10031265 2024-01-01 2024-12-31 10031265 2024-12-31 10031265 2023-12-31 fsa:ContributedCapitalMember 10031265 2023-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 10031265 2023-12-31 fsa:RetainedEarningsMember 10031265 2023-12-31 10031265 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 10031265 2024-01-01 2024-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 10031265 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 10031265 2024-12-31 fsa:ContributedCapitalMember 10031265 2024-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 10031265 2024-12-31 fsa:RetainedEarningsMember 10031265 2024-01-01 2024-12-31 fsa:OtherShorttermPayablesMember 10031265 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:LiquidationAccountMember 10031265 2024-01-01 2024-12-31 cmn:ConsolidatedMember 10031265 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 10031265 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 10031265 2024-12-31 cmn:ConsolidatedMember 10031265 2023-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 10031265 2023-12-31 cmn:ConsolidatedMember fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 10031265 2023-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 10031265 2023-12-31 cmn:ConsolidatedMember fsa:EquityAttributableToParentMember 10031265 2023-12-31 cmn:ConsolidatedMember fsa:MinorityInterestsMember 10031265 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 10031265 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 10031265 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:EquityAttributableToParentMember 10031265 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:MinorityInterestsMember 10031265 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 10031265 2024-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 10031265 2024-12-31 cmn:ConsolidatedMember fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 10031265 2024-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 10031265 2024-12-31 cmn:ConsolidatedMember fsa:EquityAttributableToParentMember 10031265 2024-12-31 cmn:ConsolidatedMember fsa:MinorityInterestsMember 10031265 2023-12-31 cmn:ConsolidatedMember 10031265 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 10031265 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 10031265 2024-01-01 2024-12-31 cmn:ConsolidatedMember 3 10031265 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 10031265 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:ShorttermDeferredIncomeMember 10031265 2023-01-01 2023-12-31 10031265 2023-01-01 2023-12-31 cmn:ConsolidatedMember 10031265 2023-01-01 2023-12-31 cmn:ConsolidatedMember 1 10031265 2023-01-01 2023-12-31 cmn:ConsolidatedMember 1 10031265 2023-01-01 2023-12-31 cmn:ConsolidatedMember 3 10031265 2023-01-01 2023-12-31 cmn:ConsolidatedMember 1 10031265 2022-12-31 cmn:ConsolidatedMember iso4217:DKK xbrli:pure 10031265 Årsrapport 10459000 20240 0 613000 19590000 The Executive Board has today considered and approved the annual report of Clausen Engineering ApS for the financial year 01.01.2024 - 31.12.2024. 12806000 0 -9131000 The annual report is presented in accordance with the Danish Financial Statements Act. -12806000 0 6760000 In my opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2024 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2024 - 31.12.2024. 3512000 321000 5542000 I believe that the management commentary contains a fair review of the affairs and conditions referred to therein. 352000 20184000 9631000 I recommend the annual report for adoption at the Annual General Meeting. 0 -19892000 -31064000 Copenhagen -16670000 8510000 216598000 Tais Clausen 153232000 352000 430718000 To the shareholder of Clausen Engineering ApS 376556000 0 30878000 We have audited the consolidated financial statements and the parent financial statements of Clausen Engineering ApS for the financial year 01.01.2024 - 31.12.2024, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements are prepared in accordance with the Danish Financial Statements Act. ​ ​In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2024 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2024 - 31.12.2024 in accordance with the Danish Financial Statements Act. 13556000 -28754000 12682000 We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 consolidated financial statements and the parent financial statements" section of this auditor’s 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. 12820000 0 634448000 Management is responsible for the preparation of consolidated financial statements and parent 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 consolidated financial statements and parent financial statements that are free from material misstatement, ​whether due to fraud or error. ​ ​In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and the Entity’s ability to continue ​as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going ​concern basis of accounting in preparing the consolidated financial statements and the parent financial statements unless Management either intends to liquidate ​the Entity or to cease operations, or has no realistic alternative but to do so. 513854000 371462000 245000 Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent 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 consolidated financial statements and parent 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 consolidated financial statements and the parent 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 Group's and the Entity’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 consolidated financial statements and the parent 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 Entity’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 consolidated financial statements and the parent 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 ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures ​in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and ​​events in a manner that gives a true and fair view.Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the consolidated financial statements and the parent financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes 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.​ -3620000 341098000 -748000 0 59046000 634951000 Management is responsible for the management commentary. ​ ​Our opinion on the consolidated financial statements and the parent financial statements does not cover the management commentary, and we do not express ​any form of assurance conclusion thereon. ​ ​In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management ​commentary and, in doing so, consider whether the management commentary is materially inconsistent with ​the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. ​Moreover, it is our responsibility to consider whether the management commentary provides the information ​required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with ​the consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary. 517474000 45914000 230267000 1160000 578846000 59000 Copenhagen 30000 58808000 0 Thomas Rosquist Andersen 234074000 1059000 230326000 mne31482 235264000 518979000 3654781000 State Authorised Public Accountant 3352644000 0 779568000 Financial highlights2024 DKK'0002023 DKK'0002022 DKK'0002021 DKK'0002020 DKK'000Key figuresRevenue26,393613000Gross profit/loss(25,368)(19,892)(7,811)(1,884)(1,537)Operating profit/loss(82,578)(28,754)(12,175)(3,993)(3,111)Net financials462,067236,138(69,304)147,17742,273Profit/loss for the year630,485518,979328,2223,057,815113,130Balance sheet total5,112,7424,475,0923,916,9843,879,9171,075,134Equity4,910,0994,284,0433,763,4473,512,8471,072,909Equity excl. minority interests4,895,9164,278,6963,763,4473,512,8471,072,909RatiosEquity ratio (%)95.7295.6696.0890.5499.79Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Optional ratio (%):Equity excl. minority interests * 100 Balance sheet total 635591000 0 0 Primary activitiesThe company's main activity is to hold equity shares in group & associated companies, as well as to own and manage other investments. 4260000 0 890000 Development in activities and financesThe income statement for the period 01.01.24 - 31.12.24 shows a profit of kDKK 634,951 compared to kDKK 517,474 for the period 01.01.23 - 31.12.23. The balance sheet shows equity of kDKK 4,910,099. The management considers the year's result satisfactory. 828000 0 4435239000 Profit/loss for the year in relation to expected developmentsThe company's result shows a profit of kDKK 634,951 mainly due to income from equity shares in associated companies, realised profit and fair value adjustments in listed and unlisted investments. The result is in line with expectations and is considered satisfactory. 3993323000 0 4665565000 OutlookThe company expects a positive profit before tax at the same level as the current financial year. The company has significant investments in listed and unlisted securities, and therefore the expectations for the company's financial performance in 2025 will be affected around 8-12% of equity even though we expect financial markets to be as volatile or worse than 2024, contrary to the current market consensus. The overall expectations are therefore affected by uncertainties and risks beyond the company's control, which may significantly affect the result compared to expectations. 4228587000 1325000 5250000 Use of financial instrumentsAs a consequence of its investments, the company is generally exposed to financial risks, primarily share price exposure, interest rate risks and currency risks. The company also uses financial instruments to obtain exposure towards different asset classes. It is an integral part of the companys business model to assume financial risks in its investments, and limits for and monitoring of such limits form part of the company's portfolio and risk models. 4019000 30000 17574000 Statutory report on corporate social responsibilityThe Business model of Clausen Engineering ApS is to invest in passive financial investments in listed and unlisted securities and equity shares, as well as lending to related parties. ​ ​Information of significant risks related to social responsibility ​The company's significant risks related to environmental and climate impact, social conditions, personnel matters, and respect for human rights, as well as combating corruption and bribery, are considered to be extremely limited. ​​The assessment has included an analysis of selected areas to identify the potential negative impact of risks on daily operations. The identified risks are reported in connection with the following review of policies and activities ​for each area where it is deemed relevant and proportional. ​​ Policy and activities ​Given the business model's focus on passive financial investments and the company's extremely limited organization and operational activities, the management has assessed that the company's risks related to environmental and climate impact, social conditions, personnel matters, and respect for human rights, as well as combating corruption and bribery, are insignificant. ​ ​On that basis, the company has not found it necessary to establish policies for social responsibility in the mentioned areas. 