| Annual report 2022 Page 1
Orderbacklog
(DKKm)
215.2
(+75.8%)
Up from 122.4
Revenue
(DKKm)
437.9
(+20.4%)
Up from 363.7
EBIT
(DKKm)
30.8
(+51.7%)
Up from 20.3
EBIT margin
7.0%
(+1.4pp)
Up from 5.6%
ROIC
16.5%
(+6.2pp)
Up from 10.3%
2022
Accounting period: 1 January – 31 December 2022
CVR: 36440414
| Annual report 2022 Page 2
CONTENTS
Management review
1.
Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
1.1 Letter to our shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
1.2 Key events 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
1.3 Financial key figures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
1.4 Financial
review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
1.5 Financial ambitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
1.6 Guidance 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
1.7 Why invest in SKAKO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
2.
Business unit Concrete . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
2.1 Financial performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
3
. Business unit Vibration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
3.1
Financial performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
4.
Corporate governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
4.1 Company announcements 2022 . . . . . . . . . . . . . . . . . . . . . . . 40
4.2
Corporate social responsibility . . . . . . . . . . . . . . . . . . . . . . . . 41
4.3 Risk management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
4.4
Corporate governance and remuneration report . . . . . . . . . . . . . 50
4.5
Executive management . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
4.6 Board of
directors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
4.7
Shareholder information . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
5. Financial statements
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56
5.1 Statement by Management . . . . . . . . . . . . . . . . . . . . . . . . . . 57
5.2 Independent auditor’s report . . . . . . . . . . . . . . . . . . . . . . . . . 58
5.3 Consolidated financial statements . . . . . . . . . . . . . . . . . . . . . 63
5.4 Consolidated notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70
5.5 Parent company financial statements . . . . . . . . . . . . . . . . . . . 113
5.6 Parent company notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118
Important notice about this document
This document contains forward-looking statements. Words such as believe, expect, may, will, plan, strategy, prospect, foresee, estimate, project, anticipate, can, intend,
outlook, guidance, target and other words and terms of similar meaning in connection with any discussion of future operation of financial performance identify forward-
looking statements. Statements regarding the future are subject to risks and uncertainties that may result in considerable deviations from the outlook set forth.
Furthermore, some of these expectations are based on assumptions regarding future events which may prove incorrect. Due to the war in Ukraine, increased geopolitical
tension and high inflation, this guidance is subject to a higher-than-normal degree of uncertainty.
| Annual report 2022 Page 3
Order intake
Orderbacklog Revenue EBIT EBIT margin Earningsper share Employees ROIC
(DKKm) (DKKm) (DKKm) (DKKm) (DKK)
530.7 215.2 437.9 30.8 7.0% 8.13 205 16.5%
Up from 394.2 Up from 122.4 Up from 363.7 Up from 20.3 Up from 5.6% Up from 4.28 Up from 199 Up from 10.3%
2022 IN BRIEF
Revenue split by
Concrete &
Vibration
SKAKO Concrete
(DKK) 204.699
EBIT margin 5.5%
SKAKO Vibration
237.535 (DKK)
EBIT margin 10.0%
Plant orders
(DKK) 264.295
Aftersales
173.624(DKK)
Revenue split
by plant orders
and aftersales
| Annual report 2022 Page 4
1.HIGHLIGHTS
| Annual report 2022 Page 5
2022 has been a terrific year, and with
our historically high order backlog we expect a
continued positive development despite the
war in Ukraine, energy crisis and high inflation.
Especially concrete and recycling are
expanding.
| Annual report 2022 Page 6
Two years ago, we launched the financial targets for 2024 for the SKAKO Group. We aimed
at reaching a revenue of DKK 460m and an EBIT of DKK 32 - 42m for the financial year
2024 for the SKAKO Group.
For the year 2022, we are now presenting a revenue of DKK 430m and an EBIT of DKK 31m.
This represents a topline growth of 20% and an EBIT growth of 52% compared to 2021. The
group revenue and EBIT is now just short of the ambitions for 2024.
Therefore, we have updated our ambition for 2024 as described in the Annual report. We
now have an ambition of a revenue of around DKK 530m and an EBIT of DKK 40 to 45m in
2024.
All years are different, and challenges and opportunities vary, but the dependance on good
and satisfied employees as well as happy customers and partners is always important.
We would like to thank everyone for the support and trust in SKAKO in 2022.
1.1 Letter to our shareholders
A strong year and ahead of the financial targets in the 2024 plan!
The year 2022 was the first year after the pandemic with no negative impact on the
financial performance for the SKAKO group. The business climate was impacted by the war
in Ukraine in various ways, but they were satisfactorily mitigated, and the climate improved
during the year. All business areas performed well, and we experienced a high interest in
our propositions to the market. More than anything we are extremely satisfied with the
healthy build-up of our order book, which finished off the year with a DKK 90m growth
(76%) ending up at DKK 215m. This plant order book represents approximately a full year
plant revenue; however, part of it will materialize in revenue as 2024, and we have capacity
to take orders with shorter lead times in all parts of the business.
SKAKO Concrete experienced an order inflow growth of 37% in 2022 and is executing on a
strategy plan with “core market focus” ensuring we can serve all customers from turnkey
projects to fast delivery of spare parts and service. This has proven fruitful, and markets like
the UK, Germany and the USA are responding very well to this renewed focus. The focus on
sustainable solutions and cooperation with customers to reduce their CO2 footprint is
becoming more and more common. SKAKO Concrete is operating with a partner strategy to
ensure that we cover as many opportunities as possible to include new technologies in new
plants.
SKAKO Vibration had a year of different developments in the three parts of the business.
Hardware business came off to a good start and remained strong all year. Minerals had
challenges in 2021 but came back in 2022 with good orders and a promising pipeline in
which Northern Africa again appears with major projects. The recycling part of the business
had a stable first half of 2022 but from the summer the orders came in at a very high level.
In a few months, the recycling business received orders at a value of the entire 2022
revenue level. This high order intake is to some extent believed to be backlog from
customers from the Covid period.
1.1 LETTER TO OUR SHAREHOLDERS
Jens Wittrup Willumsen
Chairman
Steffen Kremmer
Director, SKAKO Concrete
Lionel Girieud
Director, SKAKO Vibration
Thomas Pedersen
Group CFO
| Annual report 2022 Page 7
Our purpose
We aim to make customers’
production flow efficient, reliable and
sustainable
Our values
We are defining the industry
as our knowledge and competencies are inherited from
more than 60 years of experience and dedicated to your
needs
We are reliable
as we are known for setting the standards of quality and
accuracy within our industry
We are accessible
as we are well represented around the world and always
ready to help
Our brand promises
We develop sustainable,
technology-based and visionary
solutions
We meet customers with a future-oriented mindset and
engage our technical know-how, digitization and
innovative capacity in companies’ individual needs
We provide profitable business
We generate continuous and visible value for our
customers and our investors
We are big enough to cope -
and small enough to care
We match customers' needs and deliver scalable solutions
We commit ourselves in close
partnerships
We put our customers’ needs first and bring our service,
customer-adapted solutions and engineering expertise.
| Annual report 2022 Page 8
1.2 KEY EVENTS 2022
From 30 May to 3 June, SKAKO Vibration had a booth at IFAT in Munich: The
leading trade fair for environmental technology.
IFAT in Munich
Like SKAKO Vibration, SKAKO Concrete has expanded with office facilities in
Forskerparken in Odense to improve onboarding of new employees.
SKAKO Concrete expands with office facilities in Odense
From 14-16 June, SKAKO Vibration participated in the SRR exhibition in Madrid:
An international trade fair for recovery and recycling, focusing on improving
recycling systems and enhancing process efficiency.
SRR in Madrid
SKAKO Concrete has published two podcasts about sustainable concrete. What is
sustainable concrete? Why is it necessary? And how does SKAKO make it easier
to produce sustainable concrete?
Podcast about sustainable concrete
Q2
Q2
Q2
Q2
| Annual report 2022 Page 9
1.2 KEY EVENTS 2022
In May, from 10-12 May, SKAKO Vibration attended the Exposolidos exhibition in
Barcelona, one of the most important trade fair in southern Europe specialized in
the handling and processing of bulk solids.
Exposolidos in Barcelona
To increase sales and improve customer relations in the US market, SKAKO
Concrete has made a new strategy for the US organization with an intense
customer focus. As part of the strategy, a new Director of Operations and a new
Head of Customer Service have been appointed.
New strategy in SKAKO Concrete, Inc.
From 20-24 June, SKAKO Vibration attended the WIRE exhibition in Düsseldorf -
the world's most important trade fair for the wire and cable industry.
WIRE in Düsseldorf
In April, SKAKO Concrete signed a contract with Centrum Pæle – and in
November, the installation of the batching plant had been completed. SKAKO
Concrete has been responsible for the design and installation of the batching
plant, which is a high row silo equipped with some of SKAKO's core products.
New batching plant for Centrum Pæle
Q2
Q2
Q4
Q4
| Annual report 2022 Page 10
1.3 Financial key figures
1.3 FINANCIAL KEY FIGURES
Key figures and financial ratios – DKK
DKK Thousands 2022 2021 2020 2019 2018
INCOME STATEMENT
Revenue 437,920 363,706 335,920 354,192 339,273
Gross profit 114,637 92,408 77,865 86,092 79,603
Operating profit (EBIT) 30,842 20,323 15,171 18,005 15,072
Special items (1,650) - - - 1,331
Operating profit (EBIT) after special items 29,192 20,323 15,171 18,005 16,403
Net financial items (4,962) (4,906) (3,084) (2,590) (3,446)
Profit before tax 24,230 15,417 12,087 15,413 12,958
Profit for the year 25,074 13,189 10,859 14,246 12,698
BALANCE SHEET
Non-current assets 88,599 84,216 84,265 85,947 40,787
Current assets 295,458 254,804 237,793 236,383 219,320
Assets 384,057 339,020 322,058 322,330 260,107
Equity 146,167 132,237 127,252 124,417 109,066
Non-current liabilities 26,473 29,122 38,455 32,851 4,099
Current liabilities 211,417 177,661 156,351 165,062 146,943
Net debt 20,997 26,987 40,187 32,370 5,522
Net working capital 110,681 105,703 111,295 93,427 90,454
OTHER KEY FIGURES
Investment in intangible assets 4,153 3,962 7,236 2,703 1,417
Investment in tangible assets 3,179 3,504 5,860 9,415 2,117
Cash flow from operating activities (CFFO) 28,850 30,276 4,806 24,451 8,907
Free cash flow 20,183 22,810 (8,293) (20,855) 29,564
Average number of employees 205
199 195 191 197
| Annual report 2022 Page 11
1.3 Financial key figures
Figures before 2019 do not include accounting according to the updated IFRS 16.
