Årsrapport33771231PricewaterhouseCoopers Statsautoriseret RevisionspartnerselskabStrandvejen 442900 Hellerup2022-07-012021-07-012023-06-302022-06-3041369744OMT Naval ApSSverigesgade45000Odense COdensePricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab33771231Strandvejen442900HellerupDanmark2023-10-09Per Lønborg-AndersenRegnskabsklasse C, mellemstor virksomhedRevisionspåtegningThe Executive Board and Board of Directors have today considered and adopted the Annual Report of OMT Naval ApS for the financial year 1 July 2022 - 30 June 2023.The Annual Report is prepared in accordance with the Danish Financial Statements Act.In our opinion the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 30 June 2023 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2022/23.We recommend that the Annual Report be adopted at the Annual General Meeting.Copenhagen2023-10-09Peter Kåre Groes ChristiansenPoul Præstegaard SkadhedeChairmanThomas KnudsenPeter Kåre Groes ChristiansenTo the Shareholders of OMT Naval ApSOpinionIn our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 30 June 2023 and of the results of the Group’s and the Parent Company’s operations and of consolidated cash flows for the financial year 1 July 2022 - 30 June 2023 in accordance with the Danish Financial Statements Act. We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of OMT Naval ApS for the financial year 1 July 2022 - 30 June 2023, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (”the Financial Statements”). Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for Management’s Review. Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financials Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, Management is responsible for assessing the Group’s and the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Group or the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s and the Group’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Hellerup2023-10-09Hellerup2023-10-09PricewaterhouseCoopers Statsautoriseret RevisionspartnerselskabJacob Fromm Christiansenstatsautoriseret revisormne18628Kim Danstrupstatsautoriseret revisormne32201Seen over a two-year period, the development of the Group is described by the following financial highlights: -2557000-13800000- including investment in property, pland and equipment- including investment in property, pland and equipment303900068672000Årets forskydning i likviderÅrets forskydning i likvider58.27332.458.537.137.747.240.358.8145.5Key activities The OMT Naval Group (“Group”) is the premium maritime consulting firm in Europe with a core focus on delivering smart maritime defence solutions and has extensive fields of expertise within engineering, procurement, construction, and operations within the maritime sector. The Group develops and markets Intellectual Property Rights (IPR) solutions and licenses to Intellectual Property Rights (IPR Licenses) related to ship design within the maritime sector. The Group also markets advisory services within its fields of expertise to the maritime industry. The Group operates globally serving Navies, shipowners, and shipyards, and is a global leader in its niches. The OMT Naval Group's activities consists of the parent company OMT Naval ApS and 6 subsidiaries. Development in the year The income statement of the Group for 2022/23 shows a profit of TDKK 50,116, and at 30 June 2023 the balance sheet of the Group shows equity of TDKK 87,053. Management finds the result for 2022/23 is satisfactory and in accordance with the expectations and views the financial situation satisfactory. Based on the planned and expected activities in the Group, Management expects a similar result for the year ahead. The subsidiaries' activities in the year The OMT Naval Group's activities consists of the parent company OMT Naval ApS and 6 subsidiaries. OMT Naval has continued to invest in business development (product development and marketing) and continued to deliver several projects in APAC and Europe. The result has developed positively compared to last year and has exceeded the expectations. OMT Naval markets Intellectual Property Rights (IPR) solutions and licenses) related to ship design within the maritime sector. OMT F4DK, OMT S4DK and OMT S4SG all delivers IPR based solution projects. These subsidiaries have increased activities during the year and are expected to continue to do so going forward. The results are in line with expectations. OMT Projects delivers minor projects within both solutions and advisory and has had increased activity during the year. The result is in line with expectations. OMT People delivers services to the other companies in the Group. The result is in line with expectations. IHAB Business Development manages a small subset of the Intellectual Property Rights (IPR) in the group but do not sell these independently of OMT Naval. The result is lower than last year, but in line with expectations. Our employees The Group’s continued success is conditioned by its ability to attract, develop, and retain the most skilled talents in the industry. Our employees are our main knowledge resources, and the highly qualified staff is important to the business going forward. We make high demands of our employees, and it is essential that we can offer a challenging career platform in which competence development and flexibility are in focus. We are therefore proud to have employees that are among the best in Scandinavia. Developing our employees' digital competences is a particular top priority for us. Special risks The Groups exposure to a specialized market within ship design, ship building, etc. makes the Group dependent on the development of