Annual
Report
FOM Technologies A/S
Bryggergården 2‑12
2770 Kastrup
CVR No. 34715726
2023
2023
e Annual General Meeting adopted
the Annual Report on:
2. April, 2024
Chairman of the general meeting:
CONTENTS
Page 2 of 62
COMPANY DETAILS................................................................................................................................................................ 3
Company
........................................................................................................................................................................................3
Board of Executives
.......................................................................................................................................................................3
Board of Directors ...........................................................................................................................................................................3
Company auditors ...........................................................................................................................................................................3
MANGEMENT’S STATEMENT ................................................................................................................................................. 4
INDEPENDENT AUDITOR’S REPORT ....................................................................................................................................... 5
FINANCIAL HIGHLIGHTS OF THE GROUP................................................................................................................................ 7
MANAGEMENT COMMENTARY ............................................................................................................................................. 8
RISK MANAGEMENT
....................................................................................................................................................................11
INVESTOR RELATIONS ...................................................................................................................................................................15
CORPORATE GOVERNANCE ..........................................................................................................................................................17
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME .............................................................................................. 19
CONSOLIDATED STATEMENT OF FINANCIAL POSITION ....................................................................................................... 20
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ....................................................................................................... 22
CONSOLIDATED CASH FLOW STATEMENT ........................................................................................................................... 23
NOTES
................................................................................................................................................................................. 24
PARENT INCOME STATEMENT ............................................................................................................................................. 48
PARENT STATEMENT OF FINANCIAL POSITION ................................................................................................................... 49
PARENT STATEMENT OF CHANGES IN EQUITY .................................................................................................................... 51
PARENT CASHFLOW STATEMENT ........................................................................................................................................ 52
PARENT NOTES .................................................................................................................................................................... 53
Page 3 of 62
COMPANY DETAILS
Company
Central Business Registration no. 34 71 57 26
Registered in: Copenhagen
Board of Executives
Michael Henrik Stadi, CEO
Martin Kiener, CIO Head of Innovation & Founder
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 April 2, 2024
Page 4 of 62
Executive Board:
Board of Directors:
Board member
Board member
Page 5 of 62
INDEPENDENT AUDITOR’S REPORT
Page 6 of 62
INDEPENDENT AUDITOR’S REPORT continued
CVR no. 20 22 2 6 70
MNE no. mne44386
Page 7 of 62
FINANCIAL HIGHLIGHTS OF THE GROUP
2023
DKK’000
2022
DKK’000
2021
DKK’000
2020
DKK’000
2019
DKK’000
Key figures
Revenue 78.189
53.862
24.220
6.789
8.273
Other operating income
2.323
628
250
326
5.062
Total income
80.512
54.490
24.470
7.115
13.335
Cost of goods sold
-36.867
-27.199 -10.483 -3.705 -7.239
Cost of goods sold %
47%
50%
43%
55%
88%
Gross profit/loss
25.515
18.401
11.051
66
3.023
Operating profit/loss
1.326
3.073
601
-5.970 -463
Net financials
-446
-289
61
-211 -66
Profit/loss for the year
370
2.651
660
-5.861 -461
Balance sheet total
99.915
53.266
18.315
15.276
6.675
Investments in property, plant, and equipment
1.561
74
58
88
68
Equity
73.147
30.680
14.087
11.850
4.511
Equity ratio (%)
73,21
57,6%
76,9%
77,6%
67,6%
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
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MANAGEMENT COMMENTARY
Primary activities, products, and markets
The primary activities of FOM Technologies A/S are design, development and sale of advanced machinery and
equipment for material production and research. The company is a leading global supplier of lab- and pilot-scale
slot-die coating tools for advanced material R&D and up-scaling to commercial production. The company provides
precise, flexible, user-friendly equipment to some of the biggest companies and most prestigious universities and
research institutions within energy harvesting (solar) and energy storage (batteries and fuel cells) and other smart
surface technologies. Our mission is to work closely with our customers to deliver high quality, cutting-edge
solutions to coat a bright and sustainable future together.
While the company designs and develops its own products, the company does not currently manufacture its own
products. The company’s technical and mechanical solutions are manufactured and bought through sub-suppliers
at the average distance of 1-2 hours of transport time from Copenhagen (location in Scandinavia and in the
Northern part of Europe.)
The company’s main markets are: North America (US + Canada), EU and Asia.
FOM Technologies has since 2020 been a publicly traded company. The company was listed on the Nasdaq First
North Growth Market in June 2020 (ticker code: FOM).
Development in the company's activities and financial conditions
For the financial year 2023, FOM Technologies delivers a record result that is the best since the company's
establishment. The total income has increased more than 46% from last year, combined with a positive EBITDA
and bottom line. The strong growth in performance and the EBITDA level should be seen in the light of a high
investment level as the company throughout 2023 has doubled the number of FTEs (Full Time Employees),
moved to a new head quarter, and established a sales and business development platform in the US subsidiary
- FOM Technologies Inc. The revenue is significantly above the initial first guidance for year 2023 made in Dec.
2022.
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. During
2023 the company has focused on expanding the supply chain, procurement processes and the growing
network of Scandinavian and European suppliers to be able to deliver solutions to all our global customers with
very short lead times throughout the year.
The company has continued its aggressive investment in innovation, development of new products,
establishment of strategic partnerships, building a global distribution network and scaling the number of
employees. All of the company's organizational departments Finance, HR, Adm. Sales, Production, S&L (Science
& Learning), SLM (Service Lifecycle Management) as well as PR/Marketing, have added new personnel
resources during 2023. Furthermore, our first employee in our US subsidiary, FOM Technologies Inc., was hired.
The company expects to continue the development of the organisation in 2024, but at a somewhat slower pace.
2023 has offered many positive elements for the company ranging from awarded contracts from some of the
world's most prestigious universities and research institutions to landing significant orders from leading
corporate customers within the fuel-cell and battery segment. The company sees a firm and steady trend
towards an increased ratio of corporate customers compared to academic (universities and research institution)
customers.
On the research side, 2023 has also been extraordinary. FOM Technologies is increasingly being offered
participation in European research consortia with participation from leading academic institutions from the
continent, both within research into future solar cell and battery technology. At present FOM Technologies is
participating in 5 R/D projects, where the EU or Danish funding organizations has allocated funding to R/D
projects. The duration of these projects runs on average over a 3-year period.
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MANAGEMENT COMMENTARY continued
When FOM Technologies entered the Nasdaq First North Growth Market 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 investors to
invest a small amount in the company, 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 board of directors and executive management decided that the time was
right to raise additional growth capital. In Q2 2022, the company completed a further capital raise to ensure a
solid base for further growth leading to record results in 2022. The 2020 IPO as well as the 2022 capital injection
were exclusively based on private investors and individuals to increase the numbers of shareholders and the
accumulating distribution of shares. Looking into our 3-year strategy plan for 2024, 2025 and 2026 the company
decided in H2 2023 to raise additional growth capital. This time we managed to attract funding from some of
the largest institutional investors in Scandinavia as ATP and Bank Invest among others invested more than 43
mio. DKK in the company. At FOM Technologies, we remain proud of the achievement and that recognized and
experienced institutional investors have chosen to join our growth journey. The funds raised will be used in
three main areas. The overall organization, including the sales office in the USA, can now be further
strengthened and there will be an opportunity to build a larger inventory, so that the large demand from both
commercial customers and research institutions can be delivered more quickly. At the same time, FOM
Technologies will be able to develop new technology and solutions that can meet future customer needs and
secure and expand the company's position in the market. At the request of the new investors, and with the full
support of the board of directors and executive management, the company has decided to postpone our
previously announced listing on the Main Market.
Environmental conditions and ESG reporting
Environmental conditions play a crucial role in the success and sustainability of a scaling company. Firstly,
these conditions encompass factors like climate, geography, and natural resources, which can directly impact
operational efficiency and costs. Secondly, environmental conditions also include the socio-political
landscape, such as government policies, regulations, and societal attitudes towards sustainability.
