Page | 0 ANNUAL REPORT 2022
Glunz & Jensen Holding A/S; Selandia Park 1, 4100 Ringsted, Denmark
CVR 10239680
ANNUAL REPORT 2022 Page | 1
Glunz & Jensen is a supplier of innovative, high-quality plate making equipment and solutions for the global prepress
industry. In addition to developing and producing processors for the Offset and Flexo printing industries, we also offer R&D
services as well as a full-range of spare parts and wear parts and consumable parts. Further our product portfolio includes
exposure units, dryers, light finishers, inline systems, mounting tables, plate stackers and software for monitoring and
controlling the complete prepress process.
Our R&D, assembly and test facilities are in Presov, Slovakia, and our products are based on application know-how and
own developed technology. In addition, we have an R&D and test facility in Odense, Denmark, working on behalf of our
largest customer.
Glunz & Jensen has been operating in prepress for almost 50 years. We have long-standing relations with major industry
leading companies such as Agfa, Asahi, DuPont, Fuji Film, Heidelberg, Kodak, MacDermid, Miraclon, Technova and XSYS.
We market our products directly to key customers as well as through a comprehensive and worldwide network of
distributors and dealers. We have approx. 108 employees in our facilities in Denmark, Slovakia, and the USA.
We strive to be the most innovative high-end equipment and services provider, delivering outstanding value for money in
our product areas, and thereby growing our market share with our global partners. Further we aim to strengthen our
earnings through improved profitability and optimization of manufacturing and supply chain.
Segment Prepress consists of two product areas described below:
OFFSET
FLEXO
Products
Primary applications
Share of revenue
Main sales channels
Markets
Main market drivers
CtP and iCtP processors which prepare
Offset plates for Offset printing as well
as after-sales service
Media industry – production of
newspapers, magazines, books, etc.
Approx. 51% of Prepress
Through large customers such as Fuji
Film, Kodak, Heidelberg, Technova and
multiple large dealers
Global
Develop and supply new, innovative
products and solutions in close
cooperation with customers as well as
ongoing consolidation to maintain
critical mass. There has been and will
be migration to digital platform-based
solutions
Flexographic (Thermal and Solvent)
equipment which process and handle
plates for Flexo printing as well as
after-sales service
Packaging industry
Approx. 49% of Prepress
Through large customers such as
DuPont, MacDermid, Miraclon, Asahi,
and multiple large dealers
Global
Improve technological solutions and
automation of prepress production
processes in close cooperation with
customers. There will be focus on
developing environmentally friendly
solutions which reduce resource
consumption and wastewater
Besides from the main segment Prepress Glunz & Jensen reports and operates within the segment investment
property, Selandia Park.
Page | 2 ANNUAL REPORT 2022
TABLE OF CONTENTS
HEADLINES FOR 2022 .................................................................................................................................................. 3
GLUNZ & JENSEN HOLDING A/S LOCATIONS ............................................................................................................... 4
FINANCIAL HIGHLIGHTS .............................................................................................................................................. 5
BUSINESS AND FINANCIAL REVIEW............................................................................................................................. 6
OPTIMIZATION OF THE VALUE CHAIN ......................................................................................................................... 7
OUTLOOK ................................................................................................................................................................... 8
FINANCIAL STATEMENTS ............................................................................................................................................ 9
RISK FACTORS ............................................................................................................................................................13
REPORTING ON MANAGEMENT .................................................................................................................................15
STATEMENT ON CORPORATE SOCIAL RESPONSIBILTY AND GENDER DIVERSITY ........................................................19
SHAREHOLDER INFORMATION ..................................................................................................................................21
BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT ............................................................................................23
GROUP COMPANIES ..................................................................................................................................................25
STATEMENT BY THE BOARD OF DIRECTORS AND THE EXECUTIVE MANAGEMENT .....................................................26
INDEPENDENT AUDITOR'S REPORT ............................................................................................................................27
INCOME STATEMENT .................................................................................................................................................31
STATEMENT OF COMPREHENSIVE INCOME ...............................................................................................................31
BALANCE SHEET .........................................................................................................................................................32
STATEMENT OF CHANGES IN EQUITY .........................................................................................................................34
STATEMENT OF CASH FLOWS ....................................................................................................................................36
NOTES .......................................................................................................................................................................37
DEFINITIONS OF RATIOS ............................................................................................................................................63
The consolidated financial statements are presented in compliance with International Financial Reporting Standards (IFRS) as
adopted by the EU and additional requirements in the Danish Financial Statements Act. The registered office of Glunz & Jensen
Holding A/S is in Denmark. References to the future in the annual report reflect Management's current expectations as to future
events and financial results. References to the future are associated with uncertainty, and the results achieved may therefore
deviate from the expectations stated in the annual report. Circumstances which may imply that results achieved differ from
expectations are, e.g., developments in the business cycle and financial markets, including economic developments in the world,
wars, pandemics, changes in laws and regulations affecting Glunz and Jensen Holding A/S' business areas and markets, trends
in demand for products, competitive and supplier relationships, and energy and commodity prices. See also the sections on risk
factors in the annual report.
ANNUAL REPORT 2022 Page | 3
HEADLINES FOR 2022
• The accounting period in 2022 is from April 1
st
, 2022, to December 31
st
, 2022, hence covering a 9-month period only.
The comparative figures in the accounting period 2021/22 are from April 1
st
, 2021, to March 31
st
, 2022, hence covering
a period of 12 months. Unless otherwise stated, all references to 2022 cover a 9-month period, whereas all references
to 2021/22 and earlier years are based on periods consisting of 12-month period. The reader should be cautious in
comparing 2022 to 2021/22 and to previous years - without this important knowledge.
• Revenue in Glunz & Jensen Holding A/S came to DKK 103,4 million in 2022 vs. DKK 147,0 million in 2021/22, equal
to a 29,7% decrease in revenue. Offset revenue decreased by 31,5% to DKK 47,4 million (2021/22: increased 8,1%),
while Flexo revenue decreased by 29,4% to DKK 46,3 million (2021/22: increased 9,4%). Revenue in Selandia Park
decreased by 20,7% to DKK 9,7 million (2021/22: decreased 6,1%). Revenue was in line with our expectations
announced to the market on November 22
nd
, 2022, as revenue then was communicated at a level of DKK 100-105
million.
• Gross profit totaled DKK 27,5 million (2021/22: DKK 39,1 million), equal to an unchanged gross profit margin of 26,6%
(2021/22: 26,6%).
• Profit before financial income and expenses, tax, depreciation, amortization, and impairment of assets, – the EBITDA,
was DKK 18,2 million (2021/22: DKK 23,9 million). The EBITDA was in line with our expectations announced to the
market on November 22
nd
, 2022, as it was then communicated a level of DKK 17-20 million.
• Profit for the year before tax totaled DKK 15,3 million (2021/22: DKK 14,6 million). This was in line with our expectations
announced to the market on November 22
nd
, 2022, as profit for the year before tax was then expected a level of DKK
15-17 million. The improvement in profit for the year before tax is considered satisfactory.
• Profit for the year totaled DKK 12,0 million (2021/22: DKK 12,1 million), equal to a profit in earnings per share (EPS) of
DKK 6,6 in 2022 (2021/22: DKK 6,7 per share).
• Net cash flows from operating activities came at DKK -9,3 million (2021/22: DKK 23,2 million), net investments were
DKK -1,4 million (2021/22: DKK -4,1 million), and cash flow from financing activities were DKK 10,6 million (2021/22:
DKK -18,9 million). Free cash flows at year-end were DKK -10,7 million (2021/22: DKK 19,1 million).
• Revenue developed as follows in the 9 months of 2022 compared to the first 9 months of 2021/22: the Offset revenue
decreased by 5,5% from DKK 50,2 million in 2021/22 to DKK 47,4 million in 2022. The 9 months revenue in Flexo
decreased by 13,5% from DKK 53,5 million in 2021/22 to DKK 46,3 million in 2022. Revenue in Selandia Park increased
by 5,5% during the 9 months to DKK 9,7 million in 2022 from DKK 9,2 million in 2021/22. In total the revenue for the
first 9 months in 2022 was DKK 103,4 million comparable to the revenue for the first 9 months of 2021/22 of DKK 112,9
million.
• The Board of Directors recommends not to distribute dividend for 2022.
Page | 4 ANNUAL REPORT 2022
GLUNZ & JENSEN HOLDING A/S LOCATIONS
Glunz & Jensen Prepress currently has 4 locations:
Ringsted, Denmark including headquarter, administration, finance, sales and service. In addition, there is a branch office
in Odense, Denmark hosting Thermal R&D.
Presov, Slovakia including administration, finance, R&D, internal sales, Offset and Flexo manufacturing and global spare
parts center.
Inman, SC, USA including service and regional spare parts center.
Investment properties in Selandia Park A/S are located in Ringsted, Denmark.
MANAGEMENT'S REVIEW
ANNUAL REPORT 2022 Page | 5
FINANCIAL HIGHLIGHTS
DKK
DKK
DKK
DKK
DKK
12 months
12 months
12 months
12 months
9 months
In millions, except per share data
2018/19
2019/20
2020/21
2021/22
2022
Key figures
Income statement
Revenue
227,5
195,6
136,9
147,0
103,4
Gross profit
43,8
35,3
28,4
39,1
27,5
Operating profit/(loss)
(3,4)
(17,8)
4,7
17,8
17,0
Net financials
(4,4)
(3,1)
(3,9)
(3,1)
(1,8)
Profit/(loss) before tax
(8,6)
(20,8)
0,9
14,6
15,3
Profit/(loss) for the year
(6,9)
(18,4)
0,9
12,1
12,0
Profit/(loss) before financial income and expenses, tax,
depreciation, amortization, and impairment of assets
(EBITDA)
9,0
1,7
19,6
23,9
18,2
Balance sheet
Assets
Completed development projects
11,4
5,6
0,2
-
-
Other intangible assets
-
-
-
-
-
Other non-current assets
146,6
166,3
154,7
152,7
157,7
Current assets
81,6
75,3
57,4
67,5
82,8
Total assets
239,6
247,2
212,3
220,2
240,5
Liabilities
Share capital
86,8
73,6
73,9
86,3
98,4
Non-current liabilities
80,2
88,9
76,5
70,1
65,9
Current liabilities
72,6
84,7
61,9
63,8
76,2
Total Equity and liabilities
239,6
247,2
212,3
220,2
240,5
Cash flows
Cash flows from operating activities
10,6
(2,1)
15,6
23,2
(9,3)
Cash flows from investing activities
2)
(3,6)
(7,4)
0,2
(4,1)
(1,4)
Free cash flow
7,0
(9,5)
15,8
19,1
(10,7)
Cash flows from financing activities
(10,3)
9,3
(16,4)
(18,9)
10,6
Change in cash and cash equivalents for the year
(3,3)
(0,2)
(0,6)
0,2
(0,1)
2)
including investments in property, plant and
equipment and investment properties
(3,9)
(7,4)
(0,3)
(4,1)
(1,4)
Financial ratios in %
Operating margin
(1,5)
(9,1)
3,5
11,7
16,5
EBITDA margin
4,0
0,9
14,3
16,3
17,6
Return on assets (ROIC)
(1,3)
(7,3)
2,1
8,0
7,4
Return on equity (ROE)
(7,7)
(22,9)
1,2
15,1
13,0
Solvency ratio
36,2
29,8
34,8
39,2
40,9
Other information
Credit institutions net interest-bearing debt
84,1
97,5
86,5
71,1
83,9
Interest coverage
(1,6)
(12,4)
1,7
6,9
9,3
Earnings per share (EPS)
(3,8)
(10,1)
0,5
6,7
6,6
Diluted earnings per share (EPS-D)
(3,8)
(10,1)
0,5
6,7
6,6
Cash flow per share (CFPS)
5,8
(1,1)
8,6
12,7
(5,1)
Book value per share (BVPS)
47,7
40,4
40,6
47,4
54,1
Share price (KI)
44
55
65
78
75
Average number of shares outstanding (in thousands)
1.821
1.821
1.821
1.821
1.821
Dividend per share
0,0
0,0
0,0
0,0
0,0
Average number of employees
171
158
119
101
108
For definitions of financial ratios, see page 63. 1) The DKK/EUR exchange rate applied is 744.
The accounting period in 2022 is from April 1
st
to December 31
st
hence covering a 9-month period only.
IFRS 16 was adopted on April 1
st
, 2019, and the previous year have not been restated.
MANAGEMENT'S REVIEW
Page | 6 ANNUAL REPORT 2022
BUSINESS AND FINANCIAL REVIEW
Strategy/Turnaround
Following the decline in revenue over the previous years,
a short-term right-sizing plan (referred to as the Strategy
2020-22) was developed early 2020 covering a 2-year
period. This plan – among others - included further
operational consolidation, additional focus on new
markets, an updated go-to-market approach, new
product launches, and significant organizational
adjustments.
The Strategy 2020-22 plan from January 2020 has
improved the annual EBITDA for the group by
approximately DKK 20 million annually during the last 2
years.
Main challenges in 2022:
• The securing of supply of parts – especially
electronic components – became increasingly
challenging by Q4 of 2022. This created an
increase in the inventories of work-in-progress as
the volume of nearly finished equipment has
increased and the shortage of parts – especially
electronic components – has led to less than
expected revenue in Q4 of 2022.
• Higher-than-normal inflation led to higher prices on
mechanical parts, electronic components,
electricity, and gas increased the cost base at
Glunz & Jensen which could not in full be carried
over to our customers.
Offset market
Glunz & Jensen’s sales to the Offset market decreased
by 31,5% in 2022 compared to 2021/22 (Decrease of
5,5% Y-o-Y). There was a sharp slowdown in Offset
investments at the start of the Covid-19 pandemic. The
market has subsequently regained some traction and we
pursue an increase in our market share.
Flexo market
Competition in the Flexo market remained fierce in 2022
and we saw sales decreasing by 29,4% compared to
2021/22 (Decrease of 13,5% Y-o-Y).
The revenue in 2022 was impacted by difficulties mainly
on the supply side. Glunz & Jensen estimates that the
global market volume continues to grow at 1-3% annually
and remains confident that we maintain momentum in
this segment supported by our improved
competitiveness and delivery performance.
Focused development activity
Glunz & Jensen's strategic focus in recent years has
been to meet customer demands through the
development of new and competitive products, both in
Offset and in Flexo. We develop machines both for our
own brand and act as a trusted development partner for
some of the world’s largest plate manufacturers.
Selandia Park A/S
Selandia Park A/S' business objective is to invest in and
operate a property portfolio. Rental income in Selandia
Park A/S decreased to DKK 9,7 million (2021/22: DKK
12,2 million), excluding rental income from Glunz &
Jensen A/S. Y-o-Y the rental income increased by 5,5%.
Approximately 9% of the property complex was idle end
of 2022.
All the tenants - except for one – have renewed their
rental contracts during 2021/22 thus extending the
expiration dates of the rental contracts to 2026 at the
earliest and to 2033 at the latest. Selandia Park A/S
contributed DKK 13,0 million to the profit before tax. The
fair value of the investment properties amounts to DKK
146,5 million by December 31
st
, 2022 (2021/22: DKK
140,5 million). The value was positively impacted
compared to 2021/22 due to fair value adjustment of
DKK 6,0 million. This is caused by significant rent
increases as from January 1
st
, 2023.
Following the improved financial performance in 2021/22
and in 2022, the Board of Directors decided by May 2022
to discontinue the sales process thus keeping the
ownership of the investment properties within Glunz &
Jensen.
MANAGEMENT'S REVIEW
ANNUAL REPORT 2022 Page | 7
OPTIMIZATION OF THE VALUE CHAIN
Glunz & Jensen's strategy is based on the following key
themes:
1. Leading the market for Offset prepress equipment
Offset is one of Glunz & Jensen's cornerstone business
areas with iCtP and CtP processors as main products.
These develop and prepare aluminum Offset plates for
printing applications such as newspapers, inserts,
magazines, books, information, promotional material,
and a variety of other printed matters.
Our aim is to further strengthen our position as market
leader on the global Offset market by continuing to invest
in R&D and deliver cutting-edge quality products with low
energy consumption and reduced environmental impact
at competitive prices. Further we will increase our
footprint in regions which are still showing notable
progress for Offset products, mainly APAC and North
America.
2. Developing a leading position in the Flexo market
through customer satisfaction and the development and
launch of cost-efficient products
Glunz & Jensen is one of the largest providers of Flexo
equipment globally. In addition, we act as a valued
development and manufacturing partner for some of the
largest plate manufacturers. The Flexo market – which
mainly serves the packaging industry - develops at an
estimated annual growth rate of 1-3%, driven by
underlying growth in packaging, changing demographics,
and shares gained from other printing technologies. We
aim to gain market share in this segment going forward.
3. Growing the after-market
Glunz & Jensen's aftermarket business includes sales of
spare parts, consumables for iCtP products, installation,
repair, preventive maintenance of hardware and
software. In addition to enhanced profitability, these
activities strengthen our relationship with customers and
provide valuable feedback and dialogue with the end-
users.
We strive to increase our aftermarket business by
streamlining our supply chain to serve customers faster
and continue to offer high-quality OEM parts to keep our
equipment running smoothly.
4. Improving profitability
During the last years a significant number of steps have
been taken to further improve the profitability of Glunz &
Jensen. These include reduction of product range
(overlapping products), transfer of functions from Glunz
& Jensen A/S, Denmark to Glunz & Jensen s.r.o.,
Slovakia and discontinuation of loss-making parts of our
business and product portfolio plus a stringent focus on
cost throughout the value chain.
These significant steps combined with great effort by our
staff have resulted in a significantly improved profitability,
despite the shortages of parts and electronic
components and higher-than-normal inflation.
MANAGEMENT'S REVIEW
Page | 8 ANNUAL REPORT 2022
OUTLOOK
For fiscal 2023, the Group revenue is expected to come
in at the DKK 135-140 million level, while operating profit
(EBITDA) – excluding fair value adjustments on
investment properties – is expected at a level of DKK 13-
16 million. The profit before tax – excluding fair value
adjustments on investment properties - is expected at a
level of the DKK 9-12 million.
Management underlines that the outlook for the fiscal
year 2023 is associated with some uncertainty as the
challenges on the supply side of parts and still prevail.
It is the Group’s intention to use the free cash flow to the
greatest possible benefit of its shareholders. This
includes investment in business development and
technology as well as reduction of debt.
BUSINESS MODEL
Glunz & Jensen is a supplier of innovative, high-quality
plate making equipment and solutions for the global
prepress industry. In addition to developing and
producing processors for the Offset and Flexo printing
industries, we also offer R&D services plus a full-range
of spare- and wear parts. Further our product portfolio
includes exposure units, dryers, light finishers, mounting
tables, plate stackers and software for monitoring and
controlling the complete prepress process.
Our R&D, assembly, and test facilities are in Presov,
Slovakia, and our products are based on application
know-how and own developed technology. In addition,
we have a R&D and test facility in Odense, Denmark,
working on behalf of our largest customer
Glunz & Jensen has been operating in prepress for
almost 50 years. We market our products directly to key
customers as well as through a comprehensive and
worldwide network of distributors and dealers. We have
approx. 108 employees in our facilities in Denmark,
Slovakia, and the USA.
We strive to be the most innovative high-end equipment
and services provider, delivering value for money in our
product areas, and thereby growing our market share
with our global partners. Further we aim to strengthen
our earnings through improved profitability and
optimization of manufacturing and supply chain.
MANAGEMENT'S REVIEW
ANNUAL REPORT 2022 Page | 9
FINANCIAL STATEMENTS
The Group
Income statement
Important note: All references to 2022 are based on
the period April 1
st
– December 31
st
, 2022, equal to 9
months. All other fiscal years consist of the period
April 1
st
– March 31
st
equal to 12 months periods.
Group revenue
The Group's revenue totaled DKK 103,4 million in 2022
(2021/22: DKK 147,0 million), corresponding to a
decrease in revenue of 29,7%.
Figure 1: Revenue (million DKK), fiscal years, note 2022 at
only 9 months
Revenue in Offset decreased by 31,5%, Flexo revenue
decreased by 29,4% while rental income from Selandia
Park decreased by 20,7%.
Figure 2: Revenue (million DKK) by product, fiscal years,
note 2022 at only 9 months
New product range in Offset segment
Glunz & Jensen has successfully launched the next
generation of iCtP equipment, the PlateWriter Infuse,
followed by the PlateWriter Infuse XL in this financial
year. These systems have replaced the PlateWriter 2000
and PlateWriter 3600 respectively. The new generation
is also available as an Infuse retrofit kit, enabling
upgrades of existing equipment in the field.
Further, the InterPlater MD85T and MD125T Offset
processors have been fully released to the market. The
InterPlater MD platform is a cost-efficient model of the
well-established InterPlater HDX, targeting emerging
markets.
Selandia Park
Selandia Park A/S' business objective is to invest in and
operate a property portfolio. Rental income in Selandia
Park A/S decreased to DKK 9,7 million (2021/22: DKK
12,2 million), excluding rental income from Glunz &
Jensen A/S. Y-o-Y rental income increased by 5,5%.
Approximately 9% of the property complex was idle end
of 2022.
