Annual
Report
2022
The Annual General Meeting
adopted the Annual Report on:
March 23, 2023
Chairman of the general meeting:
FOM Technologies A/S
Artillerivej 86, 1.
2300 Copenhagen S.
CVR No. 34715726
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CONTENTS
COMPANY DETAILS 3
COMPANY 3
BOARD OF EXECUTIVES 3
COMPANY AUDITORS 3
MANGEMENT’S STATEMENT 4
INDEPENDENT AUDITOR’S REPORT 5
FINANCIAL HIGHLIGHTS OF THE GROUP 8
MANAGEMENT COMMENTARY 9
RISK MANAGEMENT 11
INVESTOR RELATIONS 14
CORPORATE GOVERNANCE 16
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 18
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 19
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 21
CONSOLIDATED CASH FLOW STATEMENT 22
NOTES 23
PARENT INCOME STATEMENT 48
PARENT STATEMENT OF FINANCIAL POSITION 49
PARENT STATEMENT OF CHANGES IN EQUITY 51
PARENT CASHFLOW STATEMENT 52
PARENT NOTES 53
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COMPANY DETAILS
Company
Central Business Registration no. 34 71 57 26
Registered in: Copenhagen
Board of Executives
Michael Henrik Stadi
Martin Kiener
Board of Directors
Peter Andreas Nielsen, Chairman
Birgitte Jespersen Skade
Karina Rothoff Brix
Company auditors
BDO Statsautoriseret revisionsaktieselskab
Havneholmen 29
DK-1561 København V
Central Business Registration no. 20 22 26 70
General Meeting
The Annual General Meeting is held on March 23, 2023
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Executive Board:
Board of Directors:
Board member
Board member
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INDEPENDENT AUDITOR’S REPORT
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INDEPENDENT AUDITOR’S REPORT continued
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CVR no. 20 2 2 26 70
MNE no. mne4 4386
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FINANCIAL HIGHLIGHTS OF THE GROUP
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2022
DKK’000
2021
DKK’000
2020
DKK’000
2019
DKK’000
2018
DKK´000
Key figures
Revenue
53.862
24.220
6.789
8.273
8.716
Other operating income
628
250
326
5.062
2.708
Total income
54.490
24.470
7.115
13.335
11.424
Cost of goods sold
-27.199
-10.483
-3.705
-7.239
-5.501
Cost of goods sold %
50%
43%
55%
88%
63%
Gross profit/loss
18.401
11.051
66
3.023
5.922
Operating profit/loss
3.073
601
-5.970
-463
726
Net financials
-289
61
-211
-66
-48
Profit/loss for the year
2.651
660
-5.861
-461
108
Balance sheet total
53.266
18.315
15.276
6.675
6.669
Investments in property, plant, and equipment
74
58
88
68
36
Equity
30.680
14.087
11.850
4.511
1.972
Equity ratio (%)
57,6%
76,9%
77,6%
67,6%
29,6%
Financial highlights are defined and calculated in accordance with the current version of “Recommendations
& Ratios” issued by the CFA Society Denmark.
Equity ratio (%)
Equity x 100 / Balance sheet total
Cost of goods sold (%)
Cost of goods sold* 100 / Revenue
The comparative figures have been adjusted for the change of accounting policy for the years 2021-2022. See
further description, in note 1, which describes the change of accounting policy for the affected years.
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MANAGEMENT COMMENTARY
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Primary activities
As in previous years FOM Technologies A/S’s primary activities were sale of machinery for material research.
Development in the company's activities and financial conditions:
For the financial year 2022, FOM Technologies delivers a record result that is the best since the company's
establishment. This year's turnover has more than doubled from last year, combined with a solid positive
bottom line. The result must also be seen in the light that throughout 2022 the company has invested heavily
in the company's future platform.
The year 2022 was another exceptionally difficult and completely extraordinary year. Massively increasing
inflation, the war in Ukraine and COVID-19, which slowly left the Western world, but which in 2022 has meant
that China's population has been isolated for long periods, businesses closed and much trade between China
and the Western world put on hold. The combination of this has continued to pose massive challenges in the
global supply chain. Especially within machine memory (computer chips and servo-drives) – as well as critical
special machine components, which means that manufacturing companies have been severely challenged.
FOM Technologies' products are world-class in several areas in relation to precision and accuracy. It requires
expensive and rare components within automation as well as products with extremely low tolerances. It is thus
remarkable that the company with such physical and high-tech products (e.g. FOM can coat with a precision
of 1/100 of a human hair) has succeeded in being able to deliver solutions to all our global customers, as has
been the case in 2022.
The company has continued its aggressive investment in innovation, developing new products, establishing
strategic partnerships, building a global distribution network and scaling the number of employees. All of the
company's organizational departments: HR, Finance, Sales, Production, Science & Learning as well as
PR/Marketing, have added new personnel resources during 2022. The company expects to continue this
development in 2023.
2022 has offered many positive elements for the company. From awarding contracts from some of the world's
most prestigious universities and research institutions to landing our 10th Fortune 500 company as a client.
One of the accolades that the company is most proud of from 2022 was when FBV (Foreningen af Børsnoterede
Vækstvirksomheder) voted FOM Technologies as the best Danish listed growth company. The award is proof
of our results, performance as well as the culture and rationale according to which the company is run. We
hope that we have been an inspiration for actors in the entire ecosystem around growth companies in
Denmark now and in the future, and we are deeply aware that honour obliges.
On the research side, 2022 has also been quite extraordinary. FOM Technologies is increasingly being offered
participation in European research consortia with participation from leading academic institutions from the
continent. This applies within research into future solar cell/battery technology. In 4 cases, European consortia
with the participation of FOM Technologies have managed to get through the eye of the needle, where the EU
has allocated funding to the project. The duration of these projects runs on average over a 3-year period.
When FOM Technologies entered the Stock Exchange in the summer of 2020, the company raised the smallest
amount that any company has ever raised in an IPO. Our rationale was to ask equity investors to invest a small
amount in the company, to then create results and slowly build investors' trust in the company and
management, before asking again for additional growth capital. Due to the prospect of sharply increasing
activity at the beginning of 2022, the management decided that the time was ripe to raise additional growth
capital. In Q2 2022, the company completed a further capital raising in an otherwise difficult market for raising
capital. The implementation put a line under investors' confidence in the company's future growth potential.
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In Q1 2023, FOM Technologies will publish the company’s first thoughts and ambitions within the ESG area.
We do this by publishing a publication we have chosen to name “ESG Initiatives”. With this publication, we
want to draw the first basic outlines within the ESG area, and the publication will form the framework for a
future “ESG Report”, which the company will issue annually together with the presentation of the annual
accounts. The first publication of an “ESG Report” will thus take place at the presentation of the 2023 annual
accounts in Q1 2024.
Since 2019, the company has had its domicile in beautiful premises at Islands Brygge (Copenhagen S). At the
end of 2022, the company is outgrowing the physical framework of the current lease – with no possibility of
expansion. 2023 will thus offer the relocation of the headquarters to a new lease with a larger and new physical
framework for the future journey of FOM Technologies. A location has been found, and occupancy is expected
to take place in Q2 2023.
In light of the challenging and changing world in which we find ourselves, the management considers the year’s
results and the company’s development to be very satisfactory.
The expected future development
2023 promises to be another year of great global uncertainty. Despite this, the company expects continued
top and bottom-line growth for the financial year 2023. The company estimates that the year will begin with
a strong pipeline of orders and potential customers. The guidance for the 2023 Revenue and EBITDA has been
estimated to the best of our abilities taking into consideration all the risks and uncertainties from our risk
management assessment discussed in the following chapter.
As previously announced, FOM Technologies expects to apply for admission to trading on the Nasdaq Main
Market – Small Cap during 2023. This is still the company’s ambition and time horizon, and the initial
discussions with relevant players have begun. As a part of the process towards the Nasdaq Main Market FOM
Technologies have for the first time prepared the financial statements in accordance with International
Financial Reporting Standards (IFRS). We refer to note 1 for more elaboration on the first-time adoption of the
International Financial Reporting Standards.
The company's guidance for 2023 is stated as follows:
Revenue:
In the range of DKK 55 million to DKK 60 million
EBITDA:
In the range of DKK 2 million to DKK 5 million
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RISK MANAGEMENT
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Monitoring of risks and risk management play a central role in FOM Technologies, where the board of directors,
the executive board and the group management strive to ensure that the company’s risks are properly
identified, continuously monitored and satisfactorily mitigated. There are defined policies and procedures
which must ensure effective management of identified risks.
FOM Technologies’ business entails commercial and financial risks, which are also affected by changes in the
outside world including the war in Ukraine, inflation, interest rates etc. and may have a negative effect on the
company’s future activities and results. FOM Technologies continuously works to identify and quantify these
risks, and where possible, FOM Technologies seeks to address and limit risks. The company’s board,
management and group management continuously review the business risks and draw up contingency plans
that can mitigate identified risks. The board has overall responsibility for the group’s risk management and
internal controls, including compliance with relevant legislation and other regulations. The board monitors the
overall strategic risk exposure and the individual risk factors associated with FOM Technologies’ activities. The
board adopts guidelines for the central risk areas, follows developments and ensures the presence of plans for
the management of the individual risk factors, including commercial and financial risks. FOM Technologies’
finance, compliance, and accounting function, which reports to the company’s CFO, is responsible for
promoting and following up on risk-mitigating activities for the most significant risks in accordance with the
decisions of the board and the executive board. The most significant identified risks are described below. There
is no priority order.
Commercial risks
Market conditions
The general development in the outside world, including the war in Ukraine and derivative effects thereof,
have an influence on the development of FOM Technologies’ revenue and profit, just as a downturn in the
economy can affect the demand for the company’s products and solutions in a negative direction. Among
other things, FOM Technologies seeks to counter the general cyclical risks by continuously developing the
company’s products and solutions, so that the market position is improved. This contributes to solving the
customers’ research challenges and thereby adding real value to the customer, which makes FOM
Technologies less vulnerable to economic changes.
FOM Technologies’ market share remains modest in relation to the global coating market, which is why we
believe there are good opportunities to create profitable growth even under the current market conditions.
As part of reducing the company’s exposure, the company invests in digitization and in digital communication
globally so that FOM Technologies is better equipped to deal with customer behavior. FOM Technologies’
digitization supports our customers’ needs – from lead generation to sales and customer loyalty.
Customer relations
FOM Technologies is a “born global” company and thus serves customers globally on all 6 continents. No
customer accounted for more than 10% of the year’s revenue in 2022. The company’s customers are
respectively universities, research institutions and corporate customers, but apart from this FOM Technologies
does not have a high exposure within specific industries.
Suppliers
FOM Technologies seeks to choose good and stable suppliers with the right skills, as the company depends on
the deliveries being of the required quality and on time. The company seeks to ensure flexibility and safety by
maintaining an adequate stock of essential products and by ensuring the possibility that other suppliers can
step in – in connection with a possible delivery stop or postponement of deliveries.