this industry. However, there is a positive development within the defence and special purpose segments as well as the advisory segment, which all are the present focus areas of the Group. As the Group is involved in several large long-term deliveries within both solutions and advisory, this makes the project, risk, and financial management critical. It also involves a special risk regarding the evaluation and presentation of these projects in the financial reporting for the Group, as the expected outlook for such projects can change significantly over the project period. The Group’s liabilities and obligations has been accessed by management and in the relevant situations, provisions have been made in the annual report to cover these liabilities and obligations. Provisions relate to future estimates regarding warranties and other obligations and are uncertain by nature. Foreign exchange risks The Group have implemented a currency hedging programme to reduce the exchange rate risks in connection with relevant sales. Research and development Being at the forefront of the technology development within our fields of expertise is a key objective of the Group. This is done inhouse by developing key technologies and designs, externally together with customers by developing specific solutions to meet the stated requirements and by participating in government funded development projects. External environment As a knowledge-based Group, our climate footprint is relatively limited, but we nevertheless believe that caring for the environment is a natural part of running a business. We therefore always aim to reducing the negative effect on the environment from our business activities. We also place huge emphasis on – whenever possible – reducing the climate footprint of the final products and solutions that it is constructed based on our designs and advice. Subsequent events No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.211324000133481000176782000666490000437800004378000884090004038000011944200040098000122915000974790005734000030929000523840001770300000198100016770004810001770006855000078099000568590003075200000887400030003000-13060000-1306000091000299000850000134200043700051200022800065993000779610006400000060527000158770001719600013468000675600050116000607650005053200053771000177800001398600086550003361000057740000577400017780000197600008655000913500000374310003630600011456000107620001145600010762000673000000400000040000000016129000147620004888700047068000339090003452200057542000562030002144800056976000002027500039630001754700001476000335000017730000112140005061000956900026130006604000658500062060003976000152100054845000800640004186600019339000958580009281900073149000802160001507030001728830001150150009955500018461200020740500017255700015575800018200018200018200018200018200018200018200018200000015716000008655000913500085594000740950007693900049244000127700092280000087053000835050008577600074277000009715000040571000333580002673000099880004057100033358000364450009988000018764000018764000837400021000122400001332700038647000197830003474400015738000145540001592200082760001954900018556000134070009709000569880009054200050336000714930005698800090542000503360007149300018461200020740500017255700015575800018200000740950009228000-15000000-10476000-135570000050532000-41600018200000855940001277000182000157160009135000492440000-15000000-1047600000-4800004800000-15716000066248000000-135570001820000865500076939000050116000607650002041500019011000-63600055000006989500085276000910002990001346000438000686400008513700016362000052278000851370000449400026710005140000-2671000-963400003900000104760000-1650200000282000195900003213000-46568000-6831000303900068672000928190002414700095858000928190009585800092819000Geographical segments The Scandinavian countries 31,904 27,352 172 0 The rest of Europe 627 39,639 0 0 The rest of the world 178,793 66,490 176,610 66,649 211,324 133,481 176,782 66,649 All revenues relates to maritime consultancy services.516550001687200000190000001500000005600008310000052384000177030000067370019810001677000481000177000198100016770004810001770009100029900085000010500001050000430000430000293000209000128000090100022800023600022800013420004370005120002280001625500015072000159220008277000-17130002124000-3789000-152100010001334000100013340001334000-13340001334000-133400015877000171960001346800067560001853800057740005774000-5774000243120000455100001981000065320000177800000 In relation to development projects, external directly attributable costs and as well as direct payroll cost (with addition of non-allocated internal costs related to IT etc.) are capitalized.Amortised over 10 years 353900057740005774000-577400093130000177000048100006580000865500002059000003187000205900002377700020590000157160000887500030003000-20410000-14287000-242000039390001571600097150000IHAB Business Development A/SDenmark96OMT S4DK ApSDenmark100OMT F4DK ApSDenmark100OMT S4SG ApSDenmark100OMT Projects ApSDenmark100OMT People ApSDenmark10015140000015140000020000001514000020000001514000017140000151400001714000015140000-43780000-43780000-13060000-130600000-43780000-4378000-5684000-4378000-5684000-4378000Danske Patruljeskibe K/SDenmark33Komplementarselskabet Danske Patruljeskibe A/SDenmark33CUBEDIN A/SDenmark50673000673000 The following receivables fall due for payment more than 1 year after year end 8,668 8,668 0 0 Selling price of work in progress 20,275 3,963 17,547 0 Payments received on account 0 -18,764 0 -18,764 20,275 -14,801 17,547 -18,764There have been no changes in the share capital during the last 5 years.On 30 June 2023, the Company acquired 9,202 treasury shares, corresponding to 5%. The total payment for the shares