LOGSTOR DENMARK HOLDING ApS - CVR: 35375627

2022, DKK

03.07.2023

Bruttoresultat

332''

Primær drift

144''

Årets resultat

151''

Aktiver

1.293''

Kortfristede aktiver

639''

Egenkapital

1.003''

Afkastningsgrad

11 %

Soliditetsgrad

78 %

Likviditetsgrad

255 %

Resultat

03.07.2023

Årsrapport	2022 03.07.2023	2021 15.07.2022	2020 12.03.2021
Nettoomsætning	1.168.425.000	717.443.000
Bruttoresultat	331.806.000	242.399.000	0
Resultat af primær drift	143.712.000	36.694.000	250.000
Indtægter af kapitalandele (tilknyttede og associerede)	0	0	0
Finansielle indtægter	944.000	3.869.000	19.829.000
Finansieringsomkostninger	-1.478.000	-22.385.000	-29.624.000
Andre finansielle omkostninger	0	0	0
Resultat før skat	180.241.000	133.508.000	-9.545.000
Resultat	151.470.000	119.183.000	-7.454.000
Forslag til udbytte	-270.000.000	0	0

Aktiver

03.07.2023

Årsrapport	2022 03.07.2023	2021 15.07.2022	2020 12.03.2021
Kortfristede varebeholdninger	206.027.000	153.454.000	0
Kortfristede tilgodehavender fra salg og tjenesteydelser	421.480.000	153.487.000	401.633.000
Likvider	11.482.000	181.727.000	250.560.000
Kortfristede aktiver	638.989.000	488.668.000	652.193.000
Immaterielle aktiver og goodwill	12.000.000	16.603.000	0
Finansielle anlægsaktiver	548.711.000	511.648.000	375.480.000
Materielle aktiver	92.837.000	102.278.000	0
Langfristede aktiver	653.548.000	630.529.000	375.480.000
Aktiver	1.292.537.000	1.119.197.000	1.027.673.000

Aktiver

03.07.2023

Passiver

03.07.2023

Årsrapport	2022 03.07.2023	2021 15.07.2022	2020 12.03.2021
Forslag til udbytte	270.000.000	0	0
Egenkapital	1.003.360.000	850.491.000	170.764.000
Hensatte forpligtelser	34.110.000	37.293.000	0
Langfristet gæld til banker	0	0	331.508.000
Anden langfristet gæld	0	0	0
Leverandører af varer og tjenesteydelser	98.252.000	69.240.000	226.000
Kortfristede forpligtelser	250.764.000	223.468.000	329.084.000
Gældsforpligtelser	255.067.000	231.413.000	856.909.000
Forpligtelser	255.067.000	231.413.000	856.909.000
Passiver	1.292.537.000	1.119.197.000	1.027.673.000

Passiver

03.07.2023

Nøgletal

03.07.2023

Årsrapport	2022 03.07.2023	2021 15.07.2022	2020 12.03.2021
Afkastningsgrad	11,1 %	3,3 %	0,0 %
Dækningsgrad	28,4 %	33,8 %	Na.
Resultatgrad	13,0 %	16,6 %	Na.
Varelagerets omsætningshastighed	5,7	4,7	Na.
Egenkapitals-forretning	15,1 %	14,0 %	-4,4 %
Payout-ratio	178,3 %	Na.	Na.
Gældsdæknings-nøgletal	9.723,4 %	163,9 %	0,8 %
Soliditestgrad	77,6 %	76,0 %	16,6 %
Likviditetsgrad	254,8 %	218,7 %	198,2 %

Resultat

03.07.2023

Gæld

03.07.2023

Årsrapport

03.07.2023

Nyeste:01.01.2022- 31.12.2022(offentliggjort: 03.07.2023)

