Page | 0 ANNUAL REPORT 2023
CVR 10239680
ANNUAL REPORT 2023 Page | 1
GLUNZ & JENSEN
The 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 technology solutions
which prepare Offset plates for Offset
printing together with aftermarket
services.
Commercial printing – production of
newspapers, magazines, books, flyers,
business cards, stationary etc.
Approx. 52% of Prepress
Through large customers such as Fuji
Film, Kodak, Heidelberg, Technova,
and multiple large dealers
Global
Maintain a high-end suite of innovative
products and solutions in close
cooperation with key customers as well
as ongoing consolidation to maintain
critical mass. Limited brand-new sites
but an abundance of replacement sales
to existing accounts as well as
competitive accounts capturing. In the
past the addressable market has
witnessed significant consolidation as
well as migration towards process-less
plate technologies as well as print
output via digital technology solutions.
Flexographic (Thermal and Solvent)
technology solutions which expose,
process and handle plates for Flexo
printing together with aftermarket
services.
Labels & Packaging industry
Approx. 48% of Prepress
Through large customers such as
DuPont, KBA, MacDermid, Miraclon,
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 improves performance,
through longer lifetime, higher
efficiencies, and lower emissions
impact and energy consumption. Key
technology convergence from Gravure
and Offset in packaging in particular
onto Flexo technology drives
expectation for growth in years ahead.
Besides the main segment Prepress Glunz & Jensen reports and operates within the segment investment property,
Selandia Park.
Page | 2 ANNUAL REPORT 2023
TABLE OF CONTENTS
HEADLINES FOR 2023 .................................................................................................................................................. 3
GLUNZ & JENSEN HOLDING A/S LOCATIONS ............................................................................................................... 4
FINANCIAL HIGHLIGHTS .............................................................................................................................................. 5
BUSINESS AND FINANCIAL REVIEW............................................................................................................................. 6
OPTIMIZATION OF THE VALUE CHAIN ......................................................................................................................... 7
OUTLOOK ................................................................................................................................................................... 8
BUSINESS MODEL ....................................................................................................................................................... 8
FINANCIAL STATEMENTS ............................................................................................................................................ 9
RISK FACTORS ............................................................................................................................................................13
REPORTING ON MANAGEMENT .................................................................................................................................15
STATEMENT ON CORPORATE SOCIAL RESPONSIBILTY AND GENDER DIVERSITY ........................................................19
SHAREHOLDER INFORMATION ..................................................................................................................................24
BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT ............................................................................................26
GROUP COMPANIES ..................................................................................................................................................28
STATEMENT BY THE BOARD OF DIRECTORS AND THE EXECUTIVE MANAGEMENT .....................................................29
INDEPENDENT AUDITOR'S REPORT ............................................................................................................................30
INCOME STATEMENT .................................................................................................................................................34
STATEMENT OF COMPREHENSIVE INCOME ...............................................................................................................34
BALANCE SHEET .........................................................................................................................................................35
STATEMENT OF CHANGES IN EQUITY .........................................................................................................................37
STATEMENT OF CASH FLOWS ....................................................................................................................................38
NOTES .......................................................................................................................................................................39
DEFINITIONS OF RATIOS ............................................................................................................................................64
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 2023 Page | 3
HEADLINES FOR 2023
• The accounting period in 2023 is from January 1
st
to December 31
st
, hence covering a 12-month period. The
accounting period in 2022 is from April 1
st
to December 31
st
, hence covering a 9-month period only. Unless
otherwise stated, all references to 2022 cover a 9-month period, whereas all references to other years are based
on periods consisting of a 12-month period. The reader should be cautious in comparing 2022 to 2023 or to
previous years.
• Revenue in Glunz & Jensen Holding A/S came to DKK 143,3 million in 2023 vs. DKK 103,4 million in 2022.
Revenue in Selandia Park increased from DKK 9,7 million in 2022 to DKK 11,2 million in 2023. Revenue is in line
with our expectations announced to the market on November 21
st
, 2023, as revenue then was guided at
approximately DKK 145 million.
• Gross profit totaled DKK 31,9 million (2022: DKK 27,5 million), and the gross profit margin decreased to 22,2%
(2022: 26,6%).
• Profit before financial income and expenses, tax, depreciation, amortization, and impairment of assets, – the
EBITDA, was DKK 10,8 million (2022: DKK 18,2 million). The EBITDA is in line with our expectations announced
to the market on November 21
st
, 2023, as it was then guided at approximately DKK 11 million.
• As a result of sharply increased interest rates, financing costs increased with DKK 2,8 million during 2023.
• Profit for the year before tax totaled DKK 3,5 million (2022: DKK 15,3 million). This is in line with the expectations
announced to the market on November 21
st
, 2023, as profit for the year before tax was then expected at
approximately DKK 5 million. The profit for the year before tax is not considered satisfactory.
• Profit for the year totaled DKK 2,9 million (2022: DKK 12,0 million), equal to a profit in earnings per share (EPS)
of DKK 1,6 in 2023 (2022: DKK 6,6 per share).
• Net cash flows from operating activities came at DKK 13,9 million (2022: DKK -9,3 million), net investments were
DKK -0,7 million (2022: DKK -1,4 million), and cash flow from financing activities were DKK 13,0 million (2022:
DKK -10,6 million). Free cash flows at year-end were DKK 13,3 million (2022: DKK -10,7 million).
• The Board of Directors recommends not to distribute dividend for 2023.
Page | 4 ANNUAL REPORT 2023
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, supply chain, Offset and Flexo manufacturing and
global spare parts center.
Inman, SC, USA including service and regional spare parts center.
The investment properties in Selandia Park A/S are in Ringsted, Denmark.