amounted to DKK 10,476 thousand, which has been transferred from retained earnings under equity. These shares have not been cancelled and are therefore held as treasury shares. The Company may choose to sell these shares at a later time. The shares have been acquired as part of the Company's strategy. The Company holds a total of 9,202 shares with a nominal value of DKK 9,202 corresponding to 5% of the total capital.19590000321300015000000000-1571600015716000-41600081990000030942000493530005124800038055000Deferred tax asset at 1 July 6,206 8,330 1,521 0 Amounts recognised in the income statement for the year 1,713 -2,124 3,789 1,521 Amounts recognised in equity for the year (residual) -1,334 0 -1,334 0 Deferred tax asset at 30 June 6,585 6,206 3,976 1,521 Other provisions 40,571 33,358 26,730 9,988 40,571 33,358 26,730 9,988 The provisions are expected to mature as follows: Between 1 and 5 years 40,571 33,358 26,730 9,988 40,571 33,358 26,730 9,988 Deferred tax relates primarily to temporary differences from provisions as well as the balance of tax losses for future recapture occuring in connection with the joint taxation. The net asset is expected to be utilised within a short time period-91000-29900013420004370001981000167700013060000158770001719600027925000-562270007213000-5918000-3577400067645000-6360005500000 Contingent assets Rental and lease obligations Lease obligations under operating leases. Total future lease payments: Within 1 year 1,470 0 0 0 1,470 0 0 0 Other contingent liabilities The Parent Company has uncalled capital contributions of DKK 8 million. As security for currency hedging provided by the Group's bank, DKK 4 million has been pledged. The pledged cash and cash equivalents are recognised as securities in the financial statements. The Danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of V Business Development A/S, which is the management company of the joint taxation purposes. Moreover, the Danish group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company’s liability. Transactions The Company has chosen only to disclose transactions which have not been made on an arm’s length basis in accordance with section 98(c)(7) of the Danish Financial Statements Act. The Annual Report of OMT Naval ApS for 2022/23 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C. The accounting policies applied remain unchanged from last year. The Consolidated and Parent Company Financial Statements for 2022/23 are presented in TDKK.Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.The Consolidated Financial Statements comprise the Parent Company, OMT Naval ApS, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates. On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises. The Parent Company’s investments in the consolidated subsidiaries are set off against the Parent Company’s share of the net asset value of subsidiaries stated at the time of consolidation. Business combinations Business acquisitions Acquisitions of subsidiaries are accounted for using the purchase method under which the identifiable assets and liabilities of the entity acquired are measured at fair value at the time of acquisition. Acquired contingent liabilities are recognised at fair value in the Consolidated Financial Statements to the extent that the value can be measured reliably. The time of acquisition is the time when the Group obtains control of the entity acquired. The cost of the entity acquired is the fair value of the consideration agreed, including consideration contingent on future events. Transaction costs directly attributable to the acquisition of subsidiaries are recognised in the income statement as incurred. Positive differences between the cost of the entity acquired and identifiable assets and liabilities are recognised as goodwill in intangible assets in the balance sheet and are amortised in the income statement on a straight-line basis over their estimated useful lives. Amortisation of goodwill is allocated in the Consolidated Financial Statements to the operations to which goodwill is related. Where the differences are negative, they are recognised immediately in the income statement. Where the purchase price allocation is not final, positive and negative differences from acquired subsidiaries due to changes to the recognition and measurement of identifiable net assets may be adjusted for up to 12 months after the time of acquisition. These adjustments are also reflected in the value of goodwill or negative goodwill, including in amortisation already made. Where cost includes contingent consideration, this is measured at fair value at the time of acquisition. Contingent consideration is subsequently measured at fair value. Any value adjustments are recognised in the income statement. In respect of step acquisitions, any previously held investments in the entity acquired are remeasured at fair value at the time of acquisition. The difference between the carrying amount of the investment previously held and the fair value is recognised in the income statement. Pooling of interests Intragroup business combinations are accounted for under the pooling-of-interests method. Under this method, the two enterprises are combined at carrying amounts, and no differences are identified. Any consideration which exceeds the carrying amount of the acquired enterprise is recognised directly in equity. The pooling-of-interests method is applied at the date of acquisition, and comparative figures have not been restated.Minority interests form part of the Group’s total equity. Upon distribution of net profit, net profit is broken down on the share attributable to minority interests and the share attributable to the shareholders of the Parent Company. Minority interests are recognised on the basis of a remeasurement of acquired assets and liabilities to fair value at the time of acquisition of subsidiaries. Business acquisitions Minority interests are initially measured at their proportionate share of the fair value of the acquired entity’s identifiable net assets. In this way, only goodwill related to the Parent Company’s share of the entity acquired is recognised. On subsequent changes to minority interests where the Group retains control of the subsidiary, the consideration is recognised directly in equity.