Notes to the consolidated financial statements
Note 1: Summary of significant accounting policies
Basis of preparation
The
The JENSEN-GROUP shares are quoted on the Euronext Stock Exchange.
The Board of Directors approved the present consolidated financial statements for publication on March 6, 2025.
These consolidated financial statements are for the 12 months ended December 31, 2024, and are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. These annual financial statements have been prepared in accordance with those IFRS standards and IFRIC interpretations issued and effective as at December 31, 2024 and which have been adopted by the European Union.
These consolidated financial statements have been prepared under the historical cost convention, with financial assets and financial liabilities (including derivative instruments), assets held for sale and defined benefit plans stated at fair value through profit or loss or OCI or at amortized cost.
These consolidated financial statements are prepared on an accrual basis and on the assumption that the Group is a going concern and will continue to be in operation for the foreseeable future.
The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The areas involving a higher degree of judgment or complexity, or where assumptions and estimates are significant to the consolidated financial statements, are disclosed in the accounting policies.
Standards and interpretations applicable for the annual period beginning on or after 1 January 2024:
▪ Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants
▪ Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback
▪ Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements
Standards and interpretations published, but not yet applicable for the annual period beginning on 1 January 2024:
▪ Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (applicable for annual periods beginning on or after 1 January 2025)
▪ IFRS 18 Presentation and Disclosure in Financial Statements (applicable for annual periods beginning on or after 1 January 2027, but not yet endorsed in the EU)
▪ IFRS 19 Subsidiaries without Public Accountability – Disclosures (applicable for annual periods beginning on or after 1 January 2027, but not yet endorsed in the EU)
▪ Amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments (applicable for annual periods beginning on or after 1 January 2026, but not yet endorsed in the EU)
▪ Annual Improvements – Volume 11 (applicable for annual periods beginning on or after 1 January 2026, but not yet endorsed in the EU)
None of these IFRS standards have a material impact on the Group's financials in 2024.
ESEF
Due to the technical limitations inherent to the block-tagging of the consolidated financial statements according to the European single electronic format, the content of certain tags of the notes may not be rendered identically to the accompanying consolidated financial statements.
The main accounting policies defined by the Group are as follows:
Consolidation Methods
The consolidated financial statements are presented in euro and rounded to the nearest thousand.
Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.
Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are de-consolidated from the date that control ceases.
The group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The group recognizes any non-controlling interest in any acquired company on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest’s proportionate share of the recognized amounts of the acquiree’s identifiable net assets.
Acquisition-related costs are expensed as incurred.
Intercompany transactions, balances and unrealized gains and losses on transactions between group companies are eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform with the group’s accounting policies.
Investments in associates and joint ventures are accounted for under the equity method set out in IAS28, subject to certain exceptions. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investors’ share in the profit or loss of the investee after the date of acquisition. Associates are those investments where the investor has significant influence. A joint venture is a joint arrangement where the investor has joint control but does not have direct rights to assets or obligation for liabilities. For entities where the Group holds 20% or more of the voting power of another entity, either directly or indirectly, the Group is presumed to have significant influence over that entity. The presumption of significant influence from a 20% or more investment can be rebutted where the Group can demonstrate that it has or does not have significant influence. Likewise, significant influence could be demonstrated for an investment of less than 20%. The existence of a substantial or majority ownership by another entity does not necessarily preclude the Group from having significant influence.
Use of estimates & key judgements
The preparation of the financial statements involves the use of estimates and assumptions, which may have an impact on the reported values of assets and liabilities at the end of the period as well as on certain items of income and expense for the period. There are no major sources of estimation uncertainty at the Group. Estimates are based on economic data, which are likely to vary over time, and are subject to a degree of uncertainty. These mainly relate to contracts in progress (percentage of completion method), pension liabilities, provisions for other liabilities and charges. We refer to the notes for more information.
There are no key judgements in the preparation of the financial statements.
Translation of Foreign Currency - Transactions
The conversion of assets, liabilities and commitments which are denominated in foreign currencies is based on the following guidelines:
- monetary assets and liabilities are translated at closing rates;
- transactions in foreign currencies are converted at the foreign exchange rate prevailing at the date of the transaction;
- foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges;
- non-monetary assets and liabilities are translated at the foreign exchange rate prevailing at the date of the transaction.
Translation of Foreign currency - Operations
The results and financial positions of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:
- assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet;
- income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rates of the dates of the transactions); and
- all resulting translation differences are recognized as a separate component of equity.
Initial Recognition
Upon consolidation, exchange differences arising from the translation of the net investment in foreign operations and of borrowings are taken to shareholders’ equity. When a foreign operation is sold, exchange differences that were recorded in equity are recognized in the income statement as part of the gain or loss on sale.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate.
Revenue Recognition - projects
The JENSEN-GROUP has developed a five-step model for recognizing revenue from contracts with customers:
- Step 1. Identifying the customer contracts
A contract creates enforceable rights and obligations. The contract may be written, oral or implied by customary business practice. A contract contains a promise (or promises) to transfer goods or services to a customer.
When identifying the customer contracts, first the customer should be determined and then it should be assessed whether a contract exists. JENSEN-GROUP defines a “customer” and a “contract” as follows:
- Customer: a party that has contracted to obtain goods or services that are an output of ordinary activities in exchange for consideration;
- Contract: an agreement between two or more parties that creates enforceable rights and obligations.
o Contracts shall be combined when they are entered into at or near the same time and are negotiated as a package, payment of one depends on the other, or goods/services promised are a single performance obligation.
o A contract modification or change order is accounted for as a separate contract or as a continuation of the original contract prospectively or with cumulative catch-up, depending on facts and circumstances.
- Step 2. Identifying performance obligations
Performance obligations are the unit of account for the purposes of applying the revenue standard and therefore determine when and how revenue is recognized. A performance obligation is a promise to provide a distinct good or service or a series of distinct goods or services, including those a customer can resell or provide to its customers.
The Group has identified one performance obligation within its contracts: the installation of an operational or a commissioned heavy-duty laundry system. Revenue related to this performance obligation is recognized over time as both the JENSEN-GROUP does not create an asset with an alternative use (not practically possible to direct or transfer the constructed asset in its completed state to another customer as the installations are typically designed around the specific needs and requirements of the customer) and its contracts provides the JENSEN-GROUP an enforceable right to payment for performance completed to date. This enforceable right to payment represents an amount that at least compensates JENSEN for performance completed to date if the contract is terminated by the customer or another party for reasons other than JENSEN's failure to perform as promised.
- Step 3. Determining the transaction price
ANNUAL REPORT 2024
The transaction price includes only those amounts to which the Group is entitled under the present contract.
- Step 4. Allocating the transaction price
The transaction price is allocated to the performance obligation in the contract based on relative standalone selling prices of the goods or services being provided to the customer.
- Step 5. Recognizing revenue
Revenue is recognized when (or as) the performance obligations are satisfied. Revenue is allocated to the individual performance obligations when or as the customer obtains control over the products to be delivered or services to be performed under the customer contract.
The JENSEN-GROUP recognizes revenue over time by measuring the progress toward complete satisfaction of the performance obligation. The JENSEN-GROUP uses the input method (costs incurred up to the balance sheet date as compared to the total estimated costs to incur to complete the project) recognizing the revenue based on the Group’s effort to satisfy the performance obligation. Any costs linked to uninstalled materials or costs incurred that relate to future activities are excluded from measuring progress towards satisfying a performance obligation.
- When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognized only to the extent of contract costs incurred that are likely to be recoverable.
- When the outcome of a construction contract can be estimated reliably and it is probable that the contract will be profitable, contract revenue is recognized over the period of the contract. When it is probable that total contract costs will exceed total contract revenue, the total expected loss is recognized as an expense immediately.
The JENSEN-GROUP presents a contract as a contract asset, excluding any amounts already received by means of progress billings, if the Group has performed by transferring goods or services to a customer before the customer pays consideration or before payment is due. A contract asset is an entity’s right to consideration in exchange for goods or services that the entity has transferred to a customer.
The JENSEN-GROUP presents a contract as a contract liability when the payment is made or the payment is due (whichever is earlier), if the customer has paid a consideration before the Group transfers a good or service to the customer. A contract liability is an entity’s obligation to transfer goods or services to a customer for which the entity has received consideration (or an amount of consideration is due) from the customer.
The timing of invoicing and the payment terms are discussed case by case. The billing schedule and the typical timing of the payment does not materially differentiate from the pattern of revenue recognition.
There are no important variable considerations for projects.
The process whereby an order is produced, installed, commissioned and handed over normally lasts a year or less.
Revenue Recognition - other
- Royalties and rentals are recognized as income when it is probable that the economic benefits associated with the transaction can be sufficiently measured and will flow to the Group. The income is recognized on an accrual basis in accordance with the substance of the relevant agreement.
- Spare parts revenue is recognized at a point in time.
Other income and other expenses relate primarily to income received from the insurance company, support from authorities, deductible tax charges, restructuring measures or other income or expenses arising from events or transactions that are clearly distinct from the ordinary business activities of the Group.
Goodwill
On the acquisition of a new subsidiary or participation, the difference between the acquisition price and the Group share of the identifiable assets, liabilities and contingent liabilities of the consolidated subsidiary or participation, after adjustments to reflect fair value, is recorded in the consolidated balance sheet under assets as goodwill. Goodwill is not amortized but tested for impairment annually, or more frequently, if events or changes in circumstances indicate a possible impairment. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to a cash-generating unit for the purpose of impairment testing.
Intangible assets
Research and development expenses
Research costs are charged to the income statement in the year in which they are incurred.
Until the end of 2020, JENSEN-GROUP did not capitalize development expenses but expensed them as incurred. The expenses then mainly concerned product enhancements. For specific projects (like Inwatec), development expenses are only capitalized if they are likely to yield future economic benefits.
Capitalized development expenses are amortized on a straight-line basis over the estimated useful life, which is normally to be considered no longer than 10 years. The amortization period is evaluated continually, and the asset is reviewed annually for impairment.
Concessions, patents, licenses, know-how and other similar rights etc.
Property, plant and equipment
Property, plant and equipment are recorded at their acquisition value or construction cost less accumulated depreciation and impairment losses and increased, where appropriate, by ancillary costs.
ANNUAL REPORT 2024 The Group has broken down the cost of property, plant and equipment into major components. These major
Annual Depreciation rates: | ||
Buildings | 3.33% | 30y |
Infrastructure | 10% - 20% | 5y - 10y |
Roof | 10% | 10y |
Installations, plant and machinery | 10% - 33% | 3y - 10y |
Office equipment and furnishings | 10% - 20% | 5y - 10y |
Computer | 20% - 33% | 3y - 5y |
Vehicles | 20% - 33% | 3y - 5y |
components, which are replaced at regular intervals, are depreciated over their useful lives.
Tangible fixed assets are depreciated on a straight-line basis over their estimated useful lives from the month of acquisition onwards. If necessary, tangible fixed assets are considered as a combination of various units with separate useful lives.
The annual depreciation rates are as follows:
Leases where the Group is acting as a lessee – Right of use assets
The Group recognizes on the balance sheet nearly all leases reflecting the right to use an asset over the lease term as well as the associated lease liability for payments required to be made by the lessee to the lessor over the lease term.
The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received.
Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of their estimated useful life and the lease term. Right-of-use assets are subject to impairment.
Lease liabilities
At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expense in the period in which the event or condition that triggers the payment occurs.
The Group presents interest paid on its lease liabilities as financing activities in the cashflow statement. Variable payments as well as amounts paid for short-term and low-value leases are presented in the ‘operating activities’ line.
In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the intention to purchase the underlying asset.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value (i.e., below 5,000 euro). Lease payments on short-term leases and leases of low-value assets are recognized as expenses on a straight-line basis over the lease term.
Significant judgement in determining the lease term of contracts with renewal options
The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.
The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew (e.g., a change in business strategy).
Impairment of assets
Assets other than inventories, deferred tax assets, employee benefits and derivative financial instruments and assets arising from construction contracts are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable.
Whenever the carrying amount of an asset exceeds its recoverable amount (being the higher of its fair value less cost to sell and its value in use), an impairment loss is recognized in the profit and loss statement. The value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life.
Recoverable amounts are estimated for individual assets or, if this is not possible, for the cash-generating unit to which the assets belong.
Reversals of impairment losses recognized are recorded in income up to the initial amount of the impairment loss.
Goodwill is tested for impairment at least once a year. Impairment on goodwill can never be reversed at a later date.
Inventories and contracts in progress
Inventories are valued at the lower of cost or net realizable value. Depending on the different ERP systems, cost is determined by the first-in, first-out (FIFO) method or by the weighted average method. For produced inventories, cost means the full cost including all direct and indirect production costs required to bring the inventory items to the stage of completion at the balance sheet date. Net realizable value is the estimated selling price in the ordinary course of business, less the costs of completion and variable selling expenses.
Provisions for liabilities and charges
A provision is recognized in the balance sheet when the Group has a present obligation (legal or constructive) as a result of a past event, and when it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
The amount of the provision is the best estimate of the expenditure required to settle the present value of the obligation at the balance sheet date. The provisions are discounted when the impact of the time value of money is material.
Provisions for repurchase commitments are recorded when JENSEN-GROUP sells equipment to a customer for which the customer wants to enter into a leasing contract with a leasing company. In case of customer default, the leasing company can request JENSEN-GROUP to take back the machine in certain situations (see ‘Vendor financing, p.162). Based on historical data an appropriate percentage of the outstanding receivable is recorded and reversed a rato of the repayment by the customer.
Employee benefits
Some of the Group’s employees are eligible for retirement benefits under defined contribution and defined benefit plans.
The provision for employee benefit obligations is based on the calculation of an external, independent actuary. The calculation is based on the projected unit credit method.
- Defined contribution plans: contributions to defined contribution plans are recognized as an expense in the income statement as incurred.
- Defined benefit plans: for defined benefit plans, the amount recorded in the balance sheet is determined as the present value of the benefit obligation less the fair value of any plan assets. All past service costs are recognized in P&L.
The actuarial gains and losses are recognized in the period in which they occur outside profit and loss, in the consolidated statement of comprehensive income.
Deferred taxes
Deferred tax is recognized in full, using the liability method, on temporary differences arising between the value of assets and liabilities for tax purposes and their carrying amounts in the consolidated financial statements. However, deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss.
Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realized, or the deferred tax liability is settled.
Deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized.
Deferred tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income tax levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
Current taxes
The tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.
The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate based on amounts expected to be paid to the tax authorities.
Accrued charges and deferred income
Accrued charges are costs that have been charged against income but not yet disbursed at balance sheet date. Deferred income is revenue that will be recognized in future periods.
Financial instruments
Financial instruments are recorded at trade date. The fair value of the financial instruments is determined by using valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date.
Accounts and notes receivable
Cash and cash equivalent
Cash and cash equivalent includes cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet.
Payables (after one year and within one year)
Amounts payable are carried at nominal value at the balance sheet date.
Derivative financial instruments
The Group uses derivative financial instruments to reduce the exposure to adverse fluctuations in interest rates and foreign exchange rates. It is the Group’s policy not to hold derivative financial instruments for speculative or trading purposes.