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Insurance conditions
It is FOM Technologies’ insurance policy to cover significant risks where possible, as well as continuously
evaluate new risks and potential hedging opportunities. Insurance conditions and the insurance risks are
assessed annually in collaboration with a Scandinavian insurance adviser. The board reviews the insurance
policy once a year, and it is adjusted as needed. The most significant risks that can be insured relate to the risk
of fire, theft, loss or other material damage to FOM Technologies’ machines and equipment during production
or during transportation to the customer. In addition, the company is insured against damage during
installation at the customers’ premises. The company’s insurance policies also cover liability in a broad sense,
including business and product liability globally.
IT systems
Implementation of IT systems involves risks, among other things as a result of any negative impact on ongoing
operations and unplanned extra costs. FOM Technologies seeks to reduce these risks continuously through
planning. FOM Technologies has throughout 2022 implemented new IT systems. FOM Technologies will
continue to exploit the IT systems potential as well as investigate the market for other IT systems that can
contribute to improving procedures and processes. The company continuously works to improve data security,
the IT infrastructure and backup solutions, which includes both customer data and the company's own data.
IT12ecurityy is a central element in the service of FOM Technologies customers, which is why we work together
with the leading providers of hosting and backup solutions. Over a number of years, the company has improved
its IT security systems, which means that the external IT audit has not found significant areas that need
improvement.
Environmental conditions
FOM Technologies seeks to assess and limit the environmental impacts and aims both directly and indirectly
to contribute to a sustainable environment. The direct environmental impact from FOM Technologies is
limited, as the company’s activities only include the design, development and sale of our products. The
company is not involved in environmental matters or legal disputes. FOM Technologies is not subject to
requirements for necessary environmental approvals and is not covered by the Act on the presentation of
“green accounts”. For 2022, the company will submit an ESG Initiatives publication, which will be the
predecessor to a definitive ESG Report that the company expects to submit for financial year 2023.
Employees
Difficulties in attracting and retaining qualified employees at all levels in the company can be a barrier to
growth and efficient operations. FOM Technologies actively seeks to counter such problems by offering
challenging job content, a market-competitive base salary and incentive schemes to reward special efforts.
Financial risks
Financial risks consist of currency risk, interest rate risk, fluctuation on raw materials, liquidity risk, credit risk
and use of financial instruments. For a more detailed review of the company’s financial risks, please refer to
note 20.
Currency risks
The group is less exposed to currency fluctuations as a result of the company’s customers being invoiced in
EUR, which is the same currency in which the vast majority of the company’s variable costs are settled. Based
in Denmark, all fixed costs are settled in DKK, which is why DKK is therefore the company’s primary functional
currency. The company’s total currency risk is therefore minimal.
The interest rate level
The company has neither short-term nor long-term interest-bearing debt, which is why the direct impact is
limited.
Raw material level
The company is affected by changes in raw material prices which to a certain extent are transferred to the
customers.
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Liquidity risks
It is the group’s policy to ensure strong financial flexibility and thus to develop and maintain a strong and
healthy capital structure which supports long-term profitable growth and controlled development in key
figures. The group’s capital resources include liquid funds and unused drawing rights. Since 2019, FOM
Technologies has had a credit facility that has not been used since establishment. The credit facility is on
market terms.
Credit risks
The group’s policy for assuming credit risks means that all major customers are credit assessed and credit
insured before entering into a contract and thereafter on an ongoing basis. The management of the credit risk
is based on cooperation with one of the world’s largest credit insurance companies. The group does not have
significant risks regarding individual customers or business partners, and the company has no written-off
receivables from customers. The company have not had losses on debtors since 2016.
Financial instruments
FOM Technologies does not use financial instruments that can be attributed to hedging the financial risks. In
general, the least complicated risk hedging method is chosen. The group does not make speculative
dispositions.
Control and risk management activities in connection with financial reporting
The risk management in relation to the financial reporting is designed to limit the risk of material errors and
omissions, and can only create reasonable, but not absolute, assurance that material errors and improper use
of assets, losses and/or material errors and omissions in connection with the financial reporting. The group’s
companies report monthly financial data as well as comments regarding the economic and business
development to the central accounting function. From here, a consolidation of the group’s accounts and
reporting to the group management and the executive board is carried out. In the same connection, controlling
of reported accounting information is also carried out for all companies in the group. The governance structure
for the financial routines, including clarification of areas of responsibility for the individual management layers
as well as the financial organization, is regulated using business procedures that ensure uniform and structured
management reporting. The policies and procedures are continuously strengthened, just as the board carries
out ongoing monitoring and control. The board and the company’s management regularly review policies and
procedures.
The business and financial development as well as risks are discussed at group management meetings weekly.
Decisions with a view to reducing and/or eliminating risks are based on an assessment of materiality and
cost/benefit analyses. There are internal requirements for proper safeguarding of assets, ongoing financial
reconciliations and accounting review of monthly accounts. Each quarter, the accounts are sent to the board,
and a review of the quarterly accounts is carried out at board meetings. The board of directors and the
executive board assess significant and internal risks on an ongoing basis controls in connection with the group’s
activities and their possible influence on the financial reporting process. The board conducts at least one
annual assessment of the group’s organizational structure and staffing in significant areas, including areas in
connection with the financial reporting process, including IT and tax. The auditor appointed by the general
meeting reports any significant weaknesses in the group’s internal control systems in connection with the
financial reporting process in the audit report to the board of directors. Minor matters and proposals for
improvements are reported to the executive board. The auditor participates at least once a year in the
company’s board meetings and receives both quarterly reporting and board material. The board monitors that
the management responds effectively to any identified weaknesses and/or deficiencies, and that agreed
measures in relation to strengthening risk management and internal controls are implemented as planned. It
is the task of the executive board to follow up on the implementation of identified weaknesses in subsidiaries
and on conditions mentioned in management letters etc.
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INVESTOR RELATIONS
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FOM Technologies wants an open and continuous dialogue with the company’s shareholders, potential
investors, and the general public, and wants to keep them continuously informed about the company’s
development. FOM Technologies therefore places importance on providing timely and adequate information
about goals and strategy, business activities, developments in the company’s markets and financial results.
FOM Technologies stock
At the end of 2022, FOM Technologies’ share capital was nominally DKK 777.891,40 divided into 7.778.914
shares at DKK 0,10 or multiples thereof.
FOM Technologies’ share ended the financial year at a price of 42,00, which is an increase of 7.55% compared
to the closing price on 30/12 2021 of 39,05. In comparison, the Nasdaq First North Nasdaq – Copenhagen fell
by 11,62 % in the same period. The market value of FOM Technologies was DKK 326,7 million per 31 December
2022.
Data
Place of listing:
Nasdaq First North – Copenhagen
Index:
First North Denmark DKK GI (SE0007551411)
Sector: Industrial Goods and Services
ISIN-code: DK0010212224
Ticker name: FOM.CO
Share capital nom.:
777.891,40 DKK
Stock size:
0,10 DKK
Number of shares:
7.778.914
Tradable:
Yes
Voting restriction: No
Ownership
At the end of December 2022, FOM Technologies had 3.273 registered shareholders who owned a total of
93,26 % of the share capital in the company. The five largest shareholders together own 71,28% of the share
capital.
Shareholders with an ownership share of > 5 %
Name
%
FOMT Holding ApS
28,92
Coridats Capital ApS 16,23
Graham Bryce
14,46
Ulstrup Invest ApS
7,46
Total
67,07
Members of the executive board and the board of directors owned 45,27 % of the share capital pr. 31
st
of
December 2022. As of December 31
st,
2022 FOM Technologies did not own shares in the company.
Share-based payments program
A share-based payment program has been issued in 2022, where 125,000 shares have been allocated to
selected key employees in the company. For information on previous incentive remuneration programs, please
see note 8.
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Annual General Meeting
The company's ordinary general meeting will be held on:
Thursday 23 March 2023 at 17.00 at Artillerivej 86, 1 floor, 2300 Copenhagen S.
Dividend and allocation of profits
The board recommends to the general meeting that no dividend be paid for the financial year 2022. The board
proposes to the general meeting that the year's group profit be carried over to next year.
Investor relations
It is FOM Technologies' ambition to ensure a high and trustworthy level of information. The company thus
places emphasis on passing on open and relevant information to the company's shareholders and other
stakeholders and at the same time wants to enter an active dialogue with them. Communication with
investors, analysts, the press, and other stakeholders takes place via ongoing publication of announcements,
investor presentations and individual meetings. Information about FOM Technologies' results and
development is available on the company's website. Shareholders, analysts, investors, stockbroking companies
and other interested parties who have questions regarding FOM Technologies can contact:
Michael Stadi
CEO
Phone: +45 20 66 60 44
E-mail: ms@fomtechnologies.com
Share register
The company’s shares are registered at:
Computershare A/S
Lottenborgvej 26D,
DK-2800 Kongens Lyngby
Denmark
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
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2021
DKK
Note
4
6
7-8
9
10
11
12
Other comprehensive income
Items that may be reclassified to profit or
loss:
Exchange differences on translation of
Foreign operations
Total comprehensive income for the period,
net of tax
Total comprehensive income for the
period is attributable to:
Owners of FOM Technologies A/S
Non-controlling interests
Earnings per share for profit attributable to the ordinary equity holders of FOM
Basic earnings per share
Diluted earnings per share
2022
DKK
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2022
DKK
2021
DKK
Revenue
Other operating income
Total income
Costs of goods sold
-27.198.851
-10.482.686
Other external expenses
-8.890.324
-2.936.185
Gross Profit
Staff costs
-14.945.371
-10.260.884
Profit before depreciation, interest, and tax
Amortisation, depreciation, and impairment
-382.564
-189.221
Operating Profit
Financial income
Financial expenses
-1.159.120
-194.856
Profit before tax
Tax on profit/loss for the year
-133.545
-3.140
Profit for the year
2022
DKK
2021
DKK
2022
DKK
2021
DKK
-44.217
-26.298
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
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Note
31.12.2022
DKK
31.12.2021
DKK
01.01.2021
DKK
Software
Acquired licenses
Acquired trademarks
Development projects completed
Development projects in progress
13
INTANGIBLE ASSETS
Other fixtures and fittings, tools, and equipment
14
PROPERTY, PLANT AND EQUIPMENT
Deposits
15
FINANCIAL ASSETS
TOTAL NON-CURRENT ASSETS
Raw materials
Work-in-progress
Finished Goods
INVENTORIES
15
Trade receivables
5
Contract work in progress
Other receivables
Company taxes receivables
Prepayments
Cash
TOTAL CURRENT ASSETS
TOTAL ASSETS
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Note
31.12.2022
DKK
31.12.2021
DKK
01.01.2021
DKK
16
Share capital
Retained earnings
Reserve for development costs
Other capital reserve
Non-controlling interests
-40.116
EQUITY
12
Deferred Tax Liability
20
Other payables
17,20
Other provisions
20
Deferred income
NON-CURRENT LIABILITIES
18
Other credit institutions
Trade payables
Tax payables
Other payables
Deferred income
Contract work in progress
Prepayments
CURRENT LIABILITIES
LIABILITIES
TOTAL EQUITY AND LIABILITIES
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
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Equity at 1/1 2021
Profit for the year
Other comprehensive
income
Total comprehensive
income for the
period
Transactions with
owners in their
capacity as owners:
Adjustment of
foreign subsidiary
Development costs
Share-based
payments
Equity at 31/12 2021
Equity at 1/1 2022
Profit for the year
Other comprehensive
income
Total comprehensive
income for the
period
Transactions with
owners in their
capacity as owners:
Capital increase
Transfers
Costs related to
equity transactions
Development costs
Share-based
payments
Equity at 31/12 2022
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Share
Capital
Share
Premium
Retained
earnings
Other
Capital
reserve
Total
Non-
controlling
interests
Total Equity
DKK
-26.298
-26.298
-585.227
-44.217
-44.217
-13.265.624
-
-775.301
-775.301
-775.301
-608.863
-40.116
CONSOLIDATED CASH FLOW STATEMENT
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2022
DKK
2021
DKK
Profit/loss before financial items and tax (EBIT)
Depreciation and amortization
Share-based payments
Change in inventories
-11.604.786
Change in receivables
-6.400.572
-7.355.448
Change in trade payables
CASH FLOWS FROM PRIMARY ACTIVITIES
-3.490.683
Financial income received
Financial costs paid
-1.159.120
-194.856
Income taxes paid/received
CASH FLOW FROM OPERATION ACTIVITIES
-3.156.520
Acquisition of intangible assets
-1.155.622
-976.769
Acquisition of property, plant and equipment
-43.959
Acquisition of fixed asset investments
-1.063.000
CASH FLOW FROM INVESTING ACTIVITIES
-2.262.581
-976.769
Proceeds from capital increase
Costs incurred during changes of contributed capital
-775.301
Other credit institutions
CASH FLOW FROM FINANCING ACTIVITIES
Currency adjustments
-5.208
NET CASH FLOW FOR THE PERIOD
-3.921.207
Cash and cash equivalents - beginning of the year
Net cash flow for the period
CASH AND CASH EQUIVALENTS BY END OF PERIOD
Cash and cash equivalents
TOTAL CASH AND CASH EQUIVALENTS BY END OF PERIOD
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2022
DKK
2021
DKK
-3.921.207
NOTES
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1.