All the tenants - except for one – renewed their rental
contracts during 2021/22 thus extending the expiration
dates of the rental contracts to 2026 at the earliest and
to 2033 at the latest. Selandia Park A/S contributed DKK
13,0 million to profit before tax. The fair value of the
investment properties amounts to DKK 146,5 million by
December 31
st
, 2022 (2021/22: DKK 140,5 million). The
value was positively impacted compared to 2021/22 due
to fair value adjustment of DKK 6,0 million. This was
caused by significant rent increases as from January 1
st
,
2023.
Gross profit
Gross profit for 2022 totaled DKK 27,5 million (2021/22:
DKK 39,1 million), corresponding to an unchanged gross
profit margin at 26,6% against 2021/22 of 26,6%.
Figure 3: Gross profit and gross profit margin for the fiscal
years
EBITDA
Profit before interest, tax, and depreciation and
amortization (EBITDA) totaled DKK 18,2 million,
(2021/22: DKK 23,9 million) corresponding to an EBITDA
margin of 17,6% (2021/22: 16,3%).
MANAGEMENT'S REVIEW
Page | 10 ANNUAL REPORT 2022
Figure 4: EBITDA/EBITDA margin, all shown in fiscal years.
Note 2022 is only 9 months.
Profit before tax improved
Glunz & Jensen succeeded with the operational plans for
2022 and also managed to reduce the cost which in
combination led profit before tax to DKK 15,3 million
(2021/22: DKK 14,6 million), a satisfactory result in the
current market conditions.
Figure 5: Profit before tax/profit before tax margin, all
shown in fiscal years. Note 2022 is only 9 months.
EBITDA and profit before tax are the key KPI’s for the
Board of Directors and management in assessing the
progress made in the turnaround plan. Management
expects to achieve an EBITDA margin of approx. 10%
and a profit before tax margin of approx. 8% in the fiscal
year 2023.
2022 was the first year of normalized operations in Glunz
& Jensen’s manufacturing plant in in Presov, Slovakia
following the transfer of activities from Nyborg, Denmark.
As result of the transfer, part of the leased properties in
Nyborg were vacated at the beginning of the calendar
year 2022, which resulted in an impairment of leased
properties of DKK 0,0 million (2021/22: DKK 0,2 million)
and impairment of leasehold improvements of DKK 0,0
million (2021/22: DKK 1,0 million). All leased properties
in Nyborg were either subleased to a 3
rd
party by
December 2022 or previously returned to the owner.
The number of staff by the end of 2022 was 108 (2021/22:
106).
Operating profit for the financial year 2022 represents a
profit of DKK 17,0 million against a profit of DKK 17,8
million in 2021/22.
The Group's net financial expenses in 2022 totaled DKK
1,8 million (2021/22: DKK 3,1 million).
Financial income in 2022 amounted to DKK 0,7 million
against DKK 0,6 million in 2021/22. The income was
positively impacted by subleasing interest of DKK 0,4
million. (2021/22: DKK 0,0). Financial expenses
amounted to DKK 2,5 million against DKK 3,7 million in
2021/22. The financial expenses per month in 2022 were
in line with the cost level per month in 2021/22.
Satisfactory results of operations
The Group reported a profit before tax of DKK 15,3
million in 2022, against a profit of DKK 14,6 million in
2021/22.
The Group recognized tax of DKK 3,2 million in 2022
against at tax of DKK 2,5 million in 2021/22. Profit for the
year after tax was DKK 12,0 million (2021/22: DKK 12,1
million), corresponding to earnings per share (EPS) of
DKK 6,6 (2021/22: DKK 6,7). Financial performance is
considered satisfactory by the Executive Management
and the Board of Directors.
In 2022 other comprehensive income amounted to DKK
0,2 million of which all were related to exchange rate
adjustments of investments in subsidiaries. In 2021/22
other comprehensive income amounted to DKK 0,3
million – also related to exchange rate adjustments of
investments in subsidiaries.
Balance sheet
Increase in tied-up capital from working capital
The Group's assets totaled DKK 240,5 million on
December 31
st
, 2022, against DKK 220,2 million on
March 31
st
, 2022.
Investment properties totaled DKK 146,5 million end of
2022 compared to DKK 140,5 million end of 2021/22 due
to the result of the updated discounted cash flow model
used as valuation method
Non-current assets increased by DKK 5,0 million
primarily due to an increase of DKK 6,0 million in
investment properties.
Inventories increased from DKK 41,0 million last year to
DKK 56,8 million - mainly due to the ongoing supply
shortage which led to both increased work in progress
and higher backlog at the end of the fiscal year.
MANAGEMENT'S REVIEW
ANNUAL REPORT 2022 Page | 11
Trade receivables decreased by DKK 1,4 million to DKK
19,4 million mainly due to lower revenue.
Equity came at DKK 98,4 million, corresponding to a
solvency ratio of 40,9%, compared to 39,2% the year
before. The Board of Directors recommends to the
Annual General Meeting that no dividends be distributed
for fiscal year 2022.
Long-term and short-term interest-bearing debt to credit
institutions totaled DKK 84,9 million at the end of 2022
(2021/22: DKK 72,2 million), of which DKK 47,7 million
(2021/22: DKK 50,9 million) are long-term liabilities and
DKK 37,2 million (2021/22: DKK 21,3 million) are current
liabilities.
Cash flows and liquidity
Cash flows
Cash flows from operating activities were negative and
amounted to DKK -9,3 million in 2022 (2021/22: gain of
DKK 23,2 million), driven by the increased working
capital.
Cash flows from investment activities used DKK 1,4
million in 2022 (2021/22: use of DKK 4,1 million). The
higher utilization in 2021/22 was partly related to a DKK
3,5 million upgrade of the investment property linked to
a specific tenant.
Free cash flows thus amounted to a negatively of DKK
-10,7 million in 2021/22 (2021/22: DKK 19,1 million).
Capital resources
At the end of fiscal 2022, the Group's total available
credit facilities amounted to DKK 94,8 million compared
to DKK 93,7 million at the end of 2021/22. DKK 84,9
million was utilized at the end of 2022 against DKK 72,2
million the year before.
Liquidity reserves totaled DKK 9,9 million by December
31
st
, 2022 (2021/22: DKK 21,5 million).
Based on budgets, including expectations for cash flows
and the development of the capital base, existing credit
facilities, related contractual and expected maturities and
conditions, the Board of Directors and the Executive
Management consider the Group's liquidity and capital
resources to be satisfactory.
The increases in inventories by Q4 of 2022 led Glunz &
Jensen to trigger a liquidity reserve of DKK 5,0 million
with Nordea for an approx. 3½ month period ending by
April 1
st
, 2023.
The Group's available credit lines for 2023 were
extended by Nordea on January 19
th
, 2023, to continue
to March 2024 and the cooperation letter was signed by
the Company on January 20
th
, 2023. The cooperation
letter is subject to three covenants, which the Prepress
division of Glunz & Jensen must observe in order to
maintain the loan. The financial covenants are related to
the financial ratio "solvency", the agreed level of EBITDA,
and loan to value. Please refer to note 27 regarding
covenants.
Events after the balance sheet date
The Group's available credit lines for 2023 were
extended by Nordea on January 19
th
, 2023, to continue
to March 2024 and the cooperation letter was signed by
the Company on January 20
th
, 2023.
No other events have occurred since December 31
st
,
2022, which are considered to have a significant impact
on the Group's or the Parent Company’s financial
position.
MANAGEMENT'S REVIEW
Page | 12 ANNUAL REPORT 2022
The Parent Company
Income statement
The Parent Company's revenue, which consists of
management fees to subsidiaries, totaled DKK 6,3
million in fiscal year 2022 (2021/22: DKK 9,3 million).
Profit after tax in subsidiaries totaled a profit of DKK 11,2
million in fiscal 2022 (2021/22: a profit of DKK 11,1
million).
Regarding development in the subsidiaries please refer
to the Group income statement information on page #9.
Financial income in 2022 amounted to DKK 1,0 million
against DKK 1,6 million in 2021/22. The financial income
relates to interest received from subsidiaries.
The Parent Company's profit after tax totaled a profit of
DKK 12,0 million in 2022 against a profit of DKK 12,1
million in 2021/22.
Balance sheet
The Parent Company's total assets amounted to DKK
101,8 million on December 31
st
, 2022 (2021/22: DKK
92,9 million).
The majority of the assets in the Parent Company refer
to the subsidiaries as investments in subsidiaries amount
to DKK 65,4 million (2021/22 DKK 54,0 million) and
receivables from subsidiaries came to DKK 35,6 million
(2021/22: DKK 37,8 million) as of December 31
st
, 2022.
Equity came at DKK 98,4 million, corresponding to a
solvency ratio of 96,7%, compared to 92,8% the year
before. The Board of Directors recommends to the
Annual General Meeting that no dividends be distributed
for fiscal year 2022.
Cash flow and liquidity
Cash flow from operating activities amounted to DKK 0,0
million in 2022 (2021/22: DKK gain of 10,2 million).
Free cash flow thus amounted to DKK 0 in 2022 (2021/22:
DKK 0,2 million).
Based on budgets, including expectations to the cash
flow and the development of the capital base, existing
credit facilities and related contractual and expected
maturities and conditions, the Board of Directors and the
Executive Management consider the Group's and
thereby also the Parent Company’s liquidity and capital
resources to be satisfactory.
Events after the balance sheet date
No other events have occurred since December 31
st
,
2022, which are considered to have a significant impact
on the Parent Company’s financial position.
MANAGEMENT'S REVIEW
ANNUAL REPORT 2022 Page | 13
RISK FACTORS
Glunz & Jensen Holding's risk policies and -procedures
must efficiently and securely identify, control, and reduce
the risks that may affect the Group's business base,
development, and value creation. Several commercial
and financial risk factors can have a significant impact on
the Group's future financial position, activities and results
of operations. The Group's most important risk factors
are outlined below.
Commercial risk
Glunz & Jensen's revenue is affected by both global
economic developments and changes in industry-
specific conditions. The macroeconomic cycles generally
affect Glunz & Jensen's customers' probability of
investment and may reduce revenue and earnings.
Glunz & Jensen's order lead time are 20-45 weeks,
which is considered to be market-conform. As revenue
expectations beyond this period are based on non-
binding estimates from the Group's largest customers or
based on expectations from management Glunz &
Jensen, deviations from the expected revenue may
occur.
Glunz & Jensen markets a large part of its production to
a number of major customers with whom the Company
has a long-term customer relationship. The four largest
customers represent approximately 57% of total revenue.
One customer account for more than 20% of the Group's
revenue.
New technologies and product development
Glunz & Jensen's products are based on many years of
development for the Offset and Flexo printing. Insight
into the industry's process needs and production
technologies is crucial to the Company's ability to
maintain customer’s loyalty. Some items in Glunz &
Jensen's products are patented, but most of the
Company's sales are based on products that do not
involve patented technology.
Glunz & Jensen's goal is to be among the first to offer
products tailored to new technologies within the
Company's two product areas. This places great
demands on continual product development, enabling
the Group to market products at competitive prices in a
timely manner, which will also match customer needs.
Lack of success in this area can affect revenue and
results of operations negatively.
Glunz & Jensen's most important Offset activity is the
development and sales of CtP developers. The
continued use of CtP processors is conditional on the
development of Offset printing plates. Several large plate
manufacturers have developed printing plates that do not
require development. The process-free CtP technology
has gained ground and may affect the demand for CtP
processors negatively.
Glunz & Jensen's strategy in the Flexo area is the
continued development of technology for solvent-based,
and thermal-based prepress solutions, an area in which
the Group is currently leading the market. Automation
and adaptation to latest technologies are important
requirements to ensure continued positive development
of the Flexo area.
Competition and market conditions
Prices of Offset and Flexo equipment are under pressure.
This is partly due to increased competition (Flexo) and
partly due to the fact, that still smaller print shops invest
in CtP technology (Offset), leading to demand for smaller
equipment and thereby lower investments. The outlook
is therefore unchanged, i.e., competition and a possible
consolidation in the CtP area.
Production and supplier risks
Maintaining high reliability of delivery and high quality is
important to maintain existing customer relationships. To
strengthen competitiveness, Glunz & Jensen has
established its main production in Slovakia. If the factory
in Slovakia is impacted by production problems or
accidents, such as fire, this may affect delivery capacity
and thus reduce the Group's earnings.
The Russia-Ukraine conflict has highlighted the need to
consider geopolitical instability when choosing suppliers.
Glunz & Jensen has strengthened its purchasing
organization to counter potential supply risks. However,
ongoing world-wide supply shortage may affect the cost
prices and the planned in-flow of parts (incl. microchips)
to Glunz & Jensen.
Risk related to property market
The risk associated with the investment property is
primarily determined by the uncertainty of the value of
the property involved. As such, a property
market recession could materially adversely affect the
value of the property. Further the ability to secure that all
property is rented out will impact the future cash flow of
Glunz & Jensen and thereby the value of the investment
property.
MANAGEMENT'S REVIEW
Page | 14 ANNUAL REPORT 2022
Insurance risk
It is the Group's policy to hedge risks that may threaten
the Group's financial position. In addition to statutory
insurance, insurance against product liability and
operating losses has thus been taken out. Property, plant,
and inventories are insured at replacement value at all
risk levels.
Cyber risks
The continuously evolving threat of cyber security, data
leakage and data security are a key area of focus. A
major cyberattack could result in an extended period of
down time resulting in delays to customers and additional
costs for the organization. Glunz & Jensen is focused on
IT Security and awareness. In 2022, increased cyber
awareness training and further IT security measures
across the organization have been introduced helping to
mitigate this risk.
Worldwide economic uncertainty
It became evident during 2022 that the inflation is on the
rise. Prices on manufacturing parts, electricity, gas, and
financing cost - and general expectations on salaries are
now larger than seen for more than a decade. Glunz &
Jensen is focused on managing the challenges
associated with the uncertainty. The worldwide
economic uncertainty affects the profitability on Glunz &
Jensen and the outlook is uncertain.
The war in Ukraine
The outbreak of the war in Ukraine has led to some loss
of revenue from customers in Ukraine, Belarus, and
Russia. In addition, challenges have occurred on the
supply side for parts and spares to Glunz & Jensen.
Some of our EU based suppliers are affected by the war,
also due to the supplier’s directing parts towards
defensive purposes.
Covid-19
The year 2022 was only slightly affected by the Covid-19
pandemic. The impact was significantly less than in
2021/22.
Other risks
There is ongoing consolidation in the graphic industry.
Glunz & Jensen is actively involved in industry
consolidation; this trend will benefit Glunz & Jensen.
For financial risks, please refer to note 27.
MANAGEMENT'S REVIEW
ANNUAL REPORT 2022 Page | 15
REPORTING ON MANAGEMENT
This statement of reporting on management is part of the
Management's review, see section 99b and 107b of the
Danish Financial Statements Act, covering the fiscal year
April 1st, 2022 – December 31st, 2022. The statement
consists of three elements:
• Corporate Governance
• Data Ethics
• The composition of the governing bodies and their
functions
• Main elements of the Company’s internal control and
risk management system
Corporate Governance
Glunz & Jensen emphasizes the pursuit of good
corporate governance and continuous optimization of the
Group's Management. The overall framework for the
management of Glunz & Jensen is based on the
Company's Articles of Association, values, and policies
as well as current Danish and international legislation
and "Rules for Issuers of Shares" on NASDAQ OMX
Copenhagen A/S, to ensure that the Group pursues its
obligations to all shareholders, customers, employees,
and other stakeholders, as well as to support long-term
value creation.
Glunz & Jensen is governed by the Corporate
Governance Committee's recommendations of
December 2020.
The recommendations are available at:
https://corporategovernance.dk/.
In accordance with the recommendations, we explain on
Glunz & Jensen's website how the Company complies
with the recommendations:
http://www.glunz-jensen.com/investor/corporate-
governance/redegorelse
The Group has decided to deviate from the
recommendations due to the size of the Company and
thus arranged differently in the following areas:
• The company publishes half-yearly reports at
NASDAQ OMX and on the company´s website. The
company publishes Q1 and Q3 announcements
commenting on the development in the company.
• Glunz & Jensen has not yet adopted a policy on
corporate social responsibility. A policy on corporate
social responsibility will be adopted during 2023.
• Glunz & Jensen has implemented 3 of the 4
recommended Board committees. The 4th Board
committee (nomination committee) has not yet been
set up due to the size of the Company and the size
of the Board.
• Glunz & Jensen has no share-based incentive
schemes for the Executive Management as the
Board of Directors finds the current remuneration
sufficient.
• Until the end of 2022, Glunz & Jensen had no “claw-
back” scheme to reclaim variable remuneration from
the Board or the Executive Management if the
recipient has acted in bad faith end of 2022.
However, a claw-back scheme has been
implemented by January 1
st
, 2023.
Interaction with shareholders and other
stakeholders
Glunz & Jensen's Management continually seeks to
have a dialogue with shareholders and other
stakeholders. The company strives for a high degree of
openness and effective dissemination of information.
The dialogue with and information to shareholders and
stakeholders take place through the publication of
interim reports and other communications from the
Company, as well as meetings with investors, analysts,
and the press and at the Company's general meeting.
Interim reports and other announcements are available
on Glunz & Jensen's website immediately after
publication.
The company's Articles of Association contain no limits
on ownership or voting rights. If an offer is made to
acquire the Company's shares, the Board of Directors
will – in accordance with Danish law – openly consider
and convey the offer to the shareholders, accompanied
by the Board of Directors comments.
The Glunz & Jensen Group has not entered into
significant agreements that are affected, changed, or
expired in the event of a change of control of the
Company.
There are no agreements with the Executive
Management or employees regarding retention or
compensation in case of resignation or dismissal or
termination of a post as a result of the acquisition of the
Glunz & Jensen Group
The general meeting is Glunz & Jensen's supreme
decision-making body, and the Board of Directors
emphasizes that shareholders be given adequate
information about the business to be transacted at the
general meeting. Notice of general meetings is published
on the website and sent electronically to all registered
shareholders, who have registered their e-mail address
at least three weeks prior to the event.
MANAGEMENT'S REVIEW
Page | 16 ANNUAL REPORT 2022
All shareholders are entitled to attend and vote at the
Annual General Meeting. Shareholders can also provide
a power of attorney to the Board – on an item-by-item
case on the agenda. The general meeting gives
shareholders the opportunity to ask questions to the
Board of Directors and the Executive Management. The
shareholders can submit proposals that must be
discussed at the general meeting. The Articles of
Association contain no special rules regarding
amendments to the Company's Articles of Association.
Thus, only the provisions of the Danish Companies Act
apply in this area.
Data ethics
In accordance with the regulations, we communicate on
compliance on Glunz & Jensen’s website:
http://www.glunz-jensen.com/content/csr
The processing of personal data is not a critical part of
and neither closely linked to the companies’ business
activities. As a B2B company with no transactions with
private customers, the company only processes
personal data in respect of customers and suppliers to a
very limited extent – and only for customer/supplier
administration purposes. The processing of personal
data mainly relates to the internal activities involving
employees' personal data for HR administration
purposes.
Composition of the governing bodies and their function
Board of Directors
According to the Articles of Association, the Board of
Directors consists of three to eight members elected by
the general meeting. Each year, all of the members are
elected by the general meeting. Resigned members are
eligible for re-election. The Board of Directors elects a
Chairman and a Deputy Chairman from among its own
number. Further, two employee representatives are
elected for a 4-year election period, which has been
determined in accordance with the Danish Companies
Act.
The current Board of Directors consisted of six members
at the end of the fiscal year 2022, two of whom are
employee representatives. The two employee
representatives were elected in May 2021.
As an age limit has been introduced for the members
elected by the general meeting, these must resign at the
first Annual General Meeting after they have reached the
age of 65.
In connection with the election of new Board members,
a careful assessment of required knowledge and
professional experience is made to ensure that the Board
possesses the necessary competencies. Information
about the individual Board members can be found on
page #23.
The Board at work
In accordance with the Danish Companies Act, the Board
of Directors represents Glunz & Jensen's overall
management and defines the Group's goals and
strategies as well as approves the overall budgets and
action plans. In addition, the Board of Directors in
general supervises the Group and checks that it is
managed properly and in accordance with Danish law
and the Articles of Association. The general guidelines
for the Board's work are laid down in the rules of
procedure, reviewed at least once a year and adapted to
Glunz & Jensen's needs. The rules of procedure include
procedures for Management's reporting, the Board's
working method and a description of the Chairman's
tasks and responsibilities.
The Board of Directors is notified on an ongoing basis of
the Group's performance. This takes place
systematically at meetings as well as in written and oral
reports. The Board receives a monthly report, which
includes information on financial performance and the
most important activities and transactions.
At least five ordinary Board meetings must be held
annually with a fixed plan for the agenda of the meetings.
In addition, the Board meets whenever necessary. In
fiscal 2022, only four board meetings were held as the
fiscal 2022 was shortened to 9 months.
The 3 Board committees (Product, Audit and
Remuneration) have conducted the following formal
meetings in 2022; Product committee 2 meetings, Audit
committee 6 meetings and Remuneration committee 1
meeting.
