Tip Trailer Services Denmark Aps

Management's review

Development in activitiesOperating profit increased to DKK 67 million compared to 2021 when operating profit was DKK 48 million.The net book value of trailers has increased during the year from DKK 928 million as of 31 December 2021 to DKK 1,134 million as of 31 December 2022, driven by purchases of new equipment. Sales of trailers accounted for DKK 87 million while additions during 2022 amounted to DKK 398 million.The Company kept investing in its fleet through 2022 which increased rental and leasing revenues. In addition it continued to develop its 3rd party maintenance and repair product offering both organically and through the acquisition of two workshops in Esbjerg and Vejle. The management plans to keep on investing in new fleet, acquiring workshops and modernising the existing ones.Despite uncertainty caused by the energy and supply chain crisis, the Company shows a robust performance aided by high fleet utilisation. Moreover, the result in the first quarter 2023 projects a profit at year end. The Company expects a profit before tax in the range of DKK 20 to 23 million for the coming year.Financial positionThe Company has capital and reserves of DKK 429 million at 2022 year end. The capital structure is considered satisfactory and sufficient to continue with the Company's activities in the upcoming financial year. On January 1, 2019 the intra-group loan received from Global TIP Finance B.V. was extended till December 31, 2023.