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Pettinaroli A/S Northern Europe
Mandal Alle 21, 5500 Middelfart, CVR 58495913
Company type
Limited Corporation
Established
1976
Size
Small
Employees
18
Revenue
-
DKK
Gross profit
19
MDKK
Operating Profit (EBIT)
5,967,968
DKK
Profit for the year
4,041,050
DKK
Equity
11
MDKK
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Rank Profit for the year
Rank in industry
5/93
"Top 10%"
Rank in Denmark
23,995/351,375
"Top 10%"
Top management top 3
| Kim Svaneborg 4 | CEO |
Board top 3
| Ugo Giovanni Pettinaroli 2 | Chairman of board |
| Kim Svaneborg 4 | Boardmember |
| Giulio Pettinaroli 1 | Boardmember |
Legal owners top 3
Rights certificate
Virksomheden tegnes af den administrerende direktør eller af den samlede bestyrelse.
Company information based on CVR
| Name | Pettinaroli A/S Northern Europe |
| CVR | 58495913 |
| Address | Mandal Alle 21, 5500 Middelfart |
| Industry | Agents involved in the sale of timber and building materials [461300] |
| Web | www.pettinaroli.dk |
| Established | 31-05-1976 (48 yr) |
| Company type | Limited Corporation |
| Number of employees | 21 (man years:19) |
| Advertising protection | No |
| Auditor | Deloitte Statsautoriseret Revisionspartnerselskab since 30-09-2015 |
| Financial statement period | 01-01 to 31-12 |
| Company capital | 500,000 DKK 200,000 DKK (11-12-1996 - 19-12-1999) 80,000 DKK (30-08-1987 - 10-12-1996) |
| Articles of assoc. last | 10-07-2024 |
Member of industries
- Agents involved in the sale of timber and building materialsNACE6 containing 157 comp.
- Wholesale on a fee or contract basisNACE3 containing 2,589 comp.
- Wholesale trade, except of motor vehicles and motorcyclesNACE2 containing 23,985 comp.
- Wholesale and retail trade, repair of motor vehicles and motorcyclesNACE1 containing 74,398 comp.
Purpose
Selskabets formål er handel, håndværk, industri og financiering.
Financial Statement
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Currency/unit | 000' DKK | 000' DKK | 000' DKK |
| Revenue | - - | - - | - - |
| Gross Profit | 18,877 -11% | 21,163 +6% | 20,030 +28% |
| Profit for the year | 4,041 -40% | 6,747 0% | 6,757 +82% |
| Equity | 11,351 -11% | 12,708 +12% | 11,366 +49% |
| Total Assets | 58,723 -12% | 66,608 +27% | 52,322 +1% |
Mangement review summary
Description of significant activities of entity
Primary activitiesThe company’s principal activity is, like in previous years, the sale of Italian heating and plumbing components in several North European countries. The Company acts as sales and distribution center for Fratelli Pettinaroli S.p.A. in Northern Europe.Description of any uncertainty connected with recognition or measurement
Uncertainty relating to recognition and measurementWe have organized our ERP systems and internal control procedures to minimize the uncertaintyrelating to recognition and measurement. We find that the uncertainty is insignificant.
Description of any unusual circumstances affecting recognition or measurement
Unusual circumstances affecting recognition and measurementWe are not aware that such circumstances have occurred.Description of development in activities and financial affairs
Development in activities and financesIn 2023 an important product launch was heavily delayed and reduced our market share a bit. Ourturnover recovered a bit throughout the year, and we ended with a turnover result slightly below
the previous year. Due to the late product launch our product mix changed with less high margin
sales to more commodities with less margin. The influence of the COVID-19 pandemic has not had
any influence on the activities of the year.
In 2023 we have continued a major upgrade on our ERP system moving from an “OnPremise” system
to a SaaS (Software as a Service) cloud-based system. The investment in this upgrade far exceeded
the budget as we used the occasion to digitalize several workflow procedures.
The high interest rate level also had a negative influence on the profit as the financial expenses
towards our mother company more than doubled.
The increased sales costs, the high interest rate and the heavy investment in the IT-system upgrade
and digitalization have influenced the operational profit, that has been reduced in 2023 despite an
almost unchanged turnover.
Description of significant events occurring after end of reporting period
Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation ofthis annual report.
Description of expected development
OutlookThe current political instability (both in Russian/Ukraine and in Israel/Palestine) and the financialsituation imposes some uncertainty for the future. Pettinaroli A/S is less dependent on investment
founded building projects as many of our competitors and therefore less hurt by the decreased
investment level in the building industry.
For 2024 we are expecting a difficult year with a similar result to 2023.
Date of general meeting: 21-03-2024