333
20,922
Carrying amounts of lease liabilities and movements during the period:
DKK'000
30 April 2023
30 April 2022
At 1 May
21,795
29,423
Additions
32,782
6,403
Accrual of interest 813 793
Payments
(13,024)
(13,261)
Adjustments and revaluation
(812)
(1,563)
At 30 April
41,554
21,795
Current
14,360
10,964
Non-current
27,194
10,831
The maturity analysis of lease liabilities is disclosed in note 19 (Financial risk).
The following amounts have been recognised in profit or loss:
DKK'000
2022/23
2021/22
Depreciation expense of right-of-use assets
12,547 12,551
Interest expense on lease liabilities
813
793
Total amount recognised in profit or loss
13,360
13,344
The Company had total cash outflow for leases of DKK 13,024 thousand (2021/22: DKK 13,261 thousand).
The Company leases various properties, production equipment, equipment and cars. Lease terms are negoti-
ated on an individual basis and contain a wide range of different terms and conditions.
HOLMRIS B8 A/S 63
14 Fixed assets investments
DKK'000
Investment in
subsidiaries
Deposits
2022/23
Cost at 1 May
32,897
3,118
Additions
17,545
2,510
Cost at 30 April
50,442
5,628
2021/22
Cost at 1 May
33,055
3,020
Additions
-
98
Disposals
(158)
-
Cost at 30 April
32,897
3,118
Investments in subsidiaries are being assessed on a recurring basis for any indication of the recoverable amount
exceeding the carrying amount. There has not been any indication thereof during the years 2022/23 and
2021/22.
List of subsidiaries owned by the Parent Company:
Registered in:
Equity interest %
Holmris Customized A/S
Silkeborg 100
Labofa A/S
Slagelse
100
Designbrokers Hospitality DK ApS
Copenhagen
100
Designbrokers Benelux B.V.
Netherlands
100
Public Trade A/S
Bjerringbro
100
15 Investment in associates
DKK'000
Investment in
associates
2022/23
Cost at 1 May
11,280
Disposals
-
Cost at 30 April
11,280
Value adjustments at start of year
2,619
Share of profit/(loss)
(1,319)
Value adjustments at 30 April
1,300
Carrying amount at 30 April
12,580
List of subsidiaries owned by the Parent Company:
Registered in:
Equity interest %
Holmris Form/Funk AS
Norway 40
ETOS air ApS
Bjerringbro
40
HOLMRIS B8 A/S 64
16 Inventories
DKK'000
30 April 2023
30 April 2022
Raw materials and consumables
-
-
Prepayments for goods
7,174
6,214
Manufactured goods and goods for resale
54,228
45,355
Total inventories
61,402
51,569
Included in the income statement
During 2022/23, DKK 715 million (2021/22: DKK 709 million) was recognised as an expense for inventories
carried at net realisable value. This is recognised in cost of sales.
During 2022/23, DKK 0 million (2021/22: DKK 0 million) were recognised as write down of inventories carried
at net realisable value. This is recognised in cost of sales.
17 Trade and other receivables
DKK'000
30 April 2023
30 April 2022
Trade receivables
78,057
50,434
Other receivables
7,886
6,795
Total receivables
85,943
57,229
The average credit period for the sale of goods is 30 days.
The Parent Company holds a portfolio of trade receivables which meets the SPPI test. The trade receivables are
either held to collect their cash flows whereas some receivables are subject to factoring arrangements. The
factoring arrangement results in derecognition of the trade receivables and recognition of a separate asset
representing the unpaid consideration from the factor.
Trade receivables
Trade receivables consist of trade receivables less considerations from the factoring agreements and are meas-
ured at amortised cost less provisions for expected credit losses. The Parent Company applies the simplified
approach in order to measure lifetime expected credit losses.
HOLMRIS B8 A/S 65
17 Trade and other receivables (continued)
Trade receivables have been grouped based on shared credit risk characteristics. The expected credit losses on
trade receivables are estimated using a provision matrix by reference to past default experience of the debtor
and an analysis of the debtor’s current financial position, adjusted for factors that are specific to the debtors.
Set out below is the movement in the allowance for expected credit losses:
DKK'000
30 April 2023
30 April 2022
At 1 May
-
400
Reversal of write-off
-
(400)
At 30 April
-
-
Receivables from group enterprises
For receivables from group enterprises the Company applies a simplified approach in calculating expected credit
losses. Therefore, the Parent Company does not track changes in credit risk, but instead recognises a loss al-
lowance based on lifetime expected credit losses at each reporting date.
18 Other provisions
DKK'000
30 April 2023
30 April 2022
Balance at 1 May
720
500
Reduction arising from payment (581) -
Additions
-
220
Other provisions at 30 April
139
720
Other provisions are expected to fall due as follows:
0-1 year
139
720
1-5 years
-
-
Other provisions at 30 April
139
720
Other provisions comprise anticipated costs of non-recourse guarantee commitments, returns etc.