Information om virksomhedens regnskabsklasse:The annual report for LOGSTOR Denmark Holding ApS for 2022 has been submitted in accordance with the provisions of the Danish Financial Statements Act for Class C companies (large). The accounting policies are unchanged from last year, and the annual report is presented in DKK. No consolidated financial statements have been prepared pursuant to section 112 (2) of the Danish Financial Statements Act. The financial statements of LOGSTOR Denmark Holding ApS and its group enterprises are included in the consolidated financial statements for Kingspan Group plc. , Ireland, Dublin. Pursuant to section 86 (4) of the Danish Financial Statements Act, no statement of cash flows for the enterprise has been prepared, as the relevant information is included in the consolidated financial statements of Kingspan Group plc. Intra-Group business combinations In the case of business combinations such as the purchase and sale of shareholdings, mergers, divisions, transfers of assets and share exchanges, etc. by the participation of companies under the parent company's controlling influence the book value method is used, where the aggregation is considered carried out at the time of acquisition without adjustment of comparative figures. Differences between it agreed remuneration and the carrying amount of the acquired entity are recognised directly on equity. Intra-group vertical mergers Mergers carried out between the parent company and its subsidiary (vertical merger) is not considered a business combination, since no control is established in the transaction. Instead the previous control continues in a changed legal form. The merger is therefore carried out after the group method where consolidated financial statements are used as the continuing values of the continuing entity, regardless of whether the continuing business is the parent or subsidiary. If the parent included in the merger døs not prepare consolidated financial statements, the following is instead prepared; statements, corresponding to the fact that the parent has constantly prepared a consolidated financial statement, which includes a purchase price allocation at the time of group establishment less depreciation of identified added value from the date of acquisition up to the accounting of the merger time of impact. The application of the group method therefore entails that the added value that would be recognised in consolidated financial statements or when measuring the share of capital of the subsidiary after the intrinsic value method, including goodwill, continues in the continuing business. The annual accounts of the continuing business is reflected as if the merger had been completed on the original date of acquisition, which means adjusting comparative figures and main and key figures summary back to this point. The exception on the adjustment of comparative figures in the book-value method is therefore not used.

Beretning

03.07.2023

Dato for ledelsens godkendelse af årsrapporten:2023-06-30

Beskrivelse af usædvanlige forhold, der kan have påvirket indregningen eller målingen:Material uncertainty related to recognition and measurement (contingent asset) LOGSTOR Denmark Holding ApS has inter-company receivables of TDKK 12. 897 from LOGSTOR Green Technology (now a non-active subsidiary) in China. LOGSTOR Denmark Holding ApS has tried for a couple of years to have the cash transferred from China to Denmark by using external advisors, banks etc. LOGSTOR Denmark Holding ApS has been in contact with multiple external advisors, banks etc. as well as internal personnel from Kingspan Group, without anyone being able provide a solution to have the cash transferred from China to Denmark. This receivable was written off in full during the previous financial year (2021). It is uncertain if it will be possible to transfer the cash from China to Denmark in the future (contingent asset). Subsequent events No material subsequent events have been identified.

Statement by Management on the annual report

Identifikation af den godkendte årsrapport:The Board of Directors and the Executive Board have today discussed and approved the annual report of LOGSTOR Denmark Holding ApS for the financial year 1 January – 31 December 2022.

Management's review

Beskrivelse af virksomhedens væsentligste aktiviteter:Main Activity The Group’s primary activity is to develop, manufacture and sell high-quality pre-insulated pipe systems for transportation of liquids and gases. LOGSTOR is a leading supplier of pre-insulated pipe systems, not only for district heating, but also for district cooling, the Oil and Gas sector, and various industrial verticals. LOGSTOR is an international enterprise with sales and production companies in Denmark, Sweden, Finland and Poland as well as sales to more than 50 markets through resellers and own sales companies in Germany, the Netherlands, Switzerland, Austria, France, Lithuania, Italy and United Kingdom. Development in the year Revenue in LOGSTOR Denmark Holding ApS reached DKK 1. 168 million compared to DKK 717 million in 2021. The increase is mainly attributable to accelerated investment in District Heating solutions in the Danish market. Operating Profit, before financial income and expenses, reached DKK 143. 7 million compared to DKK 36. 7 million last year. Profit after tax is DKK 151. 5 million compared to DKK 119. 2 million in 2021. 2022 was a year of strong growth for Logstor as high energy prices and international governmental policy drove demand for energy efficient District Heating solutions. We continue to benefit from our market position as one of the largest and most specialized manufacturers of pre-insulated pipe solutions. Global supply chain challenges eased towards the end of 2022 improving our ability to maintain high customer service standards and continuously focusing on optimizing our products to meet customer needs. The company has reversed an impairment on investments in subsidiaries of DKK 37 million in 2022. Please refer to note 2 and 20. Foreign branches LOGSTOR has global production capability with our mobile plants and have delivered projects in India, Azerbaijan, UAE and Canada. Logstor is established as a branch in Indonesia and Canada. Development Expectations LOGSTOR Denmark Holding ApS currently expects 2023 sales growth to moderate to approximately 10% with profitability increasing proportionately.