Derivative financial instruments are recognized initially at fair value. Subsequently, after initial recognition, derivative financial instruments are stated at fair value. Recognition of any resulting gain or loss depends on the nature of the item being hedged. Derivative financial instruments that are either hedging instruments that are not designated or do not qualify as hedges are carried at fair value, with changes in value included in the income statement.
Cash flow hedges
Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognized asset or liability, a firm commitment or a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial instrument is recognized directly in other comprehensive income. When the firm commitment or forecasted transaction results in the recognition of an asset or liability, the cumulative gain or loss is removed from other comprehensive income and included in the initial measurement of the acquisition cost or other carrying amount of the asset or liability.
Otherwise, the cumulative gain or loss is removed from other comprehensive income and recognized in the income statement at the same time as the hedged transaction.
The ineffective part of any gain or loss is recognized in the income statement immediately. Any gain or loss arising from changes in the time value of the derivative financial instrument is excluded from the measurement of hedge effectiveness and is recognized in the income statement immediately.
When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss at that point remains in other comprehensive income and is recognized in accordance with the above policy when the transaction occurs. If the hedged transaction is no longer probable, the cumulative unrealized gain or loss recognized in other comprehensive income is recognized in the income statement immediately.
Financial assets at amortized cost
All movements in financial assets at amortized cost are accounted for at trade date. Financial assets at amortized cost are carried at purchase price.
Financial assets at fair value through OCI (Other comprehensive income)
Government Grants
Government grants received by JENSEN-GROUP are recognized in profit or loss as other income on a systematic basis over the periods in which the entities recognize the expenses for the related costs for which the grants are intended to compensate, which in the case of grants related to assets requires setting up the grant as deferred income or deducting it from the carrying amount of the asset. The income of the government grants is only recognized if there is reasonable assurance that the entities will comply with the conditions attached to it and the grant will be received. As long as not all the conditions are met, the government grant received is presented as a debt.
Borrowings
Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method.
Non-current assets (or disposal groups) held for sale
Non-current assets (or disposal groups) are classified as assets held for sale and stated at the lower of carrying amount and fair value less costs to sell if their carrying amount is recovered principally through a sale transaction rather than through a continuing use.
Non-controlling forward purchase
The forward purchase is accounted for as a liability on the balance sheet. At initial recognition the debit recognized in equity is presented as a deduction of NCI, the difference is reflected in equity.
Consolidated statement of cash flows
The consolidated cash flow statement reports the cash flow during the period classified by analyzing the cash flow from operating, investing and financing activities.
Business combination
On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets.
Segment reporting
The Group is operating in a single business segment: Heavy-Duty Laundry.
Closing date and length of accounting period
All accounting periods presented represent 12 months of operations starting on January 1 of each year.
Change in valuation rules
There are no changes in the accounting policies compared with the accounting policies used in the preparation of the consolidated financial statements as per December 31, 2023.
In 2022, all the conditions for considering Turkiye as a hyperinflationary economy by IFRS standards were fulfilled and consequently, the IAS 29 standard on financial reporting in hyperinflationary economies became applicable. Consequently, the Group applies hyperinflation accounting to its Turkish subsidiaries as from January 1st, 2022. The IAS 29 standard requires the restatement of the non-monetary elements of the assets and liabilities of the country in hyperinflation as well as its income statement to reflect the evolution of the general purchasing power of its functional currency, resulting in a profit or a loss on the net monetary position which is recorded in profit of the year. In addition, the financial statements of this country are translated at the closing rate for the related period. The impact of the application of IAS 29 for Turkiye are described in Note 22.
Note 2: Scope of consolidation
The parent Company, JENSEN-GROUP NV, and all the subsidiaries that it controls are included in the consolidation.
Changes in scope during 2024
In October 2023, JENSEN Denmark A/S, a Danish subsidiary of the JENSEN-GROUP, acquired Ole Almeborg A/S.
Subsequently, on May 17, 2024, JENSEN Denmark entered into a share sale and purchase agreement with Logitrans A/S resulting in the sale of 50% of the shares by the end of August 2024. As a consequence, JENSEN-GROUP now holds a 50% stake of Ole Almeborg, which has been consolidated using the equity method from September 1, 2024 onwards. This transaction does not have a material impact on the consolidated financial statements of the JENSEN-GROUP.
At the end of May 2024, JENSEN Italy acquired 33% of the shareholder rights in PrimaFolder. The participation is accounted for under the equity method.
On July 23, 2024, JENSEN-GROUP acquired a majority stake of 85% in MAXI-PRESS Holding GmbH, Germany and its subsidiaries. This participation is consolidated under the full consolidation method as from August 1, 2024. For more information see Note 23.
Note 3: Segment reporting
The total laundry industry can be split up into Consumer, Commercial and Heavy-Duty laundry. The JENSEN-GROUP entities serve end-customers only in the Heavy-Duty laundry segment. Most of these laundries range from large on premises laundries to large international textile rental groups. Basically, all JENSEN-GROUP customers follow the same processes. The JENSEN-GROUP sells its products and services under the JENSEN and INWATEC names through own sales and service companies and independent distributors worldwide.
Operating segments refer to the distinct areas of a company's operations that are analyzed regularly by the chief operating decision maker (CODM) for the purposes of resource allocation and assessment of segment performance. The JENSEN-GROUP's segment reporting aligns with the organization and reporting structure of its internal financial information, as reviewed by the Chief Executive Officer (CEO), the Executive Management Team (EMT), and the Board of Directors.
Group's management, encompassing the CEO, the EMT, and the Board of Directors, oversees the heavy-duty laundry business as a unified entity, guided by the strategic "50/500" plan. The evaluation of the company's performance, along with decisions regarding the allocation of resources, are based on the comprehensive review of the Profit and Loss Statement. This statement's progress and performance are scrutinized ten times annually, with more in-depth reporting and analysis conducted on a quarterly basis. Trading updates are issued in May and November, with a condensed set of financial figures released at the mid-year mark and a complete set provided at the end of the fiscal year.
Europe | America | Asia and Australia | December 31 | |||||
(in thousands of euro) | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
Revenue from external customers | 265,933 | 232,910 | 114,630 | 96,407 | 72,603 | 70,804 | 453,166 | 400,121 |
Attributable to | ||||||||
(in thousands of euro) | Belgium | Germany | France | America | Denmark | China | ||
Revenue from external customers | 21,075 | 52,263 | 42,832 | 99,192 | n/a | n/a | ||
Non-current assets* | 1,644 | 4,660 | 3,313 | 6,534 | 16,062 | 11,467 | ||
The primary metric for assessing profitability within the Profit and Loss Statement, as utilized by the EMT, who is viewed as the CODM at JENSEN GROUP, is consolidated operating profit (EBIT).
Despite the analysis of revenues and certain direct costs by the Group Controlling department, the CODM does not utilize a more detailed split out of the consolidated Profit and Loss Statement for business or operational management. Performance evaluation or resource allocation decisions are decided on a consolidated basis. Consequently, JENSEN-GROUP has identified that it operates as a single operating segment.
The following table presents revenue based on the Group’s geographical areas.
The basis for attributing revenues is based on the location of the customer:
Secondly, if revenues from external customers attributed to an individual foreign country are material, those revenues shall be disclosed separately according to the standard, as such Germany, France and America are disclosed below. The Group identifies 10% of the total consolidated revenue as material. Belgium is disclosed as the country of domicile of the Group Parent company.
The basis for the external revenues and non-currents assets disclosed is the legal entity in that area (before any consolidation entries).
Lastly, the Group notes there are no major customers, or group of customers controlled by the same owner that are material and required for disclosure per year-end December 31, 2024.
* Non-current assets included in the above table are limited to the local goodwill, intangibles and PP&E.
(in thousands of euro) | December 31, 2024 | December 31, 2023 |
ACQUISITION COST | ||
At the end of the preceding year | 24,820 | 24,868 |
Translation differences | 8 | -48 |
Additions | 24,939 | 0 |
Disposals | 0 | 0 |
Transfers | 0 | 0 |
Total acquisition cost | 49,767 | 24,820 |
DEPRECIATIONS AND AMOUNTS WRITTEN DOWN | ||
At the end of the preceding year | 1,995 | 1,989 |
Translation differences | 1 | 6 |
Depreciation | 0 | 0 |
Disposals | 0 | 0 |
Transfers | 0 | 0 |
Total depreciations and amounts written down | 1,996 | 1,995 |
Net carrying amount at the end of the year | 47,771 | 22,826 |
Note 4: Non-current assets
Goodwill
The goodwill arises mainly from the acquisitions of JENSEN Australia, JENSEN Austria, JENSEN Benelux, JENSEN France, JENSEN Italia, JENSEN Norway, JENSEN Spain, JENSEN Sverige (Sweden), JENSEN Switzerland and Inwatec.
The acquisition of MAXI-PRESS increased the goodwill of the JENSEN-GROUP by 24.9 million euro. For more information see Note 23.
The JENSEN-GROUP identifies the cash flow-generating units (CGU) as being the Group. JENSEN-GROUP assists the heavy-duty laundry industry worldwide by designing and supplying sustainable single machines as well as systems and integrated solutions. The success of JENSEN-GROUP results from combining the global skills with the local presence. The non-current assets of the plants are managed together, and the cash flows generated by the usage of these plants come from one group of local, regional or global customers that are approached with the same deliverable, being the optimization of the heavy-duty laundry activity. Therefore, the non-current assets of the plants are allocated to one CGU for impairment testing purposes.
Goodwill is subject to an annual impairment test, close to year-end, via a number of critical judgments, estimates and assumptions. Based on the comparison of the 'value in use' (derived using discounted free cash flow approach) and the carrying amount (book value of capital employed) of the CGU (the Group), the recoverable amount is calculated. JENSEN-GROUP believes that its estimates are reasonable; they are based on the past experience, external sources of information (such as long-term growth rate and discount rate) and reflect the best estimates by management.
December 31 2024 (in thousands of euro) | Know-how and Product Development | Licenses | Other intangibles | TOTAL |
ACQUISITION COST | ||||
At the end of the preceding year | 6,546 | 2,512 | 1,440 | 10,498 |
Translation differences | -5 | -1 | 0 | -6 |
Acquisition of subsidiaries | 0 | 190 | 0 | 190 |
Change in scope | 0 | 0 | -1,440 | -1,440 |
Additions | 856 | 21 | 0 | 877 |
Disposals | 0 | -343 | 0 | -343 |
Transfers | 0 | 0 | 0 | 0 |
Total acquisition cost | 7,397 | 2,379 | 0 | 9,766 |
DEPRECIATIONS AND AMOUNTS WRITTEN DOWN | ||||
At the end of the preceding year | 2,808 | 1,833 | 24 | 4,665 |
Translation differences | -17 | 21 | -30 | -26 |
Acquisition of subsidiaries | 0 | 66 | 0 | 66 |
Change in scope | 0 | 0 | -96 | -96 |
Depreciation | 612 | 182 | 102 | 896 |
Disposals | 0 | -343 | 0 | -343 |
Transfers | 0 | 0 | 0 | 0 |
Total depreciations and amounts written down | 3,402 | 1,760 | 0 | 5,162 |
Net carrying amount December 31, 2024 | 3,994 | 619 | 0 | 4,614 |
The main judgments, assumptions and estimates for the cash-generating unit are:
- The first year of the model is based on management’s best estimate of the free cash flow outlook for the coming year; for the second, third, fourth and fifth years of the model, cash flows are based on our LT plan which includes key estimates such as the implied growth rate on sales and the EBIT margin;
- Cash flows beyond the first five years are extrapolated, usually with a growth rate of 0% (vs. 0% PY) of free cash flows;
- Projections are discounted at the weighted average cost of capital (WACC), which lies between 9% and 10%;
This calculated enterprise value is compared to the book value.
Although JENSEN-GROUP believes that its judgments, assumptions and estimates are appropriate, actual results may differ from these estimates under different assumptions or conditions. The Group believes any reasonable changes in these estimates will not result in an impairment loss to be recognized given the recoverable amount.
Intangible Fixed Assets
The other intangibles at the end of 2023 were related to the acquisition of Ole Almeborg in October 2023. As per September 2024 the entity is no longer included in the consolidation scope of the JENSEN-GROUP.
December 31 2023 (in thousands of euro) | Know-how and Product Development | Licenses | Other intangibles | TOTAL |
ACQUISITION COST | ||||
At the end of the preceding year | 5,746 | 2,516 | 0 | 8,262 |
Translation differences | -12 | -4 | 0 | -16 |
Acquisition of subsidiaries | 0 | 0 | 1,440 | 1,440 |
Additions | 812 | 0 | 0 | 812 |
Disposals | 0 | 0 | 0 | 0 |
Transfers | 0 | 0 | 0 | 0 |
Total acquisition cost | 6,546 | 2,512 | 1,440 | 10,498 |
DEPRECIATIONS AND AMOUNTS WRITTEN DOWN | 0 | |||
At the end of the preceding year | 2,297 | 1,664 | 0 | 3,962 |
Translation differences | 4 | -5 | 0 | -1 |
Depreciation | 507 | 174 | 24 | 705 |
Disposals | 0 | 0 | 0 | 0 |
Transfers | 0 | 0 | 0 | 0 |
Total depreciations and amounts written down | 2,809 | 1,833 | 24 | 4,666 |
Net carrying amount December 31, 2023 | 3,737 | 679 | 1,416 | 5,832 |
Development expenses are only capitalized if they are likely to yield future economic benefits for specific projects (e.g. Inwatec). The capitalized development expenses are amortized on a straight-line basis over the estimated useful life, which is normally to be considered no longer than 10 years. The amortization period is evaluated continually, and the asset is reviewed annually for impairment. Development costs of 7.5 million euro (6.7 million euro in 2023) were expensed during the year. These costs are accounted for in the lines ‘services and other goods’, ‘employee benefit expense’ and ‘depreciation and amortization expense'.
Licenses relate to the capitalization of the license costs of the ERP system and of other IT tools.