Compliance with environmental regulations not only ensures legal standing but also fosters positive public
perception and long-term viability. Moreover, a scaling company must assess environmental risks and
opportunities to anticipate market shifts and innovate accordingly.
Embracing eco-friendly practices not only reduces negative impacts but also opens doors to new markets
and investors increasingly prioritizing sustainability. Furthermore, maintaining a strong commitment to
environmental stewardship can attract top talent, foster employee morale, and enhance brand reputation.
Customers today are more conscious of environmental issues, preferring to support companies aligned with
their values. Navigating and adapting to environmental conditions is integral for a scaling company to
mitigate risks, seize opportunities, and build a resilient business model that thrives amidst changing
ecological and societal landscapes.
Together with the Annual Report 2023, FOM Technologies will publish the company’s first “ESG report”.
The ESG Report is an expansion and continuation of the publication issued in Q1 2023 named “ESG
Initiatives”. With this publication in 2022, we wanted to draw the first basic outlines within the ESG area
and create the platform and framework for all future ESG reports published along with the annual financial
report. We are therefore proud to publish our first ESG Report this year. The ESG report for 2023 contains
the statement of social responsibility according to ÅRL 99 a. The report can be read and downloaded using
this link:
https://www.fomtechnologies.com/investor/legal-documents
Knowledge, expertise, and resources
In a scale-up company, having the best knowledge, expertise, and resources is paramount for success on
multiple fronts. Firstly, possessing top-notch knowledge allows the company to make informed decisions,
anticipate market trends, and stay ahead of competitors. Expertise in relevant domains ensures efficient
execution of strategies and the ability to innovate effectively, driving growth and adaptation in dynamic
markets. Moreover, access to academic resources, with technological insights provides the necessary
competences to interact with our customers, scale operations and expand market reach that support long-
term sustainability and competitiveness.
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Attracting and retaining top talent is often contingent on the company's reputation for expertise and access
to innovative resources. A skilled workforce is essential for driving innovation, fostering creativity, and
delivering high-quality products or services that meet customer demands and exceed expectations.
Furthermore, having the best knowledge, expertise, and resources installs confidence among stakeholders,
including investors, partners, and customers. This confidence translates into increased support, investment,
and loyalty, further fuelling the company's growth trajectory and market position. FOM Technologies has
built a science team consisting of no less than 6 Ph.Ds to serve as the cornerstone of success, enabling agility,
innovation, resilience, and competitive advantage in a rapidly evolving business landscape.
Research- and Development activities
Our Research and Development (R&D) activities are the driving force behind our innovation and growth
strategy. With our dedicated team of experts, we continually explore new technologies, methodologies, and
market trends to stay at the forefront of our industry. Our R&D efforts focus not only on improving existing
products and services but also identifying new opportunities for expansion and differentiation. Through
rigorous experimentation, prototyping, and testing, we refine our ideas and concepts, ensuring that only the
most promising innovations move forward to implementation. Collaboration with external partners,
academic institutions, and industry leaders enriches our R&D ecosystem, providing diverse perspectives and
access to specialized knowledge. We prioritize sustainability and ethical considerations in our R&D
endeavors, seeking solutions that not only drive business success but also contribute positively to society
and the environment. Continuous learning and adaptation are central to our R&D culture, allowing us to
quickly respond to market shifts and emerging challenges. Overall, our R&D activities serve as a catalyst for
driving long-term value creation, fostering a culture of innovation, and maintaining our competitive edge in
an ever-evolving landscape. For 2023 FOM Technologies spent 1% of our revenue on Research &
Development activities.
New headquarter
Since 2019, the company has had its domicile in leased premises at Islands Brygge (Copenhagen). By the end
of 2022, the company had outgrown the physical premises of that lease. With no options to expand, the
company leased a new headquarters at Kastrup (Copenhagen) for the company with a larger and newly
renovated physical space, workshop, and showroom supporting the future journey of FOM Technologies in
the best way possible. The company moved into the new head quarter in Q2 2023.
Subsidiaries
FOM Technologies owns shares in the following companies:
Company name: Ownership: Home place:
FOM Technologies Inc. 100,00% Palo Alto, California, USA
MLMC Therapeutics ApS 51,00% Kastrup, Denmark
Audit Fee
The audit fee for 2023 is 296t.DKK.
Changes after the balance sheet date
No significant changes have occurred after the balance sheet date.
Recognition and measurement
There is no significant uncertainty regarding the recognition and measurement of amounts in the annual report
except for what has been highlighted and addressed in Note 2 for the Group.
No unusual conditions have affected the recognition and measurement of amounts in the annual report.
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Conclusion
The year 2023 started with a strong pipeline as mentioned in the 2022 Annual Report. The revenue of DKK
78,2 million is significantly above the initial guidance published of 55-60 million. If the actual result is compared
to the lowest range of the initial guidance, the revenue is +23 million higher than the 55 million revenue
guidance and the actual EBITDA result of 3,5 million is +1,5 million better than the 2 million EBITDA guidance.
Guidance for 2023
(in 2022 Annual Report)
Actual result for 2023
Revenue 55-60 million 78 million + 23 million
EBITDA 2-5 million 3,5million +1,5 million
In addition to that, the company succeeded in raising capital during the last end of the year from some of the
largest institutional investors in Scandinavia, which has further strengthened the capital base. Based on this
the management considers the year’s growth, results, and the company’s development in general to be very
satisfactory.
EXPECTATIONS TO 2024
Postponement of a Nasdaq Main Market – Small Cap listing
As previously announced, FOM Technologies has postponed the ambition to seek admission to be listed on
the Nasdaq Main Market – Small Cap. The ambition is to continue the growth of the company to a higher
revenue level before applying for admission to a Nasdaq Main Market listing. All other formal requirements
for seeking admission to the Nasdaq Main Market – Small Cap, like free float ratio, numbers of shareholders
and financial statements in accordance with IFRS Accounting Standard are in place.
The expected future development – Commercial Dimension
2024 will be an extraordinary investment year for the company. With a strong capital injection from external
investors in late Q4 2023, the direction is set for organizational ramping up in our US subsidiary FOM Technologies
Inc., plus strong R/D and innovation investment in new and more advanced products targeting the corporate
production segment. The company is very positive about this segment based on previous and ongoing dialogues
with current and future potential customers. The guidance for the 2024 Revenue and EBITDA has been estimated
to the best of our abilities taking into consideration the planned investment level, including risks and uncertainties
from our risk management assessment discussed in the following chapter.
The expected future development – Liquidity Dimension
The cash reserve as of year-end was significantly strong, due to the Q4 2023 share capital expansion, hence the
company’s equity capital is historically strong. Furthermore, the company has no material debt. Thus, the liquidity
development looks strong and stable.
The company's guidance for 2024 is:
Total income:
In the range of DKK 65 million to DKK 80 million
EBITDA:
In the range of DKK - 8 million to DKK 2 million
The guidance is a result of the significant investments expected as well as the general uncertainties in the global
economy.
RISK MANAGEMENT
Ongoing monitoring of risks and risk management play a central role in FOM Technologies, where the board
of directors, the executive management 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 in place which ensure effective management of identified risks.
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RISK MANAGEMENT
continued
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
on an ongoing basis. 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 and instructions of the board and the executive management. 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 refining and
developing the company’s products and solutions, so that the market position is improved. This contributes
to solving the customers’ research and production challenges and thereby adds 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. Accordingly, we
believe there are good opportunities to create profitable growth even under the current market conditions.
As part of continued focus to reduce the company’s exposure, the company invests in digitalization and in
digital communication globally so that FOM Technologies is better equipped to deal with customer behavior
and demands. FOM Technologies’ digitalization 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. For the
financial year 2023, the corporate client Novo Energy accounted for more than 10% of the revenue. The
company’s customers are leading universities, research institutions and corporate customers, but 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, technological level, price 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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RISK MANAGEMENT
continued
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
policies once a year, and these are 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
Investing in professional IT systems involves risks but is a necessity to avoid any negative impact on ongoing
operations, unplanned extra costs and reputational damages. FOM Technologies seeks to reduce these risks
continuously through planning and investment. FOM Technologies has throughout 2023 implemented new
IT systems and digitalization of processes. 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, IT infrastructure and backup solutions,
which includes both customer data and the company's own data. IT security is a central element in the service
of FOM Technologies’ customers, which is why we work together with leading providers of hosting and
backup solutions. Over several years, the company has improved its IT security systems, which means that
the external IT audit has not found significant areas that need improvement.