Accounting policies
1.1
Basis of preparation
1.2
Basis of consolidation
1.3
New standards and interpretations not yet adopted
1.4
Summary of significant accounting policies
1.5
First-time adoption of IFRS
2.
Significant judgments
3.
Operating segments
4.
Revenue from contracts with customers
5.
Contract work in progress
6.
Other operating income
7.
Staff costs & Key management remuneration
8.
Share-based payments
9.
Amortisation, depreciation, and impairment
10.
Financial income
11.
Financial expenses
12.
Tax for the year
13.
Intangible Assets
14.
Property, Plant and Equipment
15.
Financial Assets and Liabilities
16.
Share capital & Earnings per share
17.
Other provisions
18.
Other credit institutions
19.
Capital management
20.
Financial risk management
21.
Related parties
22.
Events after the reporting date
23.
Assets charged and security
24.
Contractual obligations
25.
Short-term lease agreements
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1.
Accounting policies
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This note provides a list of the significant accounting policies adopted in the preparation of these
consolidated financial statements to the extent they have not already been disclosed in the other notes
above. These policies have been consistently applied to all the years presented, unless otherwise stated.
The financial statements are for the Group consisting of FOM Technologies A/S and its subsidiaries.
1.1
Basis of preparation
The Group's consolidated financial statements have been prepared in accordance with International Financial
Reporting Standards (IFRS) as adopted by the EU and additional Danish disclosure requirements for the financial
statements of reporting class B enterprises in accordance with the Danish Financial Statements Act.
For all periods up to and including the year ended 31 December 2021, the Group prepared its financial
statements in accordance with the Danish Financial Statements Act. These financial statements for the year ended
31 December 2022 are the first the Group has prepared in accordance with IFRS. Refer to Note 1.5 for information
on how the Group adopted IFRS.
The financial statements are presented in Danish kroner (DKK), which is FOM Technologies A/S’ (the Parent
company) functional currency. The financial statements have been prepared on a going concern basis and in
accordance with the historical cost convention, except where IFRS explicitly requires use of other values.
1.2
Basis of consolidation
Subsidiaries are all entities over which the Group has control. The Group controls an entity where the Group 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 to direct the activities of the entity. Subsidiaries are fully consolidated from the date on
which control is transferred to the Group. They are deconsolidated from the date that control ceases. The
acquisition method of accounting is used to account for business combinations by the Group.
Inter-company transactions, balances and unrealised gains on transactions between group companies are
eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the
transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency
with the policies adopted by the group.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated
statement of profit or loss, statement of comprehensive income, statement of changes in equity and balance sheet
respectively.
1.3
New standards and interpretations not yet adopted
Certain new accounting standards, amendments to accounting standards and interpretations have been
published that are not mandatory for 31 December 2022 reporting periods and have not been early adopted by
the Group. These standards, amendments or interpretations are not expected to have a material impact on the
Group in the current or future reporting periods and on foreseeable future transactions.
1.4
Summary of significant accounting policies
The following are the significant accounting policies applied by the Group in preparing its consolidated
financial statements.
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1. Accounting policies
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Foreign currency translation
The functional currency is DKK and transactions denominated in currencies other than the functional currency are
considered transactions in foreign currency. On initial recognition, transactions denominated in foreign currencies
are translated to the functional currency at the exchange rates at the transaction date. Foreign exchange rate
adjustments arising between the transaction date and at the date of payment are recognized in the income
statement under financial income or financial expenses. Monetary assets and liabilities denominated in foreign
currencies are translated to the year-end exchange rates on the reporting date. The difference between the
exchange rates at the reporting date and at the date of transaction or the exchange rate in the latest financial
statements is recognized in the income statement under financial income or financial expenses.
The results and financial position of foreign operations that have a functional currency different from the
presentation currency are translated into the presentation currency as follows:
•
assets and liabilities for each balance sheet presented are translated at the closing rate at the date of
that balance sheet
•
income and expenses for each statement of profit or loss and statement of comprehensive income are
translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of
the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of
the transactions), and
•
all resulting exchange differences are recognized in other comprehensive income
Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the
chief operating decision maker (CODM).
Executive Management assesses the financial performance and position of the group and makes strategic
decisions. Executive Management has been identified as being the CODM.
Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted
to their present value as at the date of exchange. The discount rate used is the entity’s incremental borrowing
rate, being the rate at which a similar borrowing could be obtained from an independent financier under
comparable terms and conditions.
Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability
are subsequently remeasured to fair value, with changes in fair value recognised in profit or loss.
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously
held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising
from such remeasurement are recognised in profit or loss.
Cash flow statement
The cash flow statement is presented using the indirect method and shows cash flows from operating,
investment, and financing activities for the year as well as cash and cash equivalents at the beginning and end
of the financial year.
Cash flows from operating activities are calculated based on operating profit/loss, adjusted for the cash flow
effect of non-cash operating items, working capital changes, financial expenses paid and income tax paid.
Cash flows from investment activities comprise payments in connection with the acquisition and sale of non-
current intangible assets, property, plant, and equipment as well as financial assets. Cash flows from financing
activities comprise payments arising from changes in the size or composition of the share capital.
Income statement: Revenue
Refer to note 4 on the accounting policies related to the recognition of revenue from contracts with customers.
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Income statement: Other operating income
Other operating income includes items of a secondary nature in relation to the primary activity of the company,
including profit on sale of fixed assets and public grants and other grants for research and development
projects. Grants income is recognized as per the guidelines from the grant organization and only when
expenses in regards to the grant have incurred in accordance with the grant budget.
Income statement: Cost of goods sold
Cost of goods sold comprises goods consumed in the financial year measured at cost, adjusted for ordinary
inventory write downs and costs incurred to achieve the years revenue.
Income statement: External expenses
External expenses comprise selling costs, facility costs, administrative expenses and research and development
costs.
Income statement: Staff costs
Staff costs include wages and salaries including holiday pay and pensions and other social security costs etc. to
the Company´s employees. Staff costs are reduced with payments received from public authorities.
As a result of IFRS implementation in 2022 the staff costs for the years ending 2022 and 2021 include share-
based payments. Executive management and key employees have been granted warrants. The warrants are
measured at fair value at the grant date and are recognised as an expense in staff costs over the vesting period.
Expenses are set off against equity. The fair value of the warrants is measured using the Black Scholes valuation
method. The calculation considers the terms and conditions under which the warrants are granted. Fair value
is not subsequently remeasured. If subsequent modifications to a warrant program increase the value of the
warrants granted, measured before and after modification, the increase is recognised as an expense. If
modification occurs before the vesting period, the increase in value is recognised as an expense over the period
for services to be received. If modification occurs after the vesting date, the increased value is recognised as
an expense immediately. Consideration received for warrants sold are recognised directly in equity.
Income statement: Financial income and expenses
Financial income and expenses is recognised with amounts concerning the financial year. Financial items
comprise interest, realised and unrealised exchange gains and losses as well as interest surcharge and interest
reimbursements under the Danish Tax Prepayment Scheme.
Income statement: Tax on profit or loss for the year income taxes
Tax on profit or loss for the year represents 22% of the booked profit or loss adjusted for non-taxable and
non-deductible items.
Tax on profit or loss for the year consists of the anticipated tax portion of the taxable income for the year
adjusted for the changes for the year in deferred tax. Changes in deferred taxes, due to adjustments of tax
rates are recognised in the income statement. Corporation tax relating to the financial year which has not been
settled at the balance sheet date is to be classified as corporation tax in receivables or liabilities other than
provisions.
The Company is subject to the Danish Tax Prepayment Scheme. Interest reimbursement and interest surcharge
have been recognised in financial income and expenses.
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1. Accounting policies
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Balance sheet assets: Intangible assets
Intangible assets are measured at cost less accumulate amortisation. Cost comprises the acquisition price as
well as costs directly related to the acquisition until the time when the asset is ready to be put into operation.
Assets are amortised on a straight-line basis over their estimated useful lives:
Acquired licenses: 5 years
Acquired trademarks: 5 years
Acquired software:
3-5 years
Development projects completed: 3-5 years
Development projects that are not completed are measured at cost with zero amortisation. Development
projects in progress consist of the development of new machines. The development projects in progress
essentially consists of costs in the form of external costs directly attributable to the development project.
Completed development projects consist of both new developed machines and upgraded versions of existing
machine lines. The development projects completed essentially consists of costs in the form of external costs
directly attributable to the development project.
In the case of sale, the profit/loss is included in the income statement under other operating income and other
operating expenses.
Balance sheet assets: Property, plant, and equipment
Property, plant, and equipment are measured at cost less accumulate amortisation and depreciation. The
basis of amortisation and depreciation is cost less estimated residual value after the end of useful life.
Cost comprises the acquisition price as well as costs directly related to the acquisition until the time when
the asset is ready to be put into operation. The cost price for an asset is divided into separate components,
that are depreciated separately, if the useful life of the individual components is significantly different.
Depreciation is initiated when the assets are ready to be taken into operation. Assets are depreciated on a
straight-line basis over their estimated useful lives with following residual values:
Other fixtures, etc.: 3-5 years
Minor purchases with useful lives below one year have been recognised as an expense in the income
statement in external expenses.
Estimated useful lives and residual values are reassessed annually.