December 31 2024 (in thousands of euro) | Land and Buildings | Machinery and equipment | Furniture and vehicles | Right of use assets - Building | Right of use assets – Other | Other intangible s | Assets under constr. | TOTAL |
ACQUISITION COST | ||||||||
At the end of the preceding year | 44,684 | 30,974 | 14,448 | 11,340 | 2,766 | 0 | 881 | 105,095 |
Translation differences | 251 | 446 | 62 | 321 | -2 | 0 | 20 | 1,099 |
Acquisition of subsidiaries | 2,458 | 2,741 | 392 | 1,883 | 714 | 70 | 0 | 8,258 |
Change in scope | 0 | -130 | 0 | 0 | -112 | 0 | 0 | -242 |
Additions | 1,982 | 1,972 | 3,110 | 4,769 | 1,883 | 33 | 304 | 14,054 |
Disposals | -151 | -882 | -1,190 | -1,563 | -279 | -4 | 0 | -4,070 |
Transfers | 0 | 1,375 | 0 | 0 | -396 | 0 | -979 | 0 |
Total acquisition cost | 49,224 | 36,496 | 16,822 | 16,749 | 4,574 | 99 | 226 | 124,192 |
DEPRECIATIONS AND AMOUNTS WRITTEN DOWN | ||||||||
At the end of the preceding year | 22,611 | 26,839 | 10,720 | 2,549 | 1,151 | 0 | 0 | 63,871 |
Translation differences | 64 | 392 | 13 | -17 | -1 | 0 | 0 | 450 |
Acquisition of subsidiaries | 22 | 1,751 | 258 | 0 | 0 | 77 | 0 | 2,108 |
Change in scope | 0 | -63 | 0 | 0 | -112 | 0 | 0 | -175 |
Depreciation | 2,504 | 1,417 | 1,539 | 1,688 | 866 | 18 | 0 | 8,033 |
Disposals | -151 | -874 | -1,017 | -1,005 | -344 | -4 | 0 | -3,395 |
Transfers | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Total depreciations and amounts written down | 25,050 | 29,463 | 11,511 | 3,216 | 1,561 | 91 | 0 | 70,892 |
Net carrying amount December 31, 2024 | 24,174 | 7,033 | 5,311 | 13,533 | 3,013 | 8 | 226 | 53,299 |
Property plant and equipment
In 2024, the net carrying amount of tangible fixed assets increased by 12.1 million euro. When factoring out the depreciation charges of 8.0 million euro, tangible fixed assets experienced an overall increase of 20.1 million euro.
The capital expenditures made during this period focused on further enhancing our infrastructure to meet future market demands. This included strategic investments in the expansion of our facilities in China (3.4 million euro), classified as right-of-use asset, and Denmark (2.6 million euro). Other investment of machinery, equipment and vehicles amount to 4.5 million euro. Furthermore, the acquisition of MAXI-PRESS added 6.2 million euro to the fixed assets, including 2.6 million right-of-use asset. The renewal of several rental agreements increases the right-of-use assets by 3.2 million euro.
The net book value of the property, plant and equipment pledged as security for liabilities amounts to 12.0 million euro (7.6 million euro at December 2023).
The buildings classified as right-of-use asset mainly exist out of the buildings in China and Denmark. There is no material income from subleasing the assets per end of December 2024.
More information about the relating lease liabilities can be found in Note 9.
There are no material restrictions nor covenants imposed by the above leases.
There are no committed leases not yet recognized in the above table per end of December 31, 2024.
The IFRS16 calculations are annually updated with the indexation, to reflect the current status of the liability. There are no other items expected to influence the future cash outflows.
December 31 2023 (in thousands of euro) | Land and Buildings | Machinery and equipment | Furniture and vehicles | Right to use assets | Assets under constr. | TOTAL |
ACQUISITION COST | ||||||
At the end of the preceding year | 37,969 | 30,442 | 12,577 | 15,343 | 794 | 97,146 |
Translation differences | -248 | -575 | -64 | -549 | -29 | -1,465 |
Acquisition of subsidiaries | 3,355 | 110 | 0 | 762 | 0 | 4,227 |
Additions | 3,651 | 1,000 | 2,506 | 1,818 | 117 | 9,092 |
Disposals | 0 | -54 | -585 | -3,265 | 0 | -3,905 |
Transfers | -43 | 52 | 14 | 0 | 0 | 0 |
Total acquisition cost | 44,684 | 30,974 | 14,448 | 14,107 | 881 | 105,095 |
DEPRECIATIONS AND AMOUNTS WRITTEN DOWN | ||||||
At the end of the preceding year | 21,490 | 26,094 | 10,069 | 5,148 | 0 | 62,801 |
Translation differences | -73 | -453 | 46 | -99 | 0 | -578 |
Acquisition of subsidiaries | 0 | 0 | 0 | 0 | 0 | 0 |
Depreciation | 1,194 | 1,252 | 1,115 | 1,674 | 0 | 5,234 |
Disposals | 0 | -53 | -510 | -3,022 | 0 | -3,585 |
Transfers | 0 | 0 | 0 | 0 | 0 | 0 |
Total depreciations and amounts written down | 22,611 | 26,839 | 10,720 | 3,701 | 0 | 63,871 |
Net carrying amount December 31, 2023 | 22,073 | 4,135 | 3,727 | 10,405 | 881 | 41,219 |
In 2023, the net carrying amount of tangible fixed assets increased by 6.9 million euro. When factoring out the depreciation charges of 5.2 million euro, tangible fixed assets experienced an overall increase of 12,1 million euro.
The capital expenditures made during this period primarily focused on enhancing our infrastructure to meet future market demands. This included significant investments in the expansion of our facilities in Odense, Denmark, to bolster the AI and Robotics capabilities of Inwatec, as well as the strategic acquisition of Ole Almeborg located in Hasle.
The right-of-use assets mainly exist out of buildings for an amount of 8.8 million euro.
(in thousands of euro) | December 31 2023 | Acquis. from subs | Through profit or loss | Through OCI | Exchange differences | December 31 2024 | DTA | DTL |
Inventories | 1,122 | 102 | -312 | 0 | 0 | 912 | 1,061 | -149 |
Fixed assets | -2,945 | -695 | 578 | 0 | 0 | -3,062 | -1,028 | -2,034 |
Provisions | 3,677 | -37 | 1,067 | -87 | 0 | 4,620 | 4,376 | 244 |
Tax losses | 101 | 0 | -13 | 0 | 0 | 88 | 88 | 0 |
Deferred taxes on other differences between tax and local books | 247 | 5 | 141 | -64 | 446 | 775 | 877 | -102 |
Currency result in permanent financing | -951 | 0 | -51 | -1,002 | 0 | -1,002 | ||
Financial instruments | -45 | 0 | -355 | 95 | 0 | -305 | -136 | -169 |
Total deferred tax assets (net) | 1,207 | -625 | 1,055 | -56 | 447 | 2,027 | 5,238 | -3,211 |
(in thousands of euro) | December 31 2022 | Acquis. from subs | Through profit or loss | Through OCI | Exchange differences | December 31 2023 | DTA | DTL |
Inventories | -190 | 0 | 1.312 | 0 | 0 | 1,122 | 818 | 305 |
Fixed assets | -2,114 | -803 | -28 | 0 | 0 | -2,945 | -733 | -2,212 |
Provisions | 3,109 | 0 | 238 | 329 | 0 | 3,677 | 3,484 | 193 |
Tax losses | 128 | 0 | -27 | 0 | 0 | 101 | 101 | 0 |
Deferred taxes on other differences between tax and local books | 675 | 0 | -22 | -133 | -273 | 247 | 533 | -286 |
Currency result in permanent financing | -955 | 0 | 4 | -951 | -951 | |||
Financial instruments | -291 | 0 | 177 | 69 | 0 | -45 | -42 | -3 |
Total deferred tax assets (net) | 363 | -803 | 1.653 | 266 | -272 | 1,207 | 4,161 | -2,954 |
Note 5: Deferred Taxes
Deferred tax assets and liabilities are attributable to the following items, their movement since last year is summarized hereby:
The increase relates to the deferred tax assets recognized on the timing differences between Group's accounting books and its tax books, especially on provisions.
The deferred tax assets originate mainly from JENSEN USA (1.8 million euro), JENSEN China (0.7 million euro) and JENSEN Australia (0.6 million euro).
Deferred tax assets have been recorded because management and the Board are convinced that, in accordance with the Group’s valuation rules, the assets can be realized within a reasonable time frame. The Group is prudent in recognizing deferred tax assets on tax losses carried forward.
(in thousands of euro) | December 31 2024 | December 31 2023 |
Revenue | 453,166 | 400,121 |
Contract assets | 68,046 | 62,336 |
Contract liabilities | 54,751 | 43,966 |
(in thousands of euro) | YTD Q4 2024 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
Orders intake | 517,266 | 157,249 | 118,527 | 126,551 | 114,939 |
Revenue | 453,166 | 118,348 | 107,503 | 118,188 | 109,127 |
(in thousands of euro) | Contract assets | Contract liabilities |
December 31 2023 | 62,336 | 43,965 |
Revenue recognized that was included in the contract liability balance at the beginning of the period | -25,867 | |
Increase due to cash received, excluding amounts recognized as revenue during the period | 35,601 | |
Write down recognized during the year | 455 | |
Transfer from contract assets recognized at the beginning of the period to receivables | -35,501 | |
Increases as a result of changes in the measure of progress | 40,184 | |
Translation differences | 573 | 1,052 |
December 31 2024 | 68,046 | 54,751 |
Note 6: Contract assets and contract liabilities
The above contract assets represent the Group’s right to consideration in exchange for goods or services that it has transferred to a customer. Amounts could however not already be invoiced as the right to consideration is not yet unconditional because additional obligations remain to be delivered to the customer.
Construction contracts are valued based on the percentage of completion method. On December 31, 2024 contract assets included 23.5 million euro, 15.1%, of accrued profit on the gross values (20.4 million euro, 15.8%, at December 31, 2023).
Both contract assets and liabilities are higher at year-end compared to prior year due to the growth experienced in 2024.
The contract revenue is related to construction contracts for customers. The orders procured over the course of 2024 are again record breaking for the Group and underscore our continued growth and local market presence.
- As at December 31, 2024, we have 19.4 million euro of outstanding performance obligations, not yet satisfied, resulting from current contracts that will be performed after 2025 (15.3 million euro at December 31, 2023). These performance obligations are mainly related to shipyards and public hospitals.
- There are no performance obligations that last longer than 12 months between the start of the production and handover. For cruise yards, the installation of the laundry takes less than 12 months. There can, however, be a gap up to 24 months between the installation of the laundry and the final completion of the vessel. For this period, the JENSEN-GROUP signs performance bonds.
The reconciliation of contract assets and liabilities is as follows:
(in thousands of euro) | December 31 2024 | December 31 2023 |
Trade receivables | 133,032 | 107,196 |
Provision for doubtful debtors | -4,835 | -3,475 |
Taxes | 4,359 | 4,978 |
Other amounts receivable | 5,387 | 4,591 |
Deferred charges and accrued income | 4,313 | 2,910 |
Derivative financial instruments | 314 | 652 |
Total trade and other receivables | 142,570 | 116,852 |
Trade receivables | 4,641 | 6,574 |
Other amount receivable | 3,872 | 3,860 |
Derivative financial instruments | 193 | 307 |
Non-current portion | 8,707 | 10,741 |
Current portion | 133,863 | 106,111 |
Note 7: Trade and other receivables
Non-current portion
The non-current portion of the trade and other receivables decrease by 2.0 million euro due to payments of the project financing given in the previous period. The Group is actively engaged in assisting customers by providing financing solutions, which include the implementation of stringent repayment schedules (4.4 million euro) and repurchase commitments with financial institutions (1.6 million euro). This approach is part of our commitment to fostering strong, supportive relationships with our clients also during financially challenging times.
In the other amounts receivable cash guarantees for an amount of 0.8 million euro are included, stable compared to previous year, and other receivables of 1.7 million euro.
Current portion
The revenue for the fourth quarter equaled 118.3 million euro (+ 17% compared to last quarter 2023). Next to the higher activities, the trade receivables ST increase due to the substantial invoicing in the last weeks before year-end.
Amounts | Number of shares | |
Capital statement (position as at December 31, 2024) | (in thousands of euro) | |
A. Capital | ||
1. Issued capital | ||
At the end of the previous year | 38,050 | |
Changes during the year | 0 | |
At the end of this year | 38,050 | |
2. Capital representation | ||
2.1 Shares without nominal value | 38,050 | 9,631,408 |
2.2 Registered or bearer shares | ||
Registered | 6,230,339 | |
Dematerialized | 3,401,069 | |
B. Own shares held by | ||
the company or one of its subsidiaries | 5,264 | 146,793 |
C. Commitments to issue shares | ||
1. As a result of the exercise of conversion rights | 0 | 0 |
2. As a result of the exercise of subscription right | 0 | 0 |
D. Authorized capital not issued | 38,280 |
Number of shares | Total shares | % | |
- Number of shares | 4,260,781 | 9,631,408 | 44.24% |
- Voting rights | 4,260,781 | 9,484,615 | 44.92% |
Note 8: Equity
Issued capital
As at December 31, 2024, the issued share capital was 38.3 million euro (before deducting the issuance cost of 0.2 million euro), represented by 9,631,408 ordinary shares without nominal value. There were no preference shares. All shares are fully paid. As per December 31, 2024, the Company holds 146,793 treasury shares.
Detailed information on the capital statement as per December 31, 2024 and 2023 is set out below.
The following notifications have been received of holdings in the company's share capital:
JENSEN Invest A/S, JF Tenura ApS, SWID AG, Mr. Jesper M. Jensen, The Jørn M. Jensen and Lise M. Jensen Family Trust, Mrs. Anne M. Jensen and Mrs. Karine Munk Finser
JENSEN INVEST A/S, Ejnar Jensen Vej 1, 3700 Rønne, Denmark
The chain of control is as follows: JENSEN Invest A/S holds 44.2 % of the shares in JENSEN-GROUP NV. JF Tenura Aps holds 100% of the shares In JENSEN Invest A/S. SWID AG, represented by Mr. Jesper M. Jensen holds 51% of the share capital and 99% of the voting rights in JF Tenura Aps. The Jørn Munch Jensen and Lise Munch Jensen Family Trust, of which Mrs. Anne Munch Jensen and Mrs. Karine Munk Finser are the ultimate beneficial owners, holds the other 49% of the shares in JF Tenura Aps.
Number of shares | Total shares | % | |
- Number of shares | 484,473 | 9,631,408 | 5.03% |
- Voting rights | 484,473 | 9,484,615 | 5.11% |
Number of shares | Total shares | % | |
- Number of shares | 1,926,282 | 9,631,408 | 20.00% |
- Voting rights | 1,926,282 | 9,484,615 | 20.31% |
Lazard Frères Gestion SAS
25, rue de Courcelles 75008 PARIS France
Compagnie Financière Lazard Frères SAS controls Lazard Frères Gestion SAS, Lazard Group LLC controls Compagnie Financière Lazard Frères SAS, Lazard Inc controls Lazard Group LLC. Lazard Frères Gestion SAS acts independently from Compagnie Financière Lazard Frères, Lazard Group LLC, Lazard Ltd and from the rest of the Lazard Group, including Lazard Asset Management, a Company under American law.
Miura Co Ltd
7 Horie, Matsuyama, Ehime, 799-2696 Japan
The chain of control is as follows: Miura Co. Ltd. holds 20% of the shares in JENSEN-GROUP NV.
As at December 31, 2023, the issued share capital was 38.3 million euro (before deducting the issuance cost of 0.2 million euro), represented by 9,631,408 ordinary shares without nominal value. There were no preference shares. All shares are fully paid. As per December 31, 2023, the Company holds 15,122 treasury shares.
On April 3, 2023, JENSEN-GROUP NV increased its capital by a contribution in kind (4.6 million euro) and a contribution in cash (2.9 million euro). With both transactions, 1,926,282 new shares were created. For more details of the new created shares, we refer to the listing prospectus which is available on the Company website, section Prospectus.