MANAGEMENT'S REVIEW
ANNUAL REPORT 2023 Page | 5
FINANCIAL HIGHLIGHTS
DKK
DKK
DKK
DKK
DKK
EUR
12 months
12 months
12 months
9 months
12 months
12 months
In millions, except per share data
2019/20
2020/21
2021/22
2022
2023
2023
1)
Key figures
Income statement
Revenue
195,6
136,9
147,0
103,4
143,3
19,2
Gross profit
35,3
28,4
39,1
27,5
31,9
4,1
Operating profit/(loss)
(17,8)
4,7
17,8
17,0
8,6
1,2
Net financials
(3,1)
(3,9)
(3,1)
(1,8)
(4,9)
(0,7)
Profit/(loss) before tax
(20,8)
0,9
14,6
15,3
3,5
0,5
Profit/(loss) for the year
(18,4)
0,9
12,1
12,0
2,9
0,4
Profit/(loss) before financial income and expenses, tax,
depreciation, amortization, and impairment of assets
(EBITDA)
1,7
19,6
23,9
18,2
10,8
1,5
Balance sheet
Assets
Completed development projects
5,6
0,2
-
-
-
-
Other non-current assets
166,3
154,7
152,7
157,7
154,1
20,7
Current assets
75,3
57,4
67,5
82,8
64,2
8,6
Total assets
247,2
212,3
220,2
240,5
218,3
29,3
Liabilities
Share capital
73,6
73,9
86,3
98,4
101,2
13,6
Non-current liabilities
88,9
76,5
70,1
65,9
72,1
9,6
Current liabilities
84,7
61,9
63,8
76,2
45,0
6,1
Total Equity and liabilities
247,2
212,3
220,2
240,5
218,3
29,3
Cash flows
Cash flows from operating activities
(2,1)
15,6
23,2
(9,3)
13,9
1,8
Cash flows from investing activities
2)
(7,4)
0,2
(4,1)
(1,4)
(0,6)
(0,1)
Free cash flow
(9,5)
15,8
19,1
(10,7)
13,3
(1,7)
Cash flows from financing activities
9,3
(16,4)
(18,9)
10,6
(13,0)
(1,7)
Change in cash and cash equivalents for the year
(0,2)
(0,6)
0,2
(0,1)
0,3
0,0
2)
including investments in property, plant and
equipment and investment properties
(7,4)
(0,3)
(4,1)
(1,4)
(0,8)
(0,1)
Financial ratios in %
Operating margin
(9,1)
3,5
11,7
16,5
6,0
6,0
EBITDA margin
0,9
14,3
16,3
17,6
7,5
7,5
Return on assets
(7,3)
2,1
8,0
7,4
3,8
3,8
Return on equity (ROE)
(22,9)
1,2
15,1
13,0
2,9
2,9
Solvency ratio
29,8
34,8
39,2
40,9
46,4
46,4
Other information
Credit institutions net interest-bearing debt
97,5
86,5
71,1
83,9
73,4
9,8
Interest coverage
(12,4)
1,7
6,9
9,3
2,0
2,0
Earnings per share (EPS)
(10,1)
0,5
6,7
6,6
1,6
0,2
Diluted earnings per share (EPS-D)
(10,1)
0,5
6,7
6,6
1,6
0,2
Cash flow per share (CFPS)
(1,1)
8,6
12,7
(5,1)
7,7
1,0
Book value per share (BVPS)
40,4
40,6
47,4
54,1
55,6
7,5
Share price (KI)
55
65
78
75
72
9,6
Average number of shares outstanding (in thousands)
1.821
1.821
1.821
1.821
1.821
1.821
Dividend per share
0,0
0,0
0,0
0,0
0,0
0,0
Average number of employees
158
119
101
113
The accounting period in 2022 is from April 1
st
to December 31
st
hence covering a 9-month period only.
For definitions of financial ratios, see page 64.
1)
The DKK/EUR exchange rate applied is 745.
MANAGEMENT'S REVIEW
Page | 6 ANNUAL REPORT 2023
BUSINESS AND FINANCIAL REVIEW
Strategy/Turnaround
Following the decline in gross profit margins over the
previous year, a short-term plan (referred to as the Plan
2023/24) was developed during 2023 covering a 1½-
year period. This plan – among others - included further
operational consolidation, additional focus on purchase
of parts and materials, additional focus on new markets,
an updated go-to-market approach, new product
launches, and organizational adjustments.
Plan 2023/24 initiated by mid-2023 will improve the
annual EBITDA by approximately DKK 7,0 million and
improve the annual profit before tax by approximately
DKK 5,0 million.
Main events in 2023:
• Higher prices due to inflation on i.e., mechanical
parts, electronic components, electricity, and gas.
The subsequent sales price increases were not
implemented fast enough to fully cover the cost
within 2023.
• The inflation in Denmark came to 3,3% Y-O-Y in
2023, whereas it remained relatively high in
Slovakia at 10,8% Y-O-Y in 2023.
• A significant increase in cost of capital as the short-
term interest rates soared from approximately 3%
to approximately 7% within 1-1½ year.
• The supply of especially electronic components
improved during Q3, 2023.
• We handed back the rented facility in Nyborg to the
owner earlier against a one-off payment. This
impacts 2023 negatively by DKK 0,5 million but will
improve our financial results in 2024 and 2025.
• Our strong focus on improving the balance
sheet/working capital was successful. Inventories
were reduced from DKK 56,8 million to DKK 43,0
million – a reduction of 24%. This included an
inventory write down of DKK 4,2 million.
• Our bank loans were restructured to allow for a
higher element of fixed-interest loans. And our
solvency ratio improved.
• Our investment property, Selandia Park, saw
important changes during 2023. This included a
new tenant for a substantial part of the building
complex as well as extended rental agreements. As
a result, the outlook for 2024 onwards has
improved.
Offset market
Glunz & Jensen’s sales to the Offset market increased
by 45,2% in 2023 compared to 2022. The market has
seen a slow decline over a long period due to changes
in consumer behavior driving less need for commercial
print as well as a shift from traditional to digital print
production. Our sales of offset products in 2023
represents organic growth of 5% (based on a 12-month
period), which exceeded our expectations.
Flexo market
While competition in the Flexo market remained fierce in
2023 we saw sales increasing by 8,3% compared to
calendar year 2022.
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
due to our professional network of partners as well as
significant value offering.
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 increased to DKK 11,2 million (2022: DKK 9,7
million), excluding rental income from Glunz & Jensen
A/S. Approximately 8% of the property complex was idle
by the end of 2023.