Risk management
In connection with the strategy review, the Board of
Directors and the Executive Management perform a
comprehensive risk assessment for the Group to identify
which issues – internal as external – may affect the
Group's business base and development.
The risk assessment focuses primarily on the
identification of business risks, and for selected risks,
action plans are identified to reduce and handle such
risks. Glunz & Jensen has decided to manage general
risks by taking out relevant insurance, such as "all-risk"
on buildings and movables, transport insurance etc. As
a main rule, financial risks are the result of commercial
activities, and the Group does not actively speculate in
financial risks.
The Board of Directors establishes policies and
frameworks for the Group's key risks and ensures
effective management of these risks. Reporting on
significant risks is included in the ongoing reporting to the
Board of Directors.
For a more detailed description of Glunz & Jensen's risks,
see the section "Risk factors".
MANAGEMENT'S REVIEW
ANNUAL REPORT 2022 Page | 17
Executive Management
The Executive Management is appointed by the Board of
Directors. The Executive Management is responsible for
the day-to-day operations of the Group and, in
accordance with guidelines and written instructions
developed by the Board of Directors, prepares action
plans and budgets that support the Company's strategy
and reports on ongoing performance developments,
risks and other essential information to the Board. The
Board of Director's delegation of responsibilities to the
Executive Management is outlined in the Board's rules of
procedure.
Evaluation of the Board of Directors and the
Executive Management
A formalized evaluation of the work of the Board of
Directors and the Executive Management is in place. The
Chairman of the Board of Directors regularly reviews the
work of the Executive Management and individual Board
members, the cooperation of the Board of Directors, the
Board of Directors' working methods and the cooperation
between the Board of Directors, and the Executive
Management. Based on these assessments, the Board
of Directors' and the Executive Management's work is
adjusted on a regular basis.
Remuneration to the Board of Directors and the
Executive Management
Glunz & Jensen seeks to ensure that members of the
Board of Directors and the Executive Management are
remunerated at a competitive and reasonable level,
helping to ensure that Glunz & Jensen can attract and
retain competent individuals.
Members of the Board of Directors receive a fixed,
annual fee, and the total remuneration to the Board of
Directors is approved by the Annual General Meeting in
connection with the approval of the annual report. In
fiscal 2022, directors' fees which covered a 9-month
period amounted to DKK 637.500, including DKK
225.000 to the Chairman, DKK 112.500 to the Vice-
Chairman and DKK 75.000 to the other members.
Members of the Board of Directors are not subject to
bonus schemes, but in accordance with section 198 of
the Danish Companies Act, the Board of Directors is
authorized to acquire treasury shares up to 60% of the
Company’s share capital at the market price prevailing at
the date of acquisition with a deviation of up to 10% until
June 28th, 2023.
The remuneration of the Executive Management is
determined by the Board of Directors. In 2022, members
of the Executive Management received a basic salary,
including usual benefits such as company car and
telephone, and are also eligible for a bonus scheme. The
Executive Management consisted of CEO Martin
Overgaard Hansen and CFO Henrik Blegvad Funk. The
total 9-month period remuneration paid to the Executive
Management amounted to DKK 3,8 million in 2022.
The Remuneration report 2021-22 is available at:
https://www.glunz-jensen.com/investor/corporate-
governance/incitamentspolitik
Incentive programs
Glunz & Jensen continually seeks to establish incentive
programs that support its shareholders value creation.
The incentive programs for the Executive Management
and key employees includes a bonus scheme. The
results in 2022 triggered provisions of DKK 0,7 million
related to the bonus schemes.
The main elements of the Company's internal control
and risk management system
Risk assessment in connection with the financial
reporting process
The Board of Directors and the Executive Management
have overall responsibility for the Group's risk
management and internal control in connection with the
financial reporting process, e.g., responsibility for
ensuring compliance with relevant legislation and other
regulations in relation to the financial reporting.
The Group's internal control and risk management
systems should improve the probability of reporting
without significant errors, omissions, and irregularities
and, moreover, should ensure that the financial
statements are presented in accordance with
International Financial Reporting Standards (IFRS) as
approved by the EU and other accounting regulations
applicable to Danish listed companies.
The Group's internal control and risk management
systems in connection with the financial reporting include:
Control environment
The Board of Directors is responsible for identifying the
Group's most significant risks and the adequacy of
internal controls in connection with the presentation of
the financial statements. The Executive Management is
responsible for the operational organization and daily
execution of an effective control environment, e.g., for
ensuring compliance with relevant legislation in
connection with the presentation of the financial
statements. The Executive Management reports to the
Board of Directors on all relevant matters and
assessments.
The operational management includes an appropriate
organizational structure, written procedures for essential
processes, accounting instructions for subsidiaries,
authorization and certification rules, segregation of
duties, consolidation procedures, check and
documentation lists and IT security. The Executive
Management regularly assesses the adequacy of the
control environment, including the adequacy of
resources and competencies.
MANAGEMENT'S REVIEW
Page | 18 ANNUAL REPORT 2022
Risk assessment and risk management
The Board of Directors and the Executive Management
continually consider risks that are considered to be of
importance to the Group's financial reporting, based on
a concrete assessment of the significance and
probability of each individual risk. The risk assessment
focuses on significant financial items and involves an
assessment of the immediate risk associated with each
item and the critical processes that form the individual
financial statements.
Risk assessments and risk management are included as
part of the Group's strategy plan.
Control activities
The Group's control activities are organized taking into
account the overall objective of reducing the risk of
material misstatements, deficiencies or irregularities to
an acceptable and low level, so that the consolidated
financial statements and the financial statements are
correct. Control activities are performed at management
and operational level, and checks are performed
manually and systematically.
Control activities include the following essential elements:
• The Board of directors reviews and approves the
budget presented by the Executive Management for
the coming year. The budget includes operations,
balance sheet, liquidity, and investments.
• The Board receives monthly income, balance and
liquidity accounts with budget follow-up, key figures,
and comments on significant developments and/or
deviations. The reporting also includes an update
from area managers regarding actual sales
(customers and products), order status, expectations
as to the future, product development, competitors
etc. Subsidiaries submit monthly accounts with
comments on developments. The reporting is used
as a basis in the group reporting to the Board of
Directors.
• In connection with the year-end, a reporting package
is prepared for the subsidiaries with a view to meeting
disclosure requirements, including disclosure
requirements under IFRS.
• The Parent Company's finance department is
responsible for managing the monitoring and
controlling of financial reports from subsidiaries, with
active participation of local financial controllers.
Regular visits are made to subsidiaries. Management
in subsidiaries liaises with the external auditor. The
Executive Management is informed of matters
identified during the audit of subsidiaries.
• Before the financial statements are presented, the
Board of Directors and the Executive Management
discuss critical accounting practices and estimates
as well as other matters of major importance to the
presentation of the financial statements.
Monitoring
The Board of Directors and the Executive Management
annually assess the adequacy of the Group's risk
management and control systems in the context of the
year-end process, including how the Group is protected
against fraud and accounting irregularities. The
assessment is based on a goal of efficiency and
accountability, and focus is thus primarily on significant
matters.
Audit
The external auditor is elected annually by the Annual
General Meeting. Prior to the election, the Board of
Directors assesses the auditor's independence and
competences etc. Audit tender process is preformed
when required by law or more frequently if the Board of
Directors decides it to be appropriate.
The scope for the auditor's work – including fee, audit-
related tasks, and non-audit related tasks – are
stipulated in an agreement.
Members of the Board of Directors receive the external
auditor's audit report concerning the auditor's review of
the annual report. The Board of Directors reviews the
audit report and the annual report at a meeting with the
external auditor, and the auditor's observations and
significant findings arising from the audit are discussed.
In addition, the significant accounting policies and audit
assessments are reviewed. The audit committee and the
auditor also conduct an annual meeting to approve the
audit plan for and the scope for the annual report. This
meeting is without the participation of the Executive
Management.
MANAGEMENT'S REVIEW
ANNUAL REPORT 2022 Page | 19
STATEMENT ON CORPORATE SOCIAL RESPONSIBILTY AND GENDER
DIVERSITY
Social responsibility (CSR)
A statutory CSR statement, according to section 99a of
the Danish Financial Statements Act, is part of the
Management's review. We adopt social co-responsibility
in the local areas where the Group is located. The Group
wishes to promote a working culture throughout the
organization that ensures a sensible and appropriate
balance between financial, social, and environmental
development. In this regard, it is crucial for the CSR work
that Glunz & Jensen's production strategy and value
chain management is based to a large extent on an
outsourcing model. Virtually all manufacturing of parts
takes place with a large number of subcontractors, after
which Glunz & Jensen is responsible for product
assembly and distribution. Subcontractors are selected
at the starting point of our ISO 9001 procedures. This
ensures that subcontractors meet our requirements
In this section, the Glunz & Jensen Group provides a
report on intended social responsibility, including risk
assessments, our policies, actions taken as well as
results achieved in 2022.
Environment
Material risks: Based on a risk assessment of our
environmental and climate impacts, the Group has
identified the main risks within environmental and climate
issues to constitute our energy consumption from
buildings and production processes as well as the use of
chemical products and wastewater from production.
Statement: Glunz & Jensen is committed to preserve and
protect the environment and climate. We will work
actively on reducing negative environment and climate
impacts as well as develop innovative solutions that will
contribute positively to the environment and climate.
Actions & Results: In 2022, the Group focused on climate
considerations concerning, for example, maintenance
and renovation of its buildings. For instance, a part of
Selandia Park has low energy consumption and is
equipped with solar cells that cover part of the electricity
consumption. As such, an increasingly larger share of
the Group’s energy consumption came from renewables
in 2022.
Looking forward into 2023 the Group is considering
upgrading Glunz & Jensen s.r.o., Slovakia with a 500+
MWh solar panel plant which in principle will cover the
entire electricity consumption in the subsidiary.
In addition, there is a continued focus on energy
consumption. Within the Group as well as between
customers and suppliers, telephone and video
conferences were widely used in 2022, which reduced
our need for air travel, which, in addition to the climate
consequences, also offers financial benefits.
As part of the Prepress industry, Glunz & Jensen places
an ongoing fundamental focus on reducing the use of
chemical products and helping reduce the number of
production processes that are environmentally harmful
and energy intensive. Therefore, energy-saving features
were also incorporated into new products from Glunz &
Jensen in 2022, and, on demand, products are offered
with water-saving solutions that provide positive
environmental benefits.
Social and employee conditions
Material risks: The Group has identified material risks in
terms of work-related accidents which will have negative
consequences for the affected employee. Since our
employees are the main drivers for our success, work
related accidents could also cause negative
consequences for our performance. Additionally, there is
a risk associated with employees not feeling well, for
instance caused by stress, as sick leave will cause
negative consequences for both employees and the
Group.
Statement: The Glunz & Jensen Group has formulated
an intention for social and employee conditions stating
that we always seek to promote a healthy working culture
among our employees and always seek to take
precautionary measures to prevent work related
accidents.
Actions and results: In 2022 the Group continued its
efforts to focus on our employees in order to ensure
continued personal development. We do this by hosting
annual employee development interviews which all our
employees attended in 2022.
The Group has established safety committees and will
continue to offer first aid courses to staff members and
ongoing maintenance of these. The number of serious
employee accidents was 0 in 2022.
Looking forward into 2023, the Group will make actions
to reduce the sick rate among employees compared to
2022 and ensure a 100% appraisal interview.
The Group wishes – to the extent possible and if it is
financially sound – to help increase the number of young
people who get a business-related education.
The Group supports the staff associations and company
sports associations, which aim to strengthen collegial
cohesion through the organization of various activities
MANAGEMENT'S REVIEW
Page | 20 ANNUAL REPORT 2022
that support employee well-being, social relations, and
exercise.
The Group has several initiatives which include
economic support for charitable purposes that naturally
belong to CSR. Thus, the Group assumes social
responsibility in some areas and works to comply with
the ethical business practices expressed by CSR
activities.
Anticorruption
Material risks: The Group has identified material risks
associated with actions that conflict with legislation or
considered to be inappropriate, for example bribes and
facilitation payments.
Statement: The Glunz & Jensen Group is against all
forms of corruption and bribery, and we will constantly
work to prevent corruption from taking place.
Actions and results: In 2022 we continued our focus to
create awareness of our whistleblower system. This
system allows employees, external partners, citizens,
and members of the executive management and Board
of Directors to report matters that conflict with legislation
or considered to be inappropriate. Reporting can be done
completely anonymously by reporting to the
whistleblower system via a link on our website. In 2022
we received no reports via our whistleblower system.
The Company will continue to communicate to the
suppliers and subcontractors to raise awareness on the
Company’s zero tolerance for corruption.
Human rights
The Glunz & Jensen Group does not have a social
responsibility policy in place related to human rights. It
has been assessed that here is minimal negative impact
on human rights issues in relation to the Group’s
business activities compared to alternating views on
human rights in other parts of the world.
It is a natural part of the company's work to support and
respect the rights recognized by others. Existing EU
legalities, organization agreements on working
conditions and environment are monitored and
respected. The Company's production is in Slovakia and
the Company continuously works to improve the working
environment and improve safety. Management is aware
of the potential health risks that may be associated with
handling goods in production and has therefore trained
the employees to work more safely compared to other
companies that compete with Glunz & Jensen on
attracting employees.
Code of Conduct
Glunz & Jensen has identified a series of guidelines
which are accessible in the Code of Conduct. The
guidelines are used internally and externally as the
Group strives to comply with applicable laws and
regulations in the countries we do business – and Glunz
& Jensen takes active responsibility in being an asset
and of value to our society.
Diversity
The gender diversity statement for fiscal 2022 has been
prepared in accordance with sections 99b and 107d of
the Danish Financial Statements Act, Glunz & Jensen
will set goals for the ratio of the underrepresented gender
on the Company's Board of Directors and formulate a
gender diversity policy to increase the proportion of the
underrepresented gender at other management levels.
Currently, the Company does not have a policy on
diversity. However, the Company is committed to
establishing a gender policy during 2023.
Objective of diversity
The company's focus on value creation and the limited
size of the organization means that, in connection with
organizational changes as well as the appointment of
new members to the Board of Directors, the Executive
Management and the senior management team, the
business must focus mainly on the knowledge, skills and
relevant experience of the individual. The Glunz &
Jensen Group does not have an explicit, written social
responsibility policy in place, for instance related to
human rights because it has been assessed that the
Group’s business activities have a minimal negative
impact on human rights.
The Board of Directors recognizes the importance of
diversity in the Company's Management and
emphasizes equal opportunities for all, including both
genders. The company's goal was that at least 25% of
the members of the Board of Directors who are elected
by the general meeting should at all-time be the
underrepresented gender before the end of 2023.
Currently, the Board of Directors elected by the annual
general meeting consists of one woman and three men
as members. The company's goal has thus been
achieved.
At other management levels, the Company wishes to
have a gender composition that matches the overall
gender composition of the company. The executive
management and remaining C-level consist of 100%
men and 0% women. The ratio of women at other senior
management levels was 4 out of 9 on December 31st,
2022, corresponding to approx. 44%. To increase the
number of women in these functions, the Company will
prepare gender neutral job advertisements and strive to
have at least one woman among the last candidates for
a vacant position. The company's goal is that at least 50%
of the other management level should at all-time be the
underrepresented gender before the end of 2027.
The Company believes that a larger diversity in the
workforce will benefit everyone. Therefore, Glunz &
Jensen focuses on attracting women to apply for
positions across the company and we strive to support
their needs and ambitions.
ANNUAL REPORT 2022 Page | 21
SHAREHOLDER INFORMATION
Share information
Glunz & Jensen Holding’s shares are listed on NASDAQ
Copenhagen A/S and are traded under ISIN code
DK0010249309.
By December 31
st
, 2022, the share price was DKK 74,50
against DKK 77,50 by March 31
st
, 2022. Total market
capitalization came at DKK 135,7 million on December
31
st
, 2022.
In 2022 a total of 73.551 (2021/22: 162.078) shares were
traded at a total market value of DKK 5,8 million
(2021/22: DKK 11,8 million).
Share capital and voting rights
The share capital in Glunz & Jensen amounted to
nominally DKK 36,4 million on December 31
st
, 2022.
Divided into 1.821.309 shares at a nominal value of DKK
20,00. The shares, which are negotiable instruments
without restrictions on marketability, are issued to the
holder and entitle the holder to cast one vote per share
at general meetings.
In accordance with section 198 of the Danish Companies
Act, the Board of Directors is authorized to acquire
treasury shares up to 60% of the Company’s share
capital at the market price prevailing at the date of
acquisition with a deviation of up to 10% until June 28
th
,
2023.
Glunz & Jensen did not have any treasury shares at the
end of the fiscal year 2022 or 2021/22.
Ownership
At the end of the fiscal year, Glunz & Jensen had 524
(2021/22: 560) registered shareholders holding 99,16%
(2021/22: 95,6%) of the share capital. Glunz & Jensen
wishes to provide the best possible way of providing its
shareholders with information about the Group so that all
shareholders are encouraged to list their shares in the
Company's register of shareholders.
Change of control
The Glunz & Jensen Group has not entered into
agreements with finance companies, customers,
suppliers, employees, or others which will be affected or
changed, or which will expire if the control in the Parent
Company changes.
Decisions by the Board of Directors and proposals for
the general meeting
Dividends
Glunz & Jensen wants to create the greatest possible
value for the shareholders. Based on the Company's
financial standing and investment and liquidity
requirements, the Board of Directors therefore assesses
whether the excess liquidity, after any investments in
organic or acquisitive growth measures that can increase
the long-term return on the invested capital, must be
used to distribute dividends or repurchase of treasury
shares.
The Board of Directors proposes to the Annual General
Meeting that no dividend be distributed for fiscal 2022,
and the Company's profit for the year will be transferred
to next year.
Share price development since December 31
st
, 2019
Investor relations
Glunz & Jensen emphasizes to continually providing
timely, accurate and relevant information about the
Group, including its strategy, results of operations and
expectations. Through ongoing reporting, the Group
seeks to provide all stakeholders with easy access to
information, and emphasis is placed on maintaining an
active dialogue with its stakeholders.
Communication with investors, analysts, the press, and
other stakeholders takes place through ongoing public
announcements, including interim reports and individual
meetings. Notices are available on the Company's
website.
Page | 22 ANNUAL REPORT 2022
Shareholders, analysts, investors, and other interested
parties who have questions regarding Glunz & Jensen
should contact:
Glunz & Jensen Holding A/S
Address: Selandia Park 1
DK-4100 Ringsted
Phone: +45 5768 8181
Fax: +45 5768 8340
E-mail: gj@glunz-jensen.com
Henrik Blegvad Funk, CEO
Phone: +45 2139 0532
E-mail: hbf@glunz-jensen.com
Flemming Nyenstad Enevoldsen, Chairman of the Board of Directors
Phone: +45 4043 1303
E-mail: f.n.enevoldsen@gmail.com
Annual general meeting
The Company's Annual General Meeting will be held in Ringsted on Wednesday, April 19
th
, 2023, at 15:00 PM. The exact
location of the Company's Annual General Meeting will be announced on March 28
th
, 2023.
Shareholders on March 28
th
, 2023
Ownership
interest (%)
Heliograph Holding GmbH, Konrad-Zuse-Bogen 18, 82152 Krailling, Germany
50,10
Strategic Investments A/S
18,94
Klaus Zwisler
7,97
Notified according to the section 38 of the Danish Securities Trading Act
77,01
All other shareholders
22,99
Total
100,00
Share-related key figures and financial ratios
2018/19
2019/20
2020/21
2021/22
2022
Average number of shares outstanding (in thousands)
1.821
1.821
1.821
1.821
1.821
Earnings per share (EPS), %
(3,8)
(10,1)
0,5
6,7
6,6
Diluted earnings per share (EPS-D), %
(3,8)
(10,1)
0,5
6,7
6,6
Cash flow per share (CFPS), %
5,8
(1,1)
8,6
12,7
(5,1)
Book value per share (BVPS), %
47,7
40,4
40,6
47,4
54,1
Share price per share
44
55
65
78
75
Share price /book value
0,9
1,4
1,6
1,6
1,4
Market value of average number of shares (DKK million)
80
100
118
141
136
Dividend per share
-
-
-
-
-
Pay-out ratio, %
-
-
-
-
-
ANNUAL REPORT 2022 Page | 23
BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT
Board of Directors
Flemming N. Enevoldsen (1961)
CEO & Non-Executive Director.
Chairman of the Board of Directors of Glunz & Jensen
Holding A/S.
Member of the Board of Directors of Glunz & Jensen
Holding A/S since 2017. Re-elected in 2022 and is up for
re-election in 2023.
Chairman of the remuneration committee and a member
of the audit committee.
Regarded as independent.
Chairman of the Board of Directors in: Insepa A/S,
Espersen A/S, Head Energy Denmark A/S, Head Energy
A/S (Norway), Business Esbjerg, ST Plast A/S, Skov
Industri A/S, Suztain A/S, ABL Food A/S, Glunz &
Jensen A/S and Selandia Park A/S.
Member of the Board of Directors in GreenGenius A/S
and Jysk Display A/S.
Competences: Many years of international experience
as CEO within production and energy with expertise in
generating profit and leadership skills. 10 years of
experience in sales management roles of equipment for
the graphic arts industry – including Glunz & Jensen
products.