27470000 234074000 0 20020000 235429000 1186000 Statutory report on data ethics policyClausen Engineering ApS is an investment company with passive financial investments in listed and unlisted securities and equity shares, as well as lending to related parties. Therefore, the company only processes data to a very limited extent, and data is not made available to third parties. On that basis, Clausen Engineering ApS has not found a basis for developing an actual data ethics policy. The company complies with applicable legislation for the processing of personal data and does not process sensitive personal data, except for employee and owner data. 274000 669543000 55376000 Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 26882000 83500000 8081000 26393000 0 401234000 25000 -2888000 389000 828000 87492000 11048000 79054000 0 235126000 18996000 13787000 1155105000 235126000 46701000 13787000 1390534000 80577000 -25368000 116210000 0 403195000 29114000 209051000 0 5068760000 7033000 4437638000 0 125000 21063000 125000 0 1034900000 -82578000 711264000 0 3860891000 -95107000 3567307000 94000 4895916000 429232000 4278696000 27674000 6587000 551824000 0 57930000 6587000 69918000 0 20020000 847000 19839000 0 5694000 165410000 713614000 158942000 0 166257000 83225000 158942000 389000 166257000 -96000 158942000 111801000 5068760000 630485000 4437638000 1682171000 125000 4032000 4 1682171000 711264000 8987000 517474000 1290586000 3567307000 13019000 3084558000 143000 4475092000 0 4318000 125000 -195000 231742000 556572000 0 1440000 3721999000 -195000 0 4278696000 -17926000 237643000 5347000 0 812035000 4284043000 -17926000 0 0 -305949000 973335000 0 305949000 890000 0 0 411000 0 647316000 1786671000 0 -12365000 2037333000 30360000 9885000 160689000 125000 2209000 0 1034900000 10573000 191049000 3860891000 3367000 191049000 26034000 4475092000 1 Staff costs2024 DKK'0002023 DKK'000Wages and salaries6,3473,424Pension costs37357Other social security costs40316,7603,512Average number of full-time employees64Pursuant the the Danish Financial Statements Act § 98b, subsection 3, no information has been provided about the total remuneration to the executive board. 5298000 352000 6 30566000 -59025000 2 Depreciation, amortisation and impairment losses2024 DKK'0002023 DKK'000Depreciation on property, plant and equipment5,5423525,542352 0 1504000 3 Other financial income2024 DKK'0002023 DKK'000Financial income from group enterprises306252Financial income from associates1,9541,864Other interest income5,8909,964Exchange rate adjustments16,8351,262Interest income from tax paid on account016Other financial income5,89319830,87813,556 285000 -85923000 4 Tax on profit/loss for the year2024 DKK'0002023 DKK'000Current tax0(3,559)Change in deferred tax7,204(739)Adjustment concerning previous years1,122678Refund in joint taxation arrangement(8,081)0245(3,620) 4787000 106754000 5 Proposed distribution of profit and loss2024​DKK'0002023​DKK'000Retained earnings634,951517,474634,951517,474 501000 35224000 634951000 1282000 25106000 42719000 -39499000 6 Property, plant and equipmentOther fixtures and fittings, tools and equipment DKK'000Leasehold improvements DKK'000Prepayments for property, plant and equipment DKK'000Cost beginning of year1,63543234,074Transfers234,0740(234,074)Additions565390Cost end of year236,274820Depreciation and impairment losses beginning of year(475)(13)0Depreciation for the year(5,532)(10)0Depreciation and impairment losses end of year(6,007)(23)0Carrying amount end of year230,267590 1900893000 1218000 7 Financial assetsInvestments in group enterprises​DKK'000Investments in associates ​DKK'000Other investments​DKK'000Deposits​DKK'000Cost beginning of year3,197,95275,4734,260828Transfers04,260(4,260)0Additions100,00015,256062Cost end of year3,297,95294,9890890Revaluations beginning of year154,692556,57200Exchange rate adjustments(2,734)2,92900Adjustments on equity0(4,253)00Share of profit/loss for the year216,598430,71800Dividend0(305,949)00Other adjustments(13,673)000Revaluations end of year354,883680,01700Impairment losses beginning of year03,54500Investments with negative equity value depreciated over receivables 1,9461,01700Impairment losses end of year1,9464,56200Carrying amount end of year3,654,781779,5680890A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.Investments in ​associatesRegistered inCorporate ​formOwnership ​​%3Shape Holding A/SCopenhagenA/S40.52Glaecier ApSCopenhagenApS50.00Copenhagen Imaging ApSCopenhagenApS50.00Pandonia ApSCopenhagenApS29.40 1900893000 0 1105763000 305813000 8 Deferred tax2024​DKK'0002023​DKK'000Property, plant and equipment(6,589)0Liabilities other than provisions20Tax losses carried forward020,020Deferred tax(6,587)20,020​ ​​Changes during the year2024​DKK'0002023​DKK'000Beginning of year20,02017,949Recognised in the income statement(7,204)2,071Recognised related to joint taxation (19,403)0End of year(6,587)20,020 3075409000 -10292000 9 PrepaymentsPrepayments consist of prepaid expenses. 