One tenant vacated Selandia Park by July 2023 after the
expiration of the 10-year rental contract agreement. The
tenant had occupied a rental area equal to approximately
25,4% of the total square meters at Selandia Park.
Approximately 13,9% of the vacant area was leased to a
new tenant by August 2023 and the remaining 11,5%
was leased to another new tenant by November 2023.
The portfolio of rental contracts is currently set to expire
from 2026 at the earliest and to 2033 at the latest.
Selandia Park A/S contributed DKK 6,0 million to profit
before tax. The fair value of the investment properties
amounts to DKK 146,5 million by December 31
st
, 2023
(2022: DKK 146,5 million). The value was positively
impacted compared to 2022 due to increased rental
income but also negatively impacted by higher market
expectations on return on investments compared to 2022
as the cost of financing has increased during the past
year.
MANAGEMENT'S REVIEW
ANNUAL REPORT 2023 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 solutions and CtP processors as main
products. These develop and prepare aluminum Offset
plates for commercial printing applications such as
newspapers, inserts, magazines, books, information,
promotional material, and a variety of other printed
medias.
Our aim is to further strengthen our position as market
leader on the global Offset market by consolidating our
variety offering and through 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 labels and 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 expect to continue to gain market
share in this segment going forward.
3. Growing the after sale-market
Glunz & Jensen's after sale-market 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.
Early in 2024 we will launch a new training academy at
our plant in Presov, Slovakia with the objective here to
continue to build technology understanding and skills
with our partners and their customers.
We strive to increase the after sale-market 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 2023
OUTLOOK
For the fiscal year 2024, the Group revenue is expected
to come in at approximately DKK 148 million, while
operating profit (EBITDA) is expected at approximately
DKK 18 million. The profit before tax is expected at
approximately DKK 10 million.
Management underlines that the outlook for the fiscal
year 2024 is associated with some uncertainty as the
Company may be impacted by wars, inflation, challenges
on the supply side of parts and other events.
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 processing equipment for Offset and Flexo
printing technologies, we also offer premier customer
support as well as a full range of spare parts, wear parts
and consumable products. Our diverse product portfolio
includes inkjet imaging systems, exposure units, wash
out units (processors), dryers, light finishers, full-
automatic platemaking (inline) systems, mounting tables,
plate stackers & turners.
Our R&D, supply chain, production, testing, and training
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 unique applications
and technology for our single largest customer.
Glunz & Jensen has been operating in prepress for more
than 50 years. We have long-standing relations with
major industry leading companies such as Asahi, DuPont,
ECO3, Fuji Film, Heidelberg, KBA, Kodak, MacDermid,
Miraclon, TechNova and more. We market our products
and solutions globally through a well-established,
comprehensive, and worldwide network of distributors
and dealers. We have approx. 114 employees in our
facilities in Denmark, Slovakia and the USA.
We are on the path 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. We
are also set to strengthen our earnings through improved
trade profitability and optimized manufacturing including
within procurement and supply chain.
MANAGEMENT'S REVIEW
ANNUAL REPORT 2023 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 periods
equal to 12 months.
Group revenue
The Group's revenue totaled DKK 143,3 million in 2023
(2022: DKK 103,4 million).
Figure 1: Revenue (million DKK), fiscal years, note 2022 at
only 9 months.
Figure 2: Revenue (million DKK) by product, fiscal years,
note 2022 at only 9 months.
Ongoing products and solutions development
Glunz & Jensen is close to having completed a major
project in Thermal Flexo, for our single most important
customer. Final testing in labs as well as at customer
sites nears their completion before commercial release
of mentioned product, targeted in Q2, 2024.
Ongoing optimization updating to today’s technology
platform of our existing product mix including new user
controls for Flex-Dry and Flex-Finish will see light of day
in Q1. Similarly, for our main offset range of processors
we have replaced legacy user control units and software
with a friendlier and current technology Android based
tablet platform, that will allow for remote operation too.
All steps to assure the ongoing respect and appreciation
of premier end consumer value in our services offering.
Selandia Park
Selandia Park A/S' business objective is to invest in and
operate a property portfolio. Rental income in Selandia
Park A/S increased to DKK 11,2 million (2022: DKK 9,7
million), excluding rental income from Glunz & Jensen
A/S. Approximately 8% of the property complex was idle
by the end of 2023.
One tenant vacated Selandia Park by July 2023 after the
expiration of the 10-year rental contract agreement. The
tenant had occupied a rental area equal to approximately
25,4% of the total square meters at Selandia Park.
Approximately 13,9% percentage points of the vacant
area was leased to a new tenant by August 2023 and the
remaining 11,5% percentage points was leased to
another new tenant by November 2023. The portfolio of
rental contracts is currently set to expire from 2026 at the
earliest and to 2033 at the latest. Selandia Park A/S
contributed DKK 6,0 million to profit before tax. The fair
value of the investment properties amounts to DKK 146,5
million by December 31
st
, 2023 (2022: DKK 146,5
million). The value was positively impacted compared to
2022 due to increased rental income but also negatively
impacted by higher market expectations on return on
investments compared to 2022 as the cost of financing
has increased during the past year.
Gross profit
Gross profit for 2023 totaled DKK 31,9 million (2022:
DKK 27,5 million), corresponding to a decrease in gross
profit margin to 22,2% (2022: 26,6%).
Figure 3: Gross profit and gross profit margin for the fiscal
years.
MANAGEMENT'S REVIEW
Page | 10 ANNUAL REPORT 2023
EBITDA
Profit before interest, tax, and depreciation and
amortization (EBITDA) totaled DKK 10,8 million, (2022:
DKK 18,2 million) corresponding to an EBITDA margin of
7,5% (2022: 17,6%).
Figure 4: EBITDA/EBITDA margin, all shown in fiscal years.
Note 2022 is only 9 months.
Profit before tax under influence from higher cost
prices
The 2023 was impacted by higher cost prices due to
inflation and the price increases were not fully covered
by increases in sales prices.
The inflation in Denmark came to 3,3% Y-O-Y in 2023,
whereas it remained relatively high in Slovakia at 10,8%
Y-O-Y in 2023.