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 package, other benefits 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 because of the company’s customers mainly being invoiced
in EUR, which is the same currency in which many of the company’s variable costs are settled. Based in
Denmark, all fixed costs are settled in DKK, which is why DKK is 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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RISK MANAGEMENT
continued
Liquidity risks
It is the group’s policy to ensure strong financial flexibility and thus 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 never 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, distributors, and significant
suppliers are credit assessed and credit insured before entering 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, business
partners, distributors and significant suppliers and the company has not written off receivables from
customers. The company has 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
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 will occur. The company reports monthly financial data as well as
comments regarding the economic and business development to the senior management, board of
executives and board of directors. The control and risk management activities consist of the policies and
procedures that have been outlined to make sure the Group strategy and KPI’s can be met. These control
activities take place in the entire organization in all functions and include various activities and controls such
as segregation of duties, two-level approval workflow for all costs held, reconciliations and compliance model
for approval of all sales transactions. Monthly controlling of the reported accounting information is also
carried out for all companies in the group and shared with the board of executives and senior management.
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 of directors 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 in connection with the
group’s activities and the 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.
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RISK MANAGEMENT
continued
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.
INVESTOR RELATIONS
It is the ongoing ambition of FOM Technologies to maintain an open and continuous dialogue with the
company’s shareholders, potential investors, and the public, and 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 2023, FOM Technologies’ share capital was nominally DKK 935,469.60 divided into 9,354,696
shares of DKK 0.10 or multiples thereof.
FOM Technologies’ share ended the financial year at a price of 27.90, which is a decrease of 33.57%
compared to the closing price on 31/12 2022 of 42.00. In comparison, the Nasdaq First North Nasdaq –
Copenhagen fell by 10.46 % in the same period. The market value of FOM Technologies was DKK 261 million
per 31 December 2023.
Full name and home place:
FOM Technologies A/S
Bryggergaarden 2-12
2770 Kastrup
Denmark
CVR nr: 34 71 57 26
Data:
Place of listing:
Nasdaq First North – Copenhagen - Denmark
Index:
First North Denmark DKK GI (SE0007551411)
Sector: Industrial Goods and Services
ISIN-code: DK 0061278199
Ticker name: FOM.CO
Share capital nom.:
935
.469,60 DKK
Stock size:
0,10 DKK
Number of shares:
9
.354.696
Tradable:
Yes
Voting restriction: No
Own capital shares
Neither the company nor any of the company’s subsidiaries own shares in FOM Technologies A/S.
Ownership
At the end of December 2023, FOM Technologies had 3.234 registered shareholders who owned a total of
91,03 % of the share capital in the company. The five largest shareholders together own 64,29% of the share
capital.
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INVESTOR RELATIONS continued
Shareholders with an ownership share of > 5 %
Name
%
FOMT Holding ApS 21,57
ATP 13,96
Graham Bryce
12,02
Coridats Capital ApS
11,01
Ulstrup Invest ApS 5,73
Total 64,29
For further details regarding the shareholders with an ownership of >5% please refer to note 22 for the Group.
Members of the executive board and the board of directors owned 32,68 % of the share capital pr. 31
st
of
December 2023.
Share-based payments program
A share-based payment program has been issued in 2023, where 125.000 options exchangeable into
shares have been allocated to selected key employees in the company. For information on previous
incentive remuneration programs, please see note 7.
Annual General Meeting
The company's ordinary general meeting will be held on:
Tuesday the 2
nd
of April 2024 at 17.00 at FOM Technologies head office: Bryggergården 2, 2770 Kastrup.
Share register:
The company’s shares are registered at:
Computershare A/S
Lottenborgvej 26D,
DK-2800 Kongens Lyngby
Denmark
Dividend and allocation of profits
The board recommends to the general meeting that no dividend be paid for the financial year 2023. 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
Page
17
of
60
MANAGEMENT COMMENTARY continued
Page 18 of 62
MANAGEMENT COMMENTARY continued
CORPORATE GOVERNANCE continued
Page 19 of 62
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Note
4
5
6-7
8
9
10
11
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 Technologies A/S
Basic earnings per share
Diluted earnings per share
2023
DKK
2022
DKK
2023
DKK
2022
DKK
Revenue
Other operating income
Total income
Costs of goods sold
-36.867.221
-27.198.851
Other external expenses -18.129.508
-8.890.324
Gross Profit
Staff costs
-21.976.303
-14.945.371
Profit before depreciation, interest, and tax
Amortisation, depreciation, and impairment -2.213.422
-382.564
Operating Profit 1.325.585
Financial income 524.693
Financial expenses -970.806
-1.159.120
Profit before tax
Tax on profit/loss for the year
-509.228
-133.545
Profit for the year
2023
DKK
2022
DKK
2023
DKK
2022
DKK
-
-44.217
Page 20 of 62
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31.12.2023
31.12.2022
DKK DKK
Software
Acquired licenses 90.389
Acquired trademarks 355.393
Development projects completed
Development projects in progress
12
INTANGIBLE ASSETS
Leasehold improvements
Other fixtures and fittings, tools, and equipment
13
PROPERTY, PLANT AND EQUIPMENT
Land and buildings
14
RIGHT OF USE ASSETS
Deposits
15
FINANCIAL ASSETS
TOTAL NON-CURRENT ASSETS
Raw materials
Work-in-progress 558.466
Finished Goods 9.753.756
INVENTORIES
15
Trade receivables
4
Contract asset
Other receivables
Prepayments
Cash
TOTAL CURRENT ASSETS
TOTAL ASSETS 99.915.356
CONSOLIDATED
STATEMENT
OF
FINANCIAL
POSITION
continued
Page 21 of 62
Note
31.12.2023
DKK
31.12.2022
DKK
16
Share capital
Retained
earnings
Other capital reserve 3.657.793
Non-controlling interests -100.229 -40.116
EQUITY
11
Deferred Tax Liability
14
Lease debt
15
Other
payables
17,20
P
rovisions
20
Deferred
income
NON
-
CURRENT
LIABILITIES
18
Credit institutions
14
Lease debt
Trade
payables
Tax payables
Other payables
20
Deferred income
4
Contract liability
Prepayments
CURRENT LIABILITIES 18.189.929
LIABILITIES
TOTAL
EQUITY
AND
LIABILITIES
Page 22 of 62
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share
Capital
Share
Premium
Retained
earnings
Other
Capital
reserve Total
Non-
controlling
interests
Total Equity
DKK
Equity at 1/1 2022
Profit for the year
Other comprehensive
income
Total comprehensive
income for the
period
-44.217
Transactions with
owners in their
capacity as owners:
Capital increase 35.950 13.265.624
Transfers
-13.265.624 13.265.624
-
Costs related to
equity transactions
-775.301
-775.301
-775.301
Development costs
-608.863 608.863 -
Share-based
payments
Equity at 31/12 2022 777.891 25.400.587 4.541.378 30.719.856 -40.116 30.679.740
Share
Capital
Share
Premium
Retained
earnings
Other
Capital
reserve Total
Non-
controlling
interests
Total Equity
DKK
Equity at 1/1 2023
-40.116
Profit for the year
Other comprehensive
income
Total comprehensive
income for the
period
-60.112
Transactions with
owners in their
capacity as owners:
Capital increase 117.579 43.444.317
Transfers
-43.444.317 43.444.317
Costs related to
equity transactions
-2.971.995
-2.971.995
-2.971.995
Share-based
payments
Share-based
payments (warrants
exercised)
Transfers
-360.000 360.000
Share-based
payments (warrants
expired)
-796.080
Development costs
Equity at 31/12 2023
-100.229
Page 23 of 62
CONSOLIDATED CASH FLOW STATEMENT
Note
2023
DKK
2022
DKK
Profit/loss before financial items and tax (EBIT)
Depreciation and amortization
Share-based payments
Change in inventories
-3.310.903
-11.604.786
Change in receivables
-6.879.303
-6.400.572
Change
in trade
payables
-
CASH FLOWS FROM PRIMARY ACTIVITIES
-9.233.363
Financial income received
Financial costs paid -970.806
-1.159.120
Income
taxes
paid/received
CASH FLOW FROM OPERATION ACTIVITIES
-9.679.476
12 Acquisition of intangible assets -463.548
-1.155.622
13 Acquisition of property, plant and equipment
-1.796.573
-43.959
Deposit
-
CASH FLOW FROM INVESTING ACTIVITIES -2.118.621 -2.262.581
Proceeds from capital increase
Costs incurred during changes of contributed capital -2.971.995
-775.301
21 Other credit institutions -11.486
21 Installment on leases -1.061.574
CASH FLOW FROM FINANCING ACTIVITIES
Currency adjustments -216
-5.208
NET CASH FLOW FOR THE PERIOD
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
2023
DKK
2022
DKK
Page 24 of 62
NOTES
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 material accounting policy information
2.