For calculation of financial ratios please see note 26. Net working capital is calculated as Inventory, Trade receivables and Contract assets less Contract liabilities and Trade
payables. Backlog represents revenue from signed contracts or orders executed but not yet completed or performed in full.
Key figures and financial ratios – DKK CONTINUED
DKK Thousands 2022 2021 2020 2019 2018
FINANCIAL RATIOS
Gross profit margin 26.2% 25.4% 23.2% 24.3% 23.5%
Profit margin (EBIT margin) 7.0% 5.6% 4.5% 5.1% 4.4%
Liquidity ratio 140.1% 143.4% 152.1% 141.3% 149.3%
Equity ratio 38.3% 39.0% 39.5% 38.6% 41.9%
Return on equity 17.9% 10.2% 8.6% 12.2% 12.4%
ROIC 16.5% 10,3% 8,3% 9,1% 11,1%
Financial leverage 14.2% 20.4% 31.6% 26.1% 5.1%
Net debt to EBITDA* 0.5 1.0 1.8 1.4 0.3
NWC/Revenue 25.3% 29.1% 33.1% 26.4% 26.7%
Earnings per share (EPS) 8.13 4.28 3.52 4.62 4.12
Equity value per share 48.0 42.9 41.3 40.1 35.4
Share price 62.6 55.2 49.8 45.9 49.2
Price-book ratio 1.3 1.3 1.2 1.1 1.4
Market cap 194,461 171,474 154,700 142,584 151,725
Order backlog 215,202 122,382 91,877 123,654 106,821
| Annual report 2022 Page 12
1.3 Financial key figures
Key figures and financial ratios – EUR*
EUR Thousands 2022 2021 2020 2019 2018
INCOME STATEMENT
Revenue 58,883 48,904 45,064 47,415 45,520
Gross profit 15,414 12,425 10,446 11,525 10,680
Operating profit (EBIT) 4,147 2,733 2,035 2,410 2,022
Special items (222) - - - 179
Operating profit (EBIT) after special items 3,925 2,733 2,035 2,410 2,201
Net financial items (667) (660) (414) (347) (462)
Profit before tax 3,258 2,073 1,621 2,063 1,739
Profit for the year 3,371 1,773 1,457 1,907 1,704
BALANCE SHEET
Non-current assets 11,913 11,325 11,327 11,506 5,462
Current assets 39,728 34,264 31,964 31,644 29,371
Assets 51,640 45,589 43,291 43,150 34,832
Equity 19,654 17,782 17,105 16,655 14,606
Non-current liabilities 3,560 3,916 5,169 4,099 549
Current liabilities 28,430 23,890 21,017 22,395 19,678
Net debt 2,824 3,629 5,402 4,333 740
Net working capital 14,884 14,214 14,960 12,373 12,113
OTHER KEY FIGURES
Investment in intangible assets 558 533 973 362 190
Investment in tangible assets 427 471 788 1,260 284
Cash flow from operating activities (CFFO) 3,879 4,071 644 3,273 1,193
Free cash flow 2,714 3,067 (1,113) (2,792) 3,959
Average number of employees
205 199 195 191 197
| Annual report 2022 Page 13
1.3 Financial key figures
Figures before 2019 do not include accounting according to the updated IFRS 16.
Net working capital is calculated as Inventory, Trade receivables and Contract assets less Contract liabilities and Trade payables. Backlog represents revenue from
signed contracts or orders executed but not yet completed or performed in full.
*On the translation of key figures and financial ratios from Danish kroner to euro, Danmarks Nationalbank’s rate of exchange at 31 December 2022 of 743.93 has been
used for balance sheet items, and the average rate of exchange of 743.71 has been used for income statement and cash flow items.
Key figures and financial ratios – EUR* CONTINUED
EUR Thousands 2022 2021 2020 2019 2018
FINANCIAL RATIOS
Gross profit margin 26.2% 25.4% 23.2% 24.3% 23.5%
Profit margin (EBIT margin) 7.0% 5.6% 4.5% 5.1% 4.4%
Liquidity ratio 140.1% 143.4% 152.1% 141.3% 149.3%
Equity ratio 38.3% 39.0% 39.5% 38.6% 41.9%
Return on equity 17.9% 10.2% 8.6% 12.2% 12.4%
ROIC 16.5% 10,3% 8,3% 9,1% 11,1%
Financial leverage 14.2% 20.4% 31.6% 26.1% 5.1%
Net debt to EBITDA* 0.5 1.0 1.8 1.4 0.3
NWC/Revenue 25.3% 29.1% 33.1% 26.4% 26.7%
Earnings per share (EPS) 1.09 0.58 0.47 0.62 0.55
Equity value per share 6.45 5.77 5.55 5.36 4.74
Share price 8.42 7.42 6.69 6.14 6.59
Price-book ratio 1.3 1.3 1.2 1.1 1.4
Market cap 26,150 23,058 20,795 19,088 20,319
Order backlog 28,939 16,457 12,350 16,553 14,308
| Annual report 2022 Page 14
1.4 Financial review
1.4 FINANCIAL REVIEW
DKKThousands 2022 2021 Change
Plant order revenue 264,295 215,943 22.4%
Aftersales revenue 173,624 147,763 17.5%
Total revenue 437,919 363,706 20.4%
Production costs (323,283) (271,298) 19.4%
Gross profit 114,637 92,408 23.3%
Gross profit margin 26.2% 25.4% 0.6pp
Distribution costs (43,923) (40,745) 7.8%
Administrative expenses (39,870) (31,340) 25.2%
Operatingprofit before special items (EBIT) 30,842 20,323 51.4%
Profit margin before special items (EBIT margin) 7.0% 5.6% 1.4pp
Special items (1,650) - -
Operatingprofit before special items (EBIT) 29,192 20,323
42.0%
Profit margin (EBIT margin) 6.6% 5.6% 1.0pp
Profit forthe period 25,072 13,189 90.1%
Order backlog beginning of period 122,382 91,877 33.2%
Order intake 530,739 394,211 34.6%
Revenue 437,919 363,706 20.4%
Orderbacklog end ofperiod 215,202 122,382 75.8%
Order intake and backlog
Order intake grew by 35% organically following a higher post-pandemic demand
and improved market conditions.
The order intake increased by 40% in Concrete and by 29% in Vibration,
respectively.
The order backlog increased by 75%, comprising a 108% increase in Concrete and a
34% increase in Vibration. The backlog amounting to DKK 215m consists of DKK
143m in Concrete and DKK 73m in Vibration. The strong order backlog means that
almost all plant revenue in Concrete for 2023 is covered by the order backlog
whereas approx. one third of the revenue in Vibration is covered by the order
backlog.
Revenue
The market conditions improved in 2022 with regards to investment appetite, site
access and impact from supply chain constraints. Supported by the strong backlog in
2022, organic revenue increased by 20%. The increase was driven by both divisions
where Concrete revenue increased by 24% and Vibration increased by 17%.
The strong revenue increase covers progress in both divisions where Concrete
realized an increase of 34% in plant sales and 17% in aftersales, and Vibration
realized an increase of 16% in plant sales and 19% in aftersales.
| Annual report 2022 Page 15
1.4 Financial review
Gross profit and margin
Gross profit increased by 23% due to revenue growth and and higher efficiency in
production. Gross margin increased by 0.6pp to 26.2% with and increase of 1.1pp in
Concrete and an increase of 0.7pp in Vibration. Whereas the ratio between plant
sales and aftersales remains the same 60/40 compared to 2021, the increase in
gross margin follows the efficiency programme in SKAKO Group together with the
tight control, indexation of customer contracts and a close cooperation with
suppliers.
Capacity costs
The relatively high increase in capacity costs relates to increased staff to support
the very strong activity and revenue growth in both divisions. At the same time
costs to travelling and exhibitions were higher than in 2021 where these activities
were minimal due to Covid-19 restrictions.
EBIT and margin
Reported EBIT before special items increased by 51% to DKK 30.8m fuelled by
higher revenue and a higher gross proft margin. Underlying performances in both
Concrete and Vibration have improved compared to previous years because of
increasing focus on higher margins, strategy, cost reductions and development
improvements.
The strong operating profit during the financial year is a consequence of the strong
order intake as well as the ability to plan and execute on both plant orders and
aftersales orders in a shorter time than previously.
The realized EBIT of DKK 30.8m is in the upper end of the last guidance of DKK 28-
31m communicated on the 04.11.2022 and well above the original guidance of DKK
22-27m in the anual report 2021.
Net financial items
Net financial items amounted to a cost of DKK 5.2m compared to DKK 4.9m in 2021
and consisting mainly of interest income, interest expenses along with realized and
unrealized foreign exchange losses.
Special items
Special items cover costs amounting to DKK 1.65m related to exit of CFO and related
additional costs.
Profit for the year
Profit for the year increased by 90% to DKK 25.1m where both divisions have
improved significantly.
The overall result is based on improvement on all essential parameters: Growth in
activity, orders and revenue, improvement in margins and adding less costs than
growth in activities which means that the company overall has become more
efficient and focused.
Earnings per share
The strong result increases earnings per share increased from DKK 4.3 in 2021 to DKK
8.1 in 2022.
For a financial review of each division, please see section 2.2 about SKAKO Concrete
and 3.2 about SKAKO Vibration.
1.4 FINANCIAL REVIEW
| Annual report 2022 Page 16
1.4 Financial review
Balance sheet
As of 31 December 2022, the Group’s assets totalled DKK 383.4m (year end 2021:
DKK 339.0m) following the strong order intake and revenue growth. The increase in
assets is primarily due an increase in inventory, trade receivables and contract
assets.
Non-current assets increased by DKK 5.5m and amounted to DKK 89.7m (year end
2021: DKK 84.2), while current assets increased by DKK 38.9m to DKK 293.7m (year
end 2021: DKK 254.8m).