HOLMRIS B8 A/S 66
19 Financial risks
For a description of the Parent Company's financial risks, including a description of the risk management policy,
credit risk, liquidity risks, interest rate risks and foreign currency risks, see note 18 to the consolidated financial
statements.
The tables below summarise the maturity profile of the Entity’s financial liabilities based on contractual undis-
counted payments:
DKK’000
Carrying
amount
< 1 year
1 to 5 years
> 5 years
Total
30 April 2023
Bank loans
135,245
42,604
104,419
-
147,023
Trade payables
140,316
140,316
-
-
140,316
Payables to group enterprises
111,273
111,273
-
-
111,273
Subordinate loan capital
2,677
2,677
-
-
2,677
Other payables
31,085
31,085
-
-
31,085
Holiday allowances
15,779
-
-
15,779
15,779
Lease liabilities
41,551
14,360
27,191
-
41,551
Total
477,926
342,315
131,610
15,779
489,704
DKK’000
Carrying
amount
< 1 year
1 to 5 years
> 5 years
Total
30 April 2022
Bank loans
91,500
20,514
82,727
-
103,241
Trade payables
95,820
95,820
-
-
95,820
Payables to group enterprises
52,388
52,388
-
-
52,388
Subordinate loan capital
58,102
1,932
8,254
70,838
81,024
Other payables
28,986
25,418
3,568
-
28,986
Holiday allowances
14,779
386
1,544
15,822
17,752
Lease liabilities
21,795
10,964
11,869
-
22,833
Total
363,370
207.422
107,962
86,660
402,044
HOLMRIS B8 A/S 67
19 Financial risks (continued)
Financial assets and liabilities
DKK'000
30 April
2023
30 April
2022
Trade receivables
78,057 50,434
Receivables from group enterprises
30,539
7,395
Other receivables
7,886
6,795
Prepaid
expenses
6,563
5,570
Cash
104,766
42,739
Financial assets measured at amortised cost
227,811
112,933
Bank loans
134,725
91,500
Trade payables
140,316
95,820
Payables to group enterprises
111,273
52,388
Other payables
50,061
23,487
Lease liabilities
41,551
21,795
Financial liabilities measured at amortised cost
477,926
284,990
Since the Group’s financial instruments measured at amortised cost are either short-term and/or exposed to
floating interest rates, Management has assessed that the carrying amount is a reasonable approximation of
fair value.
20 Working capital changes
DKK'000
30 April 2023
30 April 2022
Increase (-)/decrease (+) in inventories
(9,823)
(12,080)
Increase (-)/decrease (+) in receivables etc.
(52,583)
5,107
Increase (+)/decrease (-) in current liabilities
142,037 32,139
Total
79,631
25,166
21 Reconciliation of liabilities arising from financing activities
DKK'000
Other
Borrowings
and revolving
Credit Facili-
tity
Subordinated
loans
Lease
liabilities
Total
liabilities from
financing
activities
30 April 2023
Liabilities at 1 May
119,071
58,102
21,795
198,968
Additions from acquisitions etc.
- -
180 180
Loan raised
60,000
-
32,782
92,782
Repayments
(38,101)
(55,425)
(12,319)
(105,845)
Adjustments and revaluations
-
-
(884)
(884)
Liabilities at 30 April
140,970
2,677
41,554
185,201
HOLMRIS B8 A/S 68
21 Reconciliation of liabilities arising from financing activities (continued)
DKK'000
Other
Borrowings
and revolving
Credit Facili-
tity
Subordinated
loans
Lease
liabilities
Total
liabilities from
financing
activities
30 April 2022
Liabilities at 1 May
70,162
0
29,423
99,585
Additions from acquisitions etc.
15,000
100,958
- 115,958
Loan raised
57,361
-
6,403
63,764
Repayments
(24,222)
(42,856)
(13,261)
(80,339)
Adjustments and revaluations
-
-
(1,563)
(1,563)
Other
770
-
793
1,563
Liabilities at 30 April
119,071
58,102
21,795
198,968
22 Guarantees, contingent liabilities and collateral
The following assets are provided as collateral in favour of credit institutions in the Parent Company:
DKK'000
30 April
2023
30 April
2022
Acquired intangible assets
4,088
4,842
Property, plant and equipment
43,769
26,083
Receivables from group enterprises
30,539
7,395
Inventories 61,401 51,569
Trade receiveables
78,057
50,434
Carrying amount of assets held as collateral
217,854
140,323
The Parent Company has guaranteed group enterprises’ debt to Sydbank. The maximum limit of the guarantee
is DKK 70,000 thousand (30 April 2022: DKK 83,500 thousand). Net bank loans of group enterprises amount to
DKK 16,256 thousand (30 April 2022: DKK 0 thousand).
The company has issued a mortgage deed letter to the company's bank capped at DKK 15,000 thousand in
investment in group enterprises, trade receivables, acquired intangible assets, inventories, plant and machinery
and other fixtures, fittings and operating equipment.