Significant judgments
3.
Operating segments
4.
Revenue from contracts with customers
5.
Other operating income
6.
Staff costs & Key management remuneration
7.
Share-based payments
8.
Amortisation, depreciation and impairment
9.
Financial income
10.
Financial expenses
11.
Tax for the year
12.
Intangible Assets
13.
Property, Plant and Equipment
14.
Right of use assets
15.
Financial Assets and Liabilities
16.
Share capital & Earnings per share
17.
Provisions
18.
Credit institutions
19.
Capital management
20.
Financial risk management
21.
Changes in liabilities from financing activities
22.
Related parties
23.
Events after the reporting date
24.
Assets charged and security
Page 25 of 62
Note 1 Accounting policies
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 IFRS Accounting
Standards 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. The Group has
furthermore, voluntarily opted for an additional selection according to accounting class C.
The financial statements are presented in Danish kroner (DKK), which is FOM Technologies A/S’ (the Parent
company) functional currency. Unless otherwise stated, the amounts presented in the financial statements are not
rounded. 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.
Intercompany 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 2023 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 material accounting policy information
The following are the material accounting policies applied by the Group in preparing its consolidated
financial statements.
Page 26 of 62
1.
Accounting policies continued
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.
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
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.
Page 27 of 62
1. Accounting policies continued
If the goods and services rendered by the Group exceed the payment, a contract asset is recognised. If the
payments exceed the goods and services rendered, a contract liability is recognised
Refer to note 4 on elaboration of the accounting policies related to the recognition of revenue from contracts with
customers.
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.
Income from grants is recognised at fair value when there is a reasonable assurance that the grant will be
received, and the Group will comply with all attached conditions. It is recognised on a systematic basis over the
periods that the related costs, for which it is intended to compensate, are expensed.
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.
Staff costs include sharebased 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.
Page 28 of 62
1. Accounting policies continued
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.
During the period of development, development projects that are not completed are tested for impairment
annually.
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
The residual value is zero unless otherwise stated.
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.
Page 29 of 62
1. Accounting policies continued
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: Right-of use assets
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include
the net present value of the following lease payments:
• fixed payments (including in-substance fixed payments), less any lease incentives receivable
• variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the
commencement date
• amounts expected to be payable by the group under residual value guarantees
• the exercise price of a purchase option if the group is reasonably certain to exercise that option
• payments of penalties for terminating the lease, if the lease term reflects the group exercising that option.
Lease payments to be made under reasonably certain extension options are also included in the measurement of the
liability.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease
period to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is
available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and
adjusted for any remeasurement of lease liabilities.
Right-of-use assets are measured at cost comprising the following:
• the amount of the initial measurement of lease liability
• any lease payments made at or before the commencement date less any lease incentives received
• any initial direct costs, and
• restoration costs.
Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives
of the assets.
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, finished goods, work-in-progress 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.
Page 30 of 62
1. Accounting policies continued
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.
Balance sheet: Equity
Management's proposed dividends for the financial year is disclosed as a separate item in equity.
Warrants are 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.
Page 31 of 62
1. Accounting policies continued
Balance sheet: Provisions
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 0,75% of the total revenue. With continued
growing revenue the senior management has sought it reasonable to increase the accrued percentage from
0,5% previously to 0,75% of the total revenue for future expenses related to current sales. The general terms
of warranty on standard products is 12 months. The change in the accounting estimate is immaterial.
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 is 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.
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.
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).
Page 32 of 62
Note 2 Significant judgments continued
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 7.
Right of use assets
The determination of the lease term may differ from the contractual lease term and thus affects the amount
recorded for the entity’s lease obligation and related right-of-use asset. If the determined lease term is
longer than the contractual lease term, the larger the lease liability and related right-of-use asset.
In determining the lease term, management considers all facts and circumstances that create an economic
incentive to exercise an extension option, or not to exercise a termination option. Extension options (or
periods after the termination options) are only included in the lease term if the lease is reasonably certain
to be extended (or not terminated).The Group has determined the lease term as the non-cancellable term
of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to
be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be
exercised. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option
to renew or terminate the lease.
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.
Page 33 of 62
Note 4 Revenue from contracts with customers
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:
Clients who accounted for more than 10% of the revenue:
Novo Energy (Revenue recognized over time).
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. The transaction price is allocated between the performance obligations based on their
standalone selling prices.
The amount of inventory recognized as an expense during the year 2023 amounted to DKK 34.479.294 (2022: DKK
25.612.738).
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.
2023 2022
DKK DKK
Machines
37.521.433
28.401.850
Machine options
15.521.394
6.089.508
Consumables
1.426.191
344.937
Total 54.469.018 34.836.295
Machines 21.341.457 18.663.540
Services & Other
2.378.923
362.074
Total 23.720.380 19.025.614
Total Revenue 78.189.398 53.861.909
Page 34 of 62
Note 4 Revenue from contracts with customers continued
During 2023, the amount of revenue recognized that was included in the contract work in progress liability
balance at the beginning of the period was DKK 2.285.732 (2022: DKK 3.239.636).
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.
31.12.2023
DKK
31.12.2022
DKK
Contract work in progress
19.959.112
10.656.271
On
account
invoicing
-
6
.
538.679
-
12.365.073
Total
13.420.433
-1.708.802
Contract work in progress classification in the annual report
Contract asset (work in progress)
Contract liability (current liability)
Total
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
5
Note 6
Other operating income
2023
DKK
2022
DKK
Income from external R&D projects
Total Other operating income
2.322.641
628.379
2.322.641
628.379
Staff costs
2023
DKK
2022
DKK
Wages and salaries
-17.941.260 -11.806.368
Share-based payments -1.106.585 -1.413.487
Pensions
-2.093.419 -1.197.876
Social security costs -219.560 -134.893
Other staff costs
-615.478 -392.747
Total staff costs
-21.976.302 -14.945.371
31.12.2023
DKK
31.12.2022
DKK
14.724.026
576.930
-1.303.593 -2.285.732
13.420.433
-1.708.802
Page 35 of 62
Note
6 Staff costs continued
Note
7 Share-based payments
Costs of share-based payments are recognised in profit or loss as staff costs with a corresponding
entry in equity.
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 2023, 2022, 2021 and 2020. Warrants are granted once annually. The
main terms of the warrant programs are laid out in the company’s Articles of Association, which can be found on
the company’s website at www.fomtechnologies.com.
The warrants programmes are granted 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).
Key management remuneration*
2023
DKK
2022
DKK
Wages and salaries
-6.177.357
-4.263.808
Share-based payments -795.042
-1.080.518
Pensions
-457.310
-295.280
Social security costs -11.929
-9.089
Total staff costs
-7.441.638
-5.648.695
Average number of employees
8
8
*Key management comprises of the Board of Directors, Board of Executives and Senior
Management.