Net debt decreased by DKK 6.2m and totalled DKK 21.0m on 31 December 2022
(year end 2021: DKK 27.0m). The decrease in net debt is due to strong cash
performance from operating activities.
Current liabilities amounted to DKK 209.0m (year end 2021: DKK 177.7m). The
increase in current liabilities is primarily due to an increase in contract liabilities
with reference to received prepayments from customers on construction contracts.
Return on invested capital
In 2022, return on invested capital amounted to 16.5% compared to 10.3% in 2021.
The increase in return on invested capital is due to the higher result in 2022
compared to 2021.
Net working capital
Net working capital increased by DKK 5m compared to 31 December 2021. The
increase is primarily due to a higher level of inventories to mitigate supply chain
challenges and growth in activities having influence on higher trade receivables.
The corresponding net working capital/revenue was 25.3% (2021: 29.1%) and
reflects a strong cash focus considering the increase of activity levels.
Cash flow development and capital structure
Cash flow from operating activities was strong and amounted to DKK 28.9m
compared to DKK 30.3m in 2021 which also had a very strong cash flow
development due to large prepayments on large customer contracts. The strong
cash flow in 2022 was driven by the strong increase in EBIT which was only partly
countered by a modest increase in net working capital despite the strong revenue
growth.
With a strong increase in EBITDA and a decrease in net interest bearing debt of DKK
6.0m the financial gearing (net interest bearing debt/EBITDA) decrease to 0.5
compared to 1.0 in 2021. This is well below the gearing target of up to 2.5 and shows
that SKAKO has strong financial capacity to pay out high dividends and to persue
acquistions according to our strategy
Equity
The Group’s equity was DKK 148.0m on 31 December 2022 (DKK 132.2m on 31
December 2021) matching an equity ratio of 38.6% (39.0% on 31 December 2021).
The increase in equity is mainly due to profit for the year of DKK 25.1m. Due to a
dividend of 12.3m paid in April 2021, the equity does not increase with the full
earnings for the year.
Dividends
Based on the results in 2022 and capital structure of SKAKO A/S as of 31 December
2022, the Board of Directors recommends a dividend distribution of DKK 5 per share
(2021: DKK 4 per share) corresponding to 61.0% of profit for the year and a total
dividend distribution of DKK 15.4m. With a share price of DKK 62.6 as of 31
December 2022, this corresponds to a dividend yield of 8.0%.
Ex-dividend date: 19 April 2023
Record date: 19 April 2023
Payment date: 26 April 2023
Interim dividends
No interim dividends have been paid.
The Parent company
The result for the period in the Parent company amounts to a loss of DKK4.7m. The
costs primarily come from remuneration for the Board of Directors and costs for
warrants and special items covering cost for the exit of CFO.
Events after the balance sheet date
There have been no events that materially affect the assessment of this Annual
Report 2022 after the balance sheet date and up to today.
1.4 FINANCIAL REVIEW
| Annual report 2022 Page 17
1.4 Financial review
*Quarterly figures are unaudited
DKKThousands Q42022* Q42021* Change
Plant order revenue 79,972 60,565 32.0%
Aftersales revenue 44,280 45,713 -3.1%
Total revenue 124,252 106,278 16.9%
Production costs (87,572) (76,600) 14.3%
Gross profit 36,682 29,678 23.6%
Gross profit margin 29.5% 27.9% 1.6pp
Distribution costs (10,099) (12,959) -22.1%
Administrative expenses (15,701) (8,384) 87.3%
Operatingprofitbefore special items (EBIT) 10,881 8,335 30.5%
Profit margin before special items (EBIT margin) 8.8% 7.8% 1.0pp
Special items
- - -
Operating profit (EBIT) 10,881 8,335 27.5%
Profit margin (EBIT margin)
8.6% 7.8% 0.8pp
Profit forthe period 11,115 4,775 132.8%
Order backlog beginning of period 212,217 105,225 101.7%
Order intake 127,165 123,435 3.0%
Revenue 124,253 106,278 16.9%
Orderbacklog end ofperiod 215,202 122,382 75.8%
*Quarterly figures are unaudited
Consolidated Q4 – 2022 result
To retain and attract employees, it is one of
our top priorities to develop our culture.
With happy and dedicated employees, we
can offer even better solutions.
| Annual report 2022 Page 19
SKAKO Group
In our annual report for 2020, we introduced the financial ambitions for the
SKAKO Group comprising our medium-term financial ambitions until and
including 2024.
The strong growth in both divisions together with a high order backlog gives the
platform for a revised medium-term financial ambition for the SKAKO Group to
comprise a revenue growth (CAGR) of approx. 10% from 2022 to 2024 and an
EBIT margin of 7-9% in 2024. This corresponds to a revenue of approx. DKK
530m with an EBIT result of DKK 40m - DKK 45m in 2024.
We believe that the recent years’ strategic development in the Group has laid the
foundation for a favourable development in results in the coming years. The
relatively high ambitions for revenue growth are partly aided by the fact that
revenues in 2020 and 2021 were impacted by the Covid-19 pandemic, especially
in SKAKO Vibration. During the second half of 2023, the board will review the
current strategy and consider the ambitions after 2024.
1.5 FINANCIAL AMBITIONS
Financial ambitions SKAKO Group
0,0%
1,0%
2,0%
3,0%
4,0%
5,0%
6,0%
7,0%
8,0%
9,0%
0
100
200
300
400
500
600
2020 2021 2022 A-2024 A-2024
New
EBIT%
mDKK
Revenue EBIT margin
1.5 Financial ambitions
| Annual report 2022 Page 20
SKAKO Concrete
SKAKO Concrete delivered an EBIT margin of 5.5% in 2022 compared to 3.7% in
2021 and 3.3% in 2020 and thereby continued the journey towards a sustainable
profitability.
With a revenue growth of 24.1% in 2022 and a very high order backlog at the end
of 2022, SKAKO Concrete is set for further growth in 2023 and 2024 and thereby
also set for exceeding the previous financial ambitions. We expect a yearly
revenue growth above 10% and with our continued focused strategy, we expect to
improve the EBIT margin further to a level of 6-8%. This corresponds to an EBIT of
DKK 17-20 m in 2024.
SKAKO Vibration
With a revenue growth of 16.9 % and an EBIT margin of 10% in 2022, SKAKO
Vibration is also set to exceed the financial ambitions for 2024 like SKAKO
Concrete.
Revenue growth is expected to dampen somewhat to a level of CAGR 6-8% in the
next two years driven especially by the high growth in recycling. We expect to
maintain an EBIT margin of 10% as in previous years, this corresponds to an EBIT
of DKK 25-28 m in 2024.
Financial ambitions SKAKO Concrete
0,0%
1,0%
2,0%
3,0%
4,0%
5,0%
6,0%
7,0%
8,0%
0,0
50,0
100,0
150,0
200,0
250,0
300,0
2020 2021 2022 A-2024 A-2024
New
EBIT%
mDKK
Revenue EBIT margin
Financial ambitions SKAKO Vibration
0,0%
2,0%
4,0%
6,0%
8,0%
10,0%
12,0%
0
50
100
150
200
250
300
2020 2021 2022 A-2024 A-2024
New
EBIT%
mDKK
Revenue EBIT margin
1.5 Financial ambitions
| Annual report 2022 Page 21
1.6 Guidance 2023
1.6 GUIDANCE 2023
With the high revenue growth in SKAKO Vibration and SKAKO Concrete in 2022
and the very strong order backlog at the end of 2022, SKAKO is set for delivering
improved results in 2023.
The global supply chain situation is expected to gradually normalize during 2023
with lower energy and commodity prices compared to 2022. However, inflation is
still expected to remain at a relatively high level with an uncertain impact on all
markets.
For SKAKO Concrete, the increase in building infrastructure will be supporting the
need for capacity in the concrete manufacturing industries and thereby the
demand for new machinery. The pipeline of potential orders is significantly
stronger than in 2022.
For SKAKO Vibration, the increasing demand for recycling solutions will be driving
the market upwards. The increasing global demand for minerals will also continue
to drive the requirement for mining solutions.
Guidance 2023
Guidance for 2023 is as follows:
• Operating profit (EBIT) before special items is expected to be DKK 33-38m
• Cost under special items is expected to constitute to DKK 2.0-2.5m and is
related to transaction costs in connection with the terminated process with
Zefyr Invest.
The guidance is based on a continued normalization of the market conditions
during 2023, with no new material adverse events affecting the global economies.
Due to the war in Ukraine, increased geopolitical tension and high inflation, this
guidance is subject to a higher-than-normal degree of uncertainty.
| Annual report 2022 Page 22
1.7 Why invest in SKAKO
1.7 WHY INVEST IN SKAKO
SKAKO Group
At SKAKO we aim to make our customers’ production flow as hassle-free, reliable,
and sustainable as possible. We use our know-how to define the industry and
develop visionary sustainable and technology-based solutions. Through this, we
provide continued value to our partners and customers and increased value to
our shareholders.
The markets in which SKAKO is operating, are basically in constant growth. There
has for decades been a growing demand for building materials as well as industrial
machinery. There are currently no signs of long-term reduction of this growth.
SKAKO is a leading supplier in the markets we operate in. Consequently, we have a
brand promise where our customers expect products of high quality and a high
level of sustainability. Further, our customers expect to meet highly qualified
employees in all phases of product lifetime.
With this business model, we have established a comprehensive installed fleet of
SKAKO machinery all over the world and we support our customers with support,
spares and retrofit, whenever needed.
The SKAKO business model has proven to be sustainable, even under challenging
business conditions. SKAKO was also impacted by the Covid-19, but succeeded in
remaining profitable during the pandemic, and then managed to grow despite the
war in Ukraine.
With the continued growth in the existing markets and strong potential to expand
the business into new market segments, we are convinced that the potential for
future profitable growth is strong
Capital structure
SKAKO has a capital structure target of net debt to EBITDA of up to 2.5. With a
net debt to EBITDA of 0.5 at the end of 2022, SKAKO has ample capacity to
pursue value creating M&A. As our earnings improve, we will also be able to
return significant value to our shareholders through dividends and share buy-
back programmes.
For our mid-term financial ambition for the SKAKO Group, please see section 1.5.
SKAKO Vibration
SKAKO Vibration strives to be one of the leading suppliers of vibratory
equipment globally.