The Group also experienced significant increase in cost
of capital as the short-term interest rates soared from
approximately 3% to approximately 7% within 1 year.
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 has
adjusted the sales prices and optimized the
organizational footprint and expects to achieve an
EBITDA margin approximately at 12% and a profit before
tax margin of approx. 7% in the fiscal year 2024.
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. The leased property was returned to the
lessor on January 1
st
, 2024, which resulted in an
impairment of leased properties of DKK 0,5 million (2022:
DKK 0,0 million).
The number of staff by the end of 2023 was 114 (2022:
108).
Operating profit for the financial year 2023 represents a
profit of DKK 8,6 million against a profit of DKK 17,0
million in 2022.
The Group's net financial expenses in 2023 totaled DKK
4,9 million (2022: DKK 1,8 million).
Financial income in 2023 amounted to DKK 0,6 million
against DKK 0,7 million in 2022. The income was
positively impacted by subleasing interest of DKK 0,5
million. (2022: DKK 0,4). Financial expenses amounted
to DKK 5,5 million against DKK 2,5 million in 2022.
Results of operations
The Group reported a profit before tax of DKK 3,5 million
in 2023, against a profit of DKK 15,3 million in 2022. The
year 2023 result included provisions for reorganization at
DKK 1,8 million, impairment of leased assets at DKK 0,5
million, additional write-down on inventory at DKK 3,8
million due to obsolescence, and the negative effects of
the higher than usual inflation, whereas the year 2022
contained a fair value gain on investment property equal
to DKK 6,0 million.
The Group recognized tax of DKK 0,6 million in 2023
against a tax of DKK 3,2 million in 2022. Profit for the
year after tax was DKK 2,9 million (2022: DKK 12,0
million), corresponding to earnings per share (EPS) of
DKK 1,6 (2022: DKK 6,6). Financial performance is
considered unsatisfactory by the Executive Management
and the Board of Directors.
In 2023 other comprehensive income amounted to DKK
-0,1 million of which all were related to exchange rate
adjustments of investments in subsidiaries. In 2022 other
comprehensive income amounted to DKK 0,2 million –
also related to exchange rate adjustments of
investments in subsidiaries.
Balance sheet
Decrease in tied-up capital from working capital
The Group's assets totaled DKK 218,3 million on
December 31
st
, 2023, against DKK 240,5 million on
December 31
st
, 2022.
MANAGEMENT'S REVIEW
ANNUAL REPORT 2023 Page | 11
Investment properties totaled DKK 146,5 million by the
end of 2023 compared to DKK 146,5 million by the end
of 2022.
Non-current assets decreased by DKK 3,6 million
primarily due to a decrease of DKK 2,4 million in other
receivables.
Inventories decreased from DKK 56,8 million last year to
DKK 43,0 million due to the ongoing focus on optimizing
working capital.
Trade receivables decreased by DKK 3,0 million to DKK
16,4 million.
Equity came at DKK 101,2 million, corresponding to a
solvency ratio of 46,4%, compared to 40,9% end of 2022.
The Board of Directors recommends to the Annual
General Meeting that no dividends should be distributed
for the fiscal year 2023.
Long-term and short-term interest-bearing debt to credit
institutions totaled DKK 74,7 million at the end of 2023
(2022: DKK 84,9 million), of which DKK 56,5 million
(2022: DKK 47,7 million) are long-term liabilities and
DKK 18,3 million (2022: DKK 37,2 million) are current
liabilities.
Cash flows and liquidity
Cash flows
Cash flows from operating activities were positive and
amounted to DKK 13,9 million in 2023 (2022: loss of DKK
-9,3 million), driven by the decreased working capital.
Cash flows from investment activities used DKK 0,7
million in 2023 (2022: use of DKK 1,4 million).
Free cash was positive by DKK 13.3 million in 2023
(2022: DKK -10,7 million).
Capital resources
At the end of the fiscal year 2023, the Group's total
available credit facilities amounted to DKK 86,4 million
compared to DKK 94,8 million at the end of 2022. DKK
74,7 million was utilized at the end of 2023 against DKK
84,9 million the year before. Liquidity reserves totaled
DKK 11,7 million by December 31
st
, 2023 (2022: DKK
9,9 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 Group's available credit lines for 2024 was extended
by Nordea on January 15
th
, 2024, to continue to March
2025 and the cooperation letter was signed by the
Company on January 16
th
, 2024. The cooperation letter
is subject to three covenants, which the Group must
observe in order to maintain the financing. The financial
covenants are related to the financial ratio "solvency",
the agreed level of EBITDA% (EBITDA vs. revenue), and
debt leverage (interest bearing debt vs. EBITDA). Please
refer to note 27 regarding covenants.
Events after the balance sheet date
The Group's available credit lines for 2024 were
extended by Nordea on January 15
th
, 2024, to continue
to March 2025 and the cooperation letter was signed by
the Company on January 16
th
, 2024.
No other events have occurred since December 31
st
,
2023, 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 2023
The Parent Company
Income statement
The Parent Company's revenue, which consists of
management fees to subsidiaries, totaled DKK 6,2
million in fiscal year 2023 (2022: DKK 6,3 million).
Profit after tax in subsidiaries totaled a profit of DKK 1,1
million in fiscal 2023 (2022: a profit of DKK 11,2 million).
Regarding development in the subsidiaries please refer
to the Group income statement information on page 9.
Financial income in 2023 amounted to DKK 2,2 million
against DKK 1,0 million in 2022. The financial income
relates to interest received from subsidiaries.
The Parent Company's profit after tax totaled a profit of
DKK 2,9 million in 2023 against a profit of DKK 12,0
million in 2022.
Balance sheet
The Parent Company's total assets amounted to DKK
103,7 million on December 31
st
, 2023 (2022: DKK 101,8
million).
Most of the assets in the Parent Company refer to the
subsidiaries as investments in subsidiaries amount to
DKK 86,4 million (2022: DKK 65,4 million) and
receivables from subsidiaries came to DKK 16,8 million
as of December 31
st
, 2023 (2022: DKK 35,6 million).