On May 16, 2023, the shareholders approved the cancellation of 113,873 treasury shares.
Amounts | Number of shares | |
Capital statement (position as at December 31, 2023) | (in thousands of euro) | |
A. Capital | ||
1. Issued capital | ||
- At the end of the previous year | 30,710 | |
- Changes during the year | 7,340 | |
- At the end of this year | 38,050 | |
2. Capital representation | ||
2.1 Shares without nominal value | 38,050 | 9,631,408 |
2.2 Registered or bearer shares | ||
- Registered | 6,230,339 | |
- dematerialized | 3,401,069 | |
B. Own shares held by | ||
- the company or one of its subsidiaries | 499 | 15,122 |
C. Commitments to issue shares | ||
1. As a result of the exercise of conversion rights | 0 | 0 |
2. As a result of the exercise of subscription rights | 0 | 0 |
D. Authorized capital not issued | 38,280 |
Each share has one vote. The voting rights are in line with the Companies’ and Associations’ Code. The bylaws do not include other regulations with respect to voting rights.
The regulations with respect to transfer of shares are in line with the Companies’ and Associations’ Code. The bylaws do not include other regulations with respect to transfer of shares.
Share premium
The share premium results from (i) the merger of LSG, which then took the name of JENSEN-GROUP NV (5.8 million euro), (ii) capital increase in 2023 through contribution in kind (37.9 million euro) and (iii) capital increase in 2023 through contribution in cash (23.9 million euro).
The closing balance of the share premium is 67.6 million euro.
Treasury shares
The Bylaws (art. 11) allow the Board of Directors to buy back own shares. At its meeting held on March 10, 2022, the Board of Directors decided to implement a program to buy back a maximum of 781,900 or 10% of its own shares. In view of the transaction with MIURA, JENSEN-GROUP announced on March 9, 2023, that the Board of Directors suspended the program. On May 16, 2023, the shareholders approved the cancellation of 113,873 treasury shares. The Board of Directors of August 10, 2023, decided to re-launch the share repurchase program to buy back maximum 668,027 of its shares. The shares are bought on the stock exchange by an investment bank mandated by the Board. The buy-back mandate expires on May 18, 2026.
As at December 31, 2024, the Company holds 146,793 treasury shares.
Currency | Average rate | Closing rate | ||
2024 | 2023 | 2024 | 2023 | |
AED | 3.9730 | 3.9676 | 3.8252 | 3.8831 |
AUD | 1.6399 | 1.6285 | 1.6772 | 1.6263 |
BRL | 5.8268 | 5.4016 | 6.4253 | 5.3618 |
CHF | 0.9526 | 0.9717 | 0.9412 | 0.9260 |
CNY | 7.7863 | 7.6591 | 7.5833 | 7.8509 |
DKK | 7.4589 | 7.4510 | 7.4578 | 7.4529 |
EUR | 1.0000 | 1.0000 | 1.0000 | 1.0000 |
GBP | 0.8466 | 0.8699 | 0.8292 | 0.8691 |
JPY | 163.8175 | 151.9425 | 163.0600 | 156.3300 |
NOK | 11.6268 | 11.4243 | 11.7950 | 11.2405 |
NZD | 1.7879 | 1.7618 | 1.8532 | 1.7504 |
SEK | 11.4309 | 11.4728 | 11.4590 | 11.0960 |
SGD | 1.4457 | 1.4523 | 1.4164 | 1.4591 |
TRY | 35.5653 | 25.7487 | 36.7372 | 32.6531 |
USD | 1.0821 | 1.0816 | 1.0389 | 1.1050 |
Currency translation differences
In this annual report the consolidated financial statements are expressed in thousands of euro. All balance sheet captions of foreign companies are translated into euro, which is the Group’s functional and presentation currency, using closing rates at the end of the accounting year, except for capital and reserves, which are translated at historical rates. The income statement is translated at average rates for the year. The resulting translation difference, arising from the translation of capital and reserves and the income statement, is shown in a separate category of other comprehensive income under the caption ‘Currency translation differences’.
The currency translation differences decreased by 3.3 million euro, mainly following the weaker JPY and TRY, compensated by a stronger USD.
The exchange differences arising from the translation of the net investment in foreign operations are taken to other comprehensive income. In total, 0.2 million euro of currency losses are transferred from financial result to other comprehensive income.
The exchange rates used for the translation were as follows:
Hedging reserves
The Group designates foreign exchange contracts and interest rate swaps as ‘cash flow hedges’ of its foreign currency and interest exposure. Any change in fair value of the hedging instrument and the hedged item (attributable to the hedged risk), as of inception of the hedge, is deferred other comprehensive income ('OCI') if the hedge is deemed effective (Note 20).
At year-end, an amount of 0.03 million euro was deferred in other comprehensive income.
Gains and losses recognized in the hedging reserve in other comprehensive income ('OCI'):
- on forward foreign exchange contracts as of December 31, 2024, will be released to the income statement at various dates between one and six months.
- on interest rate swap contracts as of December 31, 2024, will be continuously released to the income statement until the repayment of the bank borrowings.
Remeasurement gains and losses on defined benefit plans
JENSEN-GROUP has four defined benefit plans for which all actuarial gains and losses are recognized directly in OCI. The accumulated loss of the four plans per December 31, 2024, amounts to 4.7 million euro.
Dividend
The Board proposes to the Annual Shareholders’ meeting to approve a dividend of
In respect of 2023, the Board proposed, and the Shareholders approved, a dividend payment of
Capital risk management
JENSEN-GROUP’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal structure to minimize the cost of capital.
(in thousands of euro) | December 31 2023 | Acquis. of subs | Proceeds | Repayments | Reclass LT to ST | CTA | December 31 2024 |
LT loans with credit institutions | 24,090 | 0 | 2,235 | 0 | -13,342 | 95 | 13,078 |
LT loans other | 1,764 | 0 | 441 | 0 | 0 | 0 | 2,205 |
LT factoring | 2,034 | 0 | 0 | 0 | -468 | 29 | 1,595 |
Subtotal | 27,888 | 0 | 2,676 | 0 | -13,810 | 124 | 16,878 |
Lease liabilities – LT | 2,655 | 2,390 | 3,327 | -472 | -2,464 | 3 | 5,440 |
Total non-current borrowings | 30,543 | 22,318 | |||||
(in thousands of euro) | December 31 2023 | Acquis. of subs | Proceeds | Repayments | Reclass LT to ST | CTA | December 31 2024 |
Current portion of LT borrowings | 3,112 | 0 | 115 | -3,226 | 13,371 | 22 | 13,393 |
Credit institutions ST | 0 | 20,005 | 20,005 | ||||
Overdrafts | 9,656 | 4 | -1,351 | 0 | 305 | 8,613 | |
Payments received (factoring) | 1,674 | 0 | 1,736 | -1,735 | 468 | 54 | 2,197 |
Subtotal | 14,442 | 4 | 21,856 | -6,312 | 13,839 | 380 | 44,208 |
Lease liabilities - ST | 1,346 | 423 | 335 | -1,819 | 2,570 | 46 | 2,900 |
Total current borrowings | 15,788 | 47,108 | |||||
Total borrowings | 46,331 | 69,426 |
Note 9: Financial debt
The non-current and current borrowings can be summarized as follows:
Total borrowings increased from 46.3 million euro at December 31, 2023 to 69.4 million euro at December 31, 2024, mainly driven by the new roll-over loan of 20 million euro facilitating the transaction of acquiring the 85% stake in MAXI-PRESS.
The repayments for lease liabilities consider interest expense on lease liabilities for an amount of 0.2 million euro.
More information about the relating right-of-use assets can be found in Note 4.
The Group factored trade receivables in a total amount of 3.8 million euro (2.2 million euro long-term and 1.6 million euro short-term). As control is not substantially transferred to the third party, the factoring arrangement does not result in the de-recognition of any amount from the balance sheet.
Considering the total borrowings (69.4 million euro), financial assets (30.1 million euro) and cash and cash equivalents (42.5 million euro), the Group is reporting a net cash position of 3.0 million euro at the end of December 2024, compared to 35.9 million euro net cash per end of December 2023. Major cash outs relate to the acquisition of MAXI-PRESS, the dividend pay-out and the acquisition of treasury shares, compensated by a positive EBITDA. The Group is in a net cash position hence not using the available credit facilities.
(in thousands of euro) | December 31 2024 | December 31 2023 |
Between 1 and 2 years | 8,785 | 15,173 |
Between 2 and 5 years | 5,884 | 9,306 |
> 5 years | 7,650 | 6,064 |
Total non-current borrowings | 22,318 | 30,543 |
(in thousands of euro) | Less than 1 year | Between 1 and 2 years | Between 2 and 5 years | > 5 years | TOTAL |
Credit institutions (incl. overdraft) | 42,011 | 5,879 | 2,350 | 4,849 | 55,089 |
Other | 0 | 0 | 0 | 2,205 | 2,205 |
Payments received (factoring) | 2,197 | 500 | 500 | 595 | 3,792 |
Lease liabilities | 2,900 | 2,406 | 3,034 | 0 | 8,340 |
Total | 47,108 | 8,785 | 5,884 | 7,650 | 69,426 |
IRS covered | 0 | 444 | 1,333 | 1,625 | 3,402 |
Total non-covered | 47,108 | 8,341 | 4,551 | 6,024 | 66,024 |
(in thousands of euro) | December 31 2024 | December 31 2023 |
EUR | 19,267 | 21,570 |
DKK | 27,015 | 5,702 |
CNY | 14,804 | 15,058 |
Total | 61,086 | 42,330 |
Lease liabilities | 8,340 | 4,001 |
Total borrowings | 69,426 | 46,331 |
(in thousands of euro) | December 31 2024 | December 31 2023 |
Mortgages | 7,009 | 5,702 |
Letter of Intent | 12,893 | 14,404 |
Total | 19,902 | 20,106 |
The following table gives the maturities of the non-current debt:
The exposure of the Group’s borrowings to interest rate changes and the contractual re-pricing dates before and after the effect of the interest rate swaps ('IRS') at balance sheet date are as follows:
Management believes that the carrying value of the loans at fixed rate approximates to the fair value.
For details on the IRS, we refer to Note 20, Financial Instruments - market and other risks.
The carrying amounts of the Group’s borrowings are denominated in the following currencies:
There are no bank covenants in place.
Debt covered by guarantees
The carrying value of the property, plant and equipment pledged as security for liabilities amounts to 12.0 million euro.
(in thousands of euro) | December 31, 2024 | December 31, 2023 |
Provisions for defined benefit plan | 9,730 | 10,394 |
Provisions for other employee benefits | 327 | 298 |
Total employee benefit obligations | 10,058 | 10,692 |
(in thousands of euro) | December 31, 2024 | December 31, 2023 |
Current service cost | 211 | 170 |
Interest cost | 398 | 442 |
Interest income on plan assets | -103 | -133 |
Administrative expenses and taxes | 22 | 18 |
Pension expenses | 528 | 497 |
(in thousands of euro) | December 31, 2024 | December 31, 2023 |
Net defined benefit liability (asset) at the beginning of year | 10,394 | 9,201 |
Defined benefit cost included in P&L | 528 | 497 |
Employer contribution or benefits paid by employer | -762 | -779 |
Total remeasurements included in OCI | -393 | 1,373 |
Effect of changes in foreign exchange rates | -37 | 102 |
Net defined benefit liability (asset) as of end of year | 9,730 | 10,394 |
Note 10: Employee benefit obligations
The provision for other employee benefits relates to defined contribution plans in Austria and Germany.
Benefit plan
JENSEN GmbH, JENSEN France, JENSEN Italia and JENSEN AG Burgdorf maintain defined retirement benefit plans. These plans generally provide benefits that are related to an employee’s remuneration and years of service.
- The liabilities for the JENSEN-GROUP in respect of the defined benefit schemes are calculated by independent actuaries, taking into consideration projected final salaries and using assumptions such as discount rate, mortality, turnover, salary evolution, inflation.
- The weighted average duration of the defined benefit obligation at year-end 2024 is 13.90 years (2023: 13.32).
At December 31, 2024, the total net liability amounted to 9.7 million euro. The net liability decreased because of changes in the assumptions and because of experience effects. Overall, the change in the discount rate resulted in a gain of 28 kEUR. Experience gains of 0.3 million euro are linked to a gain of 0.5 million euro due to a full valuation performed in Switzerland after two years of roll-forwards and reflects mainly the changes in population, current salary and credit increases, partially offset by a loss of 0.2 million euro in Germany.
For the defined benefit plans, the net cost for 2024 was 0.5 million euro (2023: 0.5 million euro)
The change in net liability recognized during 2024 and 2023 is set out in the table below:
(in thousands of euro) | December 31, 2024 | December 31, 2023 |
Defined benefit obligation at end of prior year | 18,165 | 15,482 |
Current service costs | 211 | 170 |
Interest expense | 398 | 442 |
Benefits paid | -737 | -84 |
Participants' contribution | 250 | 238 |
Effect of changes in demographic assumptions | 8 | 0 |
Effect of changes in financial assumptions | -28 | 1,285 |
Effect of experience adjustments | -254 | 81 |
Effect of changes in foreign exchange rates | -156 | 551 |
Defined benefit obligation at end of year | 17,857 | 18,165 |
(in thousands of euro) | December 31, 2024 | December 31, 2023 |
Fair value of plan assets at end of prior year | 7,771 | 6,281 |
Contributions | 1,012 | 1,016 |
Return on plan assets | 119 | -7 |
Interest income on plan assets | 103 | 133 |
Benefits paid | -737 | -84 |
Administrative expenses | -22 | -18 |
Effect of changes in foreign exchange rates | -119 | 450 |
Fair value of plan assets at end of year | 8,127 | 7,771 |
(in thousands of euro) | December 31, 2024 | December 31, 2023 |
Defined benefit obligation - wholly unfunded | 8,413 | 8,515 |
Defined benefit obligation - (partially) funded | 9,444 | 9,650 |
Fair value of plan assets | 8,127 | 7,771 |
Net defined benefit liability (asset) | 9,730 | 10,394 |
For Switzerland, the amount of the contributions is based on the currently valid pension plan in conjunction with the pension fund regulations of the foundation. Half of the savings contributions are financed by the employer and half by the employee. The risk contributions are paid by the employee at a rate of 1% from the age of 18 to 24 and 1.5% from the age of 25. The employer's contribution corresponds to the difference between the total of all contributions and the sum of the contributions of all employees. In case of underfunding, recovery measures have to be taken, one potential such measure is additional recovery contributions
The changes in defined benefit obligations and plan assets can be summarized as follows:
JENSEN-GROUP is affiliated with a collective foundation who is responsible for asset management and the reconciliation of assets and liabilities. The plan assets are invested in accordance with the currently valid investment regulations of this foundation. The investment strategy and liability structure are aligned on a regular basis.