We are a preferred partner within the automotive industry on targeted
markets,, and we have a strong presence and growth within minerals. With the
acquisition of SKAKO Dartek in November 2019, we have also intensified our
strategic focus on growth in recycling.
SKAKO Concrete
SKAKO Concrete strives to be the trendsetter in the concrete industry when it
comes to sustainability, digitization, and total cost of ownership, and from our
foundation of reliable delivery and high-quality products, we seek to offer our
customers the best solutions in the industry and maximum benefit from our
solutions and services.
| Annual report 2022 Page 23
2. SKAKO
CONCRETE
Orderbacklog
(DKKm)
142.7
(+108.0%)
Up from 68.6
Revenue
(DKKm)
204.7
(+24.1%)
Up from 165.0
EBIT
(DKKm)
11.2
(+83.6%)
Up from 6.1
EBIT margin
5.5%
(+1.8pp)
Up from 3.7%
Order intake
(DKKm)
278.7
(+40.0%)
Up from 199.1
| Annual report 2022 Page 24
We help our customers meet the market
requirements – today and through the entire life
span of their plant. Consequently, quality is key in
our product development.
| Annual report 2022 Page 25
Business areas
SKAKO Concrete designs, develops, supplies, and installs complete customized
quality plants for concrete production.
Also, a significant part of our business is customer care and helping our
customers maintain their plants. Throughout the year, we have:
• Supplied new plants.
• Visited customers as well as potential customers and come up with
propositions for customized plants.
• Advised customers about spare parts for their existing plants.
• Taken in calls on our hotline phone and guided the customers about the use
of their plants.
• Visited customers with a service contract to inspect their plants and guide
them about maintenance and upgrades.
The keywords in our business model are high-quality products, sustainability,
digitization, reliability, delivery on time, and minimizing the total cost of our
products over the life span. We believe that our business is hereby set for the
future.
QUALITY / DELIVERY RELIABILITY / EARNINGS
CULTURE DIGITIZATION SUSTAINABILITY
SUBSCRIPTION
SOLUTIONS
SALES& MARKETING
Vision: We want to be trendsetting in the industry within
sustainability, digitization and solutions focused on total
economy
Strategy track: Culture, digitization, sustainability,
subscription solutions, sales and marketing
Products and solutions: ATLANTIS mixer,
ROTOCONIX, SKAKOMAT, CONFLEX, skip hoist
Segments: Plant (precast and ready-mix),
SKAKOMAT, aftersales
Primary markets: Denmark, Sweden, Norway, the UK, the
Netherlands, Germany, Austria, Switzerland, France, the USA
Below the strategic tracks in our overall business model:
Strategy & business model
| Annual report 2022 Page 26
Strategy
As shown on the graphic on the previous page, the SKAKO Concrete strategy has
five focus areas.
The overall aim of our strategy is to develop innovative, high-quality, and long-
lasting products that can help our customers get ready for future requirements
from the market.
The development of our organization is based on customer needs, and we are
increasing our focus on customer care.
• We have made a new strategy for our US organization with an intense
customer focus. The aim is to increase sales and improve customer relations
in the US market. The first step in the strategy was to appoint a new Director
of Operations and a new Head of Customer Service.
• We are investing more resources into customer care and sales in France.
In general, the SKAKO Concrete strategy has encouraged growth. To avoid
resource challenges with design and construction related to our growth, we are
looking at ways to expand these areas.
When expanding and adjusting our organization, we have “deglobalization” in
mind. By becoming more local, we use fewer resources to solve tasks, and in that
way, deglobalization is a way to become more sustainable.
SKAKO Concrete
Denmark
82 Employees
Sales & marketing
Aftersales
Electrical service
Mechanical service
Hotline
Projects
Supply & shipping
Production
Warehouse
Mechanical engineering
Electrical engineering
Group support
SKAKO Concrete
USA
5 Employees
Sales & marketing
Aftersales
Customer service
Installation services
Finance support
SKAKO Concrete
France
12 Employees
Sales & marketing
Mechanical engineering
Aftersales
Customer service
Hotline
Electrical service
Finance support
Strategy & business model
| Annual report 2022 Page 27
Focus areas
In 2022, we especially focused on:
• Plant supply. After the Covid-19 pandemic period, there has been a significant
demand for plants from the market from existing and new customers.
• Developing our core products.
• Increasing the cooperation between the companies in the SKAKO Concrete Group
to learn from each other and ensure that we all have the same approach to the
customers.
• The local markets and customers by strengthening our forces within sales and
customer care in all the countries we operate in.
• Getting more sustainable by:
• Investigating how we can make a business of refurbishing (components
of) concrete mixers, both for the customer and for SKAKO Concrete.
• Helping customers reduce their CO2 emissions by supplying plants with
zero emissions.
• Planning the building of a test centre for our machines in Faaborg,
Denmark, to save resources and improve our know-how within
sustainability even more.
• Working with our culture to create a good work environment that retains
and attracts employees.
We will keep working on all the above points in the coming years. In that way, we are
adapting to the future market.
Strategy & business model
| Annual report 2022 Page 28
2.1 Financial performance
DKK million 2022 2021 Change
Plant order revenue 94.1 70.2 34.0%
Aftersalesrevenue 110.6 94.8 16.7%
Total revenue 204.7 165.0 24.1%
Gross profit 46.2 35.3 30.9%
Gross profit margin 22.5% 21.4% 1.1pp
Operating profit (EBIT) 11.2 6.1 83.6%
EBITmargin 5.5% 3.7% 1.8pp
Orderbook, beginning 68.6 34.5 98.8%
Orderintake 278.7 199.1 40.0%
Orderbook, ending 142.7 68.6 108.0%
2.1 FINANCIAL PERFORMANCE
Revenue and EBIT margin
2020 2021
Financial review SKAKO Concrete
1,7
0,7
3,3
3,7
5,5
0
1
2
3
4
5
6
7
8
0
50
100
150
200
250
300
2018 2019 2020 2021 2022 A2024
EBIT %
tDKK
SKAKO Concrete development
Revenue EBIT%
+24.7%
160.7
177.8
172.4
165.0
204.7
| Annual report 2022 Page 29
2.1 Financial performance
Financial performance in 2022
Revenue and order intake in Concrete increased with 24% and 40% respectively leading to an increase in EBIT margin of 1.8pp.
Revenue growth was driven by strong growth in plant sales of 34% and aftersales of 17%. Total revenue amounted to DKK 205
m and was driven by growth in all key markets in the US, U.K., France and Germany all supported by continuous strategic
initiatives on enhancing customer support and improving project execution.
Gross profit increased with 31% to DKK 46.2 m driven by strong revenue growth and an increase in gross profit margin of
1.1pp to 22.5%. This improvement was made possible by strong execution on plant orders and adapting to higher energy and
commodity prices in close cooperation with our suppliers.
EBIT improved in 2022 and amounted to DKK 11.2m, driven by the increased revenue and higher gross margin. The
corresponding EBIT margin improved by 1.8pp despite a year with higher cost due to inflationary pressure and the impact from
the war in Ukraine. The EBIT margin of 5.5% is an improvement by 1.8pp and close to the 2024 ambition on 6-8%.
Order intake increased by 40.0% compared to 2021, and order backlog increased by 108.0% amounting to DKK 142.7m. The
strong order backlog gives a good outlook for 2023 where the majority of plant revenue for 2023 has already been secured.
2.1 FINANCIAL PERFORMANCE
| Annual report 2022 Page 30
New batching plant for Centrum Pæle A/S
Centrum Pæle A/S is a long-standing SKAKO customer with several SKAKO products.
In 2022, SKAKO Concrete designed and supplied a new batching plant for their factory in Hedensted because they wanted to start manufacturing a new product.
It is the first plant supplied by SKAKO Concrete, where a conventional row silo plant has been mounted above the mixer plant offering the same advantages as an ordinary
high silo plant.
"The project management and supervision have been very efficient. We had the project manager from SKAKO on-site when all the deliveries and plant equipment arrived,
which was very advantageous. Also, I would like to praise SKAKO's electrical design department for advice and cooperation about electrical supply and the control system“,
says Technical Manager at Centrum Pæle A/S Henrik Olsen and concludes:
"According to the contract, we were supposed to mix the first concrete in week 46. We mixed the first concrete on Friday in week 45, so the goal was reached on time".
22 April 2022
Signing of
contract
15 August 2022
Start of mechanical
installation
19 September 2022
Start of electrical
installation
30 November 2022
Final handover
Case study, Centrum Pæle
A/S
30 May 2022
Project drawing
approved
2 September
Lift of row silo bin onto
mixer platform
5 October 2022
Installation of belt
conveyors
14 November 2022
First concrete
produced
| Annual report 2022 Page 31
3. SKAKO
VIBRATION
Orderbacklog
(DKKm)
72.6
(+33.7%)
Up from 54.3
Revenue
(DKKm)
237.5
(+16.9%)
Up from 203.2
EBIT
(DKKm)
23.6
(+36.4%)
Up from 17.3
EBIT margin
10.0%
(+1.5pp)
Up from 8.5%
Order intake
(DKKm)
255.9
(+28.7%)
Up from 198.9
| Annual report 2022 Page 32
At SKAKO Vibration, we help
customers use and reuse the planet’s
resources in the best way possible.
| Annual report 2022 Page 33
3.1 Strategy & business model
STRATEGY & BUSINESS MODEL
Business areas
SKAKO Vibration develops, designs, and sells equipment for the recycling, mineral,
and fastener industries.
Our engineering, assembly, and test facilities are located in Faaborg in Denmark,
Strasbourg in France, and San Sebastian in Spain, and our products are based on
application know-how and own developed technology.
SKAKO Vibration has a flexible production where parts are sourced through both
internal and external suppliers.
Our main markets are the EU and North Africa, where branch companies are
located, and we are present in the USA, South America, and Asia through
partnerships with local companies.
We build our success on an attractive range of high-quality products and a
dynamic organization with a high level of design and application know-how.
Strategy
SKAKO Vibration is one of the leading suppliers of vibratory equipment and the
preferred partner within the fastener industry on targeted markets – especially
through European, Asian, and US players.
In mineral, we are also strong, particularly in the phosphate mining sector in
North Africa and the building sector in Europe.