Randi Toftlund Pedersen (1963)
Group Senior Vice President Corporate Finance, Salling
Group A/S.
Vice-Chairman of the Board of Directors of Glunz &
Jensen Holding A/S.
Member of the Board of Directors of Glunz & Jensen
Holding A/S since 2020. Re-elected in 2022 and is up for
re-election in 2023.
Chairman of the audit committee and a member of the
remuneration committee.
Regarded as independent.
Board Member and Chairman of the Audit Committee in
Roblon A/S and Gabriel Holding A/S.
Chairman of the Board of Directors in Salling Group
Forsikring A/S.
Board Member in Salling Group Ejendomme A/S.
Competences: Many years of experience as CFO within
production and supply chain companies. Experience
from listed companies and within the consumer market.
Expertise in Corporate Finance, generating profit and
leadership skills.
Maximilian Rid (1961)
CEO & Non-Executive Director.
Member of the Board of Directors of Glunz & Jensen
Holding A/S since 2020. Re-elected in 2022 and is up for
re-election in 2023.
Member of the product committee.
Not regarded as independent.
CEO and shareholder in MRB Holding GmbH.
Board member in several subsidiaries of Heliograph
Holding GmbH: Daetwyler Graphics AG, Lüscher
Technologies AG.
CEO and shareholder in MRGrund GmbH.
Member of the Board and treasurer in European
Rotogravure Association (E.R.A.) e.V.
Competences: Many years of CEO experience with
strategy and management with particular emphasis on
international BTB sales and marketing.
Rolf Pfiffner (1969)
CEO at Daetwyler Graphics AG.
Member of the Board of Directors of Glunz & Jensen
Holding A/S since 2017. Re-elected in 2022 and is up for
re-election in 2023.
Chairman of the product committee.
Not regarded as independent.
Board of Management in Heliograph Holding GmbH.
Competences: Many years of experience as CEO within
process and prepress technology with formation of new
companies, restructuring and acquisitions.
Thomas Haase (1971)*
Global Offset Key Account Manager
Member of the Board of Directors of Glunz & Jensen
Holding A/S since June 2021. The election period ends
in 2025.
Member of the product committee.
Søren Andersen (1971)*
Product Manager Offset
Member of the Board of Directors of Glunz & Jensen
Holding A/S since January 2022. The election period
ends in 2025.
*Elected by the employees
Page | 24 ANNUAL REPORT 2022
Executive Management
Henrik Blegvad Funk (1964)
CEO of Glunz & Jensen Holding A/S since January 1
st
,
2023.
CFO of Glunz & Jensen Holding A/S during April 1
st
,
2016 - December 31
st
, 2022.
Robert Popik (1977)
COO of Glunz & Jensen Holding A/S since February 1
st
,
2023.
All board members participated in all board meetings during 2022.
Board of Directors and Executive Management;
Ownership interest in Glunz & Jensen Holding A/S
No. of shares
2022
2021/22
Maximilian Rid
912.500
912.500
Rolf Pfiffner
1.650
1.000
Flemming N. Enevoldsen
10.584
9.584
Randi Toftlund Petersen
0
0
Thomas Haase
300
0
Søren Andersen
33
33
Henrik Blegvad Funk
0
0
Robert Popik
0
0
Martin Overgaard Hansen
0
300
ANNUAL REPORT 2022 Page | 25
GROUP COMPANIES
Glunz & Jensen Holding A/S
Selandia Park 1
4100 Ringsted
Denmark
Tel. +45 5768 8181
gj@glunz-jensen.com
www.glunz-jensen.com
Glunz & Jensen A/S
Selandia Park 1
4100 Ringsted
Denmark
Tel. +45 5768 8181
gj@glunz-jensen.com
www.glunz-jensen.com
Selandia Park A/S
Selandia Park 1
4100 Ringsted
Denmark
Tel. +45 5768 8181
gj@glunz-jensen.com
www.glunz-jensen.com
Glunz & Jensen s.r.o.
Kosicka 50, P.O. Box 116
080 01 Presov
Slovakia
Tel. +421 51 756 3811
skpr@glunz-jensen.com
Glunz & Jensen, Inc.
2185 Highway 292
Inman, SC 29349
USA
Tel. +1 864 568 4638
gj-americas@glunz-jensen.com
Glunz & Jensen A/S owns 40 % of GKS International Ltd. in the
UK.
Legal structure – all legal units are fully owned
Page | 26 ANNUAL REPORT 2022
STATEMENT BY THE BOARD OF DIRECTORS AND THE EXECUTIVE
MANAGEMENT
The Board of Directors and the Executive Management have today's date considered and approved the annual report for
2022 for Glunz & Jensen A/S.
The annual report has been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted
by the EU and additional requirements in the Danish Financial Statement Act.
In our opinion, the consolidated financial statements and the financial statements give a true and fair view of the Group's
and the Company's financial position on December 31st, 2022, and of the results of the Group's and the Company's
activities and cash flows for the fiscal year April 1st, 2022 - December 31st, 2022.
In our opinion, the Management's review gives a true and fair account of the development of the Group's and the
Company's activities and financial conditions, the year's results of operations, cash flows and financial position as well as
a description of the major risks and uncertainties faced by the Group and the Company.
We recommend that the annual report be approved by the shareholders at the general meeting.
Copenhagen, March 28
th
, 2023
Executive Management
Henrik Blegvad Funk Robert Popik
CEO COO
Board of Directors
Flemming Nyenstad. Enevoldsen Randi Toftlund Pedersen
Chairman Vice Chairman
Rolf Pfiffner Maximilian Rid
Søren Andersen* Thomas Haase*
*Elected by the employees
ANNUAL REPORT 2022 Page | 27
INDEPENDENT AUDITOR'S REPORT
To the shareholders of Glunz & Jensen Holding A/S
Report on the audit of the Consolidated Financial Statements and Parent Company Financial Statements
Opinion
In our opinion, the consolidated financial statements and the Parent Company financial statements give a true and fair
view of the Group's and the Parent Company's assets, liabilities and financial position at December 31
st
, 2022 and of the
results of the Group's and Parent Company's operations and cash flows for the financial year April 1
st
, 2022 – December
31
st
, 2022 in accordance with the International Financial Reporting Standards as adopted by the EU and additional
requirements in the Danish Financial Statements Act.
Our opinion is consistent with our reporting to the Board or Directors and the Audit Committee.
Audited financial statements
Glunz & Jensen Holding A/S' consolidated financial statements and parent company financial statements for the financial
year April 1st, 2022 – December 31st, 2022, comprise the income statement, statement of comprehensive income, balance
sheet, statement of changes in equity, statement of cash flows and notes, including summary of significant accounting
policies, for the Group as well as for the Parent Company (the financial statements). The financial statements are prepared
in accordance with the International Financial Reporting Standards as adopted by the EU and additional requirements in
the Danish Financial Statements Act.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements
applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's
responsibilities for the audit of the financial statements" section of our report. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' Code of
Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we
have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.
We declare, to the best of our knowledge and belief, that we have not provided any prohibited non-audit services, as
referred to in Article 5(1) of the Regulation (EU) 537/2014 and that we remained independent in conducting the audit.
We were appointed auditors of Glunz & Jensen Holding A/S for the first time on June 30th, 2021, for the financial year
2021/22.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
financial statements for the financial year April 1st, 2022 – December 31st, 2022. These matters were addressed in the
context of our audit of the financial statements as a whole, and in the forming of our opinion thereon. We do not provide a
separate opinion on these matters.
Capital structure and financing
The availability of sufficient funding and the testing of whether the Group will be able to continue meeting its obligations
under the financing covenants are important for the going concern assumption and, as such, are significant aspects of our
audit. The assessment of these matters are largely based on future expectations and estimates made by management.
The expectations and estimates can be influenced by subjective elements such as expectations regarding future
developments in the economy and the market, forecasted revenue and margins and estimated future cash flows.
Consequently, we have considered the Capital structure and financing a key audit matter.
Page | 28 ANNUAL REPORT 2022
Reference is made to description of Capital structure and financing in note 1 Significant accounting estimates and
judgements to the consolidated financial statements.
For the purpose of our audit, the procedures we carried out included the following:
• In assessing the appropriateness of the capital structure and financing, we performed, among other things, an
assessment of the key assumptions made by Management in the estimated cash flow forecasts for 2023 and whether
available financing facilities for the year ahead are sufficient to meet the forecasts for 2023.
• Further, we have read and discussed with Management the main terms of the letter of cooperation with Nordea for
2023 and assessed any uncertainties and risks related to covenant compliance expected for 2023.
Valuation of investment property
Investment properties represents a significant part of the total assets (61%) of the Group and is valuated at fair value for
an amount of DKK 146,500 thousand, refer to note 1 and 14 of the consolidated financial statements.
Management determines the fair value of its investment properties annually. The valuation of the investment property at
fair value is dependent on estimates and assumptions, such as rental income, operating expenditures, discount rates,
maintenance status and financial stability of tenants.
Given the size and complexity of the valuation of investment property, we have considered this as a key audit matter.
For the purpose of our audit, the procedures we carried out included the following:
• The audit procedures we performed consist, among other things, of an assessment of the applied valuation method
used in the determination of fair value performed by Management. We have assessed whether the method used by
Management has been applied consistently. We have tested the key assumptions used in the determination of fair
value performed by Management by comparing the required rate of return used to available industry data for similar
investment properties. In addition, we have assessed the data used by Management in determination of future cash
flows and agreed expected rental income and operating expenditure to underlying tenant contracts, budgets and
historical property expenditure.
• We also assessed the appropriateness of the disclosures and sensitivity analysis made relating to investment
properties by comparing these to applicable financial reporting standards.
Statement on the Management's review
Management is responsible for the Management's review.
Our opinion on the financial statements does not cover the Management's review, and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing
so, consider whether the Management's review is materially inconsistent with the financial statements, or our knowledge
obtained during the audit, or otherwise appears to be materially misstated.
Moreover, it is our responsibility to consider whether the Management's review provides the information required under the
Danish Financial Statements Act.
Based on the work we have performed; we conclude that the Management's review is in accordance with the financial
statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did
not identify any material misstatement of the Management's review.
Management's responsibilities for the financial statements
Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the
International Financial Reporting Standards as adopted by the EU and additional requirements in the Danish Financial
Statements Act and for such internal control that Management determines is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, Management is responsible for assessing the Group's and the Parent Company's
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Group
or the Parent Company or to cease operations, or has no realistic alternative but to do so.
ANNUAL REPORT 2022 Page | 29
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable
assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs and the
additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements
may arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise
professional judgement and maintain professional skepticism throughout the audit. We also:
• identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
• obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the
Parent Company's internal control.
• evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by Management.
• conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the
financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Group's and the Parent Company's ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to
the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or
conditions may cause the Group and the Parent Company to cease to continue as a going concern.
• evaluate the overall presentation, structure, and contents of the financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that gives a true and
fair view.
Obtain 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.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our
audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated to those charged with governance, we determine those matters that were of most
significance in the audit of the financial statements of the current period and therefore the key audit matters. We describe
these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, we determined that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on compliance with the ESEF Regulation
As part of our audit of the Consolidated Financial Statements and Parent Company Financial Statements of Glunz & Jensen
Holding A/S we performed procedures to express an opinion on whether the annual report of Glunz & Jensen Holding A/S
for the financial year April 1
st
2022 – December 31
st
2022 with the file name 549300S5UFTTWALAFE19-2022-12-31 is
prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the
European Single Electronic Format (ESEF Regulation) which includes requirements related to the preparation of the annual
report in XHTML format and iXBRL tagging of the Consolidated Financial Statements.
Page | 30 ANNUAL REPORT 2022
Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility
includes:
• The preparing of the annual report in XHTML format;
• The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring
thereof to elements in the taxonomy, for financial information required to be tagged using judgement where necessary;
• Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements presented in human
readable format; and
• For such internal control as Management determines necessary to enable the preparation of an annual report that is
compliant with the ESEF Regulation.
Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in
compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our
opinion. The nature, timing and extent of procedures selected depend on the auditor’s judgement, including the assessment
of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error.
The procedures include:
• Testing whether the annual report is prepared in XHTML format;
• Obtaining an understanding of the company’s iXBRL tagging process and of internal control over the tagging process;
• Evaluating the completeness of the iXBRL tagging of the Consolidated Financial Statements;
• Evaluating the appropriateness of the company’s use of iXBRL elements selected from the ESEF taxonomy and the
creation of extension elements where no suitable element in the ESEF taxonomy has been identified;
• Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and
• Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements.
In our opinion, the annual report of Glunz & Jensen Holding A/S for the financial year April 1
st
2022 – December 31
st
2022
with the file name 549300S5UFTTWALAFE19-2022-12-31 is prepared, in all material respects, in compliance with the
ESEF Regulation.
Copenhagen, March 28
th
, 2023
KPMG
Statsautoriseret Revisionspartnerselskab
CVR no. 25 57 81 98
Nikolaj Møller Hansen Michael E. K. Rasmussen
State Authorized State Authorized
Public Accountant Public Accountant
mne33220 mne41364
ANNUAL REPORT 2022 Page | 31
INCOME STATEMENT
Note
April 1
st
– December 31
st
/ March 31
st
(DKK ‘000)
Group
2022
9 months
Group
2021/22
12 months
Parent
Company
2022
9 months
Parent
Company
2021/22
12 months
2
Revenue
103.422
147.031
6.300
9.250
3,4,6
Production costs
(75.904)
(107.966)
-
-
Gross profit
27.518
39.065
6.300
9.250
7
Other operating income
9
858
-
-
4,6
Sales and distribution costs
(8.442)
(10.932)
-
-
4,6
Development costs
(986)
(1.803)
-
-
4,6
Administrative expenses
(7.075)
(9.402)
(6.296)
(9.499)
7
Other operating expenses
-
-
-
-
14
Fair value adjustments on investment properties
6.000
-
-
-
Operating profit/(loss)
17.024
17.786
4
(249)
15
Profit/(loss) after tax in subsidiaries
-
-
11.244
11.120
16
Profit/(loss) after tax in associates
51
(17)
-
-
8
Financial income
732
585
1.035
1.577
8
Financial expenses
(2.543)
(3.733)
(17)
(31)
Profit before tax
15.264
14.621
12.266
12.417
9
Income taxes
(3.241)
(2.491)
(243)
(287)
Profit for the year
12.023
12.130
12.023
12.130
Attributable to:
Equity holders of Glunz & Jensen Holding A/S
12.023
12.130
Total
12.023
12.130
Earnings per share
10
Basic earnings per share (DKK)
6,6
6,7
10
Diluted earnings per share (DKK)
6,6
6,7
STATEMENT OF COMPREHENSIVE INCOME
Note
April 1
st
– December 31
st
/ March 31
st
(DKK ‘000)
Group
2022
9 months
Group
2021/22
12 months
Parent
Company
2022
9 months
Parent
Company
2021/22
12 months
Profit for the year
12.023
12.130
12.023
12.130
Other comprehensive income:
Items that may be reclassified to the income statement:
Other comprehensive income after tax in associates
(12)
2
-
-
Exchange rate adjustments of investments in subsidiaries
174
249
162
251
Total other comprehensive income
162
251
162
251
Total comprehensive income
12.185
12.381
12.185
12.381
Attributable to:
Equity holders of Glunz & Jensen Holding A/S
12.185
12.381
Total comprehensive income
12.185
12.381
Page | 32 ANNUAL REPORT 2022
BALANCE SHEET
Note
December 31
s
/ March 31
st
(DKK ‘000)
Group
2022
Group
2021/22
Parent
Company
2022
Parent
Company
2021/22
ASSETS
Non-current assets
Intangible assets
11
Completed development projects
-
-
-
-
-
-
-
-
Property, plant, and equipment
12
Property, plant, and equipment
6.371
5.616
-
-
13
Leased assets
1.264
1.932
147
281
14
Investment properties
146.500
140.500
-
-
154.135
148.048
147
281
Other non-current assets
15
Investments in subsidiaries
-
-
65.427
54.021
16
Investments in associates
258
244
-
-
17
Deferred tax
728
1.051
-
-
18
Other receivables
2.580
3.360
-
-
3.566
4.655
65.427
54.021
Total non-current assets
157.701
152.703
65.574
54.302
Current assets
19
Inventories
56.841
41.014
-
-
20
Trade receivables
19.412
20.771
-
-
28
Receivables from subsidiaries
-
-
35.607
37.751
18
Other receivables
4.052
3.407
-
-
Income tax
498
-
-
-
Prepayments
1.042
1.264
567
835
Cash
995
1.054
6
30
Total current assets
82.840
67.510
36.180
38.616
TOTAL ASSETS
240.541
220.213
101.754
92.918
ANNUAL REPORT 2022 Page | 33
Note
December 31
st
/ March 31
st
(DKK ‘000)
Group
2022
Group
2021/22
Parent
Company
2022
Parent
Company
2021/22
LIABILITIES
21
Equity
Share capital
36.426
36.426
36.426
36.426
Translation reserve
4.924
4.762
4.924
4.762
Revaluation reserve
4.844
4.844
4.844
4.844
Retained earnings
52.249
40.226
52.249
40.226
Total equity
98.443
86.258
98.443
86.258
Non-current liabilities
17
Deferred tax
8.287
5.643
125
184
22
Provisions
216
361
-
-
23
Credit institutions
47.663
50.885
-
-
24
Other payables
2.429
3.164
-
155
25
Prepayments from customers
3.258
4.817
-
-
13
Lease liabilities
4.046
5.206
145
204
Total non-current liabilities
65.899
70.076
270
543
Current liabilities
23
Credit institutions
37.243
21.311
-
-
Trade payables
16.255
13.105
76
75
13
Lease liabilities
2.358
2.423
75
51
Income tax
21
963
302
299
22
Provisions
647
1.084
-
-
25
Prepayments from customers
11.140
9.107
-
-
24
Other payables
8.535
15.886
2.588
5.692
Total current liabilities
76.199
63.879
3.041
6.117
Total liabilities
142.098
133.955
3.311
6.660
TOTAL EQUITY AND LIABILITIES
240.541
220.213
101.754
92.918
Page | 34 ANNUAL REPORT 2022
STATEMENT OF CHANGES IN EQUITY
Group (DKK ‘000)
Share
capital
Retained
earnings
Revaluation
reserve
Translation
reserve
Total
Equity March 31
st
, 2021
36.426
28.096
4.844
4.511
73.877
Changes in equity 2021/22
Profit/(loss) for the year
-
12.130
-
-
12.130
Other comprehensive income
Other comprehensive income after tax in
associates
-
-
-
2
2
Exchange rate adjustments of investments in
subsidiaries
-
-
-
249
249
Total other comprehensive income
-
-
-
251
251
Total comprehensive income for the year
-
12.130
-
251
12.381
Equity March 31
st
, 2022
36.426
40.226
4.844
4.762
86.258
Changes in equity 2022
Profit/(loss) for the year
-
12.023
-
-
12.023
Other comprehensive income
Other comprehensive income after tax in
associates
-
-
-
(12)
(12)
Exchange rate adjustments of investments in
subsidiaries
-
-
-
174
174
(522)
Total other comprehensive income
-
-
-
162
162
Total comprehensive income for the year
-
12.023
-
162
12.185
Equity December 31
st
, 2022
36.426
52.249
4.844
4.924
98.443
ANNUAL REPORT 2022 Page | 35
Parent Company (DKK ‘000)
Share capital
Retained
earnings
Revaluation
reserve
Translation
reserve
Total
Equity March 31
st
, 2021
36.426
28.096
4.844
4.511
73.877
-
Changes in equity 2021/22
Profit/(loss) for the year
-
12.130
-
-
12.130
Other comprehensive income:
Exchange rate adjustments of investments in
subsidiaries
-
-
-
251
251
Total other comprehensive income
-
-
-
251
251
Total comprehensive income for the year
-
12.130
-
251
12.381
Equity March 31
st
, 2022
36.426
40.226
4.844
4.762
86.258
-
Changes in equity 2022
Profit/(loss) for the year
-
12.023
-
-
12.023
Other comprehensive income:
Exchange rate adjustments of investments in
subsidiaries
-
-
-
162
162
Total other comprehensive income
-
-
-
162
162
Total comprehensive income for the year
-
12.023
-
162
12.185
Equity December 31
st
, 2022
36.426
52.249
4.844
4.924
98.443
Page | 36 ANNUAL REPORT 2022
STATEMENT OF CASH FLOWS
Note
April 1
st
– December 31
st
/ March 31
st
(DKK ‘000)
Group
2022
Group
2021/22
Parent
Company
2022
Parent
Company
2021/22
Operating activities
Profit/(loss) for the year
12.023
12.130
12.023
12.130
Adjustment for non-cash items etc.:
Amortization, depreciation, and impairment losses
1.146
6.113
134
216
Gain and loss on sale of non-current assets
(5)
(40)
-
-
Fair value gain on investment properties
(6.000)
-
-
-
Profit/(loss) after tax in subsidiaries
-
-
(11.244)
(11.120)
Profit/(loss) after tax in associates
(51)
17
-
-
Other non-cash items, net
161
(1.150)
-
-
Provisions
(582)
17
-
-
Financial income
(732)
(585)
(1.035)
(1.577)
Financial expenses
2.543
3.733
17
31
Tax on operating profit
3.241
2.491
243
287
Cash flows from operating activities before changes in working
capital
11.744
22.726
138
(33)
Changes in working capital:
Changes in inventories
(15.776)
(4.445)
-
-
Changes in payable and receivables from subsidiaries
-
-
2.144
6.496
Changes in receivables
2.157
(3.933)
268
54
Changes in trade and other payables
(4.381)
11.903
(3.235)
2.480
Changes in working capital
(18.000)
3.525
(823)
9.030
Interest etc. received
732
585
1.035
1.577
Interest etc. paid
(2.103)
(3.197)
(6)
(9)
Net income tax paid
(1.708)
(448)
(299)
(323)
Net cash flows from operating activities
(9.335)
23.191
45
10.242
2, 12
Acquisition of items of property, plant, and equipment
(1.378)
(627)
-
-
14
Acquisition of investment properties
-
(3.500)
-
-
15
Capital increase in subsidiary
-
-
-
(10.000)
12
Sale of items of property, plant, and equipment
14
40
-
-
Dividends from subsidiary
-
-
-
-
Net cash flows from investing activities
(1.364)
(4.087)
-
(10.000)
Free cash flow
(10.699)
19.104
45
242
13
Repayment lease liabilities
(2.110)
(3.786)
(69)
(238)
23
Change in net interest-bearing debt
12.712
(15.120)
-
-
Dividends from associates
26
-
-
-
Net cash flows from financing activities
10.628
(18.906)
(69)
(238)
Net cash flows generated during the year
(71)
198
(24)
4
Cash and cash equivalents at the beginning of the year
1.054
846
30
26
Exchange gains/(losses) rate on cash and cash equivalents
12
10
-
-
Cash and cash equivalents at the end of the year
995
1.054
6
30
Parent
Company
2021/22
ANNUAL REPORT 2022 Page | 37
NOTES
1.