Board of Directors and Board of Executives
remuneration
2023
DKK
2022
DKK
Wages and salaries
-3.140.082
-2.609.754
Share-based payments -649.971
-946.361
Pensions
-222.080
-180.480
Social security costs -4.544
-4.544
Total staff costs
-4.016.677
-3.741.139
Average number of employees
5
5
2023
DKK
2022
DKK
Cost
of
share
-
based
payments
related
to
2021
-
grant
-
-
96.379
Cost
of
share
-
based
payments
related
to
2022
-
grant
-
70.332
-1.317.108
Cost
of
share
-
based
payments
related
to
2023
-
grant
-
1.036.253
-
Total
-1.106.585 -1.413.487
Page 36 of 62
Note
7 Share-based payments continued
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
personnel
Employees
Total
Number of warrants:
Outstanding 1. January 2021
33,75 78.000 30.000 108.000
Granted 2021
20,00 60.000 65.000 125.000
*Cancellation of warrants
N/A - -27.500 -27.500
Outstanding at 31. December 2021
26,19 138.000 67.500 205.500
Granted 2022
31,00 100.000 50.000 150.000
*Cancellation of warrants
N/A - -14.000 -14.000
Outstanding at 31. December 2022
28,21 238.000 103.500 341.500
Granted 2023
37,00** 65.000 60.000 125.000
Expired warrants
N/A -93.000 -93.000
Exercised 2023
20,00*** - -20.000 -20.000
*Cancellation of warrants
N/A - -18.000 -18.000
Outstanding at 31. December 2023
29,86 210.000 125.500 335.500
*Cancelled warrants are the result of employees leaving their position before exercising their warrants
regarding all warrant programmes for the year ended.
**Exercise price of warrants granted in 2023 is based on the official FOM Technologies Nasdaq FN closing price on the
30th of dec. 2022 (DKK 42,00) minus 10% and rounded down to full number (DKK 37,00). Theoretical market value of warrants
granted: DKK 9,49 calculated using the Black Scholes model.
***Exercised warrants were exercised at price DKK 20,00 during the 3 trading days: 28/3 2023 -30/3 2023.
The average official closing price those 3 trading days was: DKK 40,70.
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
Expired
(93.000)
2021 Warrants
programme
06.21-05-22 *03.23-03.23 *03.24-03.24
87.500
*3-week period after publishing of Annual Report
2022 Warrants
programme 01.22-12-22 *03.24-03.24 *03.25-03-25 138.000
*08.24-08-24 *08.25-08.25
* 5-day period after publishing of Annual Report &
HalfYear Report
2023 Warrants
programme 02.23-01-24 *03.25-03.25 *03.26-03-26 110.000
*08.25-08-25 *08.26-08.26
* 5-day period after publishing of Annual Report &
HalfYear Report
Outstanding at 31.
December 2023 N/A N/A N/A 335.500
Page 37 of 62
Note
7 Share-based payments continued
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:
2021
2022
2023
Granting date
01.06.2021
14.01.2022
01.02.2023
Initial issued warrants
125.000
150.000
125.000
Market share price (DKK)
30,60
39,05
42,00
Exercise price (DKK)
20,00
31,00
37,00
Theoretical market value (DKK)
11,48
9,84
9,49
Vesting period (No. of months)
12
12
12
Approx.
duration
(Years
[Y]and
Months [M])
2Y 10M
2Y 3M
2Y 2M
Volatility rate (% p.a.)
25,00%
25,00%
25,00%
Risk
free
interest
rate
(%
p.a.)
0,10%
0,10%
2,55
%
*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.
Note 8 Amortization, depreciation, and impairment
2023 2022
DKK DKK
Depreciation on Right-of-use assets -1.303.614 -
Depreciation on Intangible rights -599.898 -355.194
Depreciation on Fixtures & Fittings -309.910 -27.370
Total depreciation -2.213.422 -382.564
Note
9
Financial income
2023
DKK
2022
DKK
Interest income
189.833
970
Exchange rate adjustments
334.860
869.608
Total Financial income
524.693
870.578
This note provides a breakdown of the items included in financial income
Note
10 Financial expenses
2023
DKK
2022
DKK
Interest expenses
-438.382
-79.996
Other financial expenses -111.072
-239.840
Exchange rate adjustments
-421.352
-839.284
Total Financial income
-970.806
-1.159.120
This note provides a breakdown of the items included in financial expenses
Note
11
Tax for the year
Page 38 of 62
This note provides an analysis of the group’s income tax expense and shows what
amounts are recognized directly in equity and how the tax expense is affected by
non-assessable and non-deductible items. It also explains significant estimates
made in relation to the group’s tax position.
Tax for the year
2023
DKK
2022
DKK
Tax on profit for the year
-
-6.729
Adjustment of tax in previous years -2.424
-
Adjustment of deferred tax -506.804
-
126.816
-509.228
-133.545
Calculation of effective tax rate
2023
DKK
2022
DKK
Profit before tax
879.472
2.784.642
Tax using the Danish tax rate 22 %
-193.484 -612.621
Effect of tax rates in foreign jurisdictions
-
-17.788
Non-tax-deductible expenses -245.266
-725
Tax-exempt income and tax incentives 11.899
86.233
Adjustment of tax in previous years
-2.424
-
Non-recognized tax losses
-79.953
-
Utilization of tax losses, not recognized
-
411.356
Total income tax recognized in income
-509.228
-133.545
statement
Effective tax rate
58%
5%
Deferred tax
2023
DKK
2022
DKK
Operation equipment
-1.846.904
7.657
Software
-24.303
-53.544
Acquired trademarks
-17.891
850
Leasehold improvements -
4.296
Development projects -225.952
-262.699
Current assets
-2.991.364 -
Liabilities 1.869.614
-
Tax losses, carried forward
2.601.097
176.623
Total deferred tax -635.703
-126.816
Page 39 of 62
Note 12 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 2023. For 2022 the amount was also
456t.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 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
Page 40 of 62
Note 12 Intangible Assets continued
Acquired
licenses
Acquired
Trademarks
Software Completed
development
projects
Development
projects in
progress
Total DKK
Cost at 1/1 2023 213.200 384.453 258.461 913.349 560.734 2.330.197
Additions for the year - 199.106 74.080 110.972 79.390 463.548
Transfers 355.940 -355.940 -
Disposals for the year - -
-
-
- -
Cost at 31/12 2023 213.200 583.559 332.541 1.380.261 284.184 2.793.745
Amortisation and
impairment at 1/1 2023
68.468
124.366
57.356
279.993
-
530.183
Amortisation for the year 54.343 103.800 84.359 357.397 - 599.899
Amortisations,
impairment, disposals for
the year
-
-
-
-
-
-
Amortisation and
impairment at 31/12 2023
122.811
228.166
141.715
637.390
-
1.130.082
Carrying amount at 31
December 2023
90.389
355.393
190.826
742.871
284.184
1.663.663
Note 13 Property, Plant and Equipment
Leasehold
improve-
ments
Other
fixtures
Total DKK
Cost at 1/1 2022 - 123.803 123.803
Additions for the year - 43.959 43.959
Cost at 31 December 2022 - 167.762 167.762
Depreciation and impairment as at 1 January - 66.059 66.059
Depreciation for the year - 27.370 27.370
Depreciation, impairment, disposals for the year - -
-
Depreciation and impairment at 31 December 2022 - 93.429 93.429
Carrying amount at 31 December 2022 - 74.332 74.332
Cost at 1/1 2023 -
167.762 167.762
Additions for the year 220.784 1.575.789 1.796.573
Cost at 31 December 2023 220.784 1.743.550 1.964.335
Depreciation and impairment as at 1 January -
93.429 93.429
Depreciation for the year 17.631
292.279
309.910
Depreciation, impairment, disposals for the year -
-
-
Depreciation and impairment at 31 December 2023 17.631 385.708 403.339
Carrying amount at 31 December 2023 203.153 1.357.843 1.560.996
Page 41 of 62
Note 14 Right of use assets
The Group's leasing activities and how they are accounted for:
During the first half year 2023, the Group entered into a number of lease agreements, involving leasing of office
premises and parking spots. The average lease maturity is 5.5 years but may have extensions options, which includes
the most significant lease agreement (the office premises) which has a maturity of 5.5 years.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined,
which is generally the case for leases in the Group, the lessee’s incremental borrowing rate is used, being the rate that
the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-
of-use asset in a similar economic environment with similar terms, security, and conditions.