In recent years, we have been focusing on our expansion in recycling with our
complete range of products dedicated to this industrial sector, in particular since
we made the acquisition of SKAKO Dartek at the end of 2019.
After the Covid-19 pandemic period, the revenue coming from mineral and
fastener has returned to normal, while the growth coming from the recycling
industry has been very high.
In the Recycling industry,
our equipment sorts and
cleans waste resources to
enable their best reuse.
In the Fastener industry
(i.e. “
Hardware” industry),
our equipment transforms
bulks into smooth
material flows.
In the Minerals
industry, our equipment
sorts and cleans raw
materials to enable
their best use.
The development of waste recycling is becoming more and more imperative, for which
reason we expect the growth trend of the recycling market to intensify in the decades to
come.
For the next two years, SKAKO Vibration aims to grow revenue with a CAGR of 6-8 % while
maintaining an EBIT margin of 10 %.
| Annual report 2022 Page 34
Focusareas
This year we especially focused on developing our sorting technologies, which are
the key technology in the recycling sector.
Thanks to the technical know-how of SKAKO Dartek and our many years of
experience in the mineral sector and in the fastener industry, we have a range of
products that perfectly meets the challenges of the recycling sector.
Throughout the year, we have provided recycling companies with reliable and
efficient solutions for conveying and, above all, sorting by dimensions and density
of bulk waste.
Our products for the recycling sector are very often complementary because of the
complexity of the separations to be made between the different materials
involved.
Expert
Center
Expert
Center
Expert
Center
Denmark France Spain
Hardware
Minerals
Recycling
Areas
Business units
SKAKO Vibration
At the end of 2022, we modified our sales organization to support the development in
the main industrial sectors we operate in, particularly to intensify our breakthrough in
the environmental industry. We have now structured our sales organization into the
three business areas: Fastener, Minerals, and Recycling.
By doing this, we will improve:
• Our understanding of the business areas dynamics
• Our sharing of knowledge among our teams
• Identification of key customer pain points
• Feeding and challenging of leadership with new growth ideas
SKAKO Dartek densimetric
table type KDM
designed to separate
materials by difference of
density
| Annual report 2022 Page 35
3.2 Financial performance
3.1 FINANCIAL PERFORMANCE
DKK million
2022 2021 Change
Plant
revenue 170.7 147.0 16.1%
Aftersales
revenue 66.8 56.2 18.9%
Total
revenue 237.5 203.2 16.9%
Gross
profit 68.5 57.0 20.2%
Gross
profit margin 28.8% 28.1% 0.7pp
Operating
profit (EBIT) 23.7 17.3 37.0%
EBIT
margin 10.0% 8.5% 1.5pp
Order
book, beginning 54.3 58.6 -7.3%
Order
intake 255.9 198.9 28.7%
Order
book, ending 72.6 54.3 33.7%
Revenue and EBIT margin
2020 2021
Financial review SKAKO Vibration
8,6
10,4
7
8,5
10
0
2
4
6
8
10
12
0
50
100
150
200
250
300
2018 2019 2020 2021 2022 A2024
EBIT %
tDKK
SKAKO Vibration development
Revenue EBIT%
+16.9%
203.2
182.6
180.6
167.6
237.5
| Annual report 2022 Page 36
34%
43%
14%
10%
3.2 Financial performance
Financial performance in 2022
SKAKO Vibration had a very strong performance with an increasing order intake of 29% and revenue increasing with 17% while EBIT- margin increased with
1.5pp to 10.0%.
The increase in revenue was especially driven by a growth in recycling of 28% partly impacted by order backlog from the COVID-19 period. However, the
hardware and minerals also showet good growth. Revenue from plant orders and aftersales increased with 16% and 19% respectively. Activity was high all year
with a strong acceleration in the last quater.
Focus in 2023 will be to maintain growth and profitability in all business areas with the highest growth expected to come from recycling which is expected to
increase its share of total revenue.
Gross profit increased with 20% to DKK 68.5m with the margin improving with 0.7pp to 28.8% driven by a more favorable split between plant orders and
aftersales combined with strong execution and focus on managing price increases.
EBIT increased with 37% to DKK 23.7m driven by higher revenue and gross profit margin. Thereby the EBIT margin increased with 1.5pp to 10.0% in line with our
2024 ambition and despite a year with higher cost due to inflationary pressure and the impact from the war in Ukraine. EBIT margin ending on 10.0% is an
improvement of 1.5pp and thereby reaching the top of the EBIT ambition already in 2022.
Order intake increased by 28.7% compared to 2021, and order backlog increased by 33.7% amounting to DKK 72.6m. The strong order backlog gives a good
outset for 2023 where a big part of plant revenue for 2023 has already been secured.
31%
47%
20%
2%
Recycling Minerals Hardware Others
Revenue
2022
DKK 237.5m
Revenue
2021
DKK 203.2m
3.2 FINANCIAL PERFORMANCE
| Annual report 2022 Page 37
Complete recycling metal process with vibratory equipment and induction sorters for RSA in Portugal
Reciclagem de Sucatas Abrantina SA (RSA) in Abrantes, Portugal, is a recycling company focusing on the reuse of metal waste. Their new plant treats light fractions of
fragmented materials where sand and soil are removed and ferrous metals, non-ferrous metals, paramagnetic metals, and finally, inert materials (plastics, rubbers,
foams, etc.) are separated, allowing the valorization of various recycled metals.
SKAKO DARTEK was responsible for the complete process of the plant, which was made up of vibratory equipment (vibratory feeders and elastic mesh combi screens)
and induction sorters (magnetic drums and eddy current separators).
A simple & efficient process for metal recycling,
for customer RSA in Portugal
2 October 2018
Date of quote
2 July 2021
Date of order
10 December 2021
Date of delivery
26 January 2022
Date of
commissioning
7 February 2022
Start-up in
production
| Annual report 2022 Page 38
| Annual report 2022 Page 39
We bring our engineering and innovative
spirit and expertise from offices in
Faaborg, Strasbourg and San Sebastian to
customers around the world.
| Annual report 2022 Page 40
4.1 Company announcements 2022
4.1 COMPANY ANNOUNCEMENTS 2022
Main company announcements in 2022
17 March 01 – Annual report 2021
23 March 02 – Update on dates regarding dividends
29 March 03 – Notice about ordinary general meeting
19 April 04 – Course of general meeting on 19 April 2022
25 May 05 – Interim report for the first quarter 2022
20 June 06 – Changes in SKAKO A/S’s management
24 August 07 – Interim report for SKAKO A/S for the first two
quarters of 2022
31 August 08 – SKAKO appoints CFO for the SKAKO Group
15 September 09 – SKAKO wins DKK 20 million contract with large
American customer
4 November 10 – SKAKO increases expectations to 2022
10 November 11 – Interim report for the first three quarters of
2022
13 December 12 – SKAKO wins DKK 23 million contract with large
international customer
22 December 13 – Financial calendar 2023
The company announcements are available on the company website:
https://skako.com/about/investor-relations/#company_announcements
| Annual report 2022 Page 41
4.2 Corporate social responsibility
| Annual report 2022 Page 42
4.2 Corporate social responsibility
| Annual report 2022 Page 43
4.2 Corporate social responsibility
| Annual report 2022 Page 44
4.2 Corporate social responsibility
2020
2019
| Annual report 2022 Page 45
4.2 Corporate social responsibility
| Annual report 2022 Page 46
4.2 Corporate social responsibility
| Annual report 2022 Page 47
4.2 Data Ethics
| Annual report 2022 Page 48
4.3 Risk management
| Annual report 2022 Page 49
4.3 Risk management
| Annual report 2022 Page 50
4.4 Corporate governance and remuneration report
| Annual report 2022 Page 51
4.5 Executive management
4.5 EXECUTIVE MANAGEMENT
Name Steffen Kremmer Lionel Girieud Thomas Pedersen
Born in 1962 1971 1975
Title Director Director Group CFO
Member of the
management since
2019 2016 2022
Number of shares
in SKAKO
1,236 5,166 0
Board positions – – –
| Annual report 2022 Page 52
4.6 Board of directors
4.6 BOARD OF DIRECTORS
Name Jens Wittrup Willumsen Lars Tveen
Title
Chairman of the Board of Directors and member of the audit committee
Considered as a non-independent Board member
Deputy Chairman
Considered as an independent Board member
Born in 1960 1963
Board member
since
2010 2017
SKAKO shares
Jens Wittrup Willumsen owns 50% of the shares in Frederik2 Aps. Frederik2 Aps owns
800,000 shares in SKAKO.
Further, Jens Wittrup Willumsen has a direct ownership of 19,876 shares in SKAKO.
Managerial
positions in other
companies
Chairman of the Board:
Licensewatch A/S, Kontrapunkt Group A/S, Everland ApS, COMIT A/S, Copenhagen
Optimization ApS, The INDEX, Projects A/S, Begravelse Danmark A/S, TMC Nordic
Deputy Chairman:
Billund Lufthavn A/S
Board member:
FDM Travel A/S, Charlotte Sparre A/S, Ejendomsselskabet Experimentarium A/S,
Museum Kolding, SEC Datacom Group A/S, Cogo ApS
Others positions:
Colonial ApS, Director own holding company Colonial 2 ApS, Director own holding
company Frederik2 ApS, Director own investment company
15,104
Chairman of the Board:
Project Zero-Fonden Denmark
(local initiative to achieve carbon neutrality by 2029)
Board member:
The Energy Industry (an association under the Confederation of Danish Industries),
Green Energy (Grøn Energi)
Special
competences
Jens Wittrup Willumsen is educated Cand. Merc. from Copenhagen Business School and
has had managing positions in Denmark and abroad. His competences include strategy,
finance, financing, sales and marketing.
Participation in
board meetings
Jens Wittrup Willumsen participated in all board and audit committee meetings in 2022.
Lars Tveen is educated production engineer from Odense University in 1989 and has a
bachelor in Commerce from University of Southern Denmark from 1993. Following his
education Lars Tveen was appointed at Danfoss as Management Trainee.
In April 2022, Lars Tveen was appointed CEO for the Bitten & Mads Clausens Foundation.