Discount rate | Rate of price inflation | Expected rates of salary increase | ||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||
Switzerland | 1.10% | 1.35% | 1.10% | 1.25% | 1.60% | 1.75% | ||
France | 3.45% | 3.30% | N/A | N/A | 3.00% | 3.00% | ||
Germany | 3.50% | 3.30% | 2.25% | 2.25% | 3.00% | 3.00% | ||
Italy | 3.40% | 3.25% | 2.00% | 2.23% | N/A | N/A | ||
(in thousands of euro) | Change in assumption | |
Discount rate | -25bp | 623 |
+25bp | -586 | |
Weighted avg duration (in years) | -25bp | 14 |
+25bp | 13 |
The major assumptions made in calculating the provisions can be summarized as follows:
For the Eurozone, discount rates increased over 2024 as a result of increasing yields on international bonds. For Switzerland, bonds have shown a decrease in yields leading to a lower discount rate. With regards to the inflation rate in the Eurozone, we calculated with a price inflation of 2.25% for Germany and 2.00% for Italy (respectively 2.25% and 2.23% used last year) applying the inflation curve to the cashflows for these plans. In France, inflation has no impact on the benefit. The expected salary increase rates didn't change since last year for the Eurozone but decreased for Switzerland by 15 basis points.
Through its defined benefit plans, the Group is exposed to a number of risks, the most significant of which are detailed below:
- Asset volatility: Investment instruments other than bonds, are expected to outperform (corporate) bonds in the long term but create volatility and risk in the short term. The allocation of the plan assets is monitored to ensure this is appropriate in respect of the lifetime of the plan.
- Changes in bond yields: The plan liabilities are calculated using a discount rate set with reference to corporate bond yields. The rate used to discount post-employment benefit obligations is determined by reference to market yields at the end of the reporting period on high quality corporate bonds, as required by IAS 19.83. A decrease in corporate bond yields will increase the plans’ liabilities. For funded schemes, this will be partially offset by an increase in the fair value of the plan’s assets.
The sensitivity of the defined benefit obligation to changes in the assumptions is:
The above sensitivity analyses are based on a change in assumption while holding all other assumptions constant, although it may be likely that changes in some of the assumptions may be correlated.
The percentage of plan assets by asset allocation is as follows per end of December 31, 2024 (2023):
- Equity securities 5.79% (3.92%)
- Debt securities: 46.36% (49.74%)
- Real estate: 24.55% (23.72%)
- Derivatives: 9.68% (10.32%)
- Cash: 0.40% (0.60%)
- Other: 13.23% (11.70%)
The contributions expected to be paid to the plan and to direct payments during the annual period beginning after the reporting period is estimated at 0.7 million euro.
There is one pension plan in place in Belgium that is legally structured as a defined contributions plan. The cost of this plan for JENSEN-GROUP NV amounted to 0.1 million euro for accounting year 2024 (2023: 0.1 million euro).
Because of the Belgian legislation applicable to 2nd pillar pension plans (so-called "Vandenbroucke Law"), all Belgian Defined Contribution plans have to be considered under IFRS as Defined Benefit plans. The Vandenbroucke Law states that in the context of defined contribution plans, the employer must guarantee a minimum of 1.75% annual return on contributions as of 2016, and a minimum of 3.75% on contributions made before 2016.
Because of this minimum guaranteed return for Defined Contributions plans in Belgium, the employer is exposed to a financial risk (there is a legal obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods). These plans should therefore be classified and accounted for as Defined Benefit plans under IAS 19.
In the past the Company did not apply the Defined Benefit accounting for these plans because higher discount rates were applicable and the return on plan assets provided by insurance companies was sufficient to cover the minimum guaranteed return. As a result of the continuously low interest rates offered by the European financial markets, employers in Belgium effectively assumed a higher financial risk related to the pension plans with a minimum fixed guaranteed return than in the past, requiring them to measure the potential impact of Defined Benefit accounting for these plans.
We asked an external party to estimate the potential additional liabilities, and they concluded that no potential additional liabilities exist as at December 31, 2024.
(in thousands of euro) | December 31 2024 | December 31 2023 |
Provisions for warranties | 8,686 | 8,377 |
Provisions for take-back obligations | 354 | 256 |
Other provisions | 820 | 1,338 |
Provisions for other liabilities and charges | 9,861 | 9,971 |
(in thousands of euro) | December 31 2023 | Acquisition of subs. | Additions | Utilization | Write- backs or reversals | FX | Reclass | December 31 2024 |
Provisions for warranties | 8,377 | 49 | 6,573 | -4,521 | -1,797 | 5 | 0 | 8,686 |
Provisions for repurchase commitments | 256 | 0 | 173 | 0 | -75 | 0 | 0 | 354 |
Other provisions | 1,338 | 0 | -1 | -40 | -100 | 24 | -400 | 820 |
Total provisions | 9,971 | 49 | 6,745 | -4,561 | -1,972 | 29 | -400 | 9,861 |
Note 11: Provisions for other liabilities and charges
Changes in provisions can be analyzed as follows:
Warranty provision: A provision is recorded for expected warranty claims on products sold during the year. Assumptions used to calculate the provision for warranty claims are based on current sales levels and current information on warranty calls under the standard warranty period (on average between 18 and 24 months) for the main products. The warranty provision at the end of 2024 corresponds proportionately with the increase in our operational activities throughout the year. It is noteworthy that despite the expansion in activities, the warranty provision as a percentage of our revenues has remained constant at 2%. This stability underscores our commitment to quality and customer service excellence, even amidst significant operational growth.
Repurchase commitments: A provision for repurchase commitments is recorded when JENSEN-GROUP sells equipment for which the customer enters into a leasing contract with a leasing company and this party requests a repurchase clause. In case of customer default, the leasing company can request JENSEN-GROUP to take back the machine. This creates exposure for the Group in terms of having to take back machinery over the lifetime of the financing contract. The value of the machinery could already be below the remaining financial liability, therefore a provision is provided for.
Other provisions: are set up for legal claims that, based on prudent judgment, are reasonably accounted for. Most of these claims are covered by insurance. Based on legal advice taken, management does not expect these claims to significantly impact the Group’s financial position or profitability. The provision for uncertain tax position has been reclassified to tax liability (0.4 million euro).
(in thousands of euro) | December 31 2024 | December 31 2023 |
Trade payables | 30,485 | 28,450 |
Remuneration and social security | 16,605 | 16,380 |
Other amounts payable | 13,025 | 5,724 |
Accrued expenses and deferred income | 13,491 | 8,645 |
Derivative financial instruments | 611 | 67 |
Total trade and other payables | 74,217 | 59,266 |
Other amount payable | 6,670 | 2,545 |
Non-current portion | 6,670 | 2,545 |
Note 12: Trade and other payables
The trade payables, on average, correspond to the final month of outstanding purchases. As of the end of December, outstanding payables have risen by 7% compared to the previous period, a change entirely attributable to the heightened activity of the Group. The expansion of our workforce from 1,830 to 2,059 employees at year-end, alongside inflation and varying economic conditions in several countries, has led to a 12% increase in employee remuneration as reflected in the profit and loss statement. Despite this rise, the payable amount remains stable relative to December 2023.
The other amounts payable increase by 7.3 million euro, primarily due to the ongoing investments in expanding the production facilities in China (0.7 million euro) and the forward purchase (5.4 million euro) on the NCI of MAXI-PRESS of which 1.2 million euro is classified in the current portion, for more information see Note 23.
The accrued expenses are mainly related to the occurred expenses for construction contracts which are allocated to the relevant accounting year. Furthermore, also non-operating expenses to be accounted for in the year 2024 are included in this accrual. The deferred income amounts to 3 million euro (1.4 million euro in 2023). These factors collectively contribute to the increased outstanding payables recorded at year-end (+15.0 million euro). This increase reflects our strategic investments and growth initiatives.
(in thousands of euro) | December 31 2024 | December 31 2023 | Variance % |
Raw material expenses | -202,886 | -188,928 | 7% |
Services and other goods | -56,145 | -45,772 | 23% |
Employee benefit expenses | -132,302 | -118,486 | 12% |
Depreciation and amortization expense | -8,888 | -5,995 | 48% |
Impairment, write-off and provisions | -3,421 | -1,638 | 109% |
Total expenses | -403,642 | -360,819 | 12% |
Note 13: Operating expenses
Raw material expenses, which are detailed across various subcomponents mentioned below, have experienced a 7% increase compared to the previous year. This rise is attributed to both
The main components are:
- Raw materials & consumables
- Trade machinery
- Packaging
- Freight
- Spare parts & services
- Subcontracting
The growth in our operational activities, including orders and revenue, is notably high. However, our expenditure on raw materials is currently limited by the capacities of our Production and Engineering Centers (PECs). In response, the Group is actively investing in the expansion of production facilities in China and Denmark, with additional investments planned for Sweden.
Services and other goods amount to 56.1 million euro and their evolution (+ 10.4 million euro) is in line with the growth of the Group.
The main components exist of:
- Marketing
- Utility & office services
- IT
- Maintenance and repair
- Travel
- Research
The expansion of our workforce from 1,830 to 2,059 at year-end, coupled with inflation and varying economic conditions in multiple countries, has resulted an increase in employee compensation and benefits of 12% compared to December 31, 2023.
Depreciation and amortization expenses amount to 8.9 million euro in 2024, these expenses are further detailed per asset class in Note 4 and 5.
(in thousands of euro) | December 31 2024 | December 31 2023 | Variance |
Write down on trade receivables | 2,144 | 1,210 | 934 |
Write down on contract assets | 455 | 0 | 455 |
Write down on inventory | 811 | 309 | 502 |
Change in provision of employee benefit expense | -228 | -288 | 60 |
Change in provisions | 241 | 405 | -164 |
Impairment, write-off and provisions | 3,421 | 1,636 | 1,785 |
(in thousands of euro) | December 31 2024 | December 31 2023 | Variance |
Other operating income | 1,406 | 1,797 | -391 |
Other operating expenses | -193 | -356 | 163 |
Total | 1,213 | 1,441 | -228 |
Impairment, write-off and provisions are summarized via the below table:
Due to an increase in the outstanding balances of accounts receivable, the provision for doubtful debtors increases compared to the previous period. For the roll forward of the provision for doubtful debtors from December 31, 2023 to December 31, 2024 see Note 20.
The change in provisions is summarized in Note 11, mainly representing the movement of the warranty provision.
Note 14: Other operating result
In 2023, other operating income, which mainly consists of commissions, saw an increase of 0.5 million euro from certain products, along with a non-recurring insurance income of 0.3 million euro. In 2024, income is back at prior levels considering the heightened activity of the Group.
(in thousands of euro) | December 31 2024 | December 31 2023 | Variance |
Financial income | 4,326 | 3,697 | 629 |
Interest income | 2,577 | 1,994 | 583 |
Other financial income | 235 | 121 | 114 |
Currency gains | 1,513 | 1,582 | -68 |
Financial cost | -6,503 | -4,655 | -1,848 |
Interest charges | -1,806 | -1,653 | -153 |
Other financial charges | -1,672 | -954 | -718 |
Currency losses | -3,024 | -2,048 | -976 |
Total net finance cost | -2,177 | -958 | -1,219 |
Note 15: Financial income and financial charges
Interest income is primarily derived from returns on financial assets and on cash and cash equivalent. The interest income increases by 0.6 million euro.
The Group investments in two types of bonds, classified as financial asset (see Note 20):
- held within a business model with the objective to collect the contractual cash flow and the cash flows (payments of principal and interest);
- and bonds not held for trading.
The cost of financial debt increases by 0.2 million euro reflecting both positive impact of repayments and increase due to new financial debt with credit institutions, see Note 9.
Other financial charges increase by 0.7 million euro compared to the previous period because of the loss on the sale of 50% of the shares of Ole Almeborg (0.4 million euro).
The revaluation of balance sheet positions and hedging contracts based on the closing rate results in a currency gain or loss. The classification of these currency outcomes as either operating or financial results is contingent upon the specific nature of the currency effect.
(in thousands of euro) | December 31 2024 | December 31 2023 | Variance |
Current taxes | -14,012 | -12,147 | -1,865 |
Deferred taxes | 1,055 | 1,653 | -598 |
Total income tax expense | -12,957 | -10,494 | -2,463 |
(in thousands of euro) | December 31 2024 | December 31 2023 |
Accounting profit before taxes | 52,498 | 41,926 |
Share in result of associates and companies accounted for using the equity method | 3,938 | 2,141 |
Tax basis | 48,560 | 39,785 |
Theoretical tax rate | 24.50% | 23.84% |
Income tax calculated at the weighted average of the theoretical tax rate of the different entities | 11,897 | 9,484 |
Disallowed expenses | 211 | 233 |
Prior year tax adjustments | 120 | -50 |
Tax losses for which no DTA is recognized | 616 | 176 |
Other | 113 | 651 |
Subtotal | 211 | 879 |
Actual tax expenses | 12,957 | 10,494 |
Effective tax rate | 26.68% | 26.38% |
Note 16: Income tax expense
Income tax expenses can be analyzed as follows:
Total income tax expenses increase by 2.5 million euro, attributable to an enhanced result before taxes. The movement of the deferred taxes balance sheet positions is further split by their nature in Note 5.
Relationship between tax expense and accounting profit as per December 31, 2024 and December 31, 2023 is summarized in the below reconciliation table:
Reconciliation of effective tax rate
The effective tax rate of 26.68% is higher than the theoretical tax rate of 24.50% of the different entities and mainly due to disallowed expenses and tax losses for which no DTA is recognized.
During 2024, tax audits are announced in several locations. The Group has accounted for the necessary provisions based on the best estimate of the expected outcome of this audit.
December 31 2024 | December 31 2023 | Variance % | |
Basic earnings per share (in euro) | 4.31 | 3.39 | 27% |
Weighted avg shares outstanding | 9,542,241 | 9,150,330 |
Note 17: Earnings per share
Basic earnings per share are calculated by dividing the Group share in the profit for the year of 41.2 million euro (31 million euro in 2023) by the weighted average number of ordinary shares outstanding during the years ended December 31, 2024, and 2023.
The earnings per share (EPS) experienced an increase by 0.92 euro per share, or 27% compared to previous period.
(in thousands of euro) | December 31 2024 | December 31 2023 | Variance |
Cash and cash equivalent | 42,455 | 51,112 | -8,657 |
Overdraft | -8,613 | -9,656 | 1,043 |
Net cash and cash equivalents | 33,842 | 41,455 | -7,614 |
CASH FLOW FROM OPERATING ACTIVITIES | 30,619 | 21,621 |
CASH FLOW FROM INVESTING ACTIVITIES | -41,360 | -12,756 |
CASH FLOW FROM FINANCING ACTIVITIES | 1,958 | 2,826 |
Net increase / (decrease) in cash and cash equivalents | -8,783 | 11,691 |
Exchange gains / (losses) on cash and bank overdrafts | 1,169 | -147 |
Note 18: Statement of cash flows
Cash, cash equivalents and bank overdrafts include the following for the purpose of the cash flow statement:
Similar to 2023, operating activities in 2024 have benefited from improved yearly results. This positive impact was partly counterbalanced by an increase in working capital, which resulted in a cash outflow of 16.6 million euro. Contract assets increased by an amount of 29.3 million euro, reflecting the impressive order book records the Group continues to achieve. On the other hand, the contract liabilities increase by 29.8 million euro as well. During 2023, the corporate income tax paid was limited to 4.5 million euro. However, due to the strong results of 2023 and prepayments made for the expected results of 2024, the cash outflow for corporate income taxes in 2024 has increased to 18.4 million euro.