Significant accounting estimates and judgements
Estimates and judgements:
In applying the Group’s and the Parent Company’s accounting policies, Management is required to make judgments,
estimates and assumptions concerning the carrying amount of assets and liabilities that cannot be immediately inferred
from other sources. The judgments, estimates and assumptions made are based on historical experience and other
relevant factors which Management considers reasonable under the circumstances, but which are inherently uncertain
and unpredictable. Estimates and underlying assumptions are assessed on an ongoing basis. Changes to accounting
estimates are recognized in the reference period in which the change occurs and in future reference periods if the change
affects both the period in which the change occurs and subsequent reference periods.
Capital structure and financing:
The Group's primary loan agreement with Nordea is subject to certain conditions and three covenants, which Glunz &
Jensen must observe to maintain the loan, including financial covenants concerning the financial ratio "solvency" and the
agreed level of EBITDA and loan to value covenants. During 2022 Glunz & Jensen did breach the EBITDA covenant,
however Nordea accepted the breach. The budget for 2023 was presented to and viewed satisfactory by Nordea and a
letter of cooperation for 2023 was received by Glunz & Jensen in January 2023. On this basis, Management considers
the Group’s funding for 2023 sufficient to be able to continue meeting its payment obligations and its obligations under
the financing covenants during 2023.
Investment properties:
For investment properties, a valuation methodology based on a discounted cash flow (DCF) model is used every year. In
2022 the discount rate used was 7,5%, the yearly rent adjustment used was 4,0% in 2024 and an average rent adjustment
of 2,5% was used for the following years, the maintenance per m
2
in DKK was 42 and the occupancy rate was 89%
(2021/22: discount rate was 7,5%, rent adjustment was 2,5%, the maintenance per m
2
in DKK was 42 and the occupancy
rate was 97%).
The most significant factor in the fair value calculation is the discount rate. Sensitivity analysis of the fair value calculation
indicates that a change in the discount rate +/- 0,5% will lead to a fair value adjustment of approximately DKK 11,2 million.
The discount rate is based on available information from commercial real estate agents and the Executive Management's
assessments. The fair values of the properties are however not based on valuations performed by an independent external
valuer. Please see note 14 concerning investment properties.
Leased property assets:
During 2021/22 the leased property in Nyborg, Denmark was fully subleased for a two-year period to external tenant. The
property has been tested for impairment as of December 31
st
, 2022. The impairment is based on a valuation methodology
based on discounted cash flow (DCF). The conditions of the calculation are utilization of and/or sublease of all the Property
during the remaining lease period. The interest rate used is 6,5%.
The most significant factor in the impairment calculation is the two-year sublease period. The sensitivity analysis of the
impairment calculation indicates depreciation impairment cost of approximately DKK 1,9 million if no sublease agreement
is made after the two-year period. Please see note 13 concerning leased assets and note 18 concerning other receivables.
Estimated level of expected losses on trade receivables:
Write-downs for expected losses on receivables from sales are recognized immediately in the income statement at the
same time as the receivable based on a simplified expected credit loss model. When estimating the level of receivables
that in the future is expected not to be collected Management take the following information into account; historical losses
on receivables, ageing of the receivables, access to payment securities and possibilities to off-set assets against claims.
When doing the assessment, we also evaluate the global financial situation and political environments that could impact
the recoverability.
Inventories:
In connection with the preparation of the annual report and during the year, Management regularly assesses the need for
writing down the inventory value regarding phase-out of materials, consumables, and/or finished machines. The need for
write-downs is estimated based on analysis in which last year's revenue is compared to the present composition of the
inventories. The percentage of the write-down increase depends on the number of years of revenue the inventory is
estimated to cover. If Management estimates that future revenue differs significantly compared to historical sales, e.g.,
due to planned phase-outs, this is taken into consideration in the impairment test. Normally, inventory write-downs are
made when Management estimates that the product portfolio covers more than two years' future expected revenue. Most
of the uncertainties in the impairment test relate to estimating the future revenue, the effect of phase-outs and the precision
of the write-down percentages used.
Page | 38 ANNUAL REPORT 2022
1.
Significant accounting estimates and judgements (continued)
Deferred tax assets:
When measuring deferred tax assets, Management considers if future earnings, based on budget and operating plans,
will make it possible to utilize the temporary differences between the carrying amount and the tax base of assets and
liabilities or tax loss-carry forwards. See note 17, which states that tax loss-carry forward are expected to be utilized by
2025 at the latest.
Non-current assets:
The carrying amounts of non-current assets are reviewed annually to determine whether there is any evidence of
impairment. If any such evidence exists, the recoverable amount of the asset is estimated. The recoverable amount of an
asset is the higher of its fair value less expected disposal costs and its value in use. The value in use is determined as
the present value of expected future cash flows from the asset or the cash-generating unit to which the assets belong.
Accounting policies:
In applying the Group’s and the Parent Company’s accounting policies, Management is required to make other judgments
not relating to estimates which might significantly affect amounts recognized in the annual report.
Management has made such judgments concerning:
Accounting period:
At the Annual General Meeting in June 2022 the shareholder, Heliograph Holding GmbH proposed to change Glunz &
Jensen’s financial year. The submitted proposal was adopted unanimously and with all votes present. Consequently Glunz
& Jensen Holding A/S has changed the accounting period from April 1
st
- March 31
st
to January 1
st
- December 31
st
. As a
result, the annual report for 2022 consists of 9 months whereas the annual report for 2021/22 consists of 12 months.
Segments:
The Glunz & Jensen Group’s main activities lie within the Prepress market. Product area Flexo and Product area Offset,
are both part of the Prepress market. All products and services are connected to setters and printing equipment. In addition
to equipment, Glunz & Jensen sells installation of the equipment, service, and spare parts. At the production facility in
Slovakia, Glunz & Jensen manufactures both Flexo and Offset equipment. Glunz & Jensen markets Flexo and Offset
through a comprehensive and worldwide network of private label partners, distributors, and dealers. Flexo and Offset
equipment are sold on a standalone basis or in conjunction with other product types. Glunz & Jensen’s service
organization provides service for both Flexo and Offset equipment. Glunz & Jensen sees an overlap between customers
within Flexo and Offset. Consequently, Glunz & Jensen has concluded that Offset and Flexo belong to the same segment.
The management of Glunz & Jensen and the internal financial reporting is organized accordingly.
Thus Glunz & Jensen Group account can be divided into two segments: prepress market and investment property,
Selandia Park.
Glunz & Jensen presents entity-wide information regarding geographical distribution of revenue and assets. However,
Glunz & Jensen's financial reporting does not include information regarding geographical markets beyond those reflected
in note 2 and geographical markets are not considered operating segments.
ANNUAL REPORT 2022 Page | 39
2.
Segment information
The Glunz & Jensen Group consists of two reportable segments: the Prepress market and rental of the Selandia Park
properties.
Sales and purchases between the segments are made on terms equivalent to those that prevail in arm’s length
transactions.
April 1
st
, 2022 – December 31
st
, 2022
(DKK ‘000)
Prepress
market
Selandia
Park
Total
segments
Elimi-
nations
Consoli-
dated
External revenue
93.720
9.702
103.422
-
103.422
Inter-segment
-
104
104
(104)
-
Total revenue
93.720
9.806
103.526
(104)
103.422
Fair value gains on investment properties
-
6.000
6.000
-
6.000
Depreciation of property, plant, and equipment
612
-
612
-
612
Depreciation of leased assets
459
-
459
-
459
Impairment of leased assets
75
-
75
-
75
Operating profit/(loss)
2.977
14.047
17.024
-
17.024
Profit/(loss) after tax in associates
51
-
51
-
51
Financial income
1.144
-
1.144
(412)
732
Financial expenses
(1.913)
(1.042)
(2.955)
412
(2.543)
Segment profit/(loss) before tax
2.259
13.005
15.264
-
15.264
Segment assets
93.973
146.568
240.541
-
240.541
Capital expenditure
1.378
-
1.378
-
1.378
Segment liabilities
51.192
90.906
142.098
-
142.098
Ail 1
st
, 2022 – December 31
st
, 2022
(DKK ‘000)
Prepress
market
Selandia
Park
Total
segments
Elimi-
nations
Consoli-
dated
External revenue
93.720
9.702
103.422
-
103.422
Inter-segment
-
104
104
(104)
-
Total revenue
93.720
9.806
103.526
(104)
103.422
Fair value gains on investment properties
-
6.000
6.000
-
6.000
Depreciation and impairment of property, plant, and
equipment
612
-
612
-
612
Depreciation and impairment of leased assets
534
534
534
Operating profit/(loss)
2.977
14.047
17.024
-
17.024
Profit/(loss) after tax in associates
51
-
51
-
51
Financial income
1.144
-
1.144
(412)
732
Financial expenses
(1.913)
(1.042)
(2.955)
412
(2.543)
Segment profit/(loss) before tax
2.259
13.005
15.264
-
15.264
Segment assets
93.973
146.568
240.541
-
240.541
Capital expenditure
1.378
-
1.378
-
1.378
Segment liabilities
51.192
90.906
142.098
-
142.098
Sales and purchases between the segments are made on terms equivalent to those that prevail in arm’s length
transactions.
April 1
st
, 2022 – December 31
st
, 2022
(DKK ‘000)
Prepress
market
Selandia
Park
Total
segments
Elimi-
nations
Consoli-
dated
External revenue
93.720
9.702
103.422
-
103.422
Inter-segment
-
104
104
(104)
-
Total revenue
93.720
9.806
103.526
(104)
103.422
Fair value gains on investment properties
-
6.000
6.000
-
6.000
Depreciation and impairment of property, plant, and
equipment
612
-
612
-
612
Depreciation and impairment of leased assets
534
534
534
Operating profit/(loss)
2.977
14.047
17.024
-
17.024
Profit/(loss) after tax in associates
51
-
51
-
51
April 1
st
, 2022 – December 31
st
, 2022
(DKK ‘000)
Prepress
market
Selandia
Park
Total
segments
Elimi-
nations
Consoli-
dated
April 1
st
, 2021 – March 31
st
, 2022
(DKK ‘000)
Prepress
market
Selandia
Park
Total
segments
Elimi-
nations
Consoli-
dated
External revenue
134.800
12.231
147.031
-
147.031
Inter-segment
-
155
155
(155)
-
Total revenue
134.800
12.386
147.186
(155)
147.031
Fair value loss on investment properties
-
-
-
-
-
Depreciation and impairment of property, plant, and
equipment
2.781
-
2.781
-
2.781
Impairment of property, plant, and equipment
1.009
-
1.009
-
1.009
Depreciation of leased assets
1.863
-
1.863
-
1.863
Impairment of leased assets
228
-
228
-
228
Amortization of intangible assets
232
-
232
-
232
Operating profit/(loss)
7.904
9.882
17.786
-
17.786
Profit/(loss) after tax in associates
(17)
-
(17)
-
(17)
Financial income
1.239
-
1.239
(654)
585
Financial expenses
(2.815)
(1.572)
(3.733)
654
(3.733)
Segment profit/(loss) before tax
6.311
8.310
14.621
-
14.621
Segment assets
79.095
141.118
220.213
-
220.213
Capital expenditure
627
3.500
4.127
-
4.127
Segment liabilities
38.354
95.601
133.955
-
133.955
Page | 40 ANNUAL REPORT 2022
2.
Segment information (continued)
Glunz & Jensen operates mainly in the European and North American markets.
External revenue is allocated to geographical areas based on the customer’s geographical location, whereas non-current
assets are allocated to geographical areas based on the geographical location of the reporting units.
Geographical distribution
(DKK ‘000)
Revenue
2022
9 months
Revenue
2021/22
12 months
Non-
current
assets
2022
Dec. 31
st
Non-
current
assets
2021/22
March 31
st
Group
EMEA (Europe, Middle East, Africa) *
67.713
95.949
154.128
148.038
Americas
24.359
31.453
7
10
Asia and the Pacific
11.350
19.629
-
-
Total
103.422
147.031
154.135
148.048
* Selandia Park is included in EMEA.
10% of the Group's revenue relates to Denmark (2021/22: 8%).
Major customers:
Customers generating revenue of more than 10% of total revenue accounted for DKK 40,5 million in 2022 (2021/22: DKK
71,7 million).
Revenue:
April 1
st
– December 31
st
/ March 31
st
(DKK ‘000)
Group
2022
9 months
Group
2021/22
12 months
Type of revenue
Sale of goods
88.443
128.262
Sale of services
5.277
6.538
Rental income from investment properties
9.702
12.231
103.422
147.031
Timing of revenue recognition
Revenue recognized at a point in time
88.443
128.262
Revenue recognized over time
14.979
18.769
103.422
147.031
Investe-
ringer
2007/08
3.
Production costs
April 1
st
– December 31
st
/ March 31
st
(DKK ‘000)
Group
2022
9 months
Group
2021/22
12 months
Cost of goods sold
55.381
75.648
Inventory write-downs
332
738
Reversed inventory write-downs
(982)
(1.128)
Inventory write-downs are made based on an assessment that includes expectations as to future demand and use of the
item concerned. As such expectations can change from year to year, significant fluctuations in the need for write-downs
may occur. As a result, written-down inventories are sometimes reversed.
ANNUAL REPORT 2022 Page | 41
4.
Staff costs
April 1
st
– December 31
st
/ March 31
st
(DKK ‘000)
Group
2022
9 months
Group
2021/22
12 months
Parent
Company
2022
9 months
Parent
Company
2021/22
12 months
Wages and salaries
18.946
26.173
3.880
6.196
Defined contribution plans
645
933
230
302
Other social security costs
2.947
4.035
9
13
22.538
31.141
4.119
6.511
Staff costs are recognized as follows:
Production costs
8.038
9.150
-
-
Labor transferred to inventory
3.722
5.721
-
-
Sales and distribution costs
3.624
6.933
-
-
Product development costs
388
409
-
-
Administrative expenses
6.766
8.928
4.119
6.511
22.538
31.141
4.119
6.511
Average number of full-time employees
108 101
2
2
Remuneration of the Executive Management:
Salaries
2.938
4.222
2.938
4.222
Bonus
412
1.489
412
1.489
Remuneration of the Executive Management total
3.350
5.711
3.350
5.711
Remuneration of the Board of Directors:
Board member fees
638
800
769
800
Committee fees
131
-
131
-
Total remuneration of the Board of Directors
769
800
769
800
Executive Management:
Henrik Blegvad Funk CEO of Glunz & Jensen Holding A/S since January 1
st
, 2023, and CFO since April 1
st
, 2016. Martin
Overgaard Hansen CEO of Glunz & Jensen Holding A/S since September 1
st,
2019, until December 31
st
, 2022.
There are no defined benefit plans within the Group.
During 2021/22 DKK 347 thousand of Covid-19 compensation relating to staff costs received during 2020/21 was
reversed due to final calculation of the Covid-19 compensation. The reversal was recognized as negative other
operating income.
5.
Auditor’s fee
April 1
st
– December 31
st
/ March 31
st
(DKK ‘000)
Group
2022
9 months
Group
2021/22
12 months
Parent
Company
2022
9 months
Parent
Company
2021/22
12 months
Total fees to the auditors:
KPMG
496
644
39
233
EY
-
48
-
26
496
692
39
259
Statutory audit
465
350
77
83
Tax and VAT assistance
67
45
(7)
(18)
Other services
(36)
297
(31)
194
496
692
39
259
Group:
Non-audit services provided by KPMG amounts to DKK 31 thousand in 2022 relating to sundry tax advisory services and
other advisory services (2021/22: DKK 294).
Non-audit services provided by EY amounts to DKK 0 thousand in 2022 relating to sundry tax advisory services and other
advisory services (2021/22: DKK 48 thousand).
Parent Company:
Non-audit services provided by KPMG amounts to DKK (38) thousand in 2022 relating to sundry tax advisory services
and other advisory services (2021/22: DKK 150 thousand).
Non-audit services provided by EY amounts to DKK 0 thousand in 2022 relating to sundry tax advisory services and other
advisory services (2021/22: DKK 26 thousand).
Page | 42 ANNUAL REPORT 2022
6.
Depreciation, amortization, and impairment losses
April 1
st
– December 31
st
/ March 31
st
(DKK ‘000)
Group
2022
9 months
Group
2021/22
12 months
Parent
Company
2022
9 months
Parent
Company
2021/22
12 months
Amortization, intangible assets
-
232
-
-
Depreciation, property, plant, and equipment
612
2.781
-
-
Impairment losses, property, plant, and equipment
-
1.009
-
-
Depreciation, leased assets
459
1.863
59
106
Impairment losses, leased assets
75
228
75
110
1.146
6.113
134
216
Amortization, depreciation, and impairment losses are included in
the following items:
Production costs
804
5.291
-
-
Sales and distribution costs
99
231
-
-
Development costs
62
340
-
-
Administrative expenses
181
251
134
216
1.146
6.113
134
216
Amortization relating to intangible assets are recognized in development costs. See notes 11, 12 and 13 concerning
impairment of intangible assets, property, plant, and equipment and leased assets.
7.
Other operating income and expenses
April 1
st
– December 31
st
/ March 31
st
(DKK ‘000)
Group
2022
9 months
Group
2021/22
12 months
Other operating income
Gain on sale of non-current assets
5
40
Glunz & Jensen S.r.l., Italy reversals of accruals (liabilities)
-
1.155
Covid-19 compensation from government
-
(347)
Other income
4
10
9
858
Based on the difficulties related to the current business environment in general related to Covid-19 which made normal
business operations challenging and following the past years efforts to turn Glunz & Jensen S.r.l. around and into a
profitable organization, including injecting significant amounts of cash over the past years, the Board of Directors in the
parent company (Glunz & Jensen A/S) decided to prioritize the operations in the parent company Glunz & Jensen A/S,
Denmark and the subsidiary Glunz & Jensen s.r.o., Slovakia. The decision was made on May 15
th
, 2020, as the parent
company Glunz & Jensen A/S concluded that it was expected to be unable to provide further support to Glunz & Jensen
S.r.l. Following the bankruptcy act in 2020 a former employee filed a court case against Glunz & Jensen S.r.l. and Glunz
& Jensen A/S. Glunz & Jensen A/S assessed the risk and recognized provisions in the event of a negative outcome of
the court case based on legal advice from the lawyer team. The outcome of the court case was fully in favor of Glunz &
Jensen A/S. As a result, provision of DKK 1.155 thousand was reversed by March 31
st
, 2022.
During 2020/21 the Group recognized Covid-19 compensation relating to staff costs. During 2021/22 final calculation of
the Covid-19 compensation resulted in reversal of DKK 347 thousand. The reversed compensation relates to productions
costs.
ANNUAL REPORT 2022 Page | 43
8.
Financial income and expenses
April 1
st
– December 31
st
/ March 31
st
(DKK ‘000)
Group
2022
9 months
Group
2021/22
12 months
Parent
Company
2022
9 months
Parent
Company
2021/22
12 months
Financial income
Interest income, cash, and cash equivalents etc.
