Ult Holding Aps

Operational HighlightsOn the February 2, 2022 LOWENCO A/S was acquired, hence operating activities in the group has been recognised from that date.The gross profit for the year totals DKK 35,664 thousand. Total loss from ordinary activities after tax totals DKK 47,759 thousand. Management does not consider the net profit for the year satisfactory.In 2022, the company's cash and cash equivalents increased by DKK 10,278 thousand.Income statementDuring 2022, the activity was lower than expected, mainly due to the postponement by customers of planned and expected projects. The group has managed to balance its activity level accordingly, however the result is not satisfactory as the group has made a loss of DKK 47,759 thousand.Cash Flow & liquidityBased on the strong balance sheet and high expectations to the demand for the group’s products, the group utilized its available resources in the last part of the year to increase the inventory. Adjusted for the negative cash flow from the increase in inventory, the operational cashflow for the group was positive, in a year with lower-than-expected activity.The funding of the group is during 2023 further strengthened through shareholder loans.Equity & balance sheetFollowing the change in ownership of the subsidiary LOWENCO A/S on February 2, 2022, the total balance is reflecting the various elements in the valuation of the group through the purchase price allocation. The development in the operational elements of the balance sheet is according to the activity level of the group, except for inventory which is impacted by then increase in inventory.The equity for the group amounts to DKK 433,081 thousand.