Equity came at DKK 101,2 million, corresponding to a
solvency ratio of 97,6%, compared to 96,7% the year
before. The Board of Directors recommends to the
Annual General Meeting that no dividends should be
distributed for fiscal year 2023.
Cash flow and liquidity
Cash flow from operating activities amounted to DKK
20,1 million in 2023 (2022: DKK 0,0 million). The DKK
20,1 million were driven by a change in payables and
receivables from subsidiaries as the parent has granted
a DKK 20 million group contribution within the Group.
Free cash flow thus amounted to DKK 0,1 million in 2023
(2022: DKK 0,0 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
,
2023, which are considered to have a significant impact
on the Parent Company’s financial position.
MANAGEMENT'S REVIEW
ANNUAL REPORT 2023 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 4-16 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 50% 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 in Offset and Flexo equipment are under pressure.
This is largely due to vendor competition in Flexo offering
similar technologies but also in Offset owing to yet
cheaper supplies products (plates) coming into markets
from China along with low cost processing equipment.
These products offer “good enough” quality for a short
life span.
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 2023
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 2023, 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 and 2023 that the inflation
has been on the rise. Prices on manufacturing parts,
electricity, gas, and financing cost - and general
expectations on salaries are now higher than seen for
more than a decade. Sourcing from Eastern Europe
provides a more competitive market price for Glunz &
Jensen even the inflation from these countries have
remained at 8% in 2023. 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
during 2022 and in the first half of 2023. The challenges
on the supply side were normalized during 2023.
Other risks
There is an ongoing consolidation in the graphic industry.
Glunz & Jensen have no active participation in the
industry consolidation; this trend will benefit Glunz &
Jensen.
For financial risks, please refer to note 26.
MANAGEMENT'S REVIEW
ANNUAL REPORT 2023 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
January 1
st
– December 31
st
, 2023. The statement
consists of four 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:
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 implemented 3 of the 4
recommended Board committees. The 4
th
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.
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 should 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.
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.
MANAGEMENT'S REVIEW
Page | 16 ANNUAL REPORT 2023
Data ethics
In accordance with the regulations, we communicate on
compliance on Glunz & Jensen’s website:
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 six members elected by the
general meeting. Each year, all 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 2023, two of whom are
employee representatives. The two employee
representatives were elected in May 2021 for a four-year
period.
The previous age limit for the members elected by the
general meeting was revoked at the Annual General
Meeting in 2023.
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 26.
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 are presented
by the Management to the Board at monthly review
meetings.
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 2023, six board meetings were held
The three Board committees (Product, Audit and
Remuneration) have conducted the following formal
number of meetings in 2023; Product committee eleven
meetings, Audit committee nine meetings and
Remuneration committee two meetings.
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".
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
MANAGEMENT'S REVIEW
ANNUAL REPORT 2023 Page | 17
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 2023, directors' fees which covered a 12-month
period amounted to DKK 850.000, including DKK
300.000 to the Chairman, DKK 150.000 to the Vice-
Chairman and DKK 100.000 to the other members.
Members of the Board of Directors are not subject to
bonus schemes.
The remuneration of the Executive Management is
determined by the Board of Directors. In 2023, 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 Henrik
Blegvad Funk and COO Robert Popik. The total 12-
month period remuneration paid to the Executive
Management amounted to DKK 3,7 million in 2023.
The Remuneration report 2023 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 2023 led provisions of DKK 0 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.
Risk assessment and risk management
The Board of Directors and the Executive Management
continually consider risks that are 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.
MANAGEMENT'S REVIEW
Page | 18 ANNUAL REPORT 2023
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 2023 Page | 19
STATEMENT ON CORPORATE SOCIAL RESPONSIBILTY AND GENDER
DIVERSITY
Climate and environment
Policy
Glunz & Jensen seeks to reduce its impact on the climate
and environment by reducing energy consumption year
by year. The Group is a know-how and engineering
company with production of key components. The
production mainly consists of assembling and testing
and does not include energy-demanding or polluting
processes. All surface treatment processes are
outsourced to sub-suppliers. A part of Glunz & Jensen 's
supplier and customer "Code of Conduct" addresses
impact on the climate and environment. See under
Human rights for more information about the supplier and
customer "Code of Conduct".
Glunz & Jensen actively seeks to reduce its energy
consumption by, for example, installing LED lighting in its
facilities. Glunz & Jensen also plan to install (Photovoltic)
solar roof panels by mid-2024 at its production facilities
in Slovakia.
In 2023, Glunz & Jensen has started a project to outline
how Glunz & Jensen as a company can become CO2
neutral.
Actions
Glunz & Jensen will reduce consumption of kWh year by
year in its production.
MANAGEMENT'S REVIEW
Page | 20 ANNUAL REPORT 2023
Key performance indicators
Consumed kWh in the production facility in Slovakia.
Result for 2023 compared to goal for 2023
Glunz & Jensen realized 3,6% lower consumption of
kWh in 2023 compared to the goal of 210.000 kWh. The
switch to LED lighting in 2023 in Slovakia has lowered
the consumption in Slovakia. The planned installation of
(Photovoltic) solar roof panels in Slovakia by mid-2024
will supply Glunz & Jensen with sustainable kWh. We
continue to create awareness and as well as general
focus on optimization of consumption in the production.
Results & goals (kWh)
Goal for 2024
Result for 2023
Goal for 2023
200.000
202.382
210.000
Anticorruption
Policy
Glunz & Jensen seeks to avoid corruption and bribery by
creating a framework that secures that the employees at
Glunz & Jensen can abide to laws and regulations, and
that there will never exist any doubt with regards to the
impartiality of the Glunz & Jensen employees.
Actions
2. Glunz & Jensen enforces a gift policy.
3. Glunz & Jensen has introduced a whistle blower
scheme to give employees the opportunity to
report on corruption, bribery and other matters
while being anonymous.
4. Glunz & Jensen communicates its "Code of
Conduct" at visible locations that describes the
way Glunz & Jensen expects all its employees
to act in accordance with laws and regulations.
The "Code of Conduct" also describes usage of
the whistle blower scheme.
5. Maintain whistle blower scheme to also be
available for external parties.
Key performance indicators
6. No reported violations of anti-corruption laws
and regulations, and Glunz & Jensen’s
Employee Code of Conduct.