The acquisition of 85% of the shares of MAXI-PRESS Holding GmbH, Germany, and its subsidiaries has significantly impacted investing activities by 31.7 million euro (net of acquired cash). Additionally, strategic investments in expanding production facilities in China and Denmark, along with regular investments in property, plant, and equipment, resulted in additional outflow of 11.8 million euro. These investments enhance our manufacturing footprint and align with our strategic goals of capacity expansion and diversification of our product offerings. These investing activities were partially offset by the positive impact of the proceeds from and purchase of financial instruments amounting to 1.2 million euro and the receipt of a 0.9 million euro dividend from Inax related to the 2023 results.
The distribution of dividends to shareholders, based on the financial results of 2023, amounts to 7.4 million euro. Additionally, financing activities were further impacted by the share buyback program, through which the Group repurchased shares totaling 4.8 million euro. The proceeds from and repayments of borrowings are mainly impacted by the new roll-over loan of 20 million euro facilitating the transaction of acquiring 85% stake in MAXI-PRESS.
(in thousands of euro) | December 31 2024 | December 31 2023 | Variance |
Letters of intent | 12,893 | 14,404 | -1,511 |
Bank guarantees | 9,277 | 9,344 | -67 |
Mortgages | 7,009 | 5,702 | 1,307 |
Collateral | 20,006 | 0 | 20,006 |
Repurchase commitments | 3,368 | 2,560 | -5,362 |
Note 19: Commitments and contingencies
JENSEN-GROUP has given the following commitments:
The new collateral of 20 million euro is related to the acquisition of MAXI-PRESS, where the Group financed via a roll-over loan of 20 million euro guaranteed by a collateral on the financial assets at fair value through OCI, DKK bonds, as disclosed in Note 20.
Management does not expect these contingencies to significantly impact the Group’s financial position or profitability.
(in thousands of euro) | December 31 2024 | December 31 2023 | |||
Carrying amount | Fair value amount | Carrying amount | Fair value amount | ||
FINANCIAL ASSETS | |||||
Financial assets at amortized cost | 4,869 | 4,433 | 5,139 | 4,609 | |
Financial assets at fair value through OCI | 25,234 | 25,234 | 25,953 | 25,953 | |
Other LT receivables | 1,455 | 1,351 | 1,929 | 1,791 | |
Trade receivables | 128,197 | 128,197 | 103,721 | 103,721 | |
Derivative financial instruments - FX contracts | 121 | 121 | 345 | 345 | |
Derivative financial instruments -IRS | 193 | 193 | 307 | 307 | |
Cash and cash equivalent | 42,455 | 42,455 | 51,112 | 51,112 | |
Total | 202,524 | 201,984 | 188,506 | 187,839 | |
FINANCIAL LIABILITIES | |||||
Financial debts | 57,294 | 56,793 | 38,622 | 38,052 | |
Financial debts - factoring | 3,792 | 3,792 | 3,708 | 3,708 | |
NCI forward | 5,400 | 5,400 | 0 | 0 | |
Trade payables | 30,485 | 30,485 | 28,450 | 28,450 | |
Derivative financial instruments - FX contracts | 611 | 611 | 67 | 67 | |
Derivative financial instruments -IRS | 0 | 0 | 0 | 0 | |
Total | 97,582 | 97,081 | 70,842 | 70,277 | |
Note 20: Financial instruments – Market and other risks
The table below gives an overview of the Group’s financial instruments. The carrying amounts are assumed to be close to the fair value.
Financial assets
To mitigate the risk associated with holding cash, the Group has strategically chosen to allocate a portion of its cash reserves into financial assets, specifically investing in bonds. These investments are classified as financial assets at amortized cost. This classification is based on the assets being held within a business model that is focused on the collection of contractual cash flows, and the contractual terms of these assets generate cash flows that are exclusively payments of principal and interest. This approach not only diversifies the Group's investment portfolio but also aligns with its risk management strategy.
Additionally, a portion of the Group's cash reserves has been invested in bonds that are classified as financial assets at fair value through Other Comprehensive Income (OCI). These particular DKK bonds, issued by Nykredit Realkredit AS and Realkredit Denmark have a maturity in respectively 2025, 2026 and 2033. They are expected to generate stable coupons over the period and are not held for the purpose of trading. Instead, the Group has made an irrevocable election at the point of initial recognition to categorize these bonds in this manner. This decision is based on the Group's assessment that such a classification aligns more closely with its investment strategy and provides a more relevant reflection of the financial assets' value and the Group's financial position.
Other current & non-current assets
Trade receivables are evaluated by the Group considering various factors including prevailing interest rates, specific country risk factors, the individual creditworthiness of the customer, and the risk characteristics of the financed project.
This comprehensive assessment forms the basis for the determination of allowances to account for expected losses on these receivables.
As of December 31, 2024, it is our belief that the carrying amounts of such receivables, after accounting for allowances, closely align with their calculated fair values.
Derivative financial instruments
The Group engages in derivative financial transactions with financial institutions, employing derivatives that are valued through valuation techniques which utilize inputs observable in the market. These derivatives primarily consist of interest rate swaps and foreign exchange forward contracts. The valuation techniques most commonly applied are forward pricing and swap models, which rely on present value calculations. These models make use of a range of inputs, including foreign exchange spot and forward rates, as well as interest rate curves.
Derivative financial instruments within our portfolio are valued by an independent financial institution, utilizing prevailing interest and currency rates from liquid markets. These instruments are measured at fair value, classified under the level 2 category. This classification indicates that the valuation techniques employed involve inputs other than quoted prices that are directly or indirectly observable for the assets or liabilities.
Methods and assumptions to estimate the fair values deviating from the carrying amount:
- The financial assets at amortised cost: the fair value is based on the valuation by an independent financial institution, utilizing prevailing interest and currency rates from liquid markets. These instruments are measured at fair value, classified under the level 2 category.
- Long-term receivables within the Group are primarily associated with the financing provided to customers. The fair value of these long-term receivables is determined by discounting anticipated future cash flows to their present value, utilizing the effective interest rates presently applicable to receivables with comparable terms, credit risk profiles, and remaining maturities.
- Trade receivables, cash and cash equivalent and trade payables approximate to their carrying amounts due to the short-term maturities of these instruments.
- The fair value of the financial debts is determined by discounting future cash flows to their present value, utilizing the effective interest rates presently applicable for debts with comparable terms, credit risk profiles, and remaining maturities.
In the normal course of business, the JENSEN-GROUP is exposed to foreign currency, interest rate and credit risk. The Group analyzes each of these risks independently and devises strategies to manage their economic impact on the JENSEN-GROUP's performance.
(in thousands of euro) | December 31 2024 | December 31 2023 | |
Non-current assets | 193 | 307 | |
Current assets | 121 | 346 | |
Non-current liabilities | 0 | 0 | |
Current liabilities | -611 | -67 | |
Total | -296 | 586 | |
Forward exchange contracts: fair value | -489 | 279 | |
Interest rate swaps: fair value | 193 | 307 | |
Total | -296 | 586 | |
Reconciliation of assets and liabilities
Foreign currency risk
JENSEN-GROUP is exposed to currency risks on borrowings, investments, as well as actual and forecasted sales and purchases, whenever these financial transactions are denominated in a currency different from the functional currency of the subsidiary involved. The primary currencies that pose a risk include the US Dollar, Swiss Franc, Swedish Krona, Danish Krone, British Pound, Chinese Yuan, Australian Dollar, and New Zealand Dollar. This exposure reflects the global nature of our operations and the diverse currency environments in which we operate.
The main derivative financial instruments utilized by the Group to mitigate foreign currency risk are forward exchange contracts. Consistent with the Group’s policy, these derivative instruments are not held for speculative or trading purpose.
In addressing currency-related risks, JENSEN-GROUP adheres to a clearly defined policy that includes:
- Implementing hedges on all firm commitments in foreign currencies on a rolling 12-month basis to ensure consistent and proactive management of currency exposure.
- Mandating that any deviations from this established policy receive prior approval from the Audit and Risk Committee, thereby ensuring oversight and adherence to the company's risk management framework.
Consequently, these hedges are classified as cash flow hedges. They are systematically contracted as part of our standard operating procedures, independent of any anticipatory views on foreign currency fluctuations. The primary objective of this approach is to secure the profit margin at the moment a project contract is signed with a customer.
All foreign exchange contracts within JENSEN-GROUP are centralized and managed by the Group's treasury department, with the contracting process being strictly based on the inputs received from the various subsidiaries. This centralized approach ensures a cohesive and streamlined management of foreign exchange risks across the entire Group, facilitating effective oversight and leveraging of the Group's collective foreign exchange exposures.
The currency risks resulting from translations of the financial statements of non-euro-based companies are not hedged (Note 8).
2024 | |||
(in thousands of euro) | Total exposure | Total derivatives | Open position |
EUR/USD | -11,361 | 11,000 | -361 |
EUR/GBP | -1,647 | 1,500 | -147 |
EUR/AUD | -5,809 | 2,165 | -3,644 |
EUR/SEK | 5,225 | -3,500 | 1,725 |
EUR/NZD | -18 | 380 | 362 |
EUR/CHF | 2,315 | -538 | 1,777 |
TOTAL | -11,295 | 11,007 | -287 |
2023 | |||
(in thousands of euro) | Total exposure | Total derivatives | Open position |
EUR/USD | -7,059 | 9,936 | 2,877 |
EUR/GBP | -3,354 | 3,000 | -354 |
EUR/AUD | -652 | 1,324 | 672 |
EUR/SEK | 3,233 | -1,500 | 1,733 |
EUR/NZD | -69 | 350 | 281 |
EUR/NOK | -1,601 | 901 | -700 |
TOTAL | -9,502 | 14,010 | 4,508 |
The following table offers insights into the Group's net positions in foreign currencies as of December 31, 2024, and December 31, 2023, related to both firm commitments and anticipated transactions. A negative exposure indicates the company's intent to sell foreign currencies in exchange for euro, whereas a positive exposure signifies a plan to purchase foreign currencies while selling euro. These open positions are a direct consequence of implementing JENSEN-GROUP's comprehensive risk management policies.
Production within the JENSEN-GROUP is generated across various global locations, each operating in their respective local currencies to align with regional economic environments:
- European subsidiaries engage in their operations utilizing the Euro, Danish Krone, and Swedish Krona as their currencies of transaction.
- In the USA, production activities are conducted in USD, reflecting the local currency.
- In China, the operational currency for production activities is CNY.
This geographical and financial diversification reflects the global footprint of JENSEN-GROUP's production capabilities and its strategic approach to navigating the complexities of international currency markets.
(in thousands of euro) | Change in currency | Impact net profit1 | Impact on equity |
USD | -5.98% | -993 | -2,670 |
5.98% | 1,259 | 3,009 | |
GBP | -3.71% | -63 | -167 |
3.71% | 99 | 180 | |
AUD | -2.34% | -268 | -105 |
2.34% | 285 | 110 | |
NZD | -3.87% | -38 | -20 |
3.87% | 40 | 21 | |
CNY | -3.33% | 263 | -414 |
3.33% | -479 | 441 | |
SEK | -3.21% | 240 | -493 |
3.21% | -238 | 526 | |
CHF | -5.26% | 142 | -463 |
5.26% | -92 | 515 | |
DKK | -0.09% | 37 | -145 |
0.09% | -57 | 145 | |
NOK | -3.88% | -10 | -12 |
3.88% | 17 | 13 | |
SGD | -3.27% | -132 | |
3.27% | 141 | ||
JPY | -7.60% | -1,693 | |
7.60% | 1,971 | ||
BRL | -19.20% | -1 | |
19.20% | 1 | ||
AED | -4.52% | -11 | |
4.52% | 12 | ||
TRY | -15.26% | -834 | |
15.26% | 1,134 |
Sensitivity analysis for 2024
1: The estimation is based on the standard deviation of daily volatilities of the foreign exchange rates during the past 360 days at December 31, 2024 and using a 95% confidence interval.
These calculations represent a purely theoretical exercise and do not consider the potential gain or loss in sales that may arise from the relative weakening or strengthening of currencies. This approach focuses solely on the mathematical aspect of currency fluctuations without accounting for the practical impact on sales performance and market dynamics.
Currency | Sell | Average exchange rate | Maturity | Fair value thousands of euro | |||||
EUR/GBP | 1,245,955 | 0.83 | 16/1/2025 | -2 | |||||
EUR/AUD | 3,532,734 | 1.63 | 3/4/2025 | 88 | |||||
EUR/USD | 12,076,407 | 1.10 | 25/2/2025 | -605 | |||||
EUR/NZD | 684,434 | 1.80 | 17/4/2025 | 11 | |||||
Curr | Buy | Average exchange rate | Maturity | Fair value thousands of euro | |||||
EUR/SEK | 40,300,993 | 11.51 | 3/2/2025 | 22 | |||||
EUR/CHF | 500,000 | 0.93 | 27/2/2025 | -3 | |||||
Currency | Sell | Average exchange rate | Maturity | Fair value thousands of euro |
EUR/GBP | 2,604,181 | 0.87 | 4/2/2024 | 7 |
EUR/AUD | 2,214,133 | 1.67 | 19/4/2024 | -31 |
EUR/USD | 10,763,272 | 1.08 | 10/4/2024 | 252 |
DKK/SEK | 11,247,823 | 1.43 | 30/12/2024 | 16 |
EUR/NZD | 640,606 | 1.83 | 20/6/2024 | -14 |
EUR/NOK | 10,349,000 | 11.49 | 10/1/2024 | -22 |
Currency | Buy | Average exchange rate | Maturity | Fair value thousands of euro |
EUR/SEK | 17,466,336 | 11.64 | 19/1/2024 | 70 |
As of December 31, 2024, the Group maintained a portfolio of foreign exchange contracts. It is noteworthy that the balances due within the upcoming 12 months are equivalent to their recorded carrying balances, given that the impact of discounting these balances is deemed insignificant. This indicates a close alignment between the nominal and recorded values of these contracts, reflecting the Group’s efficient management of its foreign exchange exposure within the short-term horizon.
2024
2023
Consistent with prior year, all foreign exchange contracts held by the Group as of the end of 2024 have been designated and effectively serve as cash flow hedges. The variations in their fair value over the course of 2024, totaling –0.1 million euro after taxes (0.1 million in 2023), have been deferred in equity.
It is important to note that no ineffectiveness in these hedges has been recorded, indicating a precise alignment between the hedging strategies employed and their intended financial outcomes.