Lars Tveen participated in all board meetings in 2022.
| Annual report 2022 Page 53
4.6 Board of directors
Name Carsten Krogsgaard Thomsen Sophie Louise Knauer
Title Chairman of the Audit Committee
Considered as an independent Board member
Considered as an independent Board member
Born in 1957 1983
Board member
since
2017 2020
SKAKO shares 19,255 –
Managerial
positions in other
companies
Board member:
NTG Nordic Transport Group A/S
Board member:
Solar A/S, Rekom Group A/S, CC Globe Holding I ApS,
CC Globe Holding II ApS, CC Fly Holding I ApS,
CC Fly Holding II ApS, CC Mist NEW Holding ApS,
CC Mist NEW Holding II ApS
Other positions:
Lady invest ApS managing director and owner.
Special
competences
Carsten Krogsgaard Thomsen is educated Cand. Polit.
and has had a long career with primary focus on
economics and finance. Through his career, Carsten
Krogsgaard Thomsen has accumulated extensive
experience within M&A, and compliance in listed
companies.
From 2014 to 2020 Carsten Krogsgaard Thomsen
was CFO in NNIT and previously also held positions as
EVP and CFO in Dong Energy A/S, EVP in DSB (Danish
State Railways), finance and planning manager at
Rigshospitalet (the Copenhagen University Hospital) and
consultant in McKinsey & Company.
Sophie Louise Knauer is educated HA JUR and Cand.
Merc. in economy and strategic management from
Copenhagen Business School. Her career includes top
management in TDC, CEO for People Group A/S and
senior consultant at McKinsey & Company.
Sophie Louise Knauer has built strong competences
within strategic management and digital
transformation.
Participation in
board meetings
Carsten Krogsgaard Thomsen participated in all board
and audit committee meetings in 2022.
Christian Herskind Jørgensen participated in all board
meetings in 2022.
Sophie Louise Knauer participated in all
board meetings in 2022.
Christian Herskind Jørgensen
Considered as a non-independent Board member
1961
2009
Chairman of the Board:
Fonden Amager Bakke, LABFLEX A/S, Taulov DryPort A/S, Skive
Holding ApS
Deputy Chairman:
Fonden til støtte for soldater i internationale missioner
(Soldaterlegatet)
Board member:
Fonden Peder Skram, Su Misura A/S,
Nordsøenheden/Nordsøfonden, Associated
Danish Ports A/S, LM Byg A/S, Pihl & Søn
A/S, BNS A/S
Others positions:
Herskind Venture Capital ApS, Director own holding
company, Ejendomsselskabet Helsingør/Århus, Director
Frederik2 ApS, Director own holding company
Christian Herskind Jørgensen is educated lawyer from
University of Copenhagen and University of London and is also
Brigadier. His competences include significant experience
within sales, marketing, strategy, management, HR and legal
matters.
Christian Herskind Jørgensen owns 50% of the shares in
Frederik2 Aps. Frederik2 Aps owns 800,000 shares in SKAKO.
Further, Christian Herskind Jørgensen has a direct ownership
of 109,000 shares in SKAKO.
| Annual report 2022 Page 54
Know-how is the key element in our
business, which drives us to develop
visionary, sustainable, long-lasting,
and technology-based solutions.
| Annual report 2022 Page 55
4.7 Shareholder information
4.7 SHAREHOLDER INFORMATION
As of 31 December 2022, SKAKO’s nominal share capital was 31,064,180 DKK
divided into 3,106,418 shares of 10 DKK each. All shares are fully paid, the same
class and carry one vote each.
The Board of Directors has been authorized by the annual general assembly to
initiate a share buy-back programme for up to 10% of the share capital. The
authorization was valid until 1 April 2027.
SKAKO A/S is listed at NASDAQ OMX Copenhagen A/S under identification code
DK0010231877. The share price as of 31 December 2022 was 62.6 corresponding
to a market capitalization of DKK 194.5m.
By the end of 2023 the company had 1,678 registered shareholders compared
with 1,746 registered shareholders by the end of 2021. The registered
shareholders own a total of 94.1% of the share capital compared to 94.5% by the
end of 2021.
Specification of movements in share capital
Shareholders with more than 5% of the share
Dividends
Based on the results in 2022 and capital structure of SKAKO A/S as of 31
December 2022, the Board of Directors recommends a dividend distribution of
DKK 5 per share corresponding to 61.0% of profit for the year and a total dividend
distribution of DKK 15.4m. With a share price of DKK 62.6 as of 31 December
2022, this corresponds to a dividend yield of 8.0%.
Ex dividend date:
Record date:
Paymentdate:
19 April 2023
26 April 2023
26 April 2023
Financial calendar 2023
DKKThousands 2022 2021 2020 2019 2018
Share capital
31,064 31,064 31,064 31,064 31,064
at 01.01.
Capital increase – – – – –
Share capital
31,064 31,064 31,064 31,064 31,064
at 31.12.
Frederik2 ApS, Copenhagen
Danica Pension, Copenhagen
Maj Invest Holding A/S, Copenhagen
25.75%
10.63%
9.98%
Presentation of the annual report
Together with HC Andersen Capital, SKAKO A/S will do an online presentation of
the annual report for 2022 on Tuesday 21 March 2023 at 14.00 – 15.00 pm.
Registration for event:
https://www.inderes.dk/videos/skako-praesentation-af-arsregnskabet-2022.
Annual general meeting 2023
The annual general meeting will be held on Wednesday 19 April 2023 at 3 p.m. at
the Company’s head office at Bygmestervej 2, 5600 Faaborg, Denmark.
Investor Relations
Investors, analysts and medias are welcome to contact Jens Wittrup Willumsen
(Chairman of the Board of Directors) by phone +45 2347 5640 or by e-mail to
15
March
Annual
report for 2022
19 April
Ordinary
general meeting 2023
23 May
Interim
report for the period 1 January - 31 March 2023
23 August
Interim
report for first half-year 2023
8 November
Interim
report for the period 1 January - 30 September 2023
| Annual report 2022 Page 56
5. FINANCIAL
STATEMENTS
| Annual report 2022 Page 57
5.1 Statement by Management
Board of Directors
Executive Board
5.1 STATEMENT BY MANAGEMENT
| Annual report 2022 Page 58
5.2 Independent auditor’s report
5.2 INDEPENDENT AUDITOR’S REPORT
| Annual report 2022 Page 59
5.2 Independent auditor’s report
| Annual report 2022 Page 60
5.2 Independent auditor’s report
| Annual report 2022 Page 61
5.2 Independent auditor’s report
| Annual report 2022 Page 62
5.2 Independent auditor’s report
CVR no 3377 1231
| Annual report 2022 Page 63
5.3 Consolidated financial statements
DKK Thousands
2022 2021
Notes
1, 2
Revenue from contracts with customers 437,920 363,706
3, 4 Production costs (323,283 ) (271,298 )
Gross profit 114,637 92,408
4 Distribution costs (43,923 ) (40,745 )
4, 5, 6 Administrative expenses (39,872 ) (31,340 )
Operating profit before special items (EBIT) 30,842 20,323
7 Special items (1,650 ) -
Operating profit (EBIT) 29,192 20,323
8 Financial income 916 721
8 Financial expenses (5,878 ) (5,627 )
Profitbefore tax 24,230 15,417
9 Tax on profit for the year 844 (2,228 )
Profit for the year 25,074 13,189
Profitfor the year attributable to SKAKO A/S shareholders 25,074 13,189
10 Earnings per share (EPS), DKK 8.13 4.28
10 Diluted earnings per share (EPS), DKK 8.09 4.28
Consolidated income statement
5.3 CONSOLIDATED FINANCIAL
STATEMENTS
| Annual report 2022 Page 64
5.3 Consolidated financial statements
Consolidated statement of comprehensive income
DKK Thousand 2022 2021
Notes
Profit for the year 25,074 13,189
Other comprehensive income:
Items that have been or may subsequently be reclassified to the income
statement:
Foreign currency translation, subsidiaries 533 773
Value adjustments of hedging instruments - (233 )
Other comprehensive income 533 540
Comprehensive income 25,607 13,729
Comprehensive income attributable to SKAKO A/S shareholders 25,607 13,729
| Annual report 2022 Page 65
5.3 Consolidated financial statements
Consolidated balance sheet 31 December
DKK
Thousands 2022 2021
Notes
Intangible
assets 36,188 39,068
Intangible
assets under development 4,237 3,113
11
Intangible
assets 40,425 42,181
13
Leased
assets 8,786 8,035
12
Land and
buildings 5,821 5,832
12
Plant and
machinery 1,238 1,053
12
Operating equipment, fixtures and fittings
12
Leasehold
improvements 2,906 1,630
12
Tangible
assets under construction 156 97
Tangible
assets 21,365 19,706
Other
receivables 1,234 1,272
14
Deferred
tax assets 25,575 21,057
Other
non-current assets 26,809 22,329
Total non
-current assets 88,599 84,216
15
Inventories
20
Trade
receivables 101,385 87,429
16, 20
Contract
assets 63,876 53,037
Other
receivables 9,270 8,340
Prepaid
expenses 3,045 2,843
Cash
Current
assets 295,458 254,804
Assets
| Annual report 2022 Page 66
5.3 Consolidated financial statements
Consolidated balance sheet 31 December CONTINUED
DKK Thousands 2022 2021
Notes
Share
capital
Foreign
currency translation reserve
Hedging
reserve
(49 ) (49 )
Retained
earnings
Proposed
dividends
Equity
Other
liabilities
18
Provisions
17
Loans and
borrowings
13
Leasing
Non
-current liabilities
18
Provisions
17
Loans and borrowings
17
Bank loans and credit facilities
13
Leasing
16
Contracts
liabilities
Trade payables
Income
tax
Other
liabilities
Current
liabilities
Liabilities
EQUITY AND LIABILITIES
| Annual report 2022 Page 67
5.3 Consolidated financial statements
Consolidated cash flow statement
DKK Thousnads 2022 2021
Notes
Profit
before tax
19
Adjustments
Changes in
receivables, etc.
(25,890 ) (102 )
Change in
inventories
(9,367 ) (11,003 )
Change in trade payables and other liabilities, etc.