3. Employees to attend to the review of the Glunz
& Jensen's Employee "Code of Conduct".
Results for 2023 compared to goals for 2023
1. Glunz & Jensen established its gift policy in
2023.
2. Glunz & Jensen has received no reported
violations of anti-corruption laws and
regulations, and Glunz & Jensen’s Employee
Code of Conduct in 2023.
3. 84% of Glunz & Jensen employees have
attended to the Glunz & Jensen Employee
Code of Conduct.
4. In 2023, Glunz & Jensen has maintained the
whistle blower scheme to also be available to
external parties. Furthermore, the whistle
blower scheme is part of the Glunz & Jensen
Employee Code of Conduct.
Results & goals (Anti-corruption and Employee Code of
Conduct)
Goal for 2024
Result for 2023
Goal for 2023
2.
0
0
0
3.
95%
84%
80%
For 2024 we plan to continue with our work regarding
anticorruption.
Human rights
Policy
To Glunz & Jensen, respect of human rights is about the
company's own employees' conditions and securing
those suppliers and sub-suppliers deliver services to the
Group in a way that considers their employees' rights
including safety and health.
Actions
Glunz & Jensen has formulated a supplier and customer
"Code of Conduct" that specifies principles Glunz &
Jensen expects our suppliers and customers to follow.
This ensures that suppliers and customers produce and
deliver their services to the Group in a way that considers
the environment and the employees' rights.
Key performance indicators
The part of our main suppliers and customers that have
acknowledged the receival of our supplier and customer
"Code of Conduct".
Result for 2023 compared to goal for 2023
1. We distributed the Code of conduct to top-50
suppliers and request them to confirm – in
writing – that they have received and read the
code of conduct. 52% did confirm that.
2. We distributed the Code of conduct to our top-
15 customers and request them to confirm – in
writing – that they have received and read the
code of conduct. 67% did confirm that.
Results & goals (Customer & supplier: Code of Conduct)
Goal for 2024
Result for 2023
Goal for 2023
1.
70%
52%
50%
2.
70%
67%
50%
The Company will continue to communicate to the
suppliers and subcontractors to raise awareness on the
Company’s zero tolerance for corruption.
MANAGEMENT'S REVIEW
ANNUAL REPORT 2023 Page | 21
We have at no time experienced human rights violations
in connection with our business and we have assessed
that the risk is very limited. We adhere to Danish,
Slovakian, and European regulations, and we only work
with trusted partners, who are equally dedicated to
human rights and the rule of law.
Glunz & Jensen’s own employees also work under
conditions that are equal to those provided by a collective
agreement, as a minimum.
For 2024 we plan to continue with our work regarding
human rights.
Working environment
Policy
Our employees are our most valuable resources and key
to providing high-quality products and services to our
customers. It is vital to Glunz & Jensen's future success
that Glunz & Jensen is a safe, motivating and developing
place to work.
Actions
1. The sick rate among employees is monitored
and we follow up on employees with high
absence.
2. Number of on-the-job accidents is measured.
3. All employees must have at least one yearly
performance appraisal interview.
Key performance indicators
1. The average sick rate among employees.
2. Number of on-the-job accidents.
3. Percentage of performance appraisal
interviews each year.
Results for 2023 compared to goals for 2023
1. Glunz & Jensen did not reach the target in 2023
due to an increase in number of long-term
sicknesses in addition to many tasks being
varied out in 2023. Sick rate is calculated based
on total numbers of employees not working due
to sickness compared to total number of
employees.
2. In 2023, Glunz & Jensen had 0 on-the-job
accidents leading to sickness and had 3 minor
incidents that did not lead to sickness.
Management will keep working on precautions
to eliminate on-the-job accidents risks.
3. In 2023, we did not meet our target for appraisal
interviews. The low ratio is a due to many
interviews being planned for Q4, 2024. As
appraisal interviews are a vital part of the
employee well-being, we will increase
awareness on the yearly appraisal interviews
and plan them within the fiscal year.
Results & goals (Employee welfare)
Goal for 2024
Result for 2023
Goal for 2023
1.
4,0%
5,8%
4,0%
2.
0
0
0
3.
90%
35%
80%
For 2024 we plan to continue with our work on
improvement of working environment.
Equality and Diversity
The gender diversity and equality policies for the fiscal
year 2023 has been prepared in accordance with
sections 99b and 107d of the Danish Financial
Statements Act.
MANAGEMENT'S REVIEW
Page | 22 ANNUAL REPORT 2023
MANAGEMENT'S REVIEW
ANNUAL REPORT 2023 Page | 23
5 year summary
2023
2024
2025
2026
2027
Board of Directors (category 1)
Number of members
Percentage of the underrepresented gender
Group and senior management (category 2)
Number of members
Percentage of the underrepresented gender
Goal in percentage
End year for goal
The policies of Glunz & Jensen are available in full at
Glunz-Jensen.com under the investor relations folder.
Page | 24 ANNUAL REPORT 2023
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
, 2023, the share price was DKK 71,50
against DKK 74,50 by December 31
st
, 2022. Total
market capitalization came at DKK 130,2 million on
December 31
st
, 2023.
In 2023 a total of 57.706 (April – December 2022:
73.551) shares were traded at a total market value of
DKK 4,0 million (April – December 2022: DKK 5,8
million).
Share capital and voting rights
The share capital in Glunz & Jensen amounted to
nominally DKK 36,4 million on December 31
st
, 2023.
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.
Glunz & Jensen did not have any treasury shares at the
end of the fiscal year 2023 or 2022.
Ownership
At the end of the fiscal year, Glunz & Jensen had 481
(2022: 524) registered shareholders holding 99,15%
(2022: 99,16%) 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 should be distributed for the
fiscal year 2023, and the Company's profit for the year
will be transferred to next year.
Share price development since December 31
st
, 2020
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.
ANNUAL REPORT 2023 Page | 25
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 on Wednesday, April 10
th
, 2024, at 13:00 PM at the following address:
Selandia Park 2, 4100 Ringsted.