5112742000 -7937000 10 Other payables2024 DKK'0002023 DKK'000Wages and salaries, personal income taxes, social security costs, etc. payable350187Other costs payable165,060158,755165,410158,942 125000 -831137000 11 Fair value informationListed other investements DKK'000Fair value end of year235,126Unrealised fair value adjustments recognised in the income statement15,006 680017000 -544771000 12 Unrecognised rental and lease commitments2024 DKK'0002023 DKK'000Total liabilities under rental or lease agreements until maturity 1,2342,078 4215774000 584270000 13 Contingent liabilitiesThe Entity serves as the administration company in a Danish joint taxation arrangement. According to the joint ​taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc. for the ​jointly taxed entities and also for obligations, if any, relating to the withholding of tax on interest, royalties and ​dividends for these entities. 4895916000 3842000 14 Assets charged and collateralThe Company has provided liquidity commitments to secure the future operations of affiliated- and associated companies. The liquidity commitments which expire at the end of 2025. 14183000 3842000 15 Related parties with controlling interestTais Clausen, based in Copenhagen, owns the majority of shares in the entity, thus exercising control. 4910099000 -580428000 16 Transactions with related partiesAll transactions with related parties have been conducted on an arm's lenght basis. 6687000 1871014000 Investments in group enterprisesInvestments in group enterprises are recognised and measured in the parent financial statements according to the equity method. This means that investments are measured at the pro rata share of the enterprises’ equity value plus unamortised goodwill and plus or minus unrealised intra-group profits or losses. ​ ​Group enterprises with negative equity value are measured at DKK 0. Any receivables from these enterprises ​are written down to net realisable value based on a specific assessment. If the Parent has a legal or constructive obligation to cover the liabilities of the relevant enterprise, and it is probable that such obligation will involve a loss, a provision is recognised that is measured at present value of the costs necessary to settle the obligations at ​the balance sheet date. ​ ​Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to the reserve for net revaluation according to the equity method in equity. ​ ​Investments in group enterprises are written down to the lower of recoverable amount and carrying amount. 1684000 1290586000 8371000 8 712000 518979000 6284000 0 15798000 167795000 3683000 194272000 194272000 5112742000 125000 556572000 3721999000 4278696000 5347000 0 0 0 3425000 0 -195000 0 -195000 625000 -17926000 0 -17926000 10502000 -305949000 305949000 0 0 447125000 187826000 634951000 -4466000 125000 680017000 4215774000 4895916000 14183000 3425000 430000 -7424000 0 7033000 53180000 Minority owners share of operating profit/loss 4466000 -17899000 175291000 7897000 71770000 77725000 8000000 25000 305949000 Investments in associates -15256000 Investments in participating interests 0 -548691000 -265973000 188248000 Capital increase from minority owners 3425000 3425000 -184823000 1105763000 1 Revenue2024 DKK'000Europe12,933United States10,557Rest of the world2,903Total revenue by geographical market26,393 2 Fees to the auditor appointed by the Annual General Meeting2024 DKK'0002023 DKK'000Statutory audit services238295Other assurance engagements68110Tax services219155Other services8121951,337755 3 Staff costs2024 DKK'0002023 DKK'000Wages and salaries23,6127,667Pension costs2,246807Other social security costs3,2563629,1148,510Average number of full-time employees688Pursuant the the Danish Financial Statements Act § 98b, subsection 3, no information has been provided about the total remuneration to the executive board. 68 4 Depreciation, amortisation and impairment losses2024 DKK'0002023 DKK'000Amortisation of intangible assets1,2140Depreciation on property, plant and equipment5,8193527,033352 5 Other financial income2024​DKK'0002023​DKK'000Financial income from associates2,4542,121Financial income from participating interests01,696Other interest income60,73473,311Exchange rate adjustments71,4971,965Fair value adjustments390,931233,313Interest income from tax paid on account016Other financial income26,20828,676551,824341,098 6 Tax on profit/loss for the year2024 DKK'0002023 DKK'000Current tax73,84658,869Change in deferred tax7,304(739)Adjustment concerning previous years2,07567883,22558,808 7 Proposed distribution of profit/loss2024 DKK'0002023 DKK'000Retained earnings634,951518,979Minority interests' share of profit/loss(4,466)0630,485518,979 634951000 -4466000 8 Intangible assetsCompleted development projects​DKK'000Development projects in progress​DKK'000Addition through business combinations etc22,8096,114Additions02,873Cost end of year22,8098,987Addition through business combinations etc(17,563)0Amortisation for the year(1,214)0Amortisation and impairment losses end of year(18,777)0Carrying amount end of year4,0328,987 9 Development projectsDevelopment projects relate to the development of new products. Costs for ongoing development projects are included at cost. The value of ongoing development projects is expected to be at least equal to the book value, based on expectations of future earnings resulting from the development project. There is uncertainty associated with these expectations, as the value of the development project depends on continued customer growth. 