If a readily observable amortising loan rate is available to the individual lessee (through recent financing or market data)
which has a similar payment profile to the lease, then the Group uses that rate as a starting point to determine the
incremental borrowing rate.
The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not
included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take
effect, the lease liability is reassessed and adjusted against the right-of-use asset.
Payments associated with short-term leases of equipment and all leases of low-value assets are recognized on a
straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less.
The group short-term lease obligation for the previous premises was terminated in 2023 due to the relocation as per
May 1, 2024. The group has a short-term lease agreement for parking spots that are adjacent to the leasehold property
and external storage.
31.12.2023 31.12.2022
DKK DKK
Amounts recognised in statement of financial position:
Land and buildings 9.559.820 -
Additions to right-of-use assets 9.559.820 -
Land and buildings 8.256.206 -
Right- of use assets at 31 December 8.256.206 -
Current lease liabilities 1.521.207 -
Non-current lease liabilities 6.977.039 -
Lease liabilities at 31 December 8.498.246 -
Amounts recognised in statement of profit or loss:
Depreciation Land and buildings -1.303.614 -
Total depreciation charge of right-of-use assets -1.303.614 -
Interest expense (included in financial expenses) -414.426 -
Expenses related to short term leases -170.990 -
The group did not incur any significant expenses related
to leases of low-value assets or variable lease payments
Total cash outflow related to leases 1.646.990 -
Page 42 of 62
Note 15
Financial Assets and Liabilities
31.12.2023 31.12.2022
DKK DKK
Financial assets at
amortized cost:
Trade receivables*
5.122.888 14.775.532
Other receivables
2.252.479 1.286.915
Deposits 984.000 1.125.500
Cash and cash
equivalents 48.037.785 19.919.258
Total 56.397.152 37.107.205
Financial liabilities at
amortized cost:
Trade payables
4.724.997 5.543.504
Debt to credit
institutions 301.917 313.403
Lease liabilities 8.498.246 -
Other payables
3.232.065 2.367.375
Total 16.757.225 8.224.282
*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
21.
Trade Receivables
31.12.2023 31.12.2022
DKK DKK
Trade receivables* 5.122.888 14.775.532
Write-downs -
-
Total 5.122.888 14.775.532
*The carrying amounts are equivalent to the fair value of the assets.
Trade Receivables Aged list 31.12.2023
Settled in
January 2024
DKK DKK
Not passed due 4.524.326 1.179.650
26%
Due 408.700 408.700
100%
Overdue by 0-30 days 189.862 -
0%
Total 5.122.888 1.588.350 31%
Expected credit loss 0% 0%
The carrying amounts includes one item that is overdue with more than 30 days.
The total carrying amount has been settled by 31% in January 2023.
Page 43 of 62
Note
16
Share capital & Earnings per share
31.12.2023 31.12.2022
The share capital comprises:
Number of
shares
Nominal
value
Number of
shares
Nominal
value
Ordinary shares (fully paid)
9.354.696 935.470 7.778.914 777.891
Changes in share capital:
31.12.2023 31.12.2022
Opening balance
777.891 741.941
Capital increase
157.579 35.950
Total
935.470 777.891
All shares are fully paid, and no shares carry any special rights.
31.12.2023 31.12.2022
Total dividend paid out for the year
-
-
Total dividend proposed for the year
-
-
31.12.2023 31.12.2022
Basic earnings per share:
Total basic earnings per share attributable to
the ordinary equity holders
0,04
0,34
Diluted earnings per share:
Total diluted earnings per share attributable
to the ordinary equity holders
0,04
0,33
Reconciliation of earnings used in calculating
earnings per share:
Profit for the year as presented in the income
statement
370.244
2.651.091
Weighted average number of ordinary shares
used as the denominator:
9.354.696
7.778.914
.
Page 44 of 62
Note 17
Provisions
31.12.2023 31.12.2022
DKK DKK
Warranty obligation 583.000 250.000
Total 583.000 250.000
The warranty obligation represents an accrued cost of the warranty on the products shipped
upon recognition of the sale of the product. The senior management has sought it
reasonable considering the continued growing revenue to increase the accrued amount of
the total revenue for future expenses related to current sales from 0,5% to 0,75%.
The general term of warranty is 12 months.
Note 18 Credit institutions
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
2023 cashflow was increased with 44m.DKK. In addition to the capital increase the overall
cashflow has net increased with 3,2m.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 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.
31.12.2023 31.12.2022
DKK DKK
Debt to credit institutions 301.917 313.403
Total 301.917 313.403
Page 45 of 62
Note 20 Financial risk management
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 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.
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
At 31 December 2022 < 1 year 1-5 years >5 year
Total
contractual
cashflows
Carrying out
amount
Other payables
2.367.375 -
283.739
2.651.114
2.651.114
Deferred income 1.621.782 2.422.831
-
4.044.613
4.044.613
Trade Payables 5.543.504 -
-
5.543.504
5.543.504
Provisions
- 250.000
-
250.000
250.000
Credit institutions 313.403 -
-
313.403
313.403
Total DKK 9.846.064 2.672.831
283.739* 12.802.634
-
12.802.634
*The amount 283.739 DKK consists of frozen holiday pay including interest.
Page 46 of 62
Note
20
Financial risk management
continued
At 31 December 2023 < 1 year 1-5 years >5 year
Total
contractual
cashflows
Carrying out
amount
Other payables
3.232.065 - 290.116
3.522.181
3.522.181
Deferred income 4.628.267 92.975 -
4.721.242
4.721.242
Trade Payables 4.724.997 - -
4.724.997
4.724.997
Provisions
- 583.000 -
583.000
583.000
Lease liabilities 1.997.520 7.854.447 -
9.851.967
8.498.246
Credit institutions 301.917 - -
301.917
301.917
Total DKK 14.884.766 8.530.422 290.116*
23.705.304
22.351.583
*The amount 290.116 DKK consists of frozen holiday pay including interest.
Note 21 Changes in liabilities from financing activities
31.12.2022
Credit
institutions
Lease liabilities Total DKK
Debt as at 1 January 2022 313.403 -
313.403
Cash flows 313.403 -
313.403
31.12.2023
Credit
institutions
Lease liabilities Total DKK
Debt as at 1 January 2023 313.403 -
313.403
Proceeds -
-
-
Repayment -11.486 -1.061.574 -1.073.060
Cash flows -11.486 -1.061.574 -1.073.060
New leases - 9.559.820 9.559.820
Non-cash flows -
9.559.820
9.559.820
Debt as at 31 December 2023 301.917
8.498.246
8.486.760
Page 47 of 62
Note 22 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 interest
Principal activities
2023
2022
2023
2022
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%:
2023
2022
Name
of
entity
Type
Place
of
business
Ownership interest held by
non-controlling interests
Ownership interest held
by non-controlling
interests
OM
T
Holding
ApS
Ultimate
Parent
company
Denmark
21,57
%
28,92%
Arbejdsmarkedets
Tillægspension
Principal
shareholder
Denmark
13,96% -
Coridats Capital ApS
Principal
shareholder
Denmark
11,01%
16,23%
Graham
Bryce
Principal
shareholder
Great Britain
1
2,02
%
14,46%
Ulstrup Invest ApS
Principal
shareholder
Denmark
5,73%
7,46%
Note 23 Events after the reporting date
No events have occurred after the end of the financial year of material importance for the
Company’s financial position.
Note
24
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.