-
3
-
-
Interest income, subleasing receivables
383
42
-
-
Interest income from subsidiaries
-
-
1.035
1.577
Foreign exchange gains
349
540
-
-
732
585
1.035
1.577
Interest on financial assets measured at amortized cost
represents
-
45
1.035
1.577
Financial expenses
Interest expenses, credit institutions
1.436
1.950
-
1
Interest expenses, lease liabilities
441
536
11
22
Foreign exchange losses
384
847
1
1
Other financial expenses
282
400
5
7
2.543
3.733
17
31
Interest on financial liabilities measured at amortized cost
represents
1.877
2.486
11
23
9.
Tax on profit for the year
April 1
st
– December 31
st
/ March 31
st
(DKK ‘000)
Group
2022
9 months
Group
2021/22
12 months
Parent
Company
2022
9 months
Parent
Company
2021/22
12 months
Tax on profit/(loss) for the year:
Current tax
254
1.339
302
299
Adjustment of tax regarding previous years
15
(55)
-
-
Adjustment of deferred tax
2.972
1.207
(59)
(12)
Total tax on profit/(loss) for the year
3.241
2.491
243
287
Analysis of tax on profit/(loss) for the year:
Tax charged at 22%
3.359
3.217
2.699
2.732
Tax effect of:
Non-deductible profit/(loss) after tax in subsidiaries
-
-
(2.474)
(2.446)
Non-taxable income and non-deductible expenses
(110)
(710)
18
1
Non-recognized deferred tax asset in foreign subsidiaries
(62)
(28)
-
-
Adjustment of tax calculated for foreign subsidiaries against 22%
39
67
-
-
Tax relating to previous years
15
(55)
-
-
3.241
2.491
243
287
Effective tax rate
21,2%
17,0%
2,0%
2,3%
Group:
The effective tax rate for 2022 increased to 21,2% from 17,0% in 2022 due to adjustments of non-taxable income and
non-deductible expenses and adjustments of non-recognized deferred tax assets in foreign subsidiaries.
Parent Company:
The effective tax rate for 2022 decreased to 2,0% from 2,3% in 2022 due to the development in non-deductible
profit/(loss) after tax in subsidiaries.
Page | 44 ANNUAL REPORT 2022
10.
Earnings per share
April 1
st
– December 31
st
/ March 31
st
(DKK ‘000)
Group
2022
9 months
Group
2021/22
12 months
Profit for the year
12.023
12.130
Average number of shares
1.821
1.821
Average number of outstanding shares
1.821
1.821
Average number of outstanding shares, diluted
1.821
1.821
Earnings per share (EPS) (DKK)
6,6
6,7
Diluted earnings per share (EPS-D) (DKK)
6,6
6,7
11.
Intangible assets
(DKK ‘000)
Completed
develop-
ment
projects
Total
Group
Total cost on April 1
st
, 2021
6.827
6.827
Disposals
(6.827)
(6.827)
Total cost on March 31
st
, 2022
-
-
Amortization and impairment losses on April 1
st
, 2021
6.595
6.595
Amortization for the year
232
232
Depreciation of disposals
(6.827)
(6.827)
Amortization and impairment losses on March 31
st
, 2022
-
-
Carrying amount on March 31
st
,
2022
-
-
Total cost on April 1
st
, 2022
-
-
Total cost on December 31
st
, 2022
-
-
Amortization and impairment losses on April 1
st
, 2022
-
-
Amortization and impairment losses on December 31
st
, 2022
-
-
Carrying amount on December 31
st
, 2022
-
-
Group
Development projects:
Amortization relating to development projects is recognized in development costs.
Development costs of DKK 986 thousand (2021/22: DKK 1.803 thousand) were incurred in 2022. Hereof, DKK 0 (2021/22:
DKK 0) are recognized in the balance sheet and DKK 986 thousand (2021/22: DKK 1.803 thousand) are recognized in
the income statement as development costs.
Disposals for 2021/22 mainly refer to the fully amortized completed development projects which were recognized as part
of the acquisition of the former subsidiary Glunz & Jensen Microflex A/S.
ANNUAL REPORT 2022 Page | 45
12.
Property, plant, and equipment
(DKK ‘000)
Land and
buildings
Other
fixtures
and fittings,
tools, and
equipment
Leasehold
improve-
ments
Total
Group
Total cost on April 1
st
, 2021
33.571
20.089
3.744
57.404
Foreign exchange adjustments
3
29
-
32
Additions
51
576
-
627
Disposals
-
(2.237)
(3.744)
(5.981)
Total cost on March 31
st
, 2022
33.625
18.457
-
52.082
Depreciation and impairment losses on April 1
st
, 2021
26.594
19.767
2.267
48.628
Foreign exchange adjustments
3
26
-
29
Depreciation for the year
2.113
200
468
2.781
Impairment for the year
-
-
1.009
1.009
Depreciation of disposals
-
(2.237)
(3.744)
(5.981)
Depreciation and impairment losses on March 31
st
, 2022
28.710
17.756
-
46.466
Carrying amount on March 31
st
, 2022
4.915
701
-
5.616
Total cost on April 1
st
, 2022
33.625
18.457
-
52.082
Foreign exchange adjustments
(8)
20
-
12
Additions
410
780
188
1.378
Disposals
-
(69)
-
(69)
Total cost on December 31
st
, 2022
34.027
19.188
188
53.403
Depreciation and impairment losses on April 1
st
, 2022
28.710
17.756
-
46.466
Foreign exchange adjustments
(7)
21
-
14
Depreciation for the year
331
236
45
612
Depreciation of disposals
-
(60)
-
(60)
Depreciation and impairment losses on December 31
st
, 2022
29.034
17.953
45
47.032
Carrying amount on December 31
st
, 2022
4.993
1.235
143
6.371
Group:
The carrying amount of land and buildings amounting to DKK 4.933 thousand (March 31
st
, 2022: DKK 4.915 thousand)
had a registered mortgage on December 31
st
, 2022. The value of the relating collateral was DKK 4.619 thousand on
December 31
st
, 2022 (March 31
st
, 2022: DKK 5.160 thousand).
On December 31
st
, 2022, Management tested the carrying amount of property, plant, and equipment. The impairment test
showed no need to recognize an impairment loss. In fiscal 2021/22, impairment testing of property, plant, and equipment
showed a need to recognize an impairment loss of DKK 1.009 thousand due to sublease of the leased premises in Nyborg,
Denmark.
Page | 46 ANNUAL REPORT 2022
13.
Leased assets
(DKK ‘000)
Property
Other
fixtures
and fittings,
tools, and
equipment
Total
Group
Balance on April 1
st
, 2021
5.952
1.690
7.642
Additions
1.022
318
1.340
Disposals
-
(266)
(266)
Transfer to other receivables (Subleasing)
(4.693)
-
(4.693)
Depreciation for the year
(1.299)
(564)
(1.863)
Impairment for the year
-
(228)
(228)
Carrying amount on March 31
st
, 2022
982
950
1.932
Balance on April 1
st
, 2022
982
950
1.932
Additions
31
-
31
Disposals
-
(165)
(165)
Depreciation for the year
(216)
(243)
(459)
Impairment for the year
-
(75)
(75)
Carrying amount on December 31
st
, 2022
797
467
1.264
Parent Company
Balance on April 1
st
, 2021
-
292
292
Additions
-
318
318
Disposals
-
(113)
(113)
Depreciation for the year
-
(106)
(106)
Impairment for the year
-
(110)
(110)
Carrying amount on March 31
st
, 2022
-
281
281
Balance on April 1
st
, 2022
-
281
281
Depreciation for the year
-
(59)
(59)
Impairment for the year
-
(75)
(75)
Carrying amount on December 31
st
, 2022
-
147
147
December 31
st
/ March 31
st
(DKK ‘000)
Group
2022
Group
2021/22
Parent
Company
2022
Parent
Company
2021/22
Expected maturity:
Due within 1 year or less
2.697
2.585
96
87
Due within 1-5 years
4.244
5.865
163
214
Due after 5 years
-
-
-
-
Total non-discounted lease liabilities March 31
st
6.941
8.450
259
301
Lease liabilities recognized in the balance sheet:
Long-term liabilities
4.046
5.206
145
204
Short-term liabilities
2.358
2.423
75
51
Total liabilities
6.404
7.629
220
255
Lease liabilities recognized in income statement:
Interest
441
536
11
22
Cost relating to leasing agreements with a term of less than 12
months or low value
-
36
-
-
Moder-
selskab
2012
tDKK,
Group:
In fiscal 2022, payments related to leases amounted to DKK 2.110 thousand (2021/22: DKK 3.786 thousand) of which
interest payments relating to recognized lease liabilities accounted for DKK 441 thousand (2021/22: DKK 536 thousand)
and repayment of recognized lease liabilities for DKK 1.669 thousand (2021/22: DKK 3.250 thousand).
In fiscal 2022, the lease liability was re-measured due to changes in index and interest rates. The weighted average
discount rate applied is 6% (2021/22: 5%).
On December 31
st
, 2022, Management tested the carrying amount of leased assets. In fiscal 2022, impairment testing
showed a need to recognize an impairment loss of DKK 75 thousand due to expected early termination of lease
agreements. (2021/22: DKK 228 thousand).
ANNUAL REPORT 2022 Page | 47
13.
Leased assets (continued)
Financial lease:
During 2021/22, the Group sub-leased a building that had been presented as part of a right-of-use asset – property, plant,
and equipment for a two-year period.
During 2022, the Group recognized a gain of DKK 0 (2021/22: DKK 0) on derecognition of the right-of-use asset pertaining
to the building. During 2022, the Group recognized interest income on lease receivables of DKK 383 thousand (2021/22:
DKK 42).
The following table sets out a maturity analysis of lease receivables, showing the undiscounted lease payments to be
received after the reporting date.
December 31
st
/ March 31
st
(DKK ‘000)
Group
2022
Group
2021/22
Due within 1 year or less
2.077
1.893
Due within 1-2 years
360
1.767
Due after 3 years
-
-
Total non-discounted lease receivable
2.437
3.660
Unearned finance income
(321)
(612)
Net investment in the lease
2.116
3.048
Moder-
selskab
2012
tDKK,
Parent Company:
In fiscal 2022, payments related to leases amounted to DKK 69 thousand (2021/22: DKK 238 thousand), of which interest
payments relating to recognized lease liabilities accounted for DKK 11 thousand (2021/22: DKK 22 thousand) and
repayment of recognized lease liabilities account for DKK 58 thousand (2021/22: DKK 216 thousand).
The weighted average discount rate applied is 5%.
On December 31
st
, 2022, Management tested the carrying amount of leased assets. In fiscal 2022, impairment testing
showed a need to recognize an impairment loss of DKK 75 thousand due to expected early termination of lease
agreements. (March 31
st
, 2022: DKK 110).
14.
Investment properties
(DKK ‘000)
Group
2022
Group
2021/22
Opening balance on April 1
st
140.500
137.000
Fair value adjustment
6.000
-
Additions (subsequent expenditure)
-
3.500
Closing balance on December 31
st
/ March 31
st
146.500
140.500
Direct operating expenses (including repairs and maintenance) that did not generate rental
income (included in administrative expenses)
1.760
2.504
The investment properties are located in Ringsted. Selandia Park A/S was established on June 1
st
, 2016. Selandia Park
A/S' business objective is to invest in and operate a property portfolio.
89% of the investment properties were leased to tenants on December 31
st
, 2022 (March 31
st
, 2022: 97%). Own-use of
the properties represented 2% on December 31
st
, 2022 (March 31
st
, 2022: 2%).
During 2021/22 all the tenants – except for one – renewed their rental contracts thus extending the expiration dates of the
rental contracts to 2026 at the earliest and to 2033 respectively. One of the extended agreements includes an
improvement plan which initially is partly financed by Selandia Park A/S. The additions of DKK 3.500 thousand refer to
this agreement. The discounted cash flow (DCF) model includes the repayment schedule for the improvement.
The carrying amount of investment properties amounting to DKK 146.500 thousand had a registered mortgage on
December 31
st
, 2022 (March 31
st
, 2022: DKK 140.500 thousand). The value of the relating collateral was DKK 52.353
thousand at December 31
st
, 2022 (March 31
st
, 2022: DKK 56.312 thousand).
Please see note 1 Significant accounting estimates and judgements “Investment properties” and note 2 Segments “Rental
of the Selandia Park properties” and note 27 Financial risks and financial instruments “Fair values”.
Page | 48 ANNUAL REPORT 2022
15.
Investment in subsidiaries
Parent Company (DKK ‘000)
Profit/(loss)
for the year
after tax
2022
9 months
Equity
2022
Dec. 31
st
Profit/(loss)
for the year
after tax
2021/22
12 months
Equity
2022
Marts 31
st
Glunz & Jensen A/S, Ringsted, Denmark
1.100
9.766
4.659
8.504
Selandia Park A/S, Ringsted, Denmark
10.144
55.661
6.461
45.517
11.244
65.427
11.120
54.021
Ownership interest is 100% for both 2022 and 2021/22.
Parent
company
2022
Parent
company
2021/22
Total cost on April 1
st
130.000
120.000
Increase capital
-
10.000
Total cost on December / March 31
st
130.000
130.000
Adjustments on April 1
st
(75.979)
(87.349)
Profit/(loss) for the year
11.244
11.120
Dividend from subsidiaries
-
-
Foreign exchange adjustments
162
250
Adjustments on December / March 31
st
(64.573)
(75.979)
Carrying value on December / March 31
st
65.427
54.021
As of December 31
st
, 2022, the difference on initial recognition of the subsidiaries totaled DKK 0 thousand.
No tax liability will be incurred on realization of the Parent Company’s investments in subsidiaries at carrying amount
(2021/22: DKK 0 thousand).
In May 2021, Glunz & Jensen A/S was granted a tax-free group contribution of DKK 10.000 thousand.
16.
Investments in associates
The Group's investments in associates are measured using the equity method.
December / March 31
st
(DKK ‘000)
Group
2022
Group
2021/22
GKS International Ltd, UK (40% ownership interest)
258
244
258
244
As the associate's revenue is less than 1% of consolidated revenue, the Management evaluates that the associates are
not significant for which reason no further information is disclosed regarding this entity.
ANNUAL REPORT 2022 Page | 49
17.
Deferred tax
(DKK ‘000)
Group
2022
Group
2021/22
Parent
Company
2022
Parent
Company
2021/22
Deferred tax on April 1
st
(4.592)
(3.393)
(184)
(196)
Foreign exchange adjustments
5
8
-
-
Tax income/(expense) during the period recognized in profit or
loss
(2.972)
(1.207)
59
12
Deferred tax on December 31
st
/ March 31
st
(7.559)
(4.592)
(125)
(184)
Breakdown of deferred tax and recognition in the balance sheet:
Deferred tax asset
728
1.051
-
-
Deferred tax liability
(8.287)
(5.643)
(125)
(184)
Total on December 31
st
/ March 31
st
(7.559)
(4.592)
(125)
(184)
__ Group
___ 2018
The value of tax loss carryforwards has been recognized as a deferred tax asset in the companies where, based on the
budget, it is considered very likely that they can be set off against future earnings and where a history of profit before tax
in the last three years has been verified. The value of tax loss carry-forward, DKK 5.193 thousand at December 31
st
, 2022
(March 31
st
, 2022: DKK 5.058 thousand), has not been recognized as a deferred tax asset, as it is not considered likely
that they will be utilized.
(DKK ‘000)
Intangible
assets
Property,
plant, and
equipment
Current
assets
Liabilities
Tax loss
carry-
forward
etc.
Total
Group
Deferred tax on April 1
st
, 2021
(51)
(5.736)
167
307
1.920
(3.393)
Foreign exchange adjustments
-
-
8
-
-
8
Recognized in profit/(loss) for the
year, net
51
(1.383)
(51)
(62)
238
(1.207)
Deferred tax on March 31
st
, 2022
-
(7.119)
124
245
2.158
(4.592)
Deferred tax on April 1
st
, 2022
-
(7.119)
124
245
2.158
(4.592)
Foreign exchange adjustments
-
-
5
-
-
5
Recognized in profit/(loss) for the
year, net
-
(2.147)
(15)
(91)
(719)
(2.972)
Deferred tax on December 31
st
, 2022
-
(9.266)
114
154
1.439
(7.559)
Parent Company
Deferred tax on April 1
st
, 2021
-
-
-
(196)
-
(196)
Recognized in profit/(loss) for the
year, net
-
-
-
12
-
12
Deferred tax on March 31
st
, 2022
-
-
-
(184)
-
(184)
Deferred tax on April 1
st
, 2022
-
-
-
(184)
-
(184)
Recognized in profit/(loss) for the
year, net
-
-
-
59
-
59
Deferred tax on December 31
st
, 2022
-
-
-
(125)
-
(125)
18.
Other receivables
December 31
st
/ March 31
st
(DKK ‘000)
Group
2022
Group
2021/22
Parent
Company
2022
Parent
Company
2021/22
Non-current other receivables:
Sub-leasing receivable
2.424
3.205
-
-
Deposit regarding leased property
156
155
2.580
3.360
-
-
Current other receivables:
Sub-leasing receivable
1.531
1.373
-
-
VAT and other receivables (authorities)
2.461
1.562
-
-
Other receivables
60
472
-
-
4.052
3.407
-
-
In March 2022 the property in Nyborg, Denmark was fully subleased for a two-year period leading to reclassification of
leased property asset to other receivables.
Please see note 1 Significant accounting estimates and judgements “Leased property asset” and note 13 Leased
assets.
Page | 50 ANNUAL REPORT 2022
19.
Inventories
December 31
st
/ March 31
st
(DKK ‘000)
Group
2022
Group
2021/22
Raw materials and consumables
45.975
31.437
Finished goods and semi-manufacture goods
10.866
9.577
Total
56.841
41.014
Inventories recognized at net realizable value
97
124
20.
Trade receivables
(DKK ‘000)
Group
2022
Group
2021/22
Trade receivables, gross
20.121
21.403
Changes in credit loss allowance:
Allowance on April 1
st
(632)
(1.081)
Additions in the year
(90)
(27)
Realized losses in the year
-
258
Reversal in the year
13
218
Allowance on December 31
st
/ March 31
st
(709)
(632)
Trade receivables, net
19.412
20.771
The credit risk of the various trade receivables is mainly associated with the customer's geographical location.
Breakdown of trade receivables, net, based on the customer’s geographical location:
December 31
st
/ March 31
st
(DKK ‘000)
Group
2022
Group
2021/22
Western Europe
11.395
11.550
Eastern Europe
598
1.122
North America
4.122
2.804
Asia and Pacific
1.396
3.687
Rest of the world
1.901
1.608
Trade receivables, net
19.412
20.771
Write down is based on historically observed default rates adjusted for estimated uncertainties in project related activities
and market conditions.
As of December 31
st
, 2022, 14,4% of the trade receivables are due (March 31
st
, 2022, 22,3%).
The effect of the Russian/Ukraine war is included in the expected default rate.
(DKK ‘000)
Expected
default rate
Trade
receivables
gross
Expected
loss
Trade
receivables
net
Maturity of trade receivables on March 31
st
, 2022:
Not due
1,4%
16.233
244
15.989
Due 0-30 days
6,9%
5.050
340
4.710
Due 30-60 days
20,2%
1
0
1
Due more than 60 days
40,3%
119
48
71
21.403
632
20.771
Maturity of trade receivables on December 31
st
, 2022:
Not due
2,0%
16.845
339
16.506
Due 0-30 days
8,3%
3.024
250
2.774
Due 30-60 days
46,1%
152
70
82
Due more than 60 days
50,0%
100
50
50
20.121
709
19.412
No loss is expected on receivables from subsidiaries in the Parent Company
See note 27, section debtor risks.
ANNUAL REPORT 2022 Page | 51
21.
Share capital and treasury shares
The share capital in Glunz & Jensen Holding A/S consists of 1.821.309 shares as of December 31
st
, 2022, and likewise
on March 31
st
, 2022, representing a nominal value of DKK 20 each. The total nominal value is DKK 36.426 thousand. No
shares carry any special rights. All shares are fully paid.
As of December 31
st
,
2022, and on March 31
st
, 2022, Glunz & Jensen Holding A/S held no treasury shares.
During the last five years there have been no movements in the share capital.
Glunz & Jensen Holding A/S has been authorized by the shareholders to acquire up to 25% of its treasury shares.
Please see to note 27 under the "Capital management" section.
22.
Provisions
(DKK ‘000)
Group
2022
Group
2021/22
Warranty commitments on April 1
st
1.445
985
Additions
347
1.098
Disposals
(929)
(638)
Warranty commitments on December 31
st
/ March 31
st
863
1.445
Restructuring on April 1
st
-
1.598
Reversals
(1.155)
Paid
-
(443)
Restructuring on December 31
st
/ March 31
st
-
-
Provisions on December 31
st
/ March 31
st
863
1.445
Breakdown of provisions by non-current and current liabilities:
Non-current liabilities
216
361
Current liabilities
647
1.084
Group
2022
Group
2021
Provisions on December 31
st
/ March 31
st
863
1.445
Warranties
A provision has been made for warranty commitments to cover contract-related warranty for goods already delivered.
Warranty commitments are recognized as the goods are sold and are calculated based on historical warranty costs. The
warranty commitments cover a period from 6 months to 2 years after delivery of the goods.