(in thousands of euro) | Effective interest rate | Carrying amount | < 1 month | > 1 month < 3 months | > 3 months < 12 months | 1-5 years | > 5 years |
FLOATING RATE | |||||||
CNY | 3.25%- 4.80% | 12,893 | 8,610 | 158 | 475 | 3,650 | 0 |
Total floating | 12,893 | 8,610 | 158 | 475 | 3,650 | 0 | |
FIXED RATE | |||||||
EUR | 1.32%- 2.28% | 17,383 | 191 | 382 | 11,717 | 2,632 | 2,462 |
DKK1 | 0.44% -2.99% | 27,019 | 20,039 | 78 | 362 | 1,947 | 4,593 |
Total fixed | 44,402 | 20,230 | 460 | 12,079 | 4,579 | 7,055 | |
FACTORING | |||||||
EUR | 3,792 | 183 | 366 | 1,648 | 1,000 | 595 | |
Total | 61,087 | 29,023 | 984 | 14,201 | 9,229 | 7,650 |
2023 | |||||||
(in thousands of euro) | Effective interest rate | Carrying amount | < 1 month | > 1 month < 3 months | > 3 months < 12 months | 1-5 years | > 5 years |
FLOATING RATE | |||||||
CNY | 3.94% - 5.0% | 14,404 | 9,655 | 153 | 458 | 4,138 | 0 |
Total floating | 14,404 | 9,655 | 153 | 458 | 4,138 | 0 | |
FIXED RATE | |||||||
EUR | 1.32% - 2.28% | 18,515 | 183 | 366 | 1,646 | 14,316 | 2,005 |
DKK1 | 0.44% -1.5% | 5,703 | 26 | 51 | 232 | 1,336 | 4,059 |
Total fixed | 24,218 | 208 | 417 | 1,877 | 15,652 | 6,064 | |
FACTORING | |||||||
EUR | 3,708 | 139 | 279 | 1,255 | 2,034 | 0 | |
Total | 42,330 | 10,003 | 848 | 3,591 | 21,824 | 6,064 | |
1: Includes both loans at fixed rates and loans at floating rate covered by IRS. | |||||||
Interest rate risk
The Group employs derivative financial instruments as a strategic measure to mitigate the risk of adverse fluctuations in interest rates. It is a strict policy of the Group that derivative instruments are not held for speculative or trading purposes, ensuring that their use is firmly aligned with risk management objectives.
Financing activities within the JENSEN-GROUP are centralized within the treasury department. This centralization facilitates the Group's adherence to its hedging policy by utilizing Interest Rate Swaps (IRS). Such an approach enhances the efficiency and effectiveness of the Group's financial management practices, ensuring coherent and unified oversight of its hedging strategies and financial risk exposures.
In relation to interest-bearing financial liabilities, the table provided indicates their effective interest rates as of the balance sheet date, alongside the maturity periods or the intervals at which these liabilities are due for rollover. It is important to note that for balances maturing within the next 12 months, their due amounts are equivalent to their carrying balances, as the effect of any discounting is considered negligible.
2024
2024 | ||||
Curr | SWAP amount | Fixed interest | Maturity | Fair value thousands of euro |
DKK | 13,206,509 | 0.44% | 30/12/2039 | 241 |
DKK | 12,162,025 | 2.99% | 31/3/2029 | -47 |
TOTAL in EUR | 3,401,611 | 193 |
2023 | ||||
Curr | SWAP amount | Fixed interest | Maturity | Fair value thousands of euro |
DKK | 14,083,848 | 0.44% | 30-12-2039 | 307 |
TOTAL in EUR | 1,889,714 | 307 |
(in thousands of euro) | Carrying amount | Effective interest rate | Possible rates at December 31, 2024 |
CNY | 12,893 | 3.25%- 4.80% | 1.69% - 6.36% |
Total in EUR | 12,893 |
The following table sets out the conditions of the interest rate swaps:
Consistent with prior year, the interest rate swaps held by the company are designated and effective as cash flow hedges. Throughout 2024, the variations in their fair value, which amounted to 0.2 million euro after taxes (0.2 million euro in 2023), have been deferred in equity. This accounting treatment reflects the company's strategy to manage interest rate exposure and aligns with hedge accounting principles. Significantly, no ineffectiveness in these hedging activities has been recorded, indicating a precise match between the hedging instruments used and the underlying exposure.
As disclosed in the above table, 12.9 million euro of the Group’s interest-bearing financial liabilities bear a variable interest rate. This amount does not include the 3.4 million euro loan that is covered by an interest rate swap.
The Group estimates that the reasonably possible change of the market interest rates applicable to its floating rate debt is as follows:
Considering the reasonably possible fluctuation in the market interest rate as described and applying this to our floating rate debt as of December 31, 2024—while keeping all other variables constant—it is estimated that the profit for 2024 could have been 0.6 million euro lower or higher. This projection underscores the sensitivity of our financial performance to changes in interest rates, highlighting the potential impact on our profitability due to variations in the cost of our floating rate debt. This analysis is crucial for understanding the financial risks associated with interest rate movements and for assessing our risk management strategies.
2024 | ||||||
(in thousands of euro) | Current | < 60 days | > 60 days < 90 days overdue | > 90 days < 120 days overdue | > 120 days overdue | Total |
Outstanding trade receivables | 92,312 | 15,721 | 5,191 | 4,614 | 10,552 | 128,390 |
Collateral held as security | 0 | |||||
Net exposure | 92,312 | 15,721 | 5,191 | 4,614 | 10,552 | 128,390 |
Provisions accounted for | -4,835 | |||||
Total | 123,555 |
2023 | ||||||
(in thousands of euro) | Current | < 60 days | > 60 days < 90 days overdue | > 90 days < 120 days overdue | > 120 days overdue | Total |
Outstanding trade receivables | 71,062 | 10,194 | 4,324 | 3,304 | 11,378 | 100,622 |
Collateral held as security | 0 | |||||
Net exposure | 71,062 | 10,194 | 4,324 | 3,304 | 11,378 | 100,622 |
Provisions accounted for | -3,475 | |||||
Total | 97,147 |
Credit risk
Credit risk represents the risk that a party involved in a financial instrument will fail to fulfil their obligation, leading to a financial loss for the other party.
In managing credit risk, our policy leverages historical data concerning overdue trade receivables. In addition to this retrospective analysis, as articulated in our valuation policies, we incorporate forward-looking information to gain a comprehensive view of potential credit risks.
Aligned with the Group's credit policy, customers undertaking projects are mandated to either make an advance payment or provide a form of guarantee, such as Letters of Credit (L/C) or bank guarantees. This requirement is part of our due diligence process, where we assess the creditworthiness of both new customers and existing customers whose purchasing volumes increase. This comprehensive approach ensures that we effectively manage and mitigate credit risk, safeguarding the Group's financial health and stability.
Consolidated ageing schedule of the trade receivables ST
Balances that are due within the upcoming 12 months are recorded at their carrying balances, as the effect of discounting these amounts is deemed to be not significant.
Trade debtors and other receivables are presented in the balance sheet at their amortized cost, which typically equates to the original invoiced amount, adjusted for an allowance for expected credit losses.
Given the project-based nature of our operations and the notable concentration of accounts receivable/contract assets related to individually significant projects within the Group, allowances for both incurred and future expected losses are determined on an individual project basis.
(in thousands of euro) | ||
Provision for doubtful debtors at the end of 2023 | 3,475 | |
Additions | 2,144 | |
Reversals | -818 | |
Exchange difference | 34 | |
Provision for doubtful debtors at the end of 2024 | 4,835 | |
This approach, however, incorporates aggregated historical data regarding past experiences with similar clients. This method ensures a balanced and informed assessment of credit risk, reflecting both specific project risks and broader trends observed with similar engagements.
In the application of IFRS 9, the JENSEN-GROUP exercises significant judgement in determining the realizable value of trade receivables. The Group adopts the simplified approach prescribed by IFRS 9 for measuring expected credit losses, which mandates a lifetime expected loss allowance for all trade receivables. In calculating the lifetime expected credit losses, the JENSEN-GROUP considers factors such as the likelihood of default and the exposure at the time of default. This evaluation includes an estimation of potential recoveries through credit insurance and the effectiveness of other forms of collateral.
The historical credit loss experience with individual customers is regularly reviewed and updated as necessary to account for any disparities between current and expected economic conditions compared to those experienced historically.
Beyond the provisions for expected credit losses (ECL) derived from historical data and future projections, the Group also acknowledges exposures that are managed on an individual basis. These are recognized separately to the extent that they are not addressed by the ECL model, ensuring a comprehensive approach to managing and mitigating credit risk in line with the requirements of IFRS 9.
The roll forward of the provision for doubtful debtors is set out below:
Due to an increase in the outstanding balances of accounts receivable, the provision for potential credit losses saw a net increase of 1.4 million euro. This adjustment reflects a nuanced approach to managing the credit risk associated with receivables, balancing the positive impact of recovered funds against the necessity to account for increased exposure due to higher outstanding balances. The impact of the movement of the provision on the result amounts to 2.1 million euro.
As per end of December 31, 2024, there is one customer group, named Elis, with a concentration of more than 10% of the total outstanding receivables.
The JENSEN-GROUP's major financial institution partners are Nordea, KBC and Nykredit. Their bank credit ratings (S&P) as per December 31, 2024 are:
- Nordea: AA-
- KBC: A+
- Nykredit: AA-
Liquidity risk
Liquidity risk refers to the risk that an entity will encounter difficulties in meeting its financial obligations as they come due because of an inability to liquidate assets or obtain adequate funding in a timely manner.
The Group addresses liquidity risk through the strategic management of its financial resources, ensuring the availability of adequate cash reserves and borrowing facilities. This involves a vigilant monitoring of both forecasted and actual cash flows, alongside a careful alignment of the maturity profiles of its financial assets and liabilities (Note 9). By adopting this approach, the Group aims to maintain financial stability and ensure it can meet its obligations as they arise.
The main drivers of cash inflows for the Group are derived from its operational activities. This approach highlights the Group's dedicated focus on maintaining robust liquidity management practices. By leveraging both the revenue generated from its business operations and strategic financial activities such as capital increases, the Group ensures the availability of necessary funds to support its ongoing operations and secure its financial well-being.
Note 21: Assets held for sale
The results classified as a loss from assets held for sale amounting to 0.5 million euro, pertain to the former Cissell building in Kentucky, associated with the previous CLD activities. Additionally, the costs related to this building, totaling 0.1 million euro, are accounted for within the results from assets held for sale.
In thousands of euro | December 31, 2024 | December 31, 2023 | |
Fees paid to Board members | 365 | 336 | |
Gross salaries paid to senior managers | 3,121 | 2,382 | |
Basic remuneration | 1,182 | 897 | |
Invoiced services | 954 | 836 | |
One-year variable remuneration | 862 | 570 | |
Fixed expenses | 30 | 30 | |
Fringe benefits | 42 | 19 | |
Pension plan | 50 | 31 | |
Note 22: Related party transactions
Shareholder structure
The shareholders of the Company as per December 2024 are:
(*) Share buy back program
Transparency notifications
During 2024, JENSEN-GROUP NV received following notifications:
- a notification from
- a notification from Lazard Frères Gestion SAS informing they crossed the minimum threshold of 5% through the acquisition or disposal of voting securities or voting rights.
Key management compensation
For more details on the remuneration of senior management, we refer to the Remuneration Report included in the Report of the Board of Directors.
In thousands of euro | December 31 2024 | December 31 2023 | |
Companies accounted for using the equity method | 47,538 | 49,764 | |
In thousands of euro | December 31 2024 | December 31 2023 | |
Companies accounted for using the equity method at the end of the year | 49,764 | 5,573 | |
Acquisition of Inax | 0 | 42,374 | |
Change in scope of Ole Almeborg (50%) | 613 | 0 | |
Acquisition of PrimaFolder (33%) | 412 | 0 | |
Share in the result | 4,562 | 3,085 | |
Hyperinflation impact on the share in the result | -624 | -944 | |
Hyperinflation correction – direct equity | 0 | 3,266 | |
Translation differences | -6,778 | -3,589 | |
Companies accounted for using the equity method at the end of the year | 47,538 | 49,764 | |
Companies accounted for using the equity method
The companies that are accounted for using the equity method, represent the valuation of the participations in Tolon, Inax Corporation (recognized from April 3, 2023, onwards), PrimaFolder (May 30, 2024) and Ole Almeborg (from September 1, 2024 onwards). This accounting approach reflects the Group's investment strategy and its relationship with these entities. Under the equity method, the Group recognizes its share of the profits or losses of these investee companies in its financial statements, adjusting the carrying amount of the investments accordingly.
At the end of May 2024, JENSEN Italy acquired 33% of the shares of PrimaFolder for a purchase price of 0.4 million euro. PrimaFolder is a company specializing in the design and manufacture of automatic folding machines based in Italy.
Roll-over of the companies accounted for using the equity method
Tolon
On January 29, 2016, JENSEN-GROUP acquired an equity stake of 30% in TOLON GLOBAL MAKINA Sanyi Ve Tikaret Sirketi A.S., Turkiye and agreed to acquire in total an additional 19% of the shares over the coming three years. In 2017, the JENSEN-GROUP increased its shareholding by 6.33% to 36.33%, in 2018 by another 6.33% to 42.66% and finally in 2019 by 6.34% to 49%.
As the JENSEN-GROUP holds less than 50% of TOLON, this participation is consolidated by the equity method.
Net income per end of December 2024 (excluding hyperinflation) amounts to 2.5 million euro, compared to 2.6 million euro per end of December 2023 (excluding hyperinflation).
(in thousands of euro) | December 31 2024 | December 31 2023 |
Revenue | 33,796 | 31,086 |
Operating profit (EBIT) | 3,679 | 3,825 |
Consolidated profit for the year | 1,272 | 689 |
Non-current assets | 12,823 | 9,242 |
Current assets | 13,206 | 16,986 |
Equity | 9,232 | 8,856 |
Non-current liabilities | 2,655 | 2,953 |
Current liabilities | 14,143 | 14,420 |
Net asset - % | 4,524 | 4,339 |
Goodwill | 352 | 3,322 |
Companies accounted for using the equity method at the end of the year | 4,876 | 7,661 |
(in thousands of euro) | December 31 2024 | December 31 2023 (9 months) |
Revenue | 122,798 | 77,692 |
Operating profit (EBIT) | 9,149 | 5,399 |
Consolidated profit for the year | 6,907 | 3,682 |
Non-current assets | 45,628 | 50,166 |
Current assets | 67,844 | 72,837 |
Equity | 48,589 | 45,536 |
Non-current liabilities | 13,619 | 15,451 |
Current liabilities | 51,264 | 62,016 |
Net asset - % | 23,809 | 22,313 |
Goodwill | 17,925 | 20,182 |
Companies accounted for using the equity method at the end of the year | 41,734 | 42,494 |
Hyperinflation
The Group applies IAS29 (Financial Reporting in Hyperinflationary Economies) for the consolidation of its Turkish subsidiaries. For the application of this standard, and to restate the income statements and non-monetary assets and liabilities at December 31, 2024, we used the producer price index (PPI) "PPI.ITUR" as from January 2005,
published by the Turkish Statistical Institute (Turkstat): PPI as per 31.12.2024 is 3,746.52 (PPI as per 31.12.2023 is 2,915.02).
The impact on the share in the result for the year 2024 of the revaluation was a cost of 0.6 million euro.