Page 48 of 62
PARENT INCOME STATEMENT
2023 2022
Distribution of profit/loss DKK DKK
Proposed dividends for the financial year - -
Retained earnings 734.009 2.798.334
Profit/Loss for the year
734.009 2.798.334
Note
2023
DKK
2022
DKK
4
Revenue
77.730.327
53.663.022
5 Other operating income
2.322.641
628.379
Total income
80.052.968
54.291.401
Costs of goods sold
-36.867.221
-27.198.851
Other external expenses -17.849.022 -8.710.590
Gross Profit 25.336.725
18.381.960
6-7 Staff costs
-21.553.525
-14.945.371
Profit before depreciation, interest, and tax
3.783.200
3.436.589
8 Amortisation, depreciation, and impairment -2.145.894
-334.360
Operating Profit
1.637.306
3.102.229
9 Financial income
483.022
724.253
10 Financial expenses -877.432
-901.332
Profit before tax
1.242.896
2.925.150
11 Deferred Tax
-508.887
-126.816
Profit for the year
734.009
2.798.334
Page 49 of 62
PARENT STATEMENT OF FINANCIAL POSITION
ASSETS
31.12.2023
31.12.2022
Note
DKK
DKK
Software
190.826
201.105
Acquired licenses
90.389
144.732
Acquired trademarks
140.956
50.666
Development projects completed
742.871
633.356
Development
projects
in
progress
284.184
560.734
12
INTANGIBLE
ASSETS
1.
449.226
1.590.593
Leasehold improvements
203.153
-
Other
fixtures
and fittings,
tools,
and
equipment
1.357.843
74.332
13
PROPERTY,
PLANT
AND
EQUIPMENT
1.560.996
74.332
14
RIGHT OF USE ASSETS
8.256.206
-
Investments in group enterprises
40.800
40.800
Deposits
984.000
1.125.500
15
FINANCIAL ASSETS
1.024.800
1.166.300
TOTAL NON-CURRENT ASSETS
12.291.228
2.831.225
Raw materials
5.807.103
472.250
Work-in-progress 558.466
6.807.666
Finished goods
9.753.756
5.528.506
INVENTORIES
1
6.
119.325
12.808.422
16
Trade receivables
5.122.888
14.667.485
Trade Receivables from group enterprises 1.015.896
118.326
Other receivables from group enterprises
357.606
136.763
1
7
Contract
asset
14.724.026
576.930
Other receivables
2.251.583
1.278.019
Company taxes receivables
-
-
Prepayments
1.193.988
897.709
Cash
47.155.368
19.877.814
TOTAL CURRENT ASSETS
87.940.680
50.361.468
TOTAL
ASSETS
100.231.908
53.192.693
PARENT
STATEMENT
OF
FINANCIAL
POSITION
continued
Page 50 of 62
EQUITY & LIABILITIES
Note
31.12.2023
DKK
31.12.2022
DKK
Share capital
935.470
777.891
Retained earnings
68.282.162
25.526.765
Reserve for development projects
801.103
1.194.090
Other capital reserve
3.657.793
3.347.288
EQUITY
73.696.528
30.846.034
11 Deferred Tax Liability
635.703
126.816
14 Lease debt 6.977.039
-
Other payables
290.116
283.739
18 Provisions
583.000
250.000
19 Deferred income 92.975
2.422.831
NON-CURRENT LIABILITIES 8.578.833
3.083.386
20 Credit institutions
213.679
148.375
Lease debt 1.521.207
-
Trade payables
4.721.356
5.524.880
Other payables
3.110.562
2.317.637
19 Deferred income
4.628.267
1.621.782
Contract liability
1.303.593
2.285.732
Prepayments
2.477.883
7.364.867
CURRENT
LIABILITIES
17.976.547
19.263.273
LIABILITIES
26.555.380
22.346.659
TOTAL
EQUITY
AND
LIABILITIES
100.231.908
53.192.693
Page 51 of 62
PARENT STATEMENT OF CHANGES IN EQUITY
Equity
Share
Capital
Share
Premium
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
Share
Capital
Share
Premium
Retained
earnings
Reserve for
development
costs
Other
Capital
reserve
Total Equity
DKK
Equity at 1/1 2023
777.891
25.526.765
1.194.090
3.347.288
30.846.034
Capital increase
117.579
43.444.317
43.561.896
Transfers
-
43.444.317
43.444.317
-
Costs related to equity
transactions
-
2.971.995
-
2.971.995
Share
-
based payments
1.106.585
1.106.585
Share
-
based payments
(warrants exercised)
40.000
360.000
400.000
Transfers
-
360.000
360.000
-
Share
-
based payments
(warrants expired)
796.080
-796.080
-
Development costs
392.987
-
392.987
-
Transferred from
distribution of profit/loss
734.009
734.009
Correction adjustment
-
1
-
1
Equity at 31/12 2023
935.470
-
68.282.16
2
801.103
3.657.793
73.676.52
8
Page 52 of 62
PARENT CASHFLOW STATEMENT
Note
2023
DKK
2022
DKK
Profit/loss before financial items and tax (EBIT)
1.637.306
3.102.229
Depreciation and amortization
2.145.894
334.360
Share-based payments
1.106.585
1.413.487
Change in inventories
-3.310.903
-11.604.786
Change in receivables
-6.990.755
-6.596.123
Change
in
trade
payables
-
4.863.716
18.155.686
CASH FLOWS FROM PRIMARY ACTIVITIES
-10.275.589
4.804.853
Financial income received
483.022
724.253
Financial costs paid -877.432
-901.332
Income
taxes
paid/received
-
4.000
CASH FLOW FROM OPERATION ACTIVITIES
-10.669.999
4.631.774
Parent note
12
Acquisition of intangible assets -391.003
-1.066.902
Parent note
13
Acquisition of property, plant and equipment -1.796.573
-43.959
Deposit
141.500
-
1.063.000
CASH FLOW FROM INVESTING ACTIVITIES -2.046.076 -2.173.861
Proceeds from capital increase
43.961.896
13.301.579
Costs incurred during changes of contributed capital -2971.995
-775.301
Parent note
20
C
redit
institutions
65.304
49.281
Group note
21
Installment on leases
-1.061.574
-
CASH FLOW FROM FINANCING ACTIVITIES
39.993.631
12.575.559
Rounding adjustments -2
-
NET CASH FLOW FOR THE PERIOD
27.277.554
15.033.472
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
2023
DKK
2021
DKK
19.877.814
4.844.342
27.277.554
15.033.472
47.155.368
19.877.814
47.155.368
19.877.814
47.155.368
19.877.814
Page 53 of 62
PARENT NOTES
1.
Accounting policies in the parent’s separate financial statements
2.
Investments in subsidiaries
3.
Contingent liabilities and other contractual obligations
4.
Revenue
5.
Other operating income (Please refer to Group Note 5)
6.
Staff costs & Key management remuneration
7.
Share-based payments (Please refer to Group Note 7)
8.
Amortisation, depreciation, and impairment
9.
Financial income
10.
Financial expenses
11.
Tax of the year
12.
Intangible assets
13.
Property, Plant & Equipment
14.
Right of use assets
15.
Financial assets
16.
Trade Receivables
17.
Contract work in progress (Please refer to Group Note 4)
18.
Provisions (Please refer to Group Note 17)
19.
Deferred income (Please refer to Group Note 20)
20.
Credit institutions
21.
Security
Page 54 of 62
Note 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
Note 2 Investments in subsidiaries
2023
DKK
2022
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 2023. Impairment
tests have therefore not been carried out for subsidiaries.
Note 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 11 in the
consolidated financial statements.
Page 55 of 62
Note 4 Revenue
2023
DKK
2022
DKK
Machines
58.403.819
47.049.854
Additional products
16.947.585
6.260.861
Services & Other
2.378.923
352.307
Total Revenue
77.730.327
53.663.022
Note 5 Other operating income
Please refer to Group Note 5
Note 6 Staff Costs
2023 2022
DKK
DKK
Wages and salaries -17.518.482 -11.806.368
Share-based payments -1.106.585 -1.413.487
Pensions -2.093.419 -1.197.876
Social security costs -219.560 -134.893
Other staff costs -615.478 -392.747
Total staff costs -21.553.524 -14.945.371
Average number of full-time employees 27 17
Key management remuneration*
2023 2022
DKK DKK
Wages and salaries -6.177.357 -4.263.808
Share-based payments -795.042 -1.080.518
Pensions -457.310 -295.280
Social security costs -11.929 -9.089
Total staff costs -7.441.638 -5.648.695
Average number of full-time employees 8 8
*Key management comprises of the Board of Directors, Board of Executives
and Senior Management.