In the case of sale, the profit/loss is included in the income statement under other operating income and other
operating expenses.
Balance sheet assets: Impairment of intangible asset and property, plant and equipment
The carrying amount of intangible assets and property, plant and equipment is reviewed annually for indication
of impairment for loss, apart from what is expressed by usual amortisation and depreciation. If this applies,
impairment for loss is made of each asset or group of assets, respectively, to lower recoverable amount.
As recoverable amount, the higher of expected net selling price and net present value is applied. The net
present value is calculated as the present value of the anticipated cash flows from the use of the asset or
the group of assets.
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1. Accounting policies
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Impairment for loss for the year is recognised in the income statement as amortisation, depreciation and
impairment for intangible assets and property, plant, and equipment.
Development projects in progress are not subject to amortisation and are tested annually for impairment, or
more frequently if events or changes in circumstances indicate that they might be impaired.
Balance sheet assets: Other receivables (fixed assets)
Other receivables recognised under fixed assets comprise loans and rental deposits measured at amortised
cost, which usually corresponds to nominal amount. In events when the carrying amount exceeds the
recoverable amount, impairment for loss is made to such lower value. Impairment for loss for the year is
recognised in the income statement as impairment for loss of financial assets.
Balance sheet assets: Inventories
Inventories are measured at cost according to the FIFO method. In the event of cost exceeding net realisable
value, write-down is made to this lower value.
Cost of goods for resale as well as raw materials and consumables comprises purchase price plus landing costs.
The net realisable value of inventories is calculated at the amount expected to be generated by sale in the
process of normal operations with deduction of selling expenses and costs of completion. The net realisable
value is determined allowing for marketability, obsolescence, and development in expected sales sum.
Balance sheet assets: Receivables
Trade receivables are recognised initially at the amount of consideration that is unconditional, unless they
contain significant financing components when they are recognised at fair value. They are subsequently
measured at amortised cost less loss allowance. The Group applies the IFRS 9 simplified approach to measuring
expected credit losses which uses a lifetime expected loss.
Balance sheet assets: Cash and cash equivalents
Cash comprises bank deposits.
Balance sheet: Contract work in progress
Contract work in progress has been recognised according to a cost-to-cost method (percentage-of-completion
Method), solely for customer contracts that are of a custom nature and according to which work in progress is
measured at the market value of the work performed. The market value is measured based on the degree of
completion at the balance sheet date and the total anticipated income from each work in progress. Completion
is calculated as the proportion of the costs incurred in relation to the expected total costs of the individual
work in progress.
When the market value of the individual work in progress cannot be measured reliably, the market value is
recognized at cost or net realizable value, if this value is lower.
Each work in progress is recognised in the balance sheet in receivables or liabilities other than provisions
depending on the net value of the selling price less on account invoicing and prepayments.
Costs in connection with sales work and contracting are recognised in the income statement as incurred.
Any finance costs of financing of work in progress are included in financial expenses.
Balance sheet: Prepayments
Prepayments comprise costs incurred relating to subsequent financial years.
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Balance sheet: Equity
Management's proposed dividends for the financial year is disclosed as a separate item in equity.
Warrants are as the result of IFRS adoption recognized in the financial statements under staff costs and settled
directly in equity as other capital reserve.
Other capital reserve comprises solely the share-based payments (warrants programme).
Balance sheet Liabilities: Provision for deferred tax
Deferred tax is measured according to the liability method. Provision has been made for deferred tax by
22 % on all temporary differences between carrying amount and tax-based value of assets and liabilities.
Deferred tax is also measured with respect of the planned use of the asset and the settlement of the
liability.
The tax-based values of tax losses carried forward are included in the statement of deferred tax if it is
probable that the losses can be utilised.
Balance sheet: Financial liabilities
Financial liabilities are recognized when raising the loan at the proceeds received after deduction of
borrowing costs, directly addressed by the loan. In subsequent periods, financial liabilities are measured
at amortized cost equal to the capitalized value using the effective interest rate, so the difference between
the proceeds and the nominal value are recognized in the income statement over the loan period.
Other liabilities other than provisions have been measured at amortised cost which corresponds to
nominal value.
Balance sheet: Other provisions
Other provision comprises the estimated accrued cost of the warranty on the products shipped upon
recognition of the sale of the product. The accrued costs are estimated as 0,5% of the total revenue. Though a
very minimal of actual historical warranty expenses have incurred, with growing revenue the senior
management has sought it reasonable to accrue 0,5% of the total revenue for future expenses related to
current sales. The general terms of warranty on standard products is 6 months.
Balance sheet Liabilities: Deferred income
Deferred income comprises income received relating to subsequent years. It is recognized if a payment is
received, or a payment is due (whichever is earlier) from a customer before the Group transfers the related
deliverables. Deferred income are recognised as revenue when the Group performs under the contract (i.e.,
transfers control of the related performance obligation to the customer).
Related party transactions
Intercompany transactions between the group affiliated companies are on terms equivalent to those that
prevails in arm’s length transactions. The nature of transactions between the parent and its subsidiaries
includes purchase of sales of goods and transfers under finance arrangements.
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1.5
First-time adoption of IFRS
These financial statements, for the year ended 31 December 2022, are the first the Group has prepared
in accordance with IFRS. For periods up to and including the year ended 31 December 2021, the Group
prepared its financial statements in accordance with the Danish Financial Statements Act.
Accordingly, the Group has prepared financial statements that comply with IFRS applicable as of 31 December
2022, together with the comparative period data for the year ended 31 December 2021, as described in the
summary of significant accounting policies. In preparing the financial statements, the Group’s opening statement
of financial position was prepared as of 1
January 2021, the Group’s date of transition to IFRS. This note explains
the principal adjustments made by the Group in restating its local GAAP financial statements, including the
statement of financial position as of 1 January 2021 and the financial statements as of, and for, the year ended 31
December 2021.
Changes in accounting policies
As a result of first-time adoption of IFRS, the accounting policies for recognition of share-based payments, and
development costs have been adjusted. The adjusted changes in accounting policies have been accounted for
in the opening balance of equity on 1 January 2021. There was no impact on transitioning to IFRS at the
transition date (1 January 2021) except for the recognition of warrants of DKK 362.716 directly in the equity.
Consequently, a reconciliation for the impact on transition to IFRS for 1 January 2021 has not been prepared.
The statement of changes in equity shows the reservation of the warrants 1/1/2021. There has not been any
impact at the transition date (1 January 2021) on intangible assets under IFRS and IAS38. The development
projects completed and in progress that have been capitalized under the adoption of IFRS have solely impacted
the year 2021, because the company did not have registrations systems prior to 2021 that could ensure an
accurate and reliable recognition in accordance with IAS38.
A)
Share-based payments
FOM Technologies has established shared-based incentive programmes comprising equity-settled programs
(warrants) for Key Management Personnel and other key employees. The purpose of these programs is to
ensure common goals for Management, key employees, and shareholders. According to the Danish Financial
Statements Act (DFSA) there is no requirement for recognition and measurement on equity-settled programs.
Following the adoption of IFRS, IFRS 2 requires that the warrant programs should be recognised at fair value
of the equity instruments at the grant date. The fair value excludes the effect of non-market based vesting
conditions. Details regarding the determination of the fair value of equity settled share-based transactions are
presented in note 8 Share-based payments. An additional expense of DKK 1.571.805 for the warrants
programme 2020 and 2021 has been recognised in profit or loss for the year ended 31 December 2021.
B)
Development projects
Under the Danish Financial Statements Act, the Group was not required to capitalize any costs related to
development projects. However, under IFRS, the Group is required to capitalize development projects in
accordance with IAS 38 Intangible assets, provided the criteria for capitalization are met.
Consequently, a recalculation and review of development projects has resulted in additional capitalized
development costs of the net sum of DKK 636.912. Research costs not fulfilling the IAS38 criteria have
amounted to 372t.DKK and have been directly expensed in the income statement for 2021.
The adoption of IFRS has solely had an impact on the parent company of which the impacts are illustrated in
the following statements:
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Impact on parent income statement 2021
2021
as reported
under DFSA
DKK
Impact on parent statement of financial position at 31.12.2021
ASSETS
1/1 2021
2021
IFRS
applied
2021
as reported
under DFSA
as reported
under DFSA
Impact from
adoption
after IFRS
adoption
DKK
DKK
DKK
DKK
Acquired licenses
53.437
124.921
51.686
B)
176.607
Acquired trademarks
66.523
68.848
-
68.848
Development projects completed
-
-
428.288
B)
428.288
Development projects in progress
156.938
B)
156.938
INTANGIBLE ASSETS
119.960
193.769
636.912
830.681
Other fixtures and fittings, tools, and equipment
87.976
57.744
-
57.744
PROPERTY, PLANT AND EQUIPMENT
87.976
57.744
-
57.744
Investments in group enterprises
40.800
40.800
-
40.800
Other receivables
62.500
62.500
-
62.500
FIXED ASSET INVESTMENTS
103.300
103.300
-
103.300
FIXED ASSETS TOTAL
311.236
354.813
636.912
991.725
Inventories
2.113.750
1.203.636
-
1.203.636
INVENTORIES
2.113.750
1.203.636
-
1.203.636
Trade receivables
2.387.685
7.907.408
-
7.907.408
Contract work in progress
-
408.980
-
408.980
Receivables from group enterprises
1.270.180
-
1.270.180
Other receivables
1.298.166
1.394.005
-
1.394.005
Company taxes receivables
276.714
4.084
-
4.084
Prepayments
94.516
98.452
-
98.452
RECEIVABLES
4.057.081
11.083.109
-
11.083.109
CASH
8.759.858
4.844.342
-
4.844.342
CURRENT ASSETS
14.930.689
17.131.087
-
17.131.087
TOTAL ASSETS
15.241.925
17.485.900
636.912
18.122.812
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IFRS applied
Impact from
adoption
DKK
2021
after IFRS
adoption
DKK
Revenue
24.207.863
-
24.207.863
Other operating income
249.900
-
249.900
Costs of sales
-10.482.687
-
-10.482.687
Other external expenses
-3.636.055
724.155
B)
-2.911.900
Gross Profit
10.339.021
724.155
11.063.176
Staff costs
-8.689.799
-1.571.085 A)
-10.260.884
Profit before depreciation, interest and tax
1.649.222
-846.930
802.292
Amortisation, depreciation, and impairment
-72.931
-87.243 B)
-160.174
Operating Profit
1.576.291
-934.173
642.118
Net financials
66.163
-
66.163
Profit before tax
1.642.454
-934.173
708.281
Tax on profit/loss for the year
-
-
-
Profit for the year
1.642.454
-934.173
708.281
1. Accounting policies
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Impact on parent statement of financial position at 31.12.2021
EQUITY AND LIABILITIES
Share capital
Retained earnings
Other capital reserve
EQUITY
Other payables
Deferred income
LONG-TERM LIABILITIES OTHER THAN
PROVISIONS
Other credit institutions
Trade payables
Prepayments received from customers
Other payables
Deferred income
SHORT-TERM LIABILITIES OTHER THAN
PROVISIONS
LIABILITIES OTHER THAN PROVISIONS
TOTAL EQUITY AND LIABILITIES
Note
2 Significant judgments
As part of the preparation of the financial statements, Management makes a number of accounting estimates
and assumptions as a basis for recognizing and measuring the Groups assets, liabilities, income, and expenses
as well as judgements made in applying the Group’s accounting policies. The estimates, judgements and
assumptions made are based on experience gained and other factors that are considered sensible by
Management in the circumstances, but which are inherently subject to uncertainty and volatility.