Shareholders on March 19
th
, 2024
Ownership
interest (%)
Heliograph Holding GmbH, Konrad-Zuse-Bogen 18, 82152 Krailling, Germany
50,10
Strategic Investments A/S
19,94
Klaus Zwisler
9,22
Notified according to the section 38 of the Danish Securities Trading Act
79,26
All other shareholders
20,74
Total
100,00
Share-related key figures and financial ratios
2019/20
2020/21
2021/22
2022
2023
Average number of shares outstanding (in thousands)
1.821
1.821
1.821
1.821
1.821
Earnings per share (EPS), %
(10,1)
0,5
6,7
6,6
1,6
Diluted earnings per share (EPS-D), %
(10,1)
0,5
6,7
6,6
1,6
Cash flow per share (CFPS), %
(1,1)
8,6
12,7
(5,1)
7,7
Book value per share (BVPS), %
40,4
40,6
47,4
54,1
55,6
Share price per share
55
65
78
75
72
Share price /book value
1,4
1,6
1,6
1,4
1,3
Market value of average number of shares (DKK million)
100
118
141
136
130
Dividend per share
-
-
-
-
-
Pay-out ratio, %
-
-
-
-
-
Page | 26 ANNUAL REPORT 2023
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 2023 and is up for
re-election in 2024.
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, Business Esbjerg, ST Plast A/S, Suztain
A/S, ABL Food A/S, Glunz & Jensen A/S and Selandia
Park A/S.
Vice-chairman in Head Enery AS (Norway). Member of
the Board of Directors in Head Energy Denmark A/S,
GreenGenius A/S, Skov Industri 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 2023 and is up for
re-election in 2024.
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 Aktieselskab and Gabriel Holding A/S.
Chairman of the Board of Directors in Salling Group
Captiveforsikringsselskab A/S.
Board member in Ejendomsselskabet Olav de Linde A/S,
ODK1 Ejendomme ApS, Gabriel A/S, Salling Group
Ejendomme A/S, Gabriel Ejendomme A/S og Gabriel
Innovation 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 2023 and is up for
re-election in 2024.
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 2023 and is up for
re-election in 2024.
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
ANNUAL REPORT 2023 Page | 27
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)
Executive manager of Glunz & Jensen Holding A/S since
February 1
st
, 2023.
Group COO and general manager of the subsidiary
Glunz & Jensen s.r.o. since April 1
st
, 2020.
All board members participated in all board meetings during 2023, except Thomas Haase and Søren Andersen who did
not participate in the board meeting on August 30
th
, 2023.
Board of Directors and Executive Management;
Ownership interest in Glunz & Jensen Holding A/S
No. of shares
2023
2022
Maximilian Rid
912.500
912.500
Rolf Pfiffner
2.500
1.650
Flemming N. Enevoldsen
11.500
10.584
Randi Toftlund Pedersen
0
0
Thomas Haase
300
300
Søren Andersen
33
33
Henrik Blegvad Funk
0
0
Robert Popik
0
0
Page | 28 ANNUAL REPORT 2023
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
Legal structure – all legal units are fully owned:
ANNUAL REPORT 2023 Page | 29
th
, 2024
Executive Management
Board of Directors
*Elected by the employees
Page | 30 ANNUAL REPORT 2023
INDEPENDENT AUDITOR'S REPORT
Report on the audit of the Consolidated Financial Statements and Parent Company Financial Statements
ANNUAL REPORT 2023 Page | 31
Page | 32 ANNUAL REPORT 2023
ANNUAL REPORT 2023 Page | 33
th
, 2024
CVR no. 255781 98
Page | 34 ANNUAL REPORT 2023
INCOME STATEMENT
Note
January 1
st
/ April 1
st
– December 31
st
(DKK ‘000)
Group
2023
12 months
Group
2022
9 months
Parent
Company
2023
12 months
Parent
Company
2022
9 months
2
Revenue
6.215
6.300
3,4,6
Production costs
(111.462 )
(75.904 )
-
-
Gross profit
6.215
6.300
7
Other operating income
-
-
4,6
Sales and distribution costs
(11.917 )
(8.442 )
-
-
4,6,8
Development costs
(1.244 )
(986 )
-
-
4,6
Administrative expenses
(10.146 )
(7.075 )
(6.148)
(6.296)
14
Fair value adjustments on investment properties
-
-
Operating profit/(loss)
67
4
15
Profit/(loss) after tax in subsidiaries
1.125
11.244
16
Profit/(loss) after tax in associates
(173 )
-
-
9
Financial income
2.215
1.035
9
Financial expenses
(5.479 )
(2.543 )
(12)
(17)
Profit before tax
3.395
12.266
10
Income taxes
(610 )
(3.241 )
(483)
(243)
Profit for the year
2.912
12.023
Attributable to:
Equity holders of Glunz & Jensen Holding A/S
Total
Earnings per share
11
Basic earnings per share (DKK)
11
Diluted earnings per share (DKK)
STATEMENT OF COMPREHENSIVE INCOME
Note
January 1
st
/ April 1
st
– December 31
st
(DKK ‘000)
Group
2023
12 months
Group
2022
9 months
Parent
Company
2023
12 months
Parent
Company
2022
9 months
Profit for the year
2.912
12.023
Other comprehensive income:
Items that may be reclassified to the income statement:
Other comprehensive income after tax in associates
(12 )
-
-
Exchange rate adjustments of investments in subsidiaries
(131 )
(131)
162
Total other comprehensive income
(131 )
(131)
162
Total comprehensive income
2.781
12.185
Attributable to:
Equity holders of Glunz & Jensen Holding A/S
Total comprehensive income
ANNUAL REPORT 2023 Page | 35
BALANCE SHEET
Note
December 31
st
(DKK ‘000)
Group
2023
Group
2022
Parent
Company
2023
Parent
Company
2022
ASSETS
Non-current assets
Property, plant, and equipment
12
Property, plant, and equipment
-
-
13
Leased assets
-
147
14
Investment properties
-
-
-
147
Other non-current assets
15
Investments in subsidiaries
86.421
65.427
16
Investments in associates
-
-
17
Deferred tax
-
-
18
Other receivables