Warranty commitments comprise commitments under ordinary product guarantees of up to 1-2 years. The commitments
are calculated based on historical warranty costs and are assessed for specific matters. The expenses are expected to
be incurred over the next two years.
Restructuring
Following the bankruptcy in 2020 in Glunz & Jensen S.r.l. a former employee filed a court case against Glunz & Jensen.
The court proceedings ended in 2021/22 with positive outcome for Glunz & Jensen and as a result provision of DKK 1.155
thousand was reversed. The reversal of DKK 1.155 thousand were recognized under operating income.
Page | 52 ANNUAL REPORT 2022
23.
Credit institutions
(DKK ‘000)
Due within
1-5 years
Due after
5 years
Due after 1
year, total
Due within
1 year
Total
Group
Credit institutions on March 31
st
, 2022:
Credit institutions (DKK), floating rate 2%
21.573
29.312
50.885
13.578
64.463
Credit institutions (USD), floating rate 4%
-
-
-
9
9
Credit institutions (GBP), floating rate 4%
-
-
-
504
504
Credit institutions (EUR), floating rate 2%
-
-
-
7.220
7.220
21.573
29.312
50.885
21.311
72.196
Credit institutions on December 31
st
, 2022:
Credit institutions (DKK), floating rate 4%
20.240
27.423
47.663
32.176
79.839
Credit institutions (USD), floating rate 6%
-
-
-
73
73
Credit institutions (GBP), floating rate 6%
-
-
-
327
327
Credit institutions (EUR), floating rate 4%
-
-
-
4.667
4.667
20.240
27.423
47.663
37.243
84.906
(DKK ‘000)
March 31
st
,
2021
Cash flows
Non-cash
items
Dec. 31
st
,
2022
Group
Non-current credit institutions
56.317
(5.432)
-
50.885
Current credit institutions
30.998
(9.688)
1
21.311
87.315
(15.120)
1
72.196
March 31
st
,
2022
Cash flows
Non-cash
items
Dec. 31
st
,
2022
Group
Non-current credit institutions
50.885
(3.222)
-
47.663
Current credit institutions
21.311
15.934
(2)
37.243
72.196
12.712
(2)
84.906
The Parent Company has no credit facilities.
24.
Other payables
December 31
st
/ March 31
st
(DKK ‘000)
Group
2022
Group
2021/22
Parent
Company
2022
Parent
Company
2021/22
Non-current other payables:
Holiday pay
2.272
2.142
-
-
VAT and other payables toward authorities
-
871
-
155
Other payables
157
151
-
-
2.429
3.164
-
155
Current other payables:
Wages, salaries, holiday pay etc.
4.632
6.157
1.645
2.797
Accrued employee taxes
78
57
-
-
VAT and other payables toward authorities
1.957
4.218
745
2.638
Other payables
1.868
5.454
198
257
8.535
15.886
2.588
5.692
ANNUAL REPORT 2022 Page | 53
25.
Prepayments from customers
December 31
s
/ March 31
st
(DKK ‘000)
Group
2022
Group
2021/22
Non-current prepayments from customers:
Prepayment and deposits from tenants in Selandia Park
3.258
4.817
3.258
4.817
Current prepayments from customers:
Prepayments from customers in connection with the sale of
goods and services
8.974
6.784
Prepayment and deposits from tenants in Selandia Park
2.166
2.323
11.140
9.107
In 2012/13, Selandia Park rebuilt one office facility for an external tenant. Part of the rebuilding of the office was paid for
by the tenant upfront. The prepayment will be recognized as revenue by 2023.
26.
Contingent liabilities and collateral
Group:
The shares in Glunz & Jensen A/S and Selandia Park A/S are pledged as security towards the main bank, Nordea. The
Group has provided a company charge of DKK 35,0 million secured upon the Company’s inventories, goodwill, domain
names and rights, fixtures, and operating equipment as well as unsecured claims relating to the sale of goods and services
at a carrying amount of DKK 3,7 million. The company charge of DKK 35,0 million has been provided as security for credit
facility of which 27,9 million has been drawn.
Please refer to note 12, Property, plant, and equipment and 14 Investment properties regarding collateral mortgage.
The Group is a party to a limited number of lawsuits and disputes. In Management’s opinion, these lawsuits and disputes
will not significantly affect the financial position of the Group.
Parent Company:
The Parent Company acts as guarantor for the subsidiaries’ credit facilities. The financial guarantee on December 31
st
,
2022, amounted to DKK 35,0 million of which 27,9 million has been drawn (March 31
st
, 2022: DKK 30,0 million of which
DKK 10,7 million has been drawn).
The Parent Company acts as management company for the jointly taxed Danish companies. Pursuant to the provisions
of the Danish Corporation Tax Act, the Parent Company is thus liable to withhold tax at source on interest, royalties, and
dividend for the jointly taxed companies for contingent liabilities and to withhold income taxes. The Parent Company
recognized jointly tax receivables in the balance sheet amounting to DKK 0 on December 31
st
, 2022 (March 31
st
, 2022:
DKK 0,0 million). The Parent Company's liability regarding joint tax may be impacted by future corrections of the taxable
income. The companies in the joint taxation arrangement are not subject to withholding tax on dividends, interest, or
royalties.
Please refer to note 12, Property, plant, and equipment and 14 Investment properties regarding collateral mortgage.
The Parent Company is a party to a limited number of disputes. In Management’s opinion, these disputes will not
significantly affect the financial position of the Parent Company.
27.
Financial risks and financial instruments
Risk management policy:
As a result of its operating, investing, and financing activities, the Group is exposed to various financial risks, including
market risks, credit risks and liquidity risks. It is the Group’s policy not to speculate actively in financial risks. The Group’s
financial risk management is thus aimed exclusively at managing the financial risks that are a direct consequence of the
Group’s operating, investing, and financing activities.
Currency risk:
The Group’s currency risk consists of transaction risks and currency translation risks.
The main part of the Group's sales is invoiced in EUR and USD. In 2022, approx. 79% of sales were invoiced in EUR and
approx. 9% in USD (2021/22: 81 % in EUR and 10% in USD).
The main part of the Group's expenses is paid in EUR 64%), DKK 23%) and USD 10%). In 2022, expenses paid in DKK,
USD and EUR amounted to 97% of total expenses (2021/22: 98%). As Management considers the EUR/DKK exchange
rate to be fixed, the Group's exposure to currency risks is limited.
As part of the Group’s currency policy, Glunz & Jensen seeks only to reduce the impact of exchange rate fluctuations
(EUR exempted) on its profits and financial position via financial instruments when the risk is assessed as unacceptable.
As in 2022, future currency transactions are currently not hedged. Due to the foreign subsidiaries, Glunz & Jensen is
exposed to currency translation risks insofar as part of the Group’s earnings and net assets derive from these foreign
subsidiaries and, therefore, are translated and included in the consolidated financial statements, which are presented in
DKK.
Page | 54 ANNUAL REPORT 2022
27.
Financial risks and financial instruments (continued)
An increase in the USD rate of 10% is estimated, all else being equal, to affect the Group's operating profit by approx.
DKK 50 thousand (2021/22: DKK 56 thousand). The estimate is based on the level of USD Profit/(loss) transactions in
2022.
Based on the Group’s USD exposure at the balance sheet date, the impact of a hypothetical fluctuation of 10% of the
USD/DKK exchange rate on the profit/(loss) for the year and consolidated equity amounts to DKK 5 thousand regarding
cash and receivables (2021/22: DKK 2 thousand) and DKK 82 thousand regarding financial liabilities (2021/22: DKK 16
thousand), respectively.
Interest rate risk:
As a result of its investing and financing activities, the Group is exposed to interest rate fluctuations. Net interest-bearing
debt on December 31
st
, 2022, amounted to DKK 83.911 thousand (March 31
st
, 2022: DKK 71.142 thousand).
During 2018/19 Selandia entered into a DKK 74.000 thousand floating-rate, 14-year DKK-based bond loan. All interest-
bearing debt carries floating-rate interest.
A 1 percentage point change in the general interest rate level relative to the balance sheet date is estimated to affect the
Group's profit/(loss) for the year by DKK 662 thousand and consolidated equity by DKK 662 thousand based on financial
commitments at December 31
st
, 2022 (March 31
st
, 2022: an effect on the profit/(loss) for the year of DKK 563 thousand
and consolidated equity of DKK 563 thousand). The estimate does not include adjustments concerning repayment and
borrowing.
Credit risk:
The Group may realize losses if trade and other receivables are not settled. The majority of the Group’s goods and
services are sold to large companies with which Glunz & Jensen has long-term relationship. The four largest customers
account for approx. 57% of total revenue. The Group normally requires prepayment from new customers.
Based on the Group's internal credit procedures, the credit risk associated with the various trade receivables mainly
relates to the customer's geographical location. Trade receivables deemed to have a high credit quality (low risk) are
estimated to relate to Western Europe and North America. Conversely, trade receivables relating to Asia, Eastern Europe
and the rest of the world are deemed to have a lower credit quality (medium and high risk). As part of the Group's risk
management, past-due receivables are monitored monthly. Historically, the Group has realized only minor credit losses
related to trade receivables. Please refer to note 20 regarding the credit quality of trade receivables.
Liquidity risk:
Liquidity risk is the risk that Glunz & Jensen will be unable to meet its obligations as they fall due because of its inability
to liquidate assets or obtain adequate funding.
The Group's primary loan agreement with Nordea is subject to certain conditions and three covenants, which Glunz &
Jensen must observe to maintain the loan, including financial covenants concerning the financial ratio "solvency" and the
agreed level of EBITDA and loan to value covenants. During 2022 Glunz & Jensen did breach the EBITDA covenant,
however Nordea accepted the breach. The budget for 2023 was presented to and viewed satisfactory by Nordea and a
letter of cooperation for 2023 was received by Glunz & Jensen in January 2023. On this basis, Management considers
the Group’s funding for 2023 sufficient to be able to continue meeting its payment obligations and its obligations under
the financing covenants during 2023.
The Group's interest-bearing liabilities amounted to DKK 84.906 thousand on December 31
st
, 2022 (March 31
st
, 2022:
DKK 72.196 thousand).
On December 31
st
, 2022, the Group's credit facilities amounted to DKK 94.793 thousand (March 31
st
, 2022: DKK 93.700
thousand) of which DKK 84.905 thousand has been drawn (March 31
st
, 2022: DKK 72.196 thousand). The liquidity reserve
amounted to DKK 9.888 thousand on December 31
st
, 2022 (March 31
st
, 2022: DKK 21.504 thousand).
The liabilities fall due as follows:
Group
(DKK ‘000)
Carrying
amount
Payment
obligation
In 1 year
or less
1-5 years
Over 5
years
On March 31
st
, 2022
Non-derivative financial instruments:
Credit institutions and banks
72.196
72.742
21.857
21.573
29.312
Lease liabilities
7.629
8.450
2.585
5.865
-
Trade payables
13.105
13.105
13.105
-
-
Total
92.930
94.297
37.547
27.438
29.312
On December 31
st
, 2022
Non-derivative financial instruments:
Credit institutions and banks
84.906
98.293
40.965
26.155
31.173
Lease liabilities
6.404
6.941
2.697
4.244
-
Trade payables
16.255
16.255
16.255
-
-
Total
107.565
121.489
59.917
30.399
31.173
ANNUAL REPORT 2022 Page | 55
27.
Financial risks and financial instruments (continued)
Parent Company
(DKK ‘000)
Carrying
amount
Payment
obligation
In 1 year
or less
1-5 years
Over 5
years
On March 31
st
, 2022
Non-derivative financial instruments:
Lease liabilities
279
301
87
214
Trade payables
51
51
51
-
-
Total
330
352
138
214
-
On December 31
st
, 2022
Non-derivative financial instruments:
Lease liabilities
221
259
96
163
Trade payables
75
75
75
-
-
Total
296
334
171
163
-
The maturity analysis is based on undiscounted cash flows, including estimated interest payments. Interest payments are
based on current market conditions.
The Group did not enter into any new long-term debt agreements in 2022.
Management believes that the Group has sufficient cash resources to cover planned operations and ongoing investments.
Capital management:
It is the Group's policy that capital is distributed to the shareholders via dividends or that Glunz & Jensen purchases
treasury shares if and when earnings justify it. This means that during periods of low and unstable income, the solvency
ratio must be high, while it may be reduced if earnings stabilize at a higher level than achieved in recent years.
On December 31
st
, 2022, the solvency ratio was 40,9% (March 31
st
, 2022: 39,2%). Based on the performance during
2022 and the outlook for 2023, the Board of Directors proposes to the Annual General Meeting that no dividend be
distributed for fiscal 2022.
Fair values:
There was no difference between the fair values and the carrying amounts of financial assets and liabilities on December
31
st
, 2022, or on March 31
st
, 2022. Short-term, floating-rate bank loans are measured at a price of 100. The methods used
are unchanged compared with last year.
Group
(DKK ‘000)
Fair value measurement hierarchy for assets and liabilities using:
Observable
inputs
(Level 2)
Un-
observable
inputs
(Level 3)
Total
On March 31
st
, 2022
Non-current assets:
Investments properties
-
140.500
140.500
Total non-current assets
-
140.500
140.500
On December 31
st
, 2022
Non-current assets:
Investments properties
-
146.500
146.500
Total non-current assets
-
146.500
146.500
No assets and liabilities are measured at fair value in the Parent Company.
Page | 56 ANNUAL REPORT 2022
28.
Related parties
Companies with a controlling interest in the Group consist of Heliograph Holding GmbH, owned by MRB Holding GmbH,
which is the immediate majority owner, and MRB Holding GmbH, which Is the ultimate majority owner.
Both Heliograph Holding GmbH and MRB Holding GmbH are located at Konrad-Zuse-Bogen 18, 82152 Krailling,
Germany.
Glunz & Jensen Holding A/S is included in the consolidated financial statement of Heliograph Holding GmbH.
Consolidated financial statements can be requested by contacting Heliograph Holding GmbH and MRB Holding GmbH at
the abovementioned address.
All companies in which Glunz & Jensen Holding A/S has a controlling interest are presented on page #25. Transactions
with subsidiaries have been eliminated in the consolidated financial statements in accordance with the group’s accounting
policies. Receivables from subsidiaries is presented in the balance sheet and interest income from subsidiaries is
presented in note 8.
The Group’s related parties also comprise the members of the board of directors and the executive board as well as these
persons’ family members. Remuneration paid to members of the executive board and the board of directors is disclosed
in note 4.
Transactions with related parties:
December 31
st
/ March 31
st
(DKK ‘000)
Group
2022
Group
2021/22
Parent
Company
2022
Parent
Company
2021/22
Sale of finished goods to MRB Group companies
442
176
-
-
Sale of parts and services to MRB Group companies
162
187
-
-
Purchase of finished goods from MRB Group companies
372
-
-
-
Purchase of parts from MRB Group companies
54
49
-
-
Purchase of services from MRB Group companies
946
1.001
43
58
Sale of parts and services to associate companies
6
36
-
-
Sale of services to subsidiaries
-
-
6.300
9.250
Tax free contribution to subsidiaries
-
-
-
10.000
29.
Events after the balance sheet date
The Group's available credit lines for 2023 were extended by Nordea on January 19
th
, 2023, to continue to March 2024
and the cooperation letter was signed by the Company on January 20
th
, 2023. The cooperation letter is subject to three
covenants, which the Prepress division of Glunz & Jensen must observe in order to maintain the loan. The financial
covenants are related to the financial ratio "solvency", the agreed level of EBITDA, and loan to value.
No other events have occurred since December 31
st
, 2022, which is deemed to have a significant impact on the Group's
or the Parent Company’s financial position.
30.
New accounting standards
The IASB has issued several new standards and amendments not yet in effect or endorsed by the EU and therefore not
relevant for the preparation of the 2022 consolidated financial statements. Glunz & Jensen Holding A/S expects to
implement these standards when they take effect. None of the new standards issued are currently expected to have any
significant impact on the consolidated financial statements when implemented.
ANNUAL REPORT 2022 Page | 57
31.
Accounting policies
Glunz & Jensen Holding A/S is a limited company domiciled in
Denmark. The annual report for the period April 1
st
, 2022 -
December 31
st
, 2022, includes both consolidated financial
statements of Glunz & Jensen Holding A/S and its subsidiaries
(the Group) and the separate financial statements of the Parent
Company.
The annual report of Glunz & Jensen Holding A/S for 2022 has
been prepared in accordance with International Financial
Reporting Standards as adopted by the EU and additional
requirements of the Danish disclosure requirements for listed
companies.
The Board of Directors discussed and approved the annual
report of Glunz & Jensen Holding A/S for 2022 on March 28
th
,
2023. The annual report will be submitted to the shareholders of
Glunz & Jensen Holding A/S for adoption at the Annual General
Meeting on April 19
th
, 2023.
Basis of preparation
The annual report is presented in DKK, rounded to the nearest
amount in DKK thousands. The annual report is prepared using
the historical cost principle. However, recognized derivatives
are measured at fair value. Non-current assets are measured at
the lower of their carrying amount before the reclassification and
fair value less selling costs.
On the Annual General Meeting in June 2022 the Shareholder,
Heliograph Holding GmbH proposed to change Glunz &
Jensen’s financial year. The submitted proposal was adopted
unanimously and with all votes present. Consequently Glunz &
Jensen Holding A/S has changed the accounting period from
April 1st - March 31st to January 1st - December 31st. As a
result, the annual report for 2022 consists of 9 months whereas
the annual report for 2021/22 consists of 12 months.
The comparative figures for 2021/22 have not been restated.
Except for the change mentioned above, the accounting policies
have been applied consistently in the financial year and to
comparative figures
Adoption of new and revised IFRSs
Glunz & Jensen Holding A/S has implemented all the relevant
new or amended financial reporting standards and
interpretations as adopted by the EU that are effective as of April
1
st
, 2022.
No new standards or interpretations have had effect on the
financial statements of the Group
The accounting policies have been applied consistently in the
financial year and to comparative figures.
Description of accounting policies
Consolidated financial statements
The consolidated financial statements include the Parent
Company Glunz & Jensen Holding A/S and subsidiaries.
Subsidiaries are entities controlled by the group. The group
‘controls’ an entity when it is exposed to, or has rights to,
variable returns from its involvement with the entity and has the
ability to affect those returns through its power over the entity.
The financial statements of subsidiaries are included in the
consolidated financial statements from the date on which control
commences until the date on which control ceases.
The consolidated financial statements are prepared by
aggregating the Parent Company’s and the individual
subsidiaries’ financial statements, applying the Group’s
accounting policies. Intra-group income and expenses,
shareholdings, balances, and dividends as well as realized and
unrealized gains arising from intra-group transactions are
eliminated on consolidation.
Entities in which the Group holds between 20% and 50% of the
voting rights and over which it exercises significant influence,
but which it does not control, are considered associates.
Business combinations
Newly acquired or established companies are recognized in the
consolidated financial statements from the date of acquisition.
Enterprises sold or otherwise disposed of are recognized in the
consolidated financial statements until the date of sale/disposal.
Comparative figures are not restated to reflect newly acquired
companies. Discontinued operations are presented separately,
see below.
In the acquisition of new entities over which the Group obtains
control, the acquisition method is used, meaning that the
acquired entities' identifiable assets, liabilities and contingent
liabilities are measured at fair value at the date of acquisition.
Intangible assets identified are recognized if they can be
separated or if they originate from contractual terms. The tax
effect of the revaluations performed is considered.
Positive balances (goodwill) between the purchase
consideration for the acquired enterprise and the fair value of
the acquired assets, liabilities and contingent liabilities are
recognized as asset in intangible assets and tested for
impairment at least once a year. The first impairment test is
performed before the end of the acquisition year. Upon
acquisition, goodwill is allocated to the cash-generating unit
which subsequently forms the basis for impairment testing.
Goodwill and fair value adjustments arising from the acquisition
of foreign entities with a functional currency other than DKK are
accounted for as assets and liabilities of the foreign entity. This
means that goodwill and fair value adjustments are initially
translated at the foreign entity’s functional currency at the
transaction date. Negative goodwill arising on acquisition is
recognized directly in the income statement at the date of
acquisition.
The consideration for an entity consists of the fair value of the
consideration paid for the acquiree. If the final determination of
the consideration is contingent on one or more future events,
such events are recognized at fair value at the date of
acquisition. Expenses relating to the acquisition are recognized
in profit or loss when incurred.
If, at the date of acquisition, there is uncertainty as to the
identification or measurement of acquired assets, liabilities or
contingent liabilities or the determination of the purchase
consideration, initial recognition is made based on initially
calculated values. These values may be adjusted, or additional
assets or liabilities may be recognized, until 12 months after the
acquisition if new information is obtained about circumstances
Page | 58 ANNUAL REPORT 2022
that existed at the date of acquisition and which would have
affected the calculation of the values at the date of acquisition
had such information been known. Subsequently, goodwill is not
adjusted. Changes in estimates of conditional purchase
considerations are generally recognized directly in the income
statement.
Gains or losses on disposal of subsidiaries are calculated as the
difference between the selling price or the settlement price and
the carrying amount of net assets, including goodwill at the date
of the disposal and the expenses relating to the disposal.