The assumptions are always made with a conservative approach to ensure that the level of uncertainty is at a
minimum. Unforeseen events or circumstances may occur, for which reason the actual results may differ from
the estimates and judgements made.
Management considers the following accounting estimates and judgements to be significant in the preparation
of the financial statements.
Development costs
The Group capitalizes costs for development projects. Initial capitalization of costs is based on management’s
judgement that technological and economic feasibility is confirmed, usually when a product development
project has reached a defined milestone according to an established project management model. In
determining the amounts to be capitalized, Management makes assumptions regarding the expected future
cash generation of the project and the expected period of benefits.
1/1 2021
as
reported
under
DFSA
DKK
741.941
10.723.913
362.716
11.828.570
271.486
249.900
521.386
2021
as
reported
under
DFSA
DKK
741.941
12.729.083
IFRS applied
2021
Impact from adoption
after IFRS
adoption
13.471.024
276.916
-
276.916
DKK
-
-934.173
1.571.085
636.912
-
-
A) B)
A)
-
DKK
741.941
11.432.195
1.933.801
14.107.936
276.916
-
276.916
46.225
99.094
1.482.296
1.583.908
-
993.294
1.113.548
813.466
249.900
248.198
2.891.969
3.737.960
-
-
-
-
-
-
99.094
1.583.908
993.294
813.466
248.198
3.737.960
3.413.355
4.014.876
15.241.925
17.485.900
-
636.912
4.014.876
18.122.812
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Note 2
continued
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33
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Impairment of non-financial assets
Impairment exists when the carrying value of an asset or cash-generating unit exceeds its recoverable amount,
which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal
calculation is based on available data from binding sales transactions, conducted at arm’s length, for similar
assets or observable market prices less incremental costs of disposing of the asset. The assumptions are always
made with a conservative approach to ensure that the level of uncertainty is at a minimum. Unforeseen events
or circumstances may occur, for which reason the actual results may differ from the estimates and judgements
made.
Recognition of revenue related to customized machinery and equipment
The Group sells highly specialized machinery and equipment that is customized to the specific customer’s
request for which revenue is recognized over time. In determining that revenue should be recognized over
time, Management has assessed that the customized machinery has no alternative use (i.e., the customized
machines cannot be readily redirected to another customer).
Share-based payments
Estimating fair value for share-based payment programmes requires determination of the most appropriate
valuation model, which depends on the terms and conditions of the grant.
The chosen valuation model requires determination of appropriate inputs to the valuation model including
duration of the share option, volatility, exercise price and risk-free interest rate.
The selection of models and use of appropriate inputs determine the calculation of the fair value for share-
based payment transactions which are disclosed in note 8
Note 3 Operating segments
The Group serves one segment, comprising the entire company FOM Technologies A/S, which is inherent to
how the Executive Management considers and operates the Group. The main nature of the business is
development and production of machinery equipment for material research entities worldwide.
The results of the single reporting segment are shown in the statements of comprehensive income of the
Parent company.
Executive Management is the Chief Operating Decision Maker (CODM). Executive Management, which is made
up of the senior leadership across the respective divisions, are responsible for the strategic decision making
and for the monitoring of the operating results of the single operating segment for the purpose of performance
assessment.
The segment performance is evaluated by the CODM monthly based on profit or loss for the single segment
and is measured consistently with profit or loss in the financial statements of the Group.
The CODM furthermore monitors revenue based on product lines. Refer to note 4 for a disaggregation of
revenue on this basis. The Group has not reported revenue attributed to foreign countries as the costs to
develop this information would be excessive.
Non-current operating assets are all geographically located in Denmark.
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Note 4 Revenue from contracts with customers
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24.220.464
The Group derives revenue from the transfer of goods and services over time and at a point in time in the
following revenue categories:
Revenue recognized at a point in time:
Revenue recognized over time:
Machines
Services & Other
Total
Total Revenue
18.663.540
362.074
2.655.322
315.160
19.025.614
2.970.482
53.861.909
The revenue category Machines comprise the sales of machinery and equipment which is the main part of the
Group’s business. The category Additional products comprise the sales of additional products and components
as well as optional solutions for the machinery and equipment sold. The category Services & other comprise
installation services, support and service-type warranties.
The Group’s customer contracts may comprise multiple deliverables such as machinery, equipment, support,
training , installation services and service-type warranties. These deliverables represent separate performance
obligations and are accounted as such. The transaction price is always fixed and comprise no variable
consideration.
Revenue related to services is recognized over time. This is because the customer simultaneously receives and
consumes the benefits provided by the Group as the Group performs. In recognizing revenue, Management
applies an input method such as cost incurred, or labour hours expended. Management has determined that
these methods of measuring progress most appropriately reflect the Group’s transfer of control of the
promised services to the customer. Revenue related to service-type warranties are recognized over the
warranty period on a straight-line basis.
For the purposes of recognizing revenue related to machinery and equipment, the Group separates its
customer contracts into two categories:
•
Sale of standardized machinery and equipment; and
•
Sale of customized machinery and equipment.
Sale of standardized machinery and equipment
Revenue related to the sale of standardized machinery and equipment is recognized at a point in time. This is
usually when the customer has received the machinery. However, if a contract includes a customer acceptance
clause, revenue is not recognized before the customer acceptance is received. Payments follow a payment
schedule, for which a portion is paid upfront.
Sale of customized machinery and equipment
Revenue related to the sale of customized machinery is recognized over time using a cost-to-cost measure.
Revenue is recognized over time because the machinery being transferred is highly specialized to the
customer’s specifications (that is, the machinery has no alternative use).
For contracts for customized machinery, the Group always has an enforceable right to payment for
performance completed to date. The consideration is paid in accordance with a contract specific payment
schedule, for which a portion is paid upfront.
During 2022, the amount of revenue recognized that was included in the contract work in progress liability
balance at the beginning of the period was DKK 3.239.636 (2021: DKK 0).
All of the Group's customer contracts are for periods of one year or less. As permitted under IFRS 15, the
transaction price allocated to these unsatisfied contracts is not disclosed.
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2022
DKK
2021
DKK
Machines
28.401.850
18.917.990
Additional products
6.434.445
2.331.992
Total
34.836.295
21.249.982
Note
5
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8
Contract work in progress
31.12.2022
DKK
31.12.2021
DKK
01.01.2021
DKK
Contract work in progress
10.656.271
2.655.322
-
On account invoicing
-12.365.073
-3.239.636
-
Total
-1.708.802
-584.314
-
Contract work in progress classification in
the annual report
Contract work in progress (current asset)
Contract work in progress (current liability)
Total
The increase is mainly due to advanced payments received from customers during the year.
The increase in contract work in progress is mainly due to an increase in the number of sales
for which the consideration due is conditional on the Group’s performance.
Note
6
Note
7
Average number of employees 17
Key management remuneration*
2022
DKK
2021
DKK
Wages and salaries
-4.263.808
-3.014.167
Share-based payments
-1.080.518
-832.300
Pensions
-295.280
-223.200
Social security costs
-9.089
-6.817
Total staff costs
-5.648.695
-4.076.484
Average number of employees 8
*Key management comprises of the Board of Directors, Executive Management and Senior
Management.
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31.12.2022
DKK
31.12.2021
DKK
576.930
408.980
-2.285.732
-993.294
-1.708.802
-584.314
Other operating income
2022
DKK
2021
DKK
Income from external R&D projects
Total Other operating income
628.379
249.900
628.379
249.900
Staff costs
2022
DKK
2021
DKK
Wages and salaries
-11.806.368
-7.757.048
Share-based payments
-1.413.487
-1.571.085
Pensions
-1.197.876
-717.884
Social security costs
-134.893
-97.891
Other staff costs
-392.747
-116.976
Total staff costs
-14.945.371
-10.260.884
Note
8
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Share-based payments
2022
DKK
2021
DKK
Cost of share-based payments related to 2020-grant
-
-433.364
Cost of share-based payments related to 2021-grant
-96.379
-1.137.721
Cost of share-based payments related to 2022-grant
-1.317.108
-1.413.487
-1.571.085
Costs of share-based payments are recognised in profit or loss as staff costs with a
corresponding entry in equity. In the year ended 31.12.2021 the period cost of share-based
payments for the warrants programme 2020 and 2021 has been recognized as the result of
first time IFRS adoption.
Warrant programme
FOM Technologies A/S has an incentive programme under which warrants are awarded to key
employees of FOM Technologies A/S. After the completion of the public listing in June 2020,
employees were offered to participate in the company’s first Employee Share Scheme (i.e.,
the warrant programme).
FOM Technologies A/S has granted warrants to key employees during the years 2022, 2021
and 2020. Warrants are granted once annually.
A number of shares were granted as a warrants programme with the intention to be a
combined incentive and retention tool. If the employee leaves the company prior to exercising
the warrants, the warrants are lost, and the shares cancelled from the warrant programme.
The warrants can only be exercised after a 12-month period and only during exercise windows
(expected to be approx. 18 months after the grant date).
For the warrants programme 2020 and 2021 the exercise window is a 3-week period after the
publication of the annual reports in respectively 2023 and 2024. For the 2022 warrants
programme, the annual frequency for exercising warrants, was increased from one time per
year to twice a year and the length of the exercise window was decreased from three-weeks
to a 5-days period after the publishing of annual or half-annual reports in 2025.
There is no cash alternative and the arrangement is classified as equity-settled.
Specification of outstanding warrants
Weighted
average
exercise
price
Key
management
Employees
Total
Number of warrants:
DKK
personnel
DKK
Outstanding 1. January 2021
33,75
78.000
30.000
108.000
Granted 2021
20,00
60.000
65.000
125.000
Exercised 2021
N/A
0
0
0
*Cancellation of warrants
N/A
0
-27.500
-27.500
Outstanding at 31. December 2021
26,22
138.000
67.500
205.500
Granted 2022
31,00
100.000
50.000
150.000
Excercised 2022
N/A
0
0
0
*Cancellation of warrants
N/A
0
-14.000
-14.000
Outstanding at 31. December
2022
28,13
238.000
103.500
341.500
*Cancelled warrants are the result of employees leaving their position before exercising their warrants
regarding all warrant programmes for the year ended.
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Note 8
continued
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Vesting and exercise periods of the 3 warrants programmes
Vesting period
Exercise period I
Exercise period II
Warrants programs:
MM.YY-MM.YY
MM.YY-MM.YY
MM.YY-MM.YY
2022
2020 Warrants
programme
11.20-10.21
*03.22-03.22
*03.23-03.23
93.000
2021 Warrants
programme
06.21-05-22
*03.23-03.23
*03.24-03.24
107.500
*3-week period after publishing of Annual Report
2022 Warrants
programme 01.22-12-22 *03.24-03.24 *03.25-03-25 141.000
*08.24-08-24 *08.25-08.25
* 5-day period after publishing of Annual Report &
HalfYear Report
Outstanding at 31.