Board of Directors and Board of Executives
remuneration 2023 2022
DKK DKK
Wages and salaries -3.140.082 -2.609.754
Share-based payments -649.971 -946.361
Pensions -222.080 -180.480
Social security costs -4.544 -4.544
Total staff costs -4.016.677 -3.741.139
Average number of full-time employees 5 5
Page 56 of 62
Note 7 Share-based payments
Please refer to Group Note 7
Note 8
Note
9
Note
10
Amortisation, depreciation, and impairment
2023
DKK
2022
DKK
Depreciation on right of use assets -1.303.614
-
Amortisation on Intangible assets -532.370
-306.990
Depreciation on Other fixtures -309.910
-27.370
Total depreciation
-2.145.894
-334.360
Financial income
2023
DKK
2022
DKK
Interest income
208.927
5.643
Exchange rate adjustments
274.095
718.610
Total Financial income
483.022
724.253
Financial expenses
2023
DKK
2022
DKK
Interest expenses
-423.688
-75.789
Other financial expenses -111.072
-239.068
Net Exchange rate adjustments
-342.672 -586.475
Total Financial income -877.432
-901.332
Note
11
Page 57 of 62
Tax for the year 2023
DKK
2022
DKK
Adjustment of tax in previous years -2.083
-
Adjustment of deferred tax -506.804
-126.816
Total -508.887
-126.816
Calculation of effective tax rate
2023
DKK
2022
DKK
Profit before tax
1.242.896
2.925.150
Tax using the Danish tax rate 22 %
-273.437 -643.533
Non tax-deductible expenses -245.266
-725
Tax-exempt income and tax incentives
11.899
86.233
Adjustment of tax in previous years
-.2083
-
Utilization of tax losses, not recognized
-
431.209
Total income tax recognized in income
statement
-508.887 -126.816
Effective tax rate
41%
4%
Deferred tax
2023
DKK
2022
DKK
Operation equipment -1.846.904
7.657
Software
-24.303 -53.544
Acquired trademarks -17.891
850
Leasehold improvements
-
4.296
Development projects -225.952 -262.699
Current assets -2.991.364 -
Liabilities 1.869.614 -
Tax losses, carried forward
2.601.097
176.623
Total deferred tax -635.703 -126.816
Page 58 of 62
Note 12 Intangible assets
Acquired
licenses
Acquired
Trademarks
Software
Completed
development
projects
Development
projects in
progress
Total DKK
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
impairment
as at 1 January
36.593
22.061
-
80.416
-
139.070
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
December 2022
144.732
50.666
201.105
633.356
560.734
1.590.593
Cost at 1/1 2023 213.200 90.909 258.461 913.349 560.734 2.036.653
Additions for the year -
126.561
74.080 110.972 79.390 391.003
Transfers 355.940 -355.940 -
Disposals for the year -
-
-
-
Cost at 31 December 2023 213.200 217.470 332.541 1.380.261 284.184 2.427.656
Amortisation and
impairment as at 1 January
68.468 40.243 57.356 279.993 -
446.060
Amortisation for the year 54.343 36.271 84.359 357.397 -
532.370
Amortisations, impairment,
disposals for the year
-
-
-
-
-
-
Amortisation and
impairment at 31 December
2023
122.811 76.514 141.715 637.390
-
978.430
Carrying amount at 31
December 2023
90.389 140.956 190.826 742.871 284.184 1.449.226
Page 59 of 62
Note 13
Property, Plant and Equipment
Leasehold
improvements
Other
fixtures
Total DKK
Cost at 1/1 2022
- 123.803
123.803
Additions for the year
- 43.959
43.959
Cost at 31 December 2022
167.762
167.762
Depreciation and impairment as at 1 January
-
66.059
66.059
Depreciation for the year
- 27.370
27.370
Depreciation, impairment, disposals for the
year
-
-
-
Depreciation and impairment at 31 December
2022
93.429
93.429
Carrying amount at 31 December 2022
- 74.332
74.332
Leasehold
improvements
Other
fixtures
Total DKK
Cost at 1/1 2023 -
167.762 167.762
Additions for the year 220.785 1.575.789 1.796.573
Cost at 31 December 2023 220.785 1.743.551 1.964.335
Depreciation and impairment as at 1 January -
93.429 93.429
Depreciation for the year 17.631 292.279 309.910
Depreciation, impairment, disposals for the year -
-
-
Depreciation and impairment at 31 December
2023
17.631
385.708
403.339
Carrying amount at 31 December 2023 203.153 1.357.843 1.560.996
Page 60 of 62
Note 14 Right of use assets
Right of use assets
31.12.2023 31.12.2022
DKK DKK
Amounts recognised in statement of financial position:
Land and buildings
9.559.820 -
Additions to right-of-use assets
9.559.820 -
Land and buildings
8.256.206 -
Right- of use assets at 31 December
8.256.206 -
Current lease liabilities
1.521.207 -
Non-current lease liabilities
6.977.039 -
Lease liabilities at 31 December
8.498.246 -
Amounts recognised in statement of profit or loss:
Depreciation Land and buildings
-1.303.614 -
Total depreciation charge of right-of-use assets
-1.303.614 -
Interest expense (included in financial expenses)
-414.426 -
Expenses related to short term leases
-170.990 -
Expenses related to leases of low value (not incl. in short term leases) -
-
The group did not incur any significant expenses related to variable lease
payments.
Total cash outflow related to leases
1.646.990 -
The Group's leasing activities and how they are accounted for:
During the first half year 2023, the Group entered into a number of lease agreements, involving leasing of office
premises and parking spots. The average lease maturity is 5.5 years but may have extensions options, which includes
the most significant lease agreement (the office premises) which has a maturity of 5.5 years.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined,
which is generally the case for leases in the Group, the lessee’s incremental borrowing rate is used, being the rate that
the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-
of-use asset in a similar economic environment with similar terms, security, and conditions.
If a readily observable amortising loan rate is available to the individual lessee (through recent financing or market data)
which has a similar payment profile to the lease, then the Group uses that rate as a starting point to determine the
incremental borrowing rate.
The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are
not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate
take effect, the lease liability is reassessed and adjusted against the right-of-use asset.
Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognized
on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or
less.
Page 61 of 62
Note 15 Financial assets
Other
receivables
Investments
in group
companies
Total DKK
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
Other
receivables
Investments
in group
companies
Total DKK
Cost at 1/1 2023 1.125.500 40.800 1.166.300
Additions for the year
-
-
-
Disposals for the year -141.500 -
-141.500
Cost at 31 December 2023 984.000 40.800 1.024.800
Amortisation and impairment as at 1 January
-
-
-
Amortisation for the year
-
-
-
Amortisations, impairment, disposals for the
year
-
-
-
Amortisation and impairment at 31 December
2023
-
-
-
Carrying amount at 31 December 2023 984.000 40.800 1.024.800
Page 62 of 62
Note 16
Note 17
Contract work in progress
Please refer to Group Note 4
Note 18 Provisions
Please refer to Group Note 17
Note 19 Deferred income
Please refer to Group Note 20
Note 20 Credit institutions
The debt to credit institutions is 65.304 higher compared to 2022.
Note 21
Security
The parent company has pledged a guarantee for the credit account of the subsidiary MLMC for the amount of
200t.DKK
.
Trade Receivables
31.12.2023
DKK
31.12.2022
DKK
Trade receivables*
5.122.888
14.667.485
Write-downs -
-
Total
5.122.888
14.667.485
*The carrying amounts are equivalent to the fair value of the assets.
Trade Receivables Aged list 31.12.2023
Settled in
January 2024
DKK DKK
Not passed due 4.524.326 1.179.650 26%
Due 408.700 408.700 100%
Overdue by 0-30 days 189.862 -
0%
Total 5.122.888 1.588.350 31%
Expected credit loss 0% 0%
The carrying amounts includes one item that is overdue with more than 30 days.
The total carrying amount has been settled by 31% in January 2023.
31.12.2023
31.12.2022
DKK DKK
Debt to credit institutions 213.679 148.375
Total 213.679 148.375