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates.Information on business segments and geographical segments based on the Group´s risks and returns and its internal financial reporting system. Business segments are regarded as the primary segments.Other external expenses comprise indirect production costs and expenses for premises, sales and distribution as well as office expenses, etc.Staff expenses comprise wages and salaries as well as payroll expenses.Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment.Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Group, including gains and losses on the sale of intangible assets and property, plant and equipment.The items “Income from investments in subsidiaries” and “Income from investments in associates” in the income statement include the proportionate share of the profit for the year.Financial income and expenses are recognised in the income statement at the amounts relating to the financial year.Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. The Company is jointly taxed with wholly owned Danish and foreign subsidiaries. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes.The carrying amounts of intangible assets and property, plant and equipment are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. If so, the asset is written down to its lower recoverable amount.Investments in subsidiaries and associates are recognised and measured under the equity method. The items“Investments in subsidiaries” and “Investments in associates” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses. The total net revaluation of investments in subsidiaries and associates is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries and the associates. Subsidiaries and associates with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions.Other fixed asset investments consist of deposits and securities, which includes pledged cash and cash equivalents.Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts.Contract work in progress regarding service is measured at selling price of the work performed calculated on the basis of the stage of completion. The stage of completion is measured by the proportion that the contract expenses incurred to date bear to the estimated total contract expenses. Where it is probable that total contract expenses will exceed total revenues from a contract, the expected loss is recognised as an expense in the income statement. Where the selling price cannot be measured reliably, the selling price is measured at the lower of expenses incurred and net realisable value. Payments received on account are set off against the selling price. The individual contracts are classified as receivables when the net selling price is positive and as liabilities when the net selling price is negative. Expenses relating to sales work and the winning of contracts are recognised in the income statement as incurred.Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest.Dividend distribution proposed by Management for the year is disclosed as a separate equity item.Treasury shares Purchase and sales prices for treasury shares are recognised directly in retained earnings under equity. A reduction of capital by cancellation of treasury shares reduces the share capital by an amount equal to the nominal value of the shares and increases retained earnings. Dividend on treasury shares is recognised directly in equity under retained earnings.Provisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Group has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation. Other provisions include warranty obligations in respect of repair work within the warranty period of 1 - 5 years. Provisions are measured and recognised based on experience with guarantee work.Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity.Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses.Debts are measured at amortised cost, substantially corresponding to nominal value.The cash flow statement shows the Group´s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group´s cash and cash equivalents at the beginning and end of the year. Cash flows from operating activities Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents. Cash flows from investing activities Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments. Cash flows from financing activities Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders. Cash and cash equivalents The cash flow statement cannot be immediately derived from the published financial records.Cash and cash equivalents comprise ”Cash at bank and in hand”.Amortised over 10 years Patents and licences are measured at the lower of cost less accumulated amortisation and recoverable amount. Patents are amortised over the remaining patent period, and licences are amortised over the licence period; however not exceeding 10 years. Development costs and costs relating to rights developed by the Company are recognised in the income statement as costs in the year of 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