Cash flow from operating activities before financial items and tax
Financial items received and paid
(4,710 ) (4,906 )
Taxes paid and received
(2,105 ) (1,617 )
Cash flow from operating activities
11
Investment in
intangible assets
(4,153 ) (3,962 )
12
Investment in
tangible assets
(6,174 ) (3,504 )
Disposals
Cash flow from investing activities
(8,637 ) (7,466 )
New
borrowings
Repayments
(2,072 ) (13,725 )
Paid
dividends
(12,335 ) (9,252 )
Change in short
-term bank facilities
19
Cash flow from financing activities
(12,258 ) (16,798 )
Change in cash and cash equivalents
Cash and cash equivalents 1 January
Foreign exchange adjustment, cash and cash equivalents
(1,888 ) (357 )
Cash and cash equivalents 31 December
Breakdown of cash and cash equivalents at the end of the year:
Cash
Cash and cash equivalents at the end of the year:
| Annual report 2022 Page 68
5.3 Consolidated financial statements
Consolidated statement of changes in equity
DKK Thousands
Share capital
Foreign currency
translation reserve
Hedging reserve
Retained
earnings
Proposed
dividends
Equity
Equity 1 January 2022 31,064 (451 ) (49 ) 89,338 12,335 132,237
Paid dividends (12,335 ) (12,335 )
Comprehensive income in 2022:
Profit for the year 9,542 15,532 25,074
Other comprehensive income: -
Foreign currency translation
adjustments, subsidiaries
Value adjustments of hedging
instruments
Other comprehensive income - 533 - - 533
Comprehensive income, year - 533 - 9,542 15,532 25,607
Share-based payment, warrants - 658 658
Equity 31 December 2022 31,064 82 (49 ) 99,538 15,532 146,167
| Annual report 2022 Page 69
5.3 Consolidated financial statements
Consolidated statement of changes in equity
DKK Thousands
Share capital
Foreign currency
translation reserve
Hedging reserve
Retained
earnings
Proposed
dividends
Equity
Equity 1 January 2021 31,064 (1,224 ) 184 87,976 9,252 127,252
Distributed interim dividends (9,252 ) (9,252 )
Comprehensive income in 2021:
Profit for the year 854 12,335 13,189
Other comprehensive income:
Foreign currency translation
adjustments, subsidiaries
Value adjustments of hedging
instruments
(233 ) (233 )
Other comprehensive income - 773 (233 ) - - 540
Comprehensive income, year - 773 (233 ) 854 12,335 13,729
Share-based payment, warrants 508 - 508
Equity 31 December 2021 31,064 (451 ) (49 ) 89,338 12,335 132,237
| Annual report 2022 Page 70
5.4 Consolidated notes
5.4 CONSOLIDATED NOTES
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
2
2.
2
3.
24.
25.
Note No.
1.
11.
14.
16.
18.
Significant estimates and assessments:
Notes to consolidated financial statements
Revenue from contracts with customers . . . . . . . . . . . . . . . . . 71
Segment
information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75
Production
costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77
Staff
costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78
Share-based payment, warrants . . . . . . . . . . . . . . . . . . . . . . 80
Fee to parent company auditors appointed at the annual general meeting82
Special items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83
Net
financial items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84
Tax
on profit for the year . . . . . . . . . . . . . . . . . . . . . . . . . . 85
Earnings
per share (EPS) . . . . . . . . . . . . . . . . . . . . . . . . . . 86
Intangible
assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87
Tangible
assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91
Leases
– Right-of-use assets . . . . . . . . . . . . . . . . . . . . . . . 94
Deferred
tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97
Inventory
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99
Contract
assets and liabilities . . . . . . . . . . . . . . . . . . . . . . . 100
Bank
loans and credit facilities . . . . . . . . . . . . . . . . . . . . . . . 102
Provisions
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104
Adjustments,
consolidated cash flow statement . . . . . . . . . . . . 106
Exchange
rate, liquidity and credit risks . . . . . . . . . . . . . . . . . 107
Contractual
liabilities, contingent liabilities and securities . . . . . . . 110
Related
parties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110
Events
after the balance sheet date . . . . . . . . . . . . . . . . . . . 110
Approval
and publication . . . . . . . . . . . . . . . . . . . . . . . . . . 110
Group
accounting policies . . . . . . . . . . . . . . . . . . . . . . . . . . 111
Description
Page Page
Description
Note No.
Revenue
from contracts with customers . . . . . . . . . . . . . . 71
Intangible
assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87
Deferred
tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97
Contract
assets and liabilities . . . . . . . . . . . . . . . . . . . . . 100
Provisions
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104
| Annual report 2022 Page 71
5.4 Consolidated notes
| Annual report 2022 Page 72
5.4 Consolidated notes
Accounting policy CONTINUED
1. Revenue from contracts with customers CONTINUED
| Annual report 2022 Page 73
5.4 Consolidated notes
1. Revenue from contracts with customers CONTINUED
| Annual report 2022 Page 74
5.4 Consolidated notes
1. Revenue from contracts with customers CONTINUED
| Annual report 2022 Page 75
5.4 Consolidated notes
| Annual report 2022 Page 76
5.4 Consolidated notes
| Annual report 2022 Page 77
5.4 Consolidated notes
| Annual report 2022 Page 78
5.4 Consolidated notes
| Annual report 2022 Page 79
5.4 Consolidated notes
4. Staff costs CONTINUED
| Annual report 2022 Page 80
5.4 Consolidated notes
| Annual report 2022 Page 81
5.4 Consolidated notes
5. Share-based payment, warrants CONTINUED
| Annual report 2022 Page 82
5.4 Consolidated notes
| Annual report 2022 Page 83
5.4 Consolidated notes
| Annual report 2022 Page 84
5.4 Consolidated notes
| Annual report 2022 Page 85
5.4 Consolidated notes
| Annual report 2022 Page 86
5.4 Consolidated notes
| Annual report 2022 Page 87
5.4 Consolidated notes
| Annual report 2022 Page 88
5.4 Consolidated notes
11. Intangible assets CONTINUED
| Annual report 2022 Page 89
5.4 Consolidated notes
11. Intangible assets CONTINUED
| Annual report 2022 Page 90
5.4 Consolidated notes
11. Intangible assets CONTINUED
| Annual report 2022 Page 91
5.4 Consolidated notes
| Annual report 2022 Page 92
5.4 Consolidated notes
12. Tangible assets CONTINUED
| Annual report 2022 Page 93
5.4 Consolidated notes
12. Tangible assets CONTINUED
| Annual report 2022 Page 94
5.4 Consolidated notes
| Annual report 2022 Page 95
5.4 Consolidated notes
13. Leases – right-of-use assets CONTINUED
| Annual report 2022 Page 96
5.4 Consolidated notes
13. Leases – right-of-use assets CONTINUED
| Annual report 2022 Page 97
5.4 Consolidated notes
| Annual report 2022 Page 98
5.4 Consolidated notes
14. Deferred tax CONTINUED
| Annual report 2022 Page 99
5.4 Consolidated notes
| Annual report 2022 Page 100
5.4 Consolidated notes
| Annual report 2022 Page 101
5.4 Consolidated notes
16. Contract assets and liabilities CONTINUED
| Annual report 2022 Page 102
5.4 Consolidated notes
| Annual report 2022 Page 103
5.4 Consolidated notes
17. Bank loans and credit facilities CONTINUED
| Annual report 2022 Page 104
5.4 Consolidated notes
| Annual report 2022 Page 105
5.4 Consolidated notes
18. Provisions CONTINUED
| Annual report 2022 Page 106
5.4 Consolidated notes
| Annual report 2022 Page 107
5.4 Consolidated notes
| Annual report 2022 Page 108
5.4 Consolidated notes
20. Exchange rate, liquidity and credit risks CONTINUED
| Annual report 2022 Page 109
5.4 Consolidated notes
20. Exchange rate, liquidity and credit risks CONTINUED
| Annual report 2022 Page 110
5.4 Consolidated notes
| Annual report 2022 Page 111
5.4 Consolidated notes
| Annual report 2022 Page 112
5.4 Consolidated notes
25. Group accounting policies CONTINUED
| Annual report 2022 Page 113
5.5 Parent company financial statements
5.5 PARENT COMPANY FINANCIAL
STATEMENTS
Notes
Revenue
0
Other
income 900
1,2
Administrative expenses
(4,025) (4,061)
Operating
profit beforespecial items(EBIT) (4,025) (3,161)
3
Special items
(1,650) -
Operating profit (EBIT)
(5,675) (3,161)
4,8
Financial
income 1,051 148
4
Financial
expenses (1,889) (868)
Profit
beforetax (6,513) (3,881)
5
Tax
on profit for the year 1,784 1,381
Profitfor the year (4,729) (2,500)
Parent company income statement
2022 2021
DKKThousands 2022 2021
Notes
Profit for the year
(4,729)
(2,500)
Other comprehensive income - 0
Comprehensive income (4,729) (2,500)
Comprehensive income attributable to SKAKO A/S shareholders (4,729) (2,500)
Parentcompanystatementof comprehensive income
DKKThousands
| Annual report 2022 Page 114
5.5 Parent company financial statements
Notes
Other
intangible assets - -
6
Intangible
assets - -
Operating
equipment, fixtures and fittings - -
Leasehold
improvements - -
Tangible
assets under construction - -
7
Tangible
assets - -
8
Investments
in subsidiaries 164,159 164,159
Other
receivables - -
9
Deferred
tax assets 1,020 687
Other
non-current assets 165,179 164,846
Total
non-current assets 165,179 164,846
Receivables
from subsidiaries 232 13,960
Trade
receivables - -
Income
tax 2,304 1,305
Other
receivables 59 194
Prepaid
expenses 231 -
Other
investments - -
Cash
488 20,182
Currentassets 3,314 35,641
Assets 168,493 200,487
Parent company balance sheet - 31 December
DKK Thousands 20212022
| Annual report 2022 Page 115
5.5 Parent company financial statements
Notes
Share
capital 31,064 31,064
Retained
earnings 73,222 92,825
Proposed
dividends 15,532 12,335
T
otal equity 119,818 136,224
Debt
to subsidiaries 37,803 27,848
Bank
loans and credit facilities 6,738 35,970
Trade
payables 868 24
Other
liabilities 3,266 421
Current
liabilities 48,675 64,263
Liabilities
48,675 64,263
EQUITYAND LIABILITIES 168,493 200,487
Parent company balance sheet - 31 December
DKK Thousands 20212022
| Annual report 2022 Page 116
5.5 Parent company financial statements
Notes
Profit
before tax (6,513) (3,881)
10
Adjustments
(530) 1,227
Changes
in receivables, etc. (95) (975)
Change
in trade payables and other liabilities, etc. 4,074 (1,352)
Cash
flow from operating activities before financial items and tax (3,064) (4,981)
Financial
items received and paid (530) (720)
Taxes
paid and received 1,784 854
Cash
flow from operating activities (1,810) (4,847)
Change
in intra-Group balances 23,683 3,267
Change
in short-term bank facilities (29,232) 30,988
Distributed
dividends (12,335) (9,252)
Cash
flow from financingactivities (17,884) 25,003
Change
in cash and cash equivalents (19,694) 20,156
Cash
and cash equivalents 1 January 20,182 26
Cash
and cash equivalents 31 December 488 20,182
Breakdown
of cash and cash equivalents at the end of the year:
Cash
488 20,182
Other
investments -
Cash and cash equivalents at the end of the year 488 20,182
Parent company cash flow statement
DKK Thousands 2022 2021
| Annual report 2022 Page 117
5.5 Parent company financial statements
DKKThousands Share capital
Retained
earnings
Proposed
dividends
Equity
Equity 1 January 2022 31,064 92,825 12,335 136,224
Paid dividends (12,335) (12,335)
Comprehensiveincome in 2022:
Loss for the year - (20,261) 15,532 (4,729)
Other comprehensive income - -
-
-
Comprehensiveincome, year -
(20,261) 15,532 (4,729)
Share-based payment, share warrants - 658 - 658
Equity 31 December 2022
31,064 73,222 15,532 119,818
Parent company statement of changes in equity
DKKThousands Share capital
Retained
earnings
Proposed
dividends
Equity
Equity 1 January 2021 31,064 107,152 9,252 147,468
Distributed interim dividends (9,252) (9,252)
Comprehensiveincome in 2021:
Loss for the year - (14,835) 12,335 (2,500)
Other comprehensive income - -
-
-
Comprehensiveincome, year -
(14,835) 12,335 (2,500)
Share-based payment, share warrants - 508 - 508
Equity 31 December 2021
31,064 92,825 12,335 136,224
| Annual report 2022 Page 118
5.6 Parent company notes
5.6 PARENT COMPANY NOTES
DKK
Thousands 2022 2021
PWC
Statutory
audit 576 366
Other
assurance engagements - -
Tax
and indirect taxes consultancy 119 -
Other
services 159 83
854 449
1. Staff costs
Number of employees in 2022: 0 (2021: 0)
For information regarding Executive Management and Board of Directors remuneration, including share-based warrant plans,
please refer to note 3 and note 4 in the consolidated financial statements.