In previous year, the impact of the application of IAS 29 for the financial year ended December 31, 2023, resulted in a loss of 0.9 million euro in the Group's income statements.
Inax
On April 3, 2023, JENSEN-GROUP acquired 49% of the shares of Inax Corporation (“Inax”), a Japanese wholly owned subsidiary of MIURA via the issuance of shares of JENSEN-GROUP NV.
As the JENSEN-GROUP holds less than 50%, this participation is consolidated by the equity method.
In thousands of euro | December 31 2024 | December 31 2023 | |
Result attributable to non-controlling interest | -1,737 | 277 | |
Equity part of NCI | -58 | 1,896 |
Ole Almeborg
On October 15, 2023, JENSEN Denmark A/S, a Danish subsidiary of the JENSEN-GROUP, acquired Ole Almeborg A/S. This participation is consolidated under the full consolidation method as from October 15, 2023.
As per May 17, 2024, JENSEN Denmark entered into a share sale and purchase agreement with Logitrans A/S. As a result, per end of August 2024, the JENSEN-GROUP holds 50% of Ole Almeborg, so this participation is consolidated by the equity method from September 1, 2024 onwards.
The company accounted for using the equity method is valued at 0.6 million euro at the end of the year.
Non-controlling interests
In 2016, the JENSEN-GROUP and Veins Holding BV have joined forces to form a new company, Gotli Labs AG. As the JENSEN-GROUP has de jure control over Gotli Labs AG (over 50% of the shares), this participation is fully consolidated. Contractually, JENSEN-GROUP is entitled to 40% of the results, with the other 60% shown in the income statement as “income attributable to non-controlling interest”.
On January 2, 2018, JENSEN-GROUP acquired an equity stake of 30% in Inwatec ApS (Denmark), with the option to increase its shareholding between 2020 and 2023. On March 26, 2021, the JENSEN-GROUP increased its shareholding in Inwatec ApS from 30% to 70%. As the JENSEN-GROUP holds 70%, the participation is consolidated by the full consolidation method as from March 26, 2021. Before that date, the participation was consolidated by the equity method.
On July 23, 2024, JENSEN-GROUP acquired 85% of the shares of MAXI-PRESS Holding GmbH, Germany and its subsidiaries. As the JENSEN-GROUP holds 85%, the participation is consolidated by the full consolidation method. See Note 23 for more information about the acquisition.
The result attributable to non-controlling interest amounts to a loss of 1.7 million euro compared to an income of 0.3 million euro in the previous period. This decrease is mainly due to a reduction in the order intake for Inwatec, a company that manufactures exclusively based on customer orders, rather than for inventory. In the second half of the year, management concentrated efforts on boosting the order book for Inwatec. Limited personnel reductions to maintain capacities for growth were implemented. By the end of December 2024, these initiatives were successful, resulting in an order book that provides a solid foundation for 2025 and beyond.
The Group is not aware of any restrictions to transfer funds in the form of cash and dividends, nor any commitments or contingent liabilities related to the interest in the joint ventures and associates. For the legal structure, we refer to Note 26.
(in thousands of EUR) | July 31, 2024 | July 31, 2024 | |
Before PPA | PPA adjustments | After PPA | |
Intangible assets (excl. goodwill) | 19 | 123 | 142 |
Property, plant & equipment | 4,061 | 2,408 | 6,469 |
Inventory | 5,230 | 1,538 | 6,767 |
Trade & other receivables | 4,024 | 0 | 4,024 |
Cash | 2,881 | 0 | 2,881 |
Trade & other payables | -8,360 | 0 | -8,360 |
Deferred taxes | 345 | -1,172 | -827 |
NET ASSETS ACQUIRED | 8,199 | 2,897 | 11,096 |
Goodwill | 24,939 | ||
Consideration paid (85%) | 34,371 | ||
Non-controlling interest (15%) | 1,664 |
Note 23: Acquisitions
MAXI-PRESS
On July 23, 2024, JENSEN-GROUP acquired 85% of the shares of MAXI-PRESS Holding GmbH, Germany and its subsidiaries ("MAXI-PRESS"). MAXI-PRESS, renowned for its leading market share in press cushions as well as its unique range of consumables, will play a pivotal role in enhancing JENSEN-GROUP's service offerings. The acquisition is fully aligned with JENSEN-GROUP's long-term value creation strategy, aiming to provide a comprehensive range of service propositions to laundries across the globe.
The table below gives an overview of the acquisition-date fair value, after IFRS conversion, of the total consideration transferred and the remaining amount of goodwill recognized as part of the investment:
Consideration
The acquisition of an 85% equity stake in MAXI-PRESS has been executed at a purchase price of 34.4 million euro on a cash-/debt-free basis, corresponding to 85% of the total enterprise value of MAXI-PRESS.
Additionally, JENSEN-GROUP committed to acquiring the remaining 15% equity stake currently held by the founding CEO and shareholder, Mr. Zaiser, over the ensuing three years. These transactions will be guided by valuation principles consistent with those applicable at the initial acquisition, involving the purchase of the shares in three annual tranches of 5%, culminating in JENSEN-GROUP's complete ownership of MAXI-PRESS by the end of June 2027.
Fair value estimations of the purchase price allocation
- The fair value of the trade name of MAXI-PRESS is determined via the relief from royalty method and is amortised over a period of ten years.
- The machinery & equipment is revalued by actualizing the historical acquisition cost for the remaining part of the economic life of each asset, combined with management expertise. Their useful life is within the JENSEN-GROUP policies.
- The inventory held for trade is valued at its individual sales value less cost to sell per July 31, 2024. The step-
up of this fair value assessment is consumed consistent with the inventory rotation rate of each affected subsidiary.
Goodwill
The goodwill recognized in the acquisition of MAXI-PRESS amounts to 24.9 million euro. This figure represents, among other factors, the intrinsic value of MAXI-PRESS's workforce, as well as the anticipated future economic benefits derivable from the transaction. The valuation of goodwill in this context underscores the strategic importance of the acquisition, recognizing not only the tangible assets but also the intangible assets and potential for growth and synergy that MAXI-PRESS brings to the JENSEN-GROUP.
The non-controlling interest is measured at 15% of the fair value of the net assets acquired.
Transaction expenses
Total transaction expenses for the acquisition amount to 0.7 million euro in 2024.
Forward purchase of the NCI
In line with our commitment to acquire the remaining 15% interest, a non-controlling interest (‘NCI’) forward purchase is accounted for as a financial liability on the balance sheet of the JENSEN-GROUP. This valuation is determined by calculating the present value of the anticipated payments for the forthcoming three instalments. The methodology employed for this calculation considers the cost of debt over a three-year term, in conjunction with the applicable credit spread. The JENSEN-GROUP will reassess the fair value on a semi-annual basis. The fair value is measured under a level 3 fair value measurement.
The main judgements, assumptions and estimates considered for the fair value calculation are:
- Each 5% tranche of equity stake is based upon the weighted result of three consecutive years, assessed on a cash/debt-free basis.
- Projections are based upon the budget of the MAXI-PRESS Group, incorporating key assumptions such as the implied growth rate (0%) and inflation (2%).
JENSEN-GROUP asserts that its estimates are sound, grounded in the historical performance records of the MAXI-PRESS Group, and supplemented by external data sources, such as cost of debt metrics. These estimates represent management’s best judgment, and it is acknowledged that actual outcomes may deviate due to varying assumptions or conditions. Nonetheless, the Group maintains that any reasonable variations in these estimates would not lead to a material impact for 2024.
Upon inception, JENSEN-GROUP derecognizes the non-controlling interest by recording the NCI forward purchase as a financial liability in the balance sheet. The resultant variance is directly adjusted through the Group’s equity. The liability is accounted for at other payable for an amount of 5.4 million euro, of which 1.2 million euro is short-term.
(in thousands of euro) | December 31 2024 (first 7 months) | December 31 2024 (last 5 months) | December 31 2024 (12 months) |
Revenue | 13,508 | 9,331 | 22,839 |
Operating profit (EBIT) | 3,083 | 775 | 3,858 |
Profit for the year | 2,111 | 533 | 2,644 |
Pro-forma income statement MAXI-PRESS Group
MAXI-PRESS is contributing 9.3 million euro of revenue and 0.5 million of profit for the year. If the acquisition would have taken place on 1 January 2025, contribution to revenue and net profit would have amounted to 22.8 million and 2.6 million euro respectively.
The operating profit in the second period is significantly influenced by the partial release of the fair value step-up on inventory held for trade, which considers the turnover of trade goods. This adjustment amounts to 1.1 million euro before tax.
Note 24: Non-audit fees
The Statutory Auditor is Deloitte BV, represented by Mrs. Charlotte Vanrobaeys.
The Statutory Auditor and its network received worldwide fees of 578,460 euro (excl. VAT) for auditing the statutory accounts of the various legal entities and the consolidated accounts of the JENSEN-GROUP. Apart from its mandate, the Statutory Auditor and its network received during 2024 additional fees of 133,000 euro (excl. VAT) for the limited assurance of the Sustainability statement in accordance with the ESRS, and that was invoiced to the JENSEN-GROUP NV. The Company has appointed a single firm for the audit of the consolidated financial statements.
Note 25: Events after the balance sheet date
There are no significant after balance sheet events.
Note 26: Legal structure
Consolidated companies | Registered office | Participation percentage |
Belgium | ||
JENSEN-GROUP NV | Neerhonderd 33 9230 Wetteren | Parent Company |
TOLON Europe BV | Neerhonderd 33 9230 Wetteren | 49% |
Australia | ||
JENSEN Laundry Systems Australia PTY Ltd. | Unit 16, 38-46 South Street Rydalmere NSW 2116 | 100% |
Orboc Pty Ltd | 3/14 Hinkler Court 4500 Brendale- QLD | 85% |
MAXI-PRESS Australia Pty Ltd | 3/14 Hinkler Court 4500 Brendale- QLD | 85% |
Austria | ||
JENSEN Austria Holding GmbH | Reinhartsdorfgasse 9 2324 Schwechat-Rannersdorf | 100% |
JENSEN ÖSTERREICH GmbH | Reinhartsdorfgasse 9 A-2324 Schwechat-Rannersdorf | 100% |
Brazil | ||
JENSEN-GROUP BRASIL COMERCIO E SERVICOS DE EQUIPAMENTOS DE LAVANDERIA LTDA | Rua Aparecida José Nunes de Campos 19 CEP 18087-089, Jardim do Paço, Sorocaba-SP | 100% |
China | ||
JENSEN Industrial Laundry Technology (Xuzhou) Co., Ltd | Phoenix Avenue, Xuzhou Clean Technology Zone 221121 Xuzhou, Jiangsu Province, P.R. China | 100% |
Denmark | ||
JENSEN Industrial Group A/S | Industrivej 2 3700 Rønne | 100% |
JENSEN Denmark A/S | Industrivej 2 3700 Rønne | 100% |
Ole Almeborg A/S | Svalhøjvej 15 3790 Hasle | 50% |
Note 27: Consolidation scope as at December 31, 2024
Inwatec ApS | Hvidkærvej 30 5250 Odense SV | 70% |
Svalhøjvej 15 ApS | Svalhøjvej 15 3790 Hasle | 100% |
France | ||
JENSEN France SAS | 2 “Village d’entreprises” ZA de la Couronne des Près Avenue de la Mauldre 78680 Epône | 100% |
Germany | ||
JENSEN GmbH | Jörn-Jensen-Straβe 1 31177 Harsum | 100% |
JENSEN Components GmbH | Ludwig-Erhard-Strasse 18 30982 Pattensen | 100% |
MAXI-PRESS Holding GmbH | Zum Lingeshof 1 c 36124 Eichenzell-Welkers | 85% |
MAXI-PRESS Elastomertechnik GmbH | Zum Lingeshof 1 c 36124 Eichenzell-Welkers | 85% |
ELASTOPRESS Polytex GmbH | Im Weilerlen 12 74321 Bietigheim-Bissingen | 85% |
SPE Polymertechnik GmbH | Zum Mühlgraben 6 68642 Bûrstadt | 85% |
Italy | ||
JENSEN Italia s.r.l. | Strada Provinciale Novedratese 46 22060 Novedrate | 100% |
Prima Folder s.r.l. | Via Agostino Depretis, 9 48123 Ravenna | 33% |
Japan | ||
JENSEN Japan Co., Ltd. | 4-9-1-203 Imagawa, Urayasu-city 279-0022 Japan | 100% |
Inax Corporation | 5-1-11, Osaki, Shinagawa-ku, Tokyo, 141-0032 Japan | 49% |
Middle East | ||
JENSEN Industrial Laundry Systems M.E. DMCC | JENSEN Industrial Laundry Systems M.E. DMEE Unit No: 204 Fortune Tower Plot No: JLT-PH1-C1A Jumeirah Lakes Towers Dubai | 100% |
UAE | ||
Norway | ||
JENSEN NORGE AS | Østensjøveien 36 0667 OSLO | 100% |
New Zealand | ||
JENSEN New Zealand Ltd | C/- MinterEllisonRuddWatts 15 Customs Street Auckland Central 1010 | 100% |
Singapore | ||
JENSEN Asia PTE Ltd. | No. 6 Jalan Kilang #02-01 Dadlani Industrial House Singapore 159406 | 100% |
Spain | ||
JENSEN Spain S.L. | Calle Energia, 34 Poligono Famades ES-08940 Cornella de Llobregat (Barcelona) | 100% |
Sweden | ||
JENSEN Sweden AB | Företagsgatan 68 504 94 Borås | 100% |
JENSEN Sweden Holding AB | Box 363 503 12 Borås | 100% |
Switzerland | ||
JENSEN AG Burgdorf | Buchmattstrasse 8 3400 Burgdorf | 100% |
JENSEN Holding AG | Buchmattstrasse 8 3400 Burgdorf | 100% |
GOTLI Holding | Industriestrasse 51 6312 Steinhausen | 51% |
GOTLI Labs AG | Industriestrasse 51 6312 Steinhausen | 51% |
Turkiye | ||
TOLON GLOBAL MAKINA Sanyi Ve Tikaret Sirketi A.S. | A.O.S.B. 10007. Sk. No:9 Çiğli, İzmir | 49% |
TOLON EXPORT MAKİNE TİCARET A.Ş. | 10007 SOK. NO:9 AOSB ÇİĞLİ İzmir | 49% |
United Kingdom | ||
JENSEN UK Ltd. | Unit 5, Network 11 Thorpe Way Industrial Estate Banbury, Oxfordshire OX16 4XS | 100% |
United States of America | ||
JENSEN NA Inc. | Corporation Trust Center Orange Street 1209 Wilmington - Delaware | 100% |
JENSEN USA, Inc. | Aberdeen loop 99 Panama City, FL 32405 | 100% |
831 South 1st Street, Inc. | 831 South 1st Street Louisville, KY 40203 | 100% |
Tolon US | Aberdeen loop 99 Panama City, FL 32405 | 49% |
MAXI-PRESS ELASTOMERIC Inc | 80 Turnpike Drive Suite #4 6762 Middlebury - CT | 85% |