10 Property, plant and equipmentLand and buildings DKK'000Plant and machinery DKK'000Other fixtures and fittings, tools and equipment DKK'000Leasehold improvements DKK'000Prepayments for property, plant and equipment DKK'000Cost beginning of year001,80043234,074Addition through business combinations etc2591,71547400Transfers00234,0740(234,074)Additions03,6601,8681,4670Disposals00(25)00Cost end of year2595,375238,1911,5100Depreciation and impairment losses beginning of year00(475)(13)0Addition through business combinations etc(96)(986)(315)00Depreciation for the year(20)(71)(5,671)(57)0Reversal regarding disposals001200Depreciation and impairment losses end of year(116)(1,057)(6,449)(70)0Carrying amount end of year1434,318231,7421,4400 11 Financial assetsInvestments in associates​DKK'000Investments in participating interests​DKK'000Other investments​DKK'000Deposits​DKK'000Cost beginning of year114,520118,662423,835828Transfers4,260(118,662)(483)0Additions15,2560525,94162Cost end of year134,0360949,293890Revaluations beginning of year556,57201,2830Exchange rate adjustments2,929000Adjustments on equity(4,253)000Share of profit/loss for the year430,718000Dividend(305,949)000Revaluations for the year00114,0680Revaluations end of year680,0170115,3510Impairment losses beginning of year(1,549)(35,162)(23,884)0Transfers035,16200Share of profit/loss for the year(1,486)000Impairment losses for the year00(67,425)0Investments with negative equity value depreciated over receivables 1,017000Impairment losses end of year(2,018)0(91,309)0Carrying amount end of year812,0350973,335890Key assumptions​Other investments consist primarly of investments in unlisted shares and investments through alternative investment funds and considered illiquid in the short term.​​Other investments through mutual funds are based on valuations of net asset value provided by external portfolio managers. Management and Clausen Engineering ApS are continually monitoring the external portfolio managers and evaluating valuations. ​​Investments in participating companies is measured at cost and impaired to the valution of latest capital round of​the companies, which management considers to be independent third party assessment of the companies. AssociatesRegistered inOwnership ​​​%3Shape Holding A/SCogenhagen40.52Glaecier ApSCopenhagen50.00Newton ApSCopenhagen50.00Copenhagen Imaging ApSCopenhagen50.00Pandonia ApSCopenhagen29.40 12 Deferred tax2024 DKK'0002023 DKK'000Property, plant and equipment(6,589)0Liabilities other than provisions20Tax losses carried forward18520,020Deferred tax(6,402)20,020 ​Changes during the year2024 DKK'0002023 DKK'000Beginning of year20,02017,949Recognised in the income statement(7,304)2,071Recognised related to joint taxation prior year (19,118)0End of year(6,402)20,020Deferred tax has been recognised in the balance sheet as follows2024 DKK'0002023 DKK'000 Deferred tax assets28520,020 Deferred tax liabilities(6,687)0(6,402)20,020​Deferred tax assetsDeferred tax assets is tax loss carried forward and can be utilised in the joint taxation. 13 PrepaymentsPrepayments consist of prepaid expenses. 14 Other provisions Other provisions relates to provisions in sale entity. 15 Deferred incomeDeferred income pertains to transactions where goods have been sold but delivery has not yet occurred. 16 Changes in working capital2024​DKK'0002023​DKK'000Increase/decrease in inventories(2,038)0Increase/decrease in receivables49,375(55,291)Increase/decrease in trade payables etc.5,843(3,734)53,180(59,025) 17 Fair value informationListed other investments DKK'000Fair value end of year 1,900,893Unrealised fair value adjustments recognised in the income statement 282,960 18 Unrecognised rental and lease commitments2024 DKK'0002023 DKK'000Total liabilities under rental or lease agreements until maturity 3,7042,078 19 Contingent liabilitiesThe company has entered into investments contract which commits the company to invest in funds where the total commitment amounts to kDKK 1,438,792. As of 31 December 2024 a total of kDKK 553,532 has been invested. The remaining commitment amounts to kDKK 885,260 as of 31 December 2024. 20 Assets charged and collateralThe Company has provided liquidity commitments to secure the future operations of associated companies. The liquidity commitments which expire at the end of 2025. 21 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report.​ No such transactions were conducted during the financial year. 22 SubsidiariesRegistered inCorporate ​formOwnership ​​%Sagitta Investments ApSCopenhagenApS99.77Sagitta Ventures ApSCopenhagenApS100.003A Entreprise ApSCopenhagenApS100.00Ride Awake ABMalmöAB83.46 