Foreign currency translation
A functional currency is designated for each of the reporting
entities in the Group. The functional currency is the currency
used in the primary economic environment in which the
reporting entity operates. Transactions denominated in
currencies other than the functional currency are transactions in
foreign currencies.
Transactions in foreign currencies are translated into the
functional currency at the exchange rate at the transaction date.
Gains and losses arising between the rate at the transaction
date and the rate at the date of payment are recognized in the
statement of comprehensive income under financial income and
expenses.
Receivables and payables and other monetary items
denominated in foreign currencies are translated into the
functional currency at the exchange rate at the balance sheet
date. Differences between the rate at the balance sheet date
and the rate at the transaction date or the exchange rate stated
in the latest annual report are recognized in the statement of
comprehensive income under financial income and expenses.
On recognition of foreign subsidiaries and associates with a
functional currency other than DKK, items in the statement of
comprehensive income are translated at average rate rates that
do not differ significantly from the rates ruling at the transaction
date. Balance sheet items in subsidiaries and the equity share
of associates are translated at closing rates.
Exchange rate differences arising on the translation of the
opening equity of subsidiaries and associates at closing rates
and on the translation of items in the statement of
comprehensive income from average rates to closing rates are
recognized in the consolidated financial statements under other
comprehensive income in equity as a separate translation
reserve.
Derivative financial instruments
Derivative financial instruments are recognized at fair value. The
fair value of derivative financial instruments is recognized in
other receivables (positive value) and in other payables
(negative values). Offsetting of positive and negative values
only occurs when the Company is entitled to and intends to
settle several derivative financial instruments net.
Fair values of derivative financial instruments are determined
based on current market data.
Any gains or losses arising from fair value adjustments of
derivative financial instruments are taken directly to profit or loss,
except for the effective portion of cash flow hedges, which is
recognized in other comprehensive income and later
reclassified to profit or loss when the hedge item affects profit or
loss.
For derivative financial instruments that do not qualify for
recognition as hedging instrument, fair value adjustments are
recognized under financial income and expenses in the
statement of comprehensive income.
Statement of comprehensive income
Revenue
The Glunz & Jensen Group’s main activities lie within Flexo and
Offset, which are both part of the prepress market. All products
and services are connected to setters and printing equipment.
In addition to equipment, Glunz & Jensen sells installation of the
equipment, service, and spare parts.
Revenue from contracts with customers is recognized when
control of the goods or services are transferred to the customer
at an amount that reflects the consideration to which the Group
expects to be entitled in exchange for those goods or services.
The Group has generally concluded that it is the principal in its
revenue arrangements, because it typically controls the goods
or services before transferring them to the customer.
The recognized revenue is measured at the fair value of the
agreed consideration exclusive of VAT and fees collected on
behalf of third parties. All forms of discounts will be recognized
in revenue.
Any part of the total consideration that is variable, e.g. in the
form of discounts, bonuses, penalties, etc., will be recognized in
revenue only when reasonably certain that no repayments will
be made in subsequent periods, i.e. as the result of failure to
meet goals, etc.
Revenue from sale of goods is recognized at the point in time
when control of the asset is transferred to the customer,
generally on delivery of the equipment. The normal credit term
is 30 to 90 days upon delivery.
The Group considers whether there are other promises in the
contract that are separate performance obligations to which a
portion of the transaction price needs to be allocated (e.g.,
warranties). In determining the transaction price for the sale of
equipment, the Group considers the effects of variable
consideration, the existence of significant financing components,
noncash consideration, and consideration payable to the
customer (if any).
Customers are not entitled to return purchased goods.
The sale of services includes service packages and extended
guarantees concerning products sold. The services typically
include one performance obligation which is recognized on a
straight-line basis over the period during which the services are
provided.
Rental income arising from operating leases on investment
properties is accounted for on a straight-line basis over the
lease terms.
Costs
The Group distributes the cost, including depreciation and
amortization and wages and salaries, by the functions
production costs, sales and distribution costs, development
costs and administrative expenses. Costs not directly
attributable to a function are allocated to the functions based on
the number of employees in each function.
ANNUAL REPORT 2022 Page | 59
Administrative expenses comprise operating expenses relating
to the Group’s investment property.
Development costs comprise research costs and any
development costs not qualifying for capitalization and
depreciation and amortization of capitalized development
projects.
Administrative expenses comprise operational expenses
relating to the Group's rental property.
Other operating income and expenses
Other operating income and expenses comprise items of a
secondary nature, including gains and losses from disposal of
intangible assets and property, plant and equipment, which are
measured as the selling price less selling costs and the carrying
value at the time of sale.
Other operating income also includes government Covid-19
compensation related to payroll. The compensation is
recognized when compensation is expected to materialize. The
compensation is allocated to functions under staff costs.
Financial income and expenses
Financial income and expenses comprise interest, including
interest on lease liabilities, fair value gains and losses on
securities, realized and unrealized foreign exchange
adjustments, amortization and surcharges and allowances
under the tax prepayment scheme. Also included are realized
and unrealized gains and losses relating to derivative financial
instruments not qualifying as effective hedges.
Income tax expense
Glunz & Jensen Holding A/S is jointly taxed with its Danish
subsidiaries. The current Danish income tax charge is allocated
among the jointly taxed entities in proportion to their taxable
income.
Tax for the year, comprising current income tax for the year and
changes in deferred tax, including such changes as follow from
changes in the tax rate, is recognized in profit or loss, other
comprehensive income or in equity, depending on where the
relevant item is recognized.
Balance sheet
Development projects, patents, and trademarks
Development costs comprise costs and salaries and
depreciation and amortization relating to the Group’s
development activities.
Development costs on an individual project are recognized as
an intangible asset when the Group can demonstrate the
technical feasibility of completing the intangible asset so that the
asset will be available for use or sale, the technical feasibility of
completing the intangible asset so that the asset will be
available for use or sale, its intention to complete and its ability
and intention to use or sell the asset, how the asset will generate
future economic benefits, the availability of resources to
complete the asset and the ability to reliably measure the
expenditure during development.
Following initial recognition of the development expenditure as
an asset, the asset is carried at cost less any accumulated
amortization and accumulated impairment losses. Amortization
of the asset begins when development is complete, and the
asset is available for use. It is amortized over the period of
expected future benefit, which is 3-10 years. During the period
of development, the asset is tested for impairment annually.
Other development costs are expensed as incurred.
Patents and trademarks are measured at cost less any
accumulated depreciation and accumulated impairment losses.
Patents are amortized on a straight-line basis over the term of
the patent. Trademarks are amortized using the straight-line
method over their expected useful live. The amortization period
is 3-5 years.
The amortization periods mentioned above also apply to
acquired assets.
Property, plant, and equipment
Property, plant, and equipment are measured at cost less
accumulated depreciation and accumulated impairment losses.
Cost comprises the purchase price and any costs directly
attributable to the acquisition until the asset is available for use.
Subsequent costs, e.g., for the replacement of components of
an item of property, plant or equipment, are recognized in the
carrying amount of the asset when it is likely that the
expenditure of the replacement involves a future financial
benefit for the Group. The carrying amount of the replaced
components ceases to be recognized in the balance sheet and
is transferred to profit or loss. All other costs related to general
repair and maintenance are recognized in profit or loss as and
when incurred.
The cost value of a total asset is divided into separate
components that are depreciated separately if the useful lives of
the individual components differ. Items of property, plant and
equipment are depreciated on a straight-line basis over their
expected useful lives:
Buildings and components 10-30 years
Technical installations 10-15 years
Other fixtures and fittings 3-5 years
Land is not depreciated.
The depreciation basis is determined considering the residual
value of the asset and any impairment losses. The residual
value is determined at the date of acquisition and is reassessed
annually. If the residual value exceeds the carrying amount of
the asset, depreciation will cease. If the depreciation period or
the residual value is changed, the effect on depreciation going
forward is recognized as a change in accounting estimates.
Leased assets
A lease asset and a lease liability are recognized in the balance
sheet when a right-of-use lease asset is transferred to the group
or the parent company for the term of the lease pursuant to a
concluded lease agreement and the group obtains the right to
substantially all the economic benefits from the use of the
identifiable asset and the right to control the use of the
identifiable asset. Service components are excluded from the
lease liability.
On initial recognition, lease liabilities are measured at the
present value of the future lease payments, discounted using an
alternative interest rate.
Page | 60 ANNUAL REPORT 2022
The lease liability is measured at amortized cost using the
effective interest rate method. The lease liability is re-measured
when there is a change in the underlying contractual cash flows
due to changes in an index or an interest rate, if there is a
change to the estimate of a residual value guarantee, or if there
is a change to the assessment as to whether it is reasonably
certain that a purchase option, an extension option, or a
termination option will be exercised.
On initial recognition, the right-of-use asset is measured at cost,
corresponding to the value of the lease liability adjusted for
prepaid lease payments plus any initial direct costs and
estimated costs for dismantling, removing, and restoring or
similar and less any discounts or other types of incentive
payments granted by the lessor.
On subsequent recognition, the asset is measured at cost less
any accumulated depreciation and impairment. The right-of-use
asset is depreciated over the shorter of the lease term and the
useful life of the asset. Depreciation charges are recognized in
the income statement on a straight-line basis.
The right-of-use asset is adjusted for any changes in the lease
liability due to changes in the lease terms or changes in the
contractual cash flows because of changes in an index or an
interest rate.
Lease assets are depreciated on a straight-line basis over the
estimated lease term.
The lease asset and the lease liability are presented separately
by the group and the parent company in the balance sheet.
The group and the parent company have elected not to
recognize right-of-use assets of low value and short-term leases
in the balance sheet and instead to recognize lease payments
concerning these leases in the income statement on a straight-
line basis.
When the group is an intermediate lessor, it accounts for its
interests in the head lease and the sub-lease separately. It
assesses the lease classification of a sub-lease with reference
to the right-of-use asset arising from the head lease, not with
reference to the underlying asset.
Investment property
Investment properties are measured initially at fair value, which
reflects market conditions at the reporting date. Gains or losses
arising from changes in the fair values of investment properties
are included in profit or loss in the period in which they arise,
including the corresponding tax effect. Fair values are
determined based on an annual evaluation performed by an
accredited external independent valuer applying a valuation
model recommended by the International Valuation Standards
Committee.
Investment properties are derecognized either when they have
been disposed of or when they are permanently withdrawn from
use and no future economic benefit is expected from their
disposal. The difference between the net disposal proceeds and
the carrying amount of the asset is recognized in profit or loss
in the period of derecognition.
Transfers are made to (or from) investment property only when
there is a change in use. For a transfer from investment property
to owner-occupied property, the deemed cost for subsequent
accounting is the fair value at the date of change in use. If
owner-occupied property becomes an investment property, the
Group accounts for such property in accordance with the policy
stated under "Property, plant and equipment" up to the date of
change in use. At the same date the property is evaluated to fair
value and the adjustment between the cost value and fair value
is recognized as other comprehensive income.
Investments in subsidiaries and associates
Investments in subsidiaries and associates are measured using
the equity method.
Investments in subsidiaries and associates are measured at the
proportionate share of the entities' net asset value calculated in
accordance with the Group's accounting policies minus or plus
unrealized intra-group profits and losses and plus or minus any
residual value of positive or negative goodwill determined in
accordance with the purchase method of accounting.
Investments in subsidiaries and associates with negative net
asset values are measured at DKK 0, and any amounts owed
by such entities are written down insofar as the amount
receivable is considered irrecoverable. If the Parent Company
has a legal or constructive obligation to cover a deficit that
exceeds the amount owed, the remaining amount is recognized
under "Provisions".
Net revaluation of investments in subsidiaries and associates is
recognized in the net revaluation reserve according to the equity
method under equity where the carrying amount exceeds cost.
Dividends from subsidiaries which are expected to be declared
before the annual report of Glunz & Jensen Holding A/S is
adopted are not taken to the net revaluation reserve.
Impairment of non-current assets
Development projects are tested annually for evidence
impairment.
Deferred tax assets are tested for impairment annually and are
written down if it is deemed likely that the deferred tax asset
cannot be utilized against tax on future income or set off against
deferred tax liabilities in the same legal tax entity and jurisdiction.
This assessment considers the type and nature of the
recognized deferred tax asset, the estimated period for set-off
of the deferred tax asset etc.
Other long-term assets are tested for impairment once a year.
When there is evidence that an asset may be impaired, the
recoverable amount of that asset is determined. The
recoverable amount is the higher of the net selling price of the
asset and the net present value of the expected future net cash
flows.
An impairment loss is recognized when the carrying amount of
an asset or its cash-generating unit exceeds the recoverable
amount of the asset or its cash-generating unit. Impairment
losses are recognized in the statement of incomprehensive
income under production costs, development costs, sales and
distribution costs and administrative expenses. However,
impairment losses in respect of goodwill are recognized in a
separate line in the statement of incomprehensive income.
Impairment losses on other long-term assets are reversed to the
extent that changes have occurred in the assumptions and
estimates based on which the impairment loss was recognized.
Impairment losses are reversed only to the extent that the new
carrying amount of the asset does not exceed the carrying
ANNUAL REPORT 2022 Page | 61
amount it would have had net of amortization and net of
depreciation if the impairment loss had not been recognized.
Inventories
Inventories are measured at cost using the FIFO method.
Goods for resale, raw materials and consumables are measured
at cost, comprising the purchase price plus delivery costs.
Finished goods and work in progress are measured at cost,
comprising the cost of raw materials, consumables, direct labor
costs and production overheads. Production overheads
comprise indirect materials and labor costs as well as
maintenance and depreciation of production machinery, factory
buildings and equipment and factory administration and
management costs.
Where the net realizable value is lower than cost, inventories
are written down to such lower value. The net realizable value
of inventories is determined as the selling price less costs of
completion and costs necessary to make the sale and is
determined considering marketability, obsolescence, and
developments in the expected selling price.
Receivables
Receivables are measured at amortized cost. A credit loss
allowance is made upon initial recognition based on historical
observed default rates adjusted for forward looking estimates
(simplified 'expected credit loss’ model). The cost of the credit
loss allowance is included in sales and distribution costs. A loss
is considered realized when it is certain that we will not recover
the receivable, e.g., in case of bankruptcy or similar.
Deposits are measured at fair value cost and consist of rent
deposits. The leases are non-cancellable for a period of 0–2
years.
Prepayments
Prepayments include expenses paid in respect of subsequent
fiscal years.
Equity
Dividend:
Dividend proposed for the year is recognized as a liability at the
time it is adopted at the Annual General Meeting. The amount
proposed as dividend for the year is stated as a separate item
in equity.
Translation reserve:
The translation reserve in the consolidated financial statements
includes accumulated foreign exchange differences arising on
the translation of the financial statements of foreign subsidiaries
from their functional currency to the presentation currency of the
Group.
Hedging reserve:
The hedging reserve contains the accumulated net change in
the fair value of hedging transactions qualifying as cash flows
hedges for which the hedged transaction has not yet been
realized.
Revaluation reserve:
The revaluation reserve contains adjustment occurred during
transfers to (or from) investment property when there is a
change in use.
Income tax and deferred tax
Current tax payable and receivable is recognized in the balance
sheet as tax computed on the taxable income for the year,
adjusted for tax on the taxable income of prior years and for tax
paid on account.
Deferred tax is measured using the balance sheet liability
method, providing for all temporary differences between the
carrying amount and the tax base of assets and liabilities.
However, the following items are not recognized: goodwill not
deductible for tax purposes and other items – apart from
business combinations – where temporary differences have
arisen at the date of acquisition that neither affect profit/(loss)
nor taxable income.
Deferred tax assets, including the tax base of tax loss carry-
forwards, are recognized as other non-current assets at the
value at which they are expected to be utilized, either by
elimination against tax on future earnings or by set-off against
deferred tax liabilities within the same legal tax entity and
jurisdiction.
The deferred tax charge is adjusted in respect of elimination of
unrealized intra-group profits and losses.
Deferred tax is measured based on the tax rules and at the tax
rates that will apply under the legislation enacted at the balance
sheet date in the relevant countries when the deferred tax is
expected to crystallize in the form of current tax. Changes in
deferred tax as a result of changes in tax rates are recognized
in the statement of comprehensive income.
Under the joint taxation rules, Glunz & Jensen Holding A/S, as
the management company, becomes liable vis-à-vis the tax
authorities for the subsidiaries’ income taxes as the subsidiaries
pay their joint taxation contributions. Joint taxation contributions
payable and receivable are recognized in the balance sheet
under receivables from/payables to subsidiaries.
Provisions
Provisions comprise estimated commitments regarding
warranty obligations and restructuring etc.
Provisions are recognized when, as a result of events occurring
before or at the balance sheet date, the Group has a legal or
constructive obligation, and it is probable that an outflow of
resources embodying economic benefits will be required to
settle the obligation. Provisions are measured at Management's
best estimate of the amount required to settle the obligation at
the balance sheet date.
A provision for warranties is recognized when the underlying
products or services are sold. The provision is based on
historical warranty data.
Restructuring costs are recognized as liabilities when a detailed,
formal restructuring plan has been announced not later than the
balance sheet date to the parties affected by the plan.
Pension obligations
Payments relating to defined contribution plans under which the
Group regularly pays fixed contributions into an independent
pension fund are recognized in profit or loss in the period in
which they are earned, and outstanding payments are
recognized in the balance sheet under other payables.
Page | 62 ANNUAL REPORT 2022
There are no defined benefit plans within the Group.
Financial liabilities
Payables to credit institutions are recognized at the date of
borrowing at fair value (corresponding to the net proceeds
received) less transaction costs paid. In subsequent periods,
payables to credit institutions are measured at amortized cost,
corresponding to the capitalized value using the effective
interest rate method. Accordingly, the difference between the
proceeds and the nominal value (capital loss) is recognized in
profit or loss over the term of the loan.
Other liabilities are measured at net realizable value.
Prepayments from customers
Prepayments from customers include payments received which
relate to subsequent financial years.
Cash flow statement
The cash flow statement shows cash flows for the year, broken
down by operating, investing, and financing activities, and the
year’s changes in cash and cash equivalents as well as cash
and cash equivalents at the beginning and end of the year.
The cash flow effect of acquisitions and disposals of entities is
shown separately under cash flows from investing activities.
Cash flows from acquisitions of entities are recognized in the
cash flow statement from the date of acquisition, and cash flows
from disposals of entities are recognized up to the date of
disposal.
Cash flows from operating activities are determined as
profit/(loss) for the year adjusted for non-cash operating items,
changes in working capital, interest received and paid, including
interest on lease liabilities, and income taxes paid.
Cash flows from investing activities comprise payments in
connection with acquisitions and disposals of entities and
activities; acquisitions and disposals of intangible assets,
property, plant and equipment, investment properties and other
non-current assets; and acquisitions and disposals of securities
that are not recognized as cash and cash equivalents.
Cash flow from financing activities comprise changes in the size
or composition of the share capital and associated expenses as
well as raisings of loans, repayment of interest-bearing debt,
including repayment of lease liabilities, purchase and sale of
treasury shares, and payment of dividends as well as dividend
received from subsidiaries.
Cash and cash equivalents comprise deposits with credit
institutions and cash.
Segment information
Segment information is prepared in accordance with the
Group's accounting policies and internal financial reporting.
The Group presents two reportable segments: the prepress
market and the property rental Selandia Park.
Segment revenue, segment expenses, segment assets and
liabilities are those items that are directly attributable to the
individual segment or can be allocated to the segment on a
reliable basis.
Segment assets are those assets that are employed directly by
the segment in its operating activities, including non-current
assets, inventories, trade receivables, other receivables,
prepayments and cash and cash equivalents.
Segment liabilities are those liabilities that result from the
segments’ operating activities, including trade liabilities,
borrowings, lease liabilities and other liabilities.
Additional segment information is stated regarding consolidated
revenue broken down by geographic market.
ANNUAL REPORT 2022 Page | 63
DEFINITIONS OF RATIOS
Earnings per share (EPS) and diluted earnings per share (EPS-D) are calculated in accordance with IAS 33.
The ratios in the annual report are calculated as follows:
Gross margin
Gross profit x 100
Revenue
Operating margin
Operating profit (EBITA) x 100
Revenue
EBITDA margin
Profit before interest, tax, amortization, depreciation and impairment x 100
Revenue
Return on assets (ROIC)
Operating profit x 100
Average operating assets
Return on equity (ROE)
Profit or loss for the year x 100
Average Equity
Equity ratio
Equity at year-end x 100
Liabilities at year-end
Interest coverage
Operating profit (EBITA) + interest income
Interest expenses
Earnings per share (EPS)
Profit(loss) for the year
Average number of shares outstanding
Diluted earnings per share (EPS-D)
Diluted earnings
Diluted average number of shares outstanding
Cash flow per share (CFPS)
Cash flows from operating activities
Diluted average number of shares outstanding
Book value per share (BVPS)
Equity at year-end
Numbers of shares at year end
Pay-out ratio
Total dividend paid
Profit or loss for the year
Share price/book value (KI)
Share price
BVPS
Page | 64 ANNUAL REPORT 2022
Glunz & Jensen Holding A/S
Selandia Park 1
4100 Ringsted, Denmark
+45 5768 8181
gj@glunz-jensen.com
www.glunz-jensen.com
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