-
-
86.421
65.427
Total non-current assets
86.421
65.574
Current assets
19
Inventories
-
-
20
Trade receivables
-
-
27
Receivables from subsidiaries
16.776
35.607
18
Other receivables
-
-
Income tax
-
-
Prepayments
525
567
Cash
3
6
Total current assets
17.304
36.180
TOTAL ASSETS
103.725
101.754
Page | 36 ANNUAL REPORT 2023
Note
December 31
st
(DKK ‘000)
Group
2023
Group
2022
Parent
Company
2023
Parent
Company
2022
LIABILITIES
21
Equity
Share capital
36.426
36.426
Translation reserve
4.793
4.924
Revaluation reserve
4.844
4.844
Retained earnings
55.161
52.249
Total equity
101.224
98.443
Non-current liabilities
17
Deferred tax
116
125
22
Provisions
-
-
23
Credit institutions
-
-
24
Other payables
-
-
Prepayments from customers
-
-
13
Lease liabilities
-
145
Total non-current liabilities
116
270
Current liabilities
23
Credit institutions
-
-
Trade payables
43
76
27
Payables to subsidiaries
36
-
13
Lease liabilities
-
75
Income tax
492
302
22
Provisions
-
-
Prepayments from customers
-
-
24
Other payables
1.814
2.588
Total current liabilities
2.385
3.041
Total liabilities
2.501
3.311
TOTAL EQUITY AND LIABILITIES
103.725
101.754
ANNUAL REPORT 2023 Page | 37
STATEMENT OF CHANGES IN EQUITY
Group (DKK ‘000)
Share
capital
Retained
earnings
Revaluation
reserve
Translation
reserve
Total
Equity March 31
st
, 2022
Changes in equity 2022
Profit/(loss) for the year
Other comprehensive income
Other comprehensive income after tax in
associates
(12 )
(12 )
Exchange rate adjustments of investments in
subsidiaries
Total other comprehensive income
Total comprehensive income for the year
Equity December 31
st
, 2022
Changes in equity 2023
Profit/(loss) for the year
Other comprehensive income
Exchange rate adjustments of investments in
subsidiaries
(131 )
(131 )
(522)
Total other comprehensive income
(131 )
(131 )
Total comprehensive income for the year
(131 )
Equity December 31
st
, 2023
Parent Company (DKK ‘000)
Share capital
Retained
earnings
Revaluation
reserve
Translation
reserve
Total
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
-
Changes in equity 2023
Profit/(loss) for the year
-
2.912
-
-
2.912
Other comprehensive income:
Exchange rate adjustments of investments in
subsidiaries
-
-
-
(131)
(131)
Total other comprehensive income
-
-
-
(131)
(131)
Total comprehensive income for the year
-
2.912
-
(131)
2.781
Equity December 31
st
, 2023
36.426
55.161
4.844
4.793
101.224
Page | 38 ANNUAL REPORT 2023
STATEMENT OF CASH FLOWS
Note
January 1
st
/ April 1
st
– December 31
st
(DKK ‘000)
Group
2023
Group
2022
Parent
Company
2023
Parent
Company
2022
Operating activities
Profit/(loss) for the year
2.912
12.023
Adjustment for non-cash items etc.:
Amortization, depreciation, and impairment losses
14
134
Gain and loss on sale of non-current assets
(4 )
(5 )
-
-
Fair value gain on investment properties
(6.000 )
-
-
Profit/(loss) after tax in subsidiaries
(1.125)
(11.244)
Profit/(loss) after tax in associates
(51 )
-
-
Other non-cash items, net
(23 )
-
-
Provisions
(582 )
-
-
Financial income
(600 )
(732 )
(2.215)
(1.035)
Financial expenses
12
17
Tax on operating profit
483
243
Cash flows from operating activities before changes in working
capital
81
138
Changes in working capital:
Changes in inventories
(15.776 )
-
-
Changes in payable and receivables from subsidiaries
18.867
2.144
Changes in receivables
42
268
Changes in trade and other payables
(12.702 )
(4.381 )
(806)
(3.235)
Changes in working capital
(18.000 )
18.103
(823)
Interest etc. received
2.215
1.035
Interest etc. paid
(5.172 )
(2.103 )
(8)
(6)
Net income tax paid
(19 )
(1.708 )
(302)
(299)
Net cash flows from operating activities
(9.335 )
20.089
45
2, 12
Acquisition of items of property, plant, and equipment
(757 )
(1.378 )
-
-
15
Capital increase in subsidiary
(20.000)
-
12
Sale of items of property, plant, and equipment
-
-
Sale of associates
-
-
-
Net cash flows from investing activities
(669 )
(1.364 )
(20.000)
-
Free cash flow
(10.699 )
89
45
13
Repayment lease liabilities
(2.776 )
(2.110 )
(92)
(69)
23
Change in net interest-bearing debt
(10.205 )
-
-
Dividends from associates
-
-
Net cash flows from financing activities
(12.981 )
(92)
(69)
Net cash flows generated during the year
(71 )
(3)
(24)
Cash and cash equivalents at the beginning of the year
6
30
Exchange gains/(losses) rate on cash and cash equivalents
(18 )
-
-
Cash and cash equivalents at the end of the year
3
6
Parent
Company
2021/22
ANNUAL REPORT 2023 Page | 39
NOTES
Page | 40 ANNUAL REPORT 2023
1.
Significant accounting estimates and judgements (continued)
ANNUAL REPORT 2023 Page | 41
Page | 42 ANNUAL REPORT 2023
st
ANNUAL REPORT 2023 Page | 43
Page | 44 ANNUAL REPORT 2023
8.
Development costs
Group
Development costs of DKK 1.244 thousand (2022: DKK 986 thousand) were incurred in 2023. Hereof, DKK 0 (2022: DKK
0) are recognized in the balance sheet and DKK 1.244 thousand (2022: DKK 986 thousand) are recognized in the income
statement as development costs.
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13.
Leased assets (continued)
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asset is available for use. It is amortized over the period of
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Glunz & Jensen Holding A/S
Selandia Park 1
4100 Ringsted, Denmark
+45 5768 8181
gj@glunz-jensen.com
www.glunz-jensen.com