The booked value of the assets is DKK 196,191 thousand.
Debt to the factoring company is secured on a receivables charge on unsecured claims relating to the sale of
goods and services. Debt to the factoring company has been set off against the value of trade receivables.
HOLMRIS B8 A/S 69
22 Guarantees, contingent liabilities and collateral (continued)
Contingent liabilities
The Parent Company participates in a Danish joint taxation arrangement where HOLMRIS B8 A/S serves as the
administration company.
According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for
income taxes etc. for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on
interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net liability
under the joint taxation arrangement is disclosed in the administration company's financial statements.
23 Fees to auditor appointed by the general meeting
DKK'000
2022/23
2021/22
Statutory audit
388
385
Other assurance engagements
-
63
Tax and VAT advisory services
476
430
Other services
316
388
Total
1,180
1,266
24 Related parties
The ultimate owner is BWB Partners I K/S with a registered office in Kokkedal.
Related parties also comprise the members of the Board of Directors and the Executive Board as well as close
family members of the members of the Board of Directors and the Executive Board as well as other senior
executives.
Transactions with the Board of Directors and the Executive Board which comprise salaries, pension and other
benefits are described in note 4
Other transactions with group enterprises:
DKK'000
2022/23
2021/22
Sale of goods
-
377
Purchase of goods
(228,657)
(251,047)
Management fee 9,535 8,151
Financial income from subsidiaries
387
662
Financial cost from subsidiaries
(1,474)
(1,218)
HOLMRIS B8 A/S 70
25 Events after the balance sheet date
No events have occurred after the balance sheet date to this date, which would influence the evaluation of
this annual report.
26 Adoption of new and amended Standards
The new and amended Standards and Interpretations that have been issued, but which are not yet effective,
up to the date of issuance of the Group’s Financial Statements have not been adopted by the Group. The Group
intends to adopt these new and amended Standards and Interpretations, if applicable, when they become ef-
fective. The adoption of these is not expected to have significant impact on the financial reporting for future
periods.
Annual reportAuditor's report on audited financial statementsParsePort XBRL Converter2022-05-012023-04-302021-05-012022-04-30254900P9HB7QMP0E2996Reporting class C, large enterpriseOpinionBasis for Opinion2023-06-302023-06-302023-06-30254900P9HB7QMP0E29962022-05-012023-04-30cmn:ConsolidatedMember254900P9HB7QMP0E29962022-05-012023-04-30254900P9HB7QMP0E29962021-05-012022-04-30254900P9HB7QMP0E29962023-04-30254900P9HB7QMP0E29962022-04-30254900P9HB7QMP0E29962022-04-30ifrs-full:IssuedCapitalMember254900P9HB7QMP0E29962022-05-012023-04-30ifrs-full:IssuedCapitalMember254900P9HB7QMP0E29962023-04-30ifrs-full:IssuedCapitalMember254900P9HB7QMP0E29962022-04-30ifrs-full:RetainedEarningsMember254900P9HB7QMP0E29962022-05-012023-04-30ifrs-full:RetainedEarningsMember254900P9HB7QMP0E29962023-04-30ifrs-full:RetainedEarningsMember254900P9HB7QMP0E29962021-04-30ifrs-full:IssuedCapitalMember254900P9HB7QMP0E29962021-05-012022-04-30ifrs-full:IssuedCapitalMember254900P9HB7QMP0E29962021-04-30ifrs-full:RetainedEarningsMember254900P9HB7QMP0E29962021-05-012022-04-30ifrs-full:RetainedEarningsMember254900P9HB7QMP0E29962021-04-30254900P9HB7QMP0E29962022-05-012023-04-30cmn:ConsolidatedMember1254900P9HB7QMP0E29962022-05-012023-04-30cmn:ConsolidatedMember2254900P9HB7QMP0E29962022-05-012023-04-30cmn:ConsolidatedMember3254900P9HB7QMP0E29962022-05-012023-04-30cmn:ConsolidatedMember1254900P9HB7QMP0E29962022-05-012023-04-30cmn:ConsolidatedMember2254900P9HB7QMP0E29962022-05-012023-04-30cmn:ConsolidatedMember3254900P9HB7QMP0E29962022-05-012023-04-30cmn:ConsolidatedMember4254900P9HB7QMP0E29962022-05-012023-04-30cmn:ConsolidatedMember5254900P9HB7QMP0E29962022-05-012023-04-30cmn:ConsolidatedMember6254900P9HB7QMP0E29962022-05-012023-04-30cmn:ConsolidatedMember7254900P9HB7QMP0E29962022-05-012023-04-30cmn:ConsolidatedMember1254900P9HB7QMP0E29962022-05-012023-04-30cmn:ConsolidatedMember2254900P9HB7QMP0E29962021-05-012022-04-30cmn:ConsolidatedMemberiso4217:DKKxbrli:pure