December 2022 N/A N/A N/A 341.500
Theoretical market value
The fair value of the warrants issued, are measured as a calculated market price at the grant date,
based on the Black-Scholes option pricing model. The calculation is based on the following
assumptions at the grant date:
Warrant programme:
Black-Scholes parameters:
2020
2021
2022
Granting date
01.11.2020
01.06.2021
14.01.2022
Initial issued warrants
113.000
125.000
150.000
Market share price (DKK)
39,00
30,60
39,05
Exercise price (DKK)
33,75
20,00
31,00
Theoretical market value (DKK)
8,56
11,48
9,84
Vesting period (No. of months)
12
12
12
Approx. duration (Years [Y]and
Months [M])
2Y 4M
2Y 10M
2Y 3M
Volatility rate (% p.a.)
25,00%
25,00%
25,00%
Risk free interest rate (% p.a.)
0,10%
0,10%
0,10%
*Volatility rate applied is based on the annualised volatility on peer groups derived from the
standard deviation of daily observations over 12 months ending when the programme is granted.
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Note
9
Amortization, depreciation, and impairment
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Depreciation on Intangible assets
Depreciation on Other fixtures
Total depreciation
Note
10
This note provides a breakdown of the items included in financial income.
Financial income
2022
DKK
2021
DKK
Interest income
970
-
Exchange rate adjustments
869.608
256.305
Total Financial income
870.578
256.305
Note
11
This note provides a breakdown of the items included in financial expenses.
Financial expenses
Interest expenses
Other financial expenses
Net Exchange rate adjustments
Total Financial income
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2022
2021
DKK
DKK
-355.194
-158.989
-27.370
-30.232
-382.564
-189.221
2022
2021
DKK
DKK
-79.996
-48.205
-239.840
-42.205
-839.284
-104.446
-1.159.120
-194.856
Note
12
This note provides an analysis of the group’s income tax expense and shows what
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amounts are recognized directly in equity and how the tax expense is affected by
non-assessable and nondeductible items. It also explains significant estimates
made in relation to the group’s tax position.
Tax for the year
2022
DKK
2021
DKK
Tax on profit for the year
-6.729
- 3.140
Adjustment of deferred tax
-126.816
-
-133.545
-3.140
Calculation of effective tax rate
2022
DKK
2021
DKK
Profit before tax
2.784.642
662.837
Tax using the Danish tax rate 22 %
-612.621
-145.824
Effect of tax rates in foreign jurisdictions
-17.788
-1.331
Non-tax-deductible expenses
-725
-10.935
Tax-exempt income and tax incentives
86.233
68.475
Utilization of tax losses, not recognized
411.356
86.475
Total income tax recognized in income
-133.545
-3.140
statement
Effective tax rate
5%
0%
Deferred tax
2022
DKK
2021
DKK
Operation equipment
7.657
6.862
Software
-53.544
-19.138
Acquired trademarks
850
-293
Leasehold improvements
4.296
8.593
Development projects
-262.699
-128.750
Prepaid expenses
-
-21.659
Tax losses, carried forward
176.623
154.384
Total deferred tax
-126.816
-
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Note 13 Intangible Assets
Development projects
A fundamental and critical component of the Group’s business model is to continuously
develop new, and improving existing, product designs that are utilized by the Group in its
offerings to customers. Eligible costs related to these development projects are
capitalized. Any costs related to research activities are expensed as incurred. Research
costs of 456t.DKK are included the external expenses for 2022. For 2021 the amount is
372t.DKK.
Development costs that are directly attributable to the design and testing of identifiable
products controlled by the Group are recognized as intangible assets where the following
criteria are met:
•
it is technically feasible to complete the project so that it will be available for use
•
Management intends to complete the project and use or sell it
•
there is an ability to use or sell the outcome of the project
•
it can be demonstrated how the project will generate probable future economic
benefits
•
adequate technical, financial, and other resources to complete the development and
to use or sell the project are available, and
•
the expenditure attributable to the project during its development can be reliably
measured.
Directly attributable costs that are capitalized as part of the project comprise directly
attributable costs that can be measured reliably. Capitalized development costs are
recorded as intangible assets and are amortized from the point at which the asset is ready
for use. Development projects in progress are not amortised. Rather, they are tested
annually for impairment.
The intangible assets held by the Group increased primarily because of an increase in
development projects in progress.
Acquired
licenses
Acquired
Trademarks
Software
Completed
development
projects
Development
projects in
progress
Total DKK
Cost at 1/1 2021
Additions for the year
Disposals for the year
56.250
156.950
-
141.557
154.176
-
-
-
508.704
-
156.938
-
197.807
976.768
-
Cost at 31 December 2021
213.200
295.733
508.704
156.938
1.174.575
-
Amortisation and
2.813
13.187
-
-
-
16.000
impairment as at 1 January
Amortisation for the year
33.780
44.793
-
80.416
-
158.989
Iimpairment, disposals for
-
-
-
-
-
-
the year
Amortisation and
36.593
57.980
-
80.416
-
174.989
impairment at 31
December 2021
Carrying amount at 31
176.607
237.753
-
428.288
156.938
999.586
December 2021
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Note 13 continued Acquired
licenses
Acquired
Trademarks
Software
Completed
development
projects
Development
projects in
progress
Total DKK
Cost at 1/1 2022
213.200
295.733
-
508.704
156.938
1.174.575
Additions for the year
-
88.720
258.461
404.645
403.796
1.155.622
Disposals for the year
-
-
-
-
-
-
Cost at 31 December 2022
213.200
384.453
258.461
913.349
560.734
2.330.197
Amortisation and
impairment as at 1 January
36.593
57.980
-
80.416
-
174.989
Amortisation for the year
31.875
66.386
57.356
199.577
-
355.194
Impairment, disposals for
the year
-
-
-
-
-
-
Amortisation and
impairment at 31
December 2022
68.468
124.366
57.356
279.993
-
530.183
Carrying amount at 31
December 2022
144.732
260.087
201.105
633.356
560.734
1.800.014
Note 14 Property, Plant and Equipment Other fixtures Total DKK
Cost at 1/1 2021
Additions for the year
Disposals for the year
123.803
-
-
123.803
-
-
Cost at 31 December 2021
123.803
123.803
Depreciations and impairment as at 1 January
35.827
35.827
Depreciations for the year
30.232
30.232
Reversal regarding disposals
-
-
Depreciation and impairment at 31 December 2021
66.059
66.059
Carrying amount at 31 December 2021
57.744
57.744
Cost at 1/1 2022
123.803
123.803
Additions for the year
43.959
43.959
Disposals for the year
-
-
Cost at 31 December 2022
167.762
167.762
Depreciations and impairment as at 1 January
66.059
66.059
Depreciations for the year
27.370
27.370
Reversal regarding disposals
-
-
Depreciations and impairment at 31 December
2022
93.429
93.429
Carrying amount at 31 December 2022
74.332
74.332
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Note 15
Financial assets and
financial liabilities 31.12.2022
DKK
DKK
DKK
Financial assets at
amortized cost:
Trade receivables*
14.775.532
9.229.256
2.387.685
Other receivables
1.286.915
1.401.543
1.300.666
Deposits
1.125.500
62.500
62.500
Cash and cash
19.919.258
4.848.843
8.770.050
equivalents
Total
37.107.205
15.542.142
12.520.901
Financial liabilities at
amortized cost:
Trade payables
5.543.504
1.673.439
1.494.796
Debt to credit
313.403
254.668
46.225
institutions
Other payables
2.367.375
813.466
1.113.548
Total
8.224.282
2.741.573
2.654.569
The carrying amounts are assessed as equivalent to the fair value of the assets and liabilities.
The Group’s exposure to various risks associated with the financial instruments is discussed in
note 20.
*Trade Receivables
31.12.2022
DKK
31.12.2021
DKK
01.01.2021
DKK
Trade receivables
14.775.532
9.229.256
2.387.685
Write-downs
-
-
-
Total
14.775.532
9.229.256
2.387.685
The carrying amounts are equivalent to the fair value of the assets.
Trade Receivables Aged list
2022
DKK
Settled
in January
2023
DKK
Not passed due
14.272.857
97%
Due
498.957
3%
Overdue by 0-30 days
3.718
0%
Total
14.775.532
100%
Expected credit loss - 0%
31.12.2021
01.01.2021
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Note
16
Share capital & Earnings
per share 31.12.2022
The share capital comprises:
Number of
shares
Nominal
value
Ordinary shares (fully
paid)
7.778.914
777.891
Changes in share capital: 31.12.2022
In number of shares
Opening balance
Capital increase
Capital decrease
Total
All shares are fully paid and no shares carry any special rights.
31.12.2022
31.12.2021
DKK per share
Total dividend paid out
for the year
Total dividend proposed
-
-
for the year
-
-
Basic earnings per share
31.12.2022
Total basic earnings per share
attributable to the ordinary
equity holders
0,34
Diluted earnings per share
Total diluted earnings per
share attributable to the
ordinary equity holders 0,33
Reconciliation of earnings
used in calculating earnings
per share
Profit for the year as
presented in the income
statement 2.651.091
Weighted average number of
ordinary shares used as the
denominator 7.778.914
Number
of shares
7.419.412
Nominal
value
741.941
31.12.2021
31.12.2021
0,09
0,09
659.697
7.419.412
31.12.2021
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741.941
555.556
35.950
186.385
-
-
777.891
741.941
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Note 17
The warranty obligation represents an accrued cost of the warranty on the products shipped
upon recognition of the sale of the product. Though actual historical warranty expenses
incurred have been insignificant, the senior management has sought it reasonable considering
the growing revenue to accrue 0,5% of the total revenue for future expenses related to current
sales. The general terms of warranty on standard products is 6 months.
Note 18
The carrying amount is equivalent to the fair value of the liabilities.
Note 19 Capital Management
The Group manages its capital with the aim to ensure that it will be able to continue as a going
concern and continue to fund its growth and development, while maximizing the return to
shareholders through responsible optimization of the capital structure. With a capital increase
in 2022 cashflow was increased with 12,5m.DKK. In addition to the capital increase the overall
cashflow has net increased with 2,5m.DKK in spite of heavily investing in the growth of the
Group.
Management reviews the capital structure continually to consider if the current capital
structure is in accordance with the Group’s and shareholders’ interests.
The Group does not enter into any speculative transactions.
Note
20
Financial risk management
As a result of its operations, financing and investments, the group is exposed to financial risks,
including currency-/ interest-/ raw material-/ liquidity-/ credit risks as well as the risk of
financial instruments, which can affect the group's results, assets, liabilities, and equity. The
following describes these risks, how they arise, the group's policy for managing the risks and
the potential consequences for the company. The group's risks are managed centrally in the
group's finance function. The financial management thus focuses solely on managing the
financial risks that are a direct consequence of the group's operations and financing.