2.Fee to parent company auditors appointed
at the Annual General Meeting
The fee for non-audit services delivered by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab
to the parent company amounts to DKK 0.3m (2021: DKK 0.1m) and consists of accounting and tax advisory.
3. Special items
Special items consists of salaries and other remuneration for the dismissal of the former Group CFO amounting to DKK 1.65m (2021: DKK 0m)
| Annual report 2022 Page 119
5.6 Parent company notes
DKKThousands 2022 2021
Interest from subsidiaries 631 8
Dividends received from subsidiaries - -
Reversal of write-down of shares in subsidiaries - -
Financial income from financial assets not measured at fair value in the income statement 631 8
Other financial income 420 140
Financial income 1,051 148
Interest to subsidiaries (626) (391)
Interest on bank debt (668) (221)
Interest on lease debt - -
Financial expenseson financial liabilities not measured at fair value in the income statement (1,294) (612)
Other financial expenses (595) (256)
Financial expenses (1,889) (868)
Net financial items (838) (720)
4. Net financial income
| Annual report 2022 Page 120
5.6 Parent company notes
DKKThousands 2022 2021
Current tax on the profit for the year 1,450 854
Adjustment of current tax, prior years - -
Change in deferred tax 334 -
Adjustment of deferred tax, prior years - 527
Impact on changes in corporate tax rates - -
Tax
for the period 1,784 1,381
Danish corporate tax rates 1,433 854
Effect of tax rates in foreign jurisdictions - -
Impact in changes in corporate tax rates - -
Tax assets not capitalized 351 527
Permanent differences and other items - -
1,784 1,381
5. Tax on profit for the year
| Annual report 2022 Page 121
5.6 Parent company notes
DKKThousands 2022 2021
Software Software
Cost 1 January 907 907
Investments - -
Disposals - -
Transferred between categories - -
Cost 31 December 907 907
Amortization and impairment 1 January 907 907
Disposals - -
Amortisation - -
Amortization and impairment 31 December 907 907
Carrying amount 31 December - -
6. Intangible assets
| Annual report 2022 Page 122
5.6 Parent company notes
DKKThousands
Leaseholdimprovements Operating equipment, fixtures and fittings Total
Cost 1 January 2022 341 2,168 2,509
Investments - - -
Disposals - - -
Transferred between categories - - -
Cost 31 December 2022 341 2,168 2,509
Depreciation and impairment 1 January 2022 341 2,168 2,509
Transferred between categories - - -
Disposals - - -
Depreciation - - -
Depreciation and impairment 31 December 2022 341 2,168 2,509
Carrying amount 31 December 2022 - - -
7. Tangible assets
DKKThousands
Leaseholdimprovements Operating equipment, fixtures and fittings Total
Cost 1 January 2021 341 2,168 2,509
Investments - - -
Disposals - - -
Transferred between categories - - -
Cost 31 December 2021 341 2,168 2,509
Depreciation and impairment 1 January 2021 341 2,168 2,509
Transferred between categories - - -
Disposals - - -
Depreciation - - -
Depreciation and impairment 31 December 2021 341 2,168 2,509
Carrying amount 31 December 2021 - - -
| Annual report 2022 Page 123
5.6 Parent company notes
DKKThousands 2022 2021
Cost 1 January 260,534 260,534
Investments - -
Disposals - -
Cost 31 December 260,534 260,534
Write-down 1 January (96,375) (96,375)
Reversal of write-down - -
Write-down31 December (96,375) (96,375)
Carrying amount 31 December 164,159 164,159
8. Investments in subsidiaries
Group companies are listed on page 127.
| Annual report 2022 Page 124
5.6 Parent company notes
DKKThousands 2022 2021
Deferred tax recognizedin the balance sheet:
Deferred tax assets 1,020 687
Deferred tax liabilities - -
Deferredtax, net 31 December 1,020 687
Deferred tax, net 1 January 687 159
Changes in deferred tax 333 528
Deferredtax, net 31 December 1,020 687
Deferredtax assets:
Tax losses 1,020 687
1,020 687
Deferred tax assets not recognized:
Property, plants and equipment 205 205
Inventories - -
Other items 121 121
Tax losses 3,754 4,088
4,080 4,414
9. Deferred tax
Tax losses carried forward are not subject to time limitation.
| Annual report 2022 Page 125
5.6 Parent company notes
DKKThousands 2022 2021
Dividends received from subsidiaries -
Depreciations -
Financial items received and paid (530) 720
Other 507
(530) 1,227
10. Adjustments, cash flow statement
Adjustments
DKKThousands 2022 2021
Borrowings 1. January 35,970 4,982
Repayments (29,232) -
New borrowings - 30,988
Currency adjustments - -
Borrowings 31. December 6,738 35,970
Change in borrowings and short-term credit facilities
11. Contracts liabilities, contingent
liabilities and securities
Please refer to note 20 in the consolidated financial statements.
As security for SKAKO Concrete A/S’ and SKAKO Vibration A/S’ outstanding account in relation to its primary financial institution, the company has provided an unlimited,
joint and several suretyships.
Towards the company’s primary financial institution, a company deposit of DKK 50m (2021: DKK 50m) has been provided with deposit in unsecured claims, stocks,
tangible assets and intangible rights.
There is a 12-month rent commitment related to the building in Denmark. The minimum rent liability amounts to DKK 3.1m (2021: DKK 3.0m).
The company is jointly taxed with all Danish subsidiaries. The company is jointly and severally liable with the other companies in the joint taxation for Danish corporate
taxes and withholding taxes on dividend, interests and royalties within the joint taxation.
| Annual report 2022 Page 126
5.6 Parent company notes
12. Events after the balance sheet date
Please refer to note 23 in the consolidated financial statements.
13. Accounting policies
The financial statements for 2022 of the parent company, SKAKO A/S has been prepared in accordance with International Financial Reporting Standards as adopted by
the EU and Danish disclosure requirements for annual reports of listed companies under reporting class D. The financial statements have been prepared in accordance
with the historical cost convention, as modified by the revaluation of derivative financial instruments at fair value.
The accounting policies for the financial statements of the parent company are unchanged from the last financial year and are the same as for the consolidated financial
statements with the following additions.
Supplementary accounting policies for the parent c ompany
Investments in Subsidiaries
Investments in subsidiaries are recognized at cost less impairment losses. Where the recoverable amount is lower than cost, investments are written down to this lower
value. Dividends received from investments in subsidiaries and associates are recognized in the income statement in the financial year in which the dividends are
declared.
Intra-group transactions in the Parent Company Financial Statements
Intra-group transactions are recognized in the parent company financial statements at the carrying amount. Accordingly, additions to or disposals of investments
are recognized at the carrying amount, and any difference between the carrying amount of net assets and the consideration paid is recognized directly in equity.
Comparative figures are not restated.
Intercompany balances
Intercompany balances which are expected to be settled as part of the normal operating cycle, or where an unconditional right to defer settlement.
12. Related parties
Please refer to note 22 in the consolidated financial statements.
In 2021, the Parent Company has sold services to subsidiaries for DKK 10,8m (2021: DKK 900k) and paid net interest expenses, cf. note 3.
| Annual report 2022 Page 127
Subsidiaries
Company name Country Interest
SKAKO A/S Denmark Parent
SKAKO Concrete A/S Denmark 100%
SKAKO GmbH Germany 100 %
SKAKO Concrete, Inc. USA 100 %
SKAKO Concrete S.A. France 100 %
Conparts ApS Denmark 100 %
SKAKO Vibration A/S Denmark 100 %
SKAKO Vibration Ltd. UK 100 %
SKAKO Dartek S.L. Spain 100 %
SKAKO Vibration S.A. France 100 %
SKAKO Vibration Succursale Maroc Morocco 100 %
Aktieselskabet af 01.04.2012 Denmark 100 %