Market risk
Foreign exchange risk
The Group’s turnover and earnings are dependent on the prices of raw materials, components
and other production materials and cost. The group is less exposed to currency fluctuations as
a result, of the company's customers being invoiced in EUR, which is the same currency in
which the vast majority of the company's variable costs are settled. Based in Denmark, all fixed
costs are settled in DKK, which is why DKK has been chosen as the company's primary
functional currency. The Group’s total currency risk is therefore minimal. The group does not
make speculative currency trading dispositions.
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-F8B84
Other provisions
31.12.2022
DKK
31.12.2021
DKK
01.01.2021
DKK
Warranty obligation
Total
250.000
-
-
250.000
-
-
Other credit institutions
31.12.2022
DKK
31.12.2021
DKK
01.01.2021
DKK
Debt to credit institutions
Total
313.403
254.668
46.225
313.403
254.668
46.225
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Note 20
continued
The Group is also exposed to the risk of changes in foreign exchange rates through its customer
contracts as the Group enters into contracts with customers where the consideration is
denominated in a foreign currency (i.e., revenue is denominated in a foreign currency). The
Group is primarily exposed to fluctuations in EUR. Due to the fixed DKK/EUR exchange rate
policy, the exposure to foreign currency is considered immaterial.
Interest rates
The Group has neither short-term nor long-term debt, and therefore has no interest-bearing
debt. Thus, it is only the derived effect on society and the desire to invest globally where
changed interest levels have a macroeconomic impact on the Group’s sales. As the Group does
not incur debt, there is no hedging of interest rate risk apart from normal liquidity netting of
operating flow.
Credit risk
As a result of the group's operations, where the majority of sales are made by receiving
advance payment from the customer, the group is exposed to credit risks in connection with
payment in arrears. The group's policy for assuming credit risks means that all major customers
are credit assessed and credit insured before entering into a contract and thereafter on an
ongoing basis. The management of the credit risk is based on cooperation with one of the
world's largest credit insurance companies. The group does not have significant risks regarding
individual customers or business partners, and the company has no written-off receivables
from customers. The company has had no losses on debtors since 2016.
In addition, the credit risk on bank deposits is limited because the counterparties, holding
significant deposits, are banks with high credit-ratings (minimum A3/A-) assigned by
international credit-rating agencies. The Group’s policy is only to invest its cash deposits with
highly rated financial institutions
.
Liquidity risk
It is the group's policy to ensure strong financial flexibility and thus to develop and maintain a
strong and healthy capital structure which supports long-term profitable growth and
controlled development in key figures. The group's capital resources include liquid funds and
unused drawing rights. Since 2019, FOM Technologies has had a credit facility that has not
been used since establishment. The credit facility is on market terms.
Contractual maturities of financial liabilities
< 1 year
1 - 5
> 5 years
Total
contractual
Carrying
out
years
cash flows
amount
At 31 December 2021
2.699.103
-
276.916
-
2.976.019
-
-
-
-
-
Other payables*
1.553.909
-
6.823
-
1.560.732
Deferred income
1.373.584
2.422.831
-
-
3.796.415
Trade Payables
3.906.065
-
-
-
3.906.065
Other provisions
-
250.000
-
-
250.000
Total
9.532.661
2.672.831
283.739*
-
12.489.231
*The amount 283.739 consists of frozen holiday pay including interest.
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Note 21
Related parties
The following table sets out the group’s principal subsidiaries at year end. Unless otherwise stated, they
have share capital solely of ordinary shares that are held directly by the group, and the proportion of
ownership interests held equals the voting rights held by the group. The country of incorporation or
registration is also their principal place of business.
Name of entity
Place of
business
Ownership interest
held by the group
Ownership interest held
by non-controlling
interests
Principal activities
2022
2021
2022
2021
FOM Technologies Inc.
USA
100%
100%
0%
0%
Same as parent
MLMC Therapeutics ApS Denmark 51% 51% 49% 49% Biotechnology R/D
The group is controlled by the following entities with ownership of more than 5%:
Name of entity Type Place of business Ownership interest held by non-
controlling interests
2022
2021
FOM Holding ApS
Ultimate
parent
Denmark
28,92%
30,37%
company
Coridats Capital ApS
Principal
shareholder
Denmark
16,23%
17,04%
Graham Bryce
Principal
Great Britain
14,46%
15,19%
Ulstrup Invest ApS
shareholder
Principal
Denmark
7,46%
7,89%
shareholder
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22
Events after the reporting date
Note
Page
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No events have occurred after the end of the financial year of material importance for the
Company’s financial position.
Note
23
Assets charged and security
Company pledge, no. T.DKK 1.000 in the company inventory, debtors, intangible assets has
been deposited as security for account with credit institution.
Note 24 Contractual obligations
The contractual rental agreement that the Group had entered into regarding the current
premises has been terminated in 2023. As mentioned in the management commentary a new
location in Copenhagen has been found, and occupancy is expected to take place in Q2 2023
Note 25 Short-term lease agreements
The group has a short-term lease obligation for the premises which has been terminated in
2023 due
to a
relocation to take place in Q2 2023 as mentioned in note 24.
In 2022 a total of 528t.DKK has been expensed on the short-term lease obligation concerning
rent for the current premises. Similarly, 329t.DKK was expensed in 2021 for short-term lease
obligation concerning rent obligation for current premises.
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PARENT INCOME STATEMENT
Page
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Note
4
5
6-7
8
9
10
11
2022
DKK
Distribution of profit/loss
Retained earnings
Retained earnings IFRS impact
Profit for the year
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2021
DKK
Revenue
53.663.022
24.207.863
Other operating income
628.379
249.900
Total income
54.291.401
24.457.763
Costs of goods sold
-27.198.851
-10.482.687
Other external expenses
-8.710.590
-2.911.900
Gross Profit
18.381.960
11.063.176
Staff costs
-14.945.371
-10.260.884
Profit before depreciation, interest, and tax
3.436.589
802.292
Amortisation, depreciation, and impairment
-334.360
-160.174
Operating Profit
3.102.229
642.118
Financial income
724.253
256.305
Financial expenses
-901.332
-190.142
Profit before tax
2.925.150
708.281
Deferred Tax
-126.816
-
Profit for the year
2.798.334
708.281
2022
DKK
2021
DKK
2.798.334
1.642.454
-
-934.173
2.798.334
708.281
PARENT STATEMENT OF FINANCIAL POSITION
Page
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ASSETS
31.12.202
Note
2
DKK
31.12.2021
DKK
01.01.2021
DKK
Software
201.105
-
-
Acquired licenses
144.732
176.607
53.437
Acquired trademarks
50.666
68.848
66.523
Development projects completed
633.356
428.288
-
Development projects in progress
560.734
156.938
-
12
INTANGIBLE ASSETS
1.590.593
830.681
119.960
Other fixtures and fittings, tools, and
equipment
74.332
57.744
87.976
13
PROPERTY, PLANT AND EQUIPMENT
74.332
57.744
87.976
Investments in group enterprises
40.800
40.800
40.800
Other receivables
1.125.500
62.500
62.500
14
FINANCIAL ASSETS
1.166.300
103.300
103.300
TOTAL NON-CURRENT ASSETS
2.831.225
991.725
311.236
Raw materials
472.250
-
-
Work-in-progress
6.807.666
1.203.636
2.113.750
Finished Goods
5.528.506
-
-
INVENTORIES
12.808.422
1.203.636
2.113.750
15
Trade receivables
14.667.485
7.907.408
2.387.685
Trade Receivables from group enterprises
118.326
1.270.180
-
Other receivables from group enterprises
136.763
-
-
16
Contract work in progress
576.930
408.980
-
Other receivables
1.278.019
1.394.005
1.298.166
Company taxes receivables
-
4.084
276.714
Prepayments
897.709
98.452
94.516
Cash
19.877.814
4.844.342
8.759.858
TOTAL CURRENT ASSETS
50.361.468
17.131.087
14.930.689
TOTAL ASSETS
53.192.693
18.122.812
15.241.925
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PARENT STATEMENT OF FINANCIAL POSITION continued
Page
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EQUITY & LIABILITIES
Note
15
11
17
18
19
20
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31.12.2022
DKK
31.12.2021
DKK
01.01.2021
DKK
Share capital
777.891
741.941
741.941
Retained earnings
25.526.765
10.846.967
10.723.913
Reserve for development projects
1.194.090
585.227
-
Other capital reserve
3.347.288
1.933.801
362.716
EQUITY
30.846.034
14.107.936
11.828.570
Deferred Tax Liability
126.816
-
-
Other payables
283.739
276.916
271.486
Other provisions
250.000
-
-
Deferred income
2.422.831
-
249.900
NON-CURRENT LIABILITIES
3.083.386
276.916
521.386
Other credit institutions
148.375
99.094
46.225
Trade payables
5.524.880
1.583.908
1.482.296
Tax payables
-
-
-
Other payables
2.317.637
813.466
1.113.548
Other provisions
-
-
-
Deferred income
1.621.782
248.198
249.900
Contract work in progress
2.285.732
993.294
-
Prepayments
7.364.867
-
-
CURRENT LIABILITIES
19.263.273
3.737.960
2.891.969
LIABILITIES
22.346.659
4.014.876
3.413.355
TOTAL EQUITY AND LIABILITIES
53.192.693
18.122.812
15.241.925
PARENT STATEMENT OF CHANGES IN EQUITY
Page
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Equity
Share Capital
Share
Premium
Retained
earnings
Reserve for
development
costs
Other
Capital
reserve
Total Equity
DKK
555.556
3.955.647
4.511.203
Equity at 1/1 2020
Capital increase
186.385
15.814.816
16.001.201
Costs related to equity
-
-2.840.446
-2.840.446
transactions
Transferred from
-
-5.843.388
-5.843.388
distribution of profit/loss
Effect of applying IFRS
-362.716
362.716
-
Equity at 1/1 2021
741.941
10.723.913
362.716
11.828.570
Transferred from
-
1.642.454
1.642.454
distribution of profit/loss
Equity at 31/12 2021 before
741.941
12.366.367
362.716
13.471.024
applying IFRS
Effect of applying IFRS
-934.173
-934.173
Development costs
-585.227
585.227
-
Share-based payments
1.571.085
1.571.085
Adjusted Equity at 31/12
741.941
-
10.846.967
585.227
1.933.801
14.107.936
2021
Share Capital
Retained
earnings
Reserve for
development
costs
Other
Capital
reserve
Total Equity
DKK
Equity at 1/1 2022
741.941
10.846.967
585.227
1.933.801
14.107.936
Capital increase
35.950 13.265.624
13.301.574
Transfers
-13.265.624
13.265.624
-
Costs related to equity
transactions
-775.301
-775.301
Share-based payments
1.413.487
1.413.487
Development costs
-608.863
608.863
-
Transferred from
distribution of profit/loss
2.798.334
2.798.334
Correction adjustment
4
4
Equity at 31/12 2022
777.891
-
25.526.765
1.194.090
3.347.288
30.846.034
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PARENT CASHFLOW STATEMENT
Page
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2022
DKK
2021
DKK
Profit/loss before financial items and tax (EBIT)
3.102.229
642.118
Depreciation and amortization
334.360
160.174
Share-based payments
1.413.487
1.571.085
Change in inventories
-11.604.786
910.114
Change in receivables
-6.596.123
-7.298.658
Change in trade payables
18.155.686
548.652
CASH FLOWS FROM PRIMARY ACTIVITIES
4.804.853
-3.466.515
Financial income received
724.253
256.305
Financial costs paid
-901.332
-190.142
Income taxes paid/received
4.000
272.630
CASH FLOW FROM OPERATION ACTIVITIES
4.631.774
-3.127.722
Acquisition of intangible assets
-1.066.902
-840.664
Acquisition of property, plant and equipment
-43.959
-
Acquisition of fixed asset investments
-1.063.000
-
CASH FLOW FROM INVESTING ACTIVITIES
-2.173.861
-840.664
Proceeds from capital increase
13.301.579
-
Costs incurred during changes of contributed capital
-775.301
-
Other credit institutions
49.281
52.869
CASH FLOW FROM FINANCING ACTIVITIES
12.575.559
99.094
NET CASH FLOW FOR THE PERIOD
15.033.472
-3.915.516
Cash and cash equivalents - beginning of the year
Net cash flow for the period
CASH AND CASH EQUIVALENTS BY END OF PERIOD
Cash and cash equivalents
TOTAL CASH AND CASH EQUIVALENTS BY END OF PERIOD
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2022
DKK
2021
DKK
4.844.342
8.759.858
15.033.472
-3.915.516
19.877.814
4.844.342
19.877.814
4.844.342
19.877.814
4.844.342
PARENT NOTES
Page
53
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1.
Accounting policies
2.
Investments in subsidiaries
3.
Contingent liabilities and other contractual obligations
4.
Revenue
5.
Other operating income (Please refer to Group Note 6)
6.
Staff costs & Key management remuneration (Please refer to Group note 7)
7.
Share-based payments (Please refer to Group note 8)
8.
Amortisation, depreciation, and impairment
9.
Financial income
10.
Financial expenses
11.
Tax of the year
12.
Intangible assets
13.
Property, Plant & Equipment
14.
Financial Assets
15.
Trade Receivables
16.
Contract work in progress (Please refer to Group Note 5)
17.
Other Payables (Please refer to Group Note 20)
18.
Other provisions (Please refer to Group Note 20)
19.
Deferred income (Please refer to Group Note 20)
20.
Other credit institutions (Please refer to Group Note 18)
21.
Security
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1.
Accounting policies in the parent’s separate financial statements
The accounting policies for the Parent are the same as for the Group in the consolidated financial statements
with the following exception:
●
Investments in subsidiaries
●
Dividends on investments in subsidiaries
Investments in subsidiaries are measured at cost. Cost is the value of the costs incurred in acquiring or creating
the asset, comprising the consideration paid to acquire or create the asset plus transaction costs.
Investments accounted for at cost are not subsequently remeasured. Such investments are measured in the
separate financial statements at the original cost of the investment until the investment is de-recognised or
impaired. Indications of impairment of investments in subsidiaries are assessed annually by Management.
Dividends on investments in subsidiaries are recognised in the income statement of the Parent in the financial
year in which the dividend is declared.
Equity
Reserve for development costs
The reserve for development costs comprises recognised development costs less related deferred tax
liabilities. The reserve cannot be used as dividend or for covering losses. The reserve is reduced or dissolved if
the recognised development costs are amortised or abandoned. This is done by direct transfer to the
distributable reserves of the equity
2.
Investments in subsidiaries
Cost
2022
DKK
2021
DKK
At 1 January
40.800
40.800
Additions
-
-
Disposals
-
-
At 31 December
40.800
40.800
It is Management’s assessment that no indications of impairment existed at 31 December 2022. Impairment
tests have therefore not been carried out for subsidiaries.
3.
Contingent liabilities and other contractual obligations
FOM Technologies A/S is the administration company and subject to the Danish rules on mandatory joint
taxation of the Group. FOM Technologies A/S accordingly pays all income taxes to the tax authorities under
the joint taxation scheme. Danish subsidiaries are included in the joint taxation from the date when they are
included in the consolidated financial statements and up to the date when they are excluded from the
consolidation. The jointly taxed Danish companies are taxed under the on-account tax scheme.
On payment of joint taxation contributions, the current Danish income tax is allocated between the Danish
jointly taxed companies in proportion to their taxable income.
In addition, tax on profit/loss and deferred tax are calculated and recognised as described in note 12 in the
consolidated financial statements.
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Note
4
Page
55
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Revenue
2022
DKK
2021
DKK
Machines
47.049.854
21.560.710
Additional products
6.260.861
2.331.992
Services & Other
352.307
315.161
Total Revenue
53.663.022
24.207.863
Note 5 Other operating income
Please refer to Group Note 6
Note 6 Staff Costs
Please refer to Group Note 7
Note 7 Share-based payments
Please refer to Group Note 8
Note
8
Note
9
Note
10
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Amortisation, depreciation, and impairment
2022
DKK
2021
DKK
Depreciation on Intangible assets
-306.990
-129.942
Depreciation on Other fixtures
-27.370
-30.232
Total depreciation
-334.360
-160.174
Financial income
2022
DKK
2021
DKK
Interest income
5.643
-
Exchange rate adjustments
718.610
256.305
Total Financial income
724.253
256.305
Financial expenses
2022
DKK
2021
DKK
Interest expenses
-75.789
-43.491
Other financial expenses
-239.068
-42.205
Net Exchange rate adjustments
-586.475
-104.446
Total Financial income
-901.332
-190.142
Note
11
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Tax for the year 2022
DKK
2021
DKK
Adjustment of deferred tax
-126.816
-
-126.816
Calculation of effective tax rate
2022
DKK
2021
DKK
Profit before tax
2.925.150
708.281
Tax using the Danish tax rate 22 %
-643.533
-155.822
Non tax-deductible expenses
-725
-10.935
Tax-exempt income and tax incentives
86.233
68.475
Utilization of tax losses, not recognized
431.209
98.282
Total income tax recognized in income
-126.816
-
statement
Effective tax rate
4%
0%
Deferred tax
2022
DKK
2021
DKK
Operation equipment
7.657
6.862
Software
-53.544
-19.138
Aquired trademarks
850
-293
Leasehold improvements
4.296
8.593
Development projects
-262.699
-128.750
Prepaid expenses
-
-21.659
Tax losses, carried forward
176.623
154.384
Total deferred tax
-126.816
-
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Note 12 Intangible Assets
Acquired
licenses
Acquired
Trademarks
Software
Completed
development
projects
Development
projects in
progress
Total DKK
Cost at 1/1 2021
Additions for the year
Disposals for the year
56.250
156.950
-
72.838
18.071
-
-
-
-
-
508.704
-
-
156.938
-
129.088
840.663
-
Cost at 31 December 2021
213.200
90.909
508.704
156.938
969.751
-
Amortisation and
2.813
6.315
9.128
impairment as at 1 January
Amortisation for the year
33.780
15.746
-
80.416
-
129.942
Amortisations, impairment,
-
-
-
-
-
-
disposals for the year
Amortisation and
36.593
22.061
-
80.416
-
139.070
impairment at 31 December
2021
Carrying amount at 31
176.607
68.848
-
428.288
156.938
830.681
December 2021
Cost at 1/1 2022
213.200
90.909
-
508.704
156.938
969.751
Additions for the year
-
-
258.461
404.645
403.796
1.066.902
Disposals for the year
-
-
-
-
-
-
Cost at 31 December 2022
213.200
90.909
258.461
913.349
560.734
2.036.653
Amortisation and
36.593
22.061
-
80.416
-
139.070
impairment as at 1 January
Amortisation for the year
31.875
18.182
57.356
199.577
-
306.990
Amortisations, impairment,
disposals for the year
-
-
-
-
-
-
Amortisation and
impairment at 31 December
2022
68.468
40.243
57.356
279.993
-
446.060
Carrying amount at 31
144.732
50.666
201.105
633.356
560.734
1.590.593
December 2022
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Note
13
Property, Plant and Equipment
Other
fixtures
Total DKK
Cost at 1/1 2021
Additions for the year
Disposals for the year
123.803
123.803
-
-
-
-
Cost at 31 December 2021
Amortisation and impairment as at 1 January
Amortisation for the year
Amortisations, impairment, disposals for the
year
Amortisation and impairment at 31 December
2021
Carrying amount at 31 December 2021
123.803
123.803
35.827
35.827
30.232
30.232
-
-
66.059
66.059
57.744
57.744
Cost at 1/1 2022
123.803
123.803
Additions for the year
43.959
43.959
Disposals for the year
-
-
Cost at 31 December 2022
167.762
167.762
Amortisation and impairment as at 1 January
66.059
66.059
Amortisation for the year
27.370
27.370
Amortisations, impairment, disposals for the
year
-
-
Amortisation and impairment at 31 December
2022
93.429
93.429
Carrying amount at 31 December 2022
74.332
74.332
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Note 14 Financial Assets
Other
receivables
Investments
in group
companies
Total DKK
Cost at 1/1 2021
Additions for the year
Disposals for the year
62.500
-
-
40.800
-
-
103.300
-
-
Cost at 31 December 2021
62.500
40.800
103.300
Amortisation and impairment as at 1 January
-
-
-
Amortisation for the year
-
-
-
Amortisations, impairment, disposals for the
-
-
-
year
Amortisation and impairment at 31 December
-
-
-
2021
Carrying amount at 31 December 2021
62.500
40.800
103.300
Cost at 1/1 2022
62.500
40.800
103.300
Additions for the year
1.063.000
-
1.063.000
Disposals for the year
-
-
-
Cost at 31 December 2022
1.125.500
40.800
1.166.300
Amortisation and impairment as at 1 January
-
-
-
Amortisation for the year
-
-
-
Amortisations, impairment, disposals for the
year
-
-
-
Amortisation and impairment at 31 December
2022
-
-
-
Carrying amount at 31 December 2022
1.125.500
40.800
1.166.300
Penneo
dokumentnøgle:
I7108-6Q2A7-FXE5Q-HEPQQ
-GOBMB
-F8B84
Page
60
of
60
Note 15
*The carrying amounts are equivalent to the fair value of the assets.
Trade Receivables Aged list
2022
DKK
Settled
in January
2023
DKK
Not passed due
14.272.857
97%
Due
390.910
3%
Overdue by 0-30 days
3.718
0%
Total
14.667.485
100%
Expected credit loss - 0%
The carrying amounts do not include any items that are overdue with more than 30 days.
The total carrying amount has been settled by 97% in January 2023. No loss is expected on the
due amount.
Note 16
Contract work in progress
Please refer to Group Note 5
Note 17 Other payables
Please refer to Group Note 20
Note 18 Other provisions
Please refer to Group Note 17,20
Note 19 Deferred income
Please refer to Group Note 20
Note 20 Other credit institutions
Please refer to Group Note 18
Note 21
Security
The parent company has pledged a guarantee for the credit account of the subsidiary MLMC for the amount of
200t.DKK
.
Penneo
dokumentnøgle:
I7108-6Q2A7-FXE5Q-HEPQQ
-GOBMB
-F8B84
Trade Receivables
31.12.2022
DKK
31.12.2021
DKK
01.01.2021
DKK
Trade receivables*
14.667.485
7.907.408
2.387.685
Write-downs
-
-
-
Total
14.667.485
7.907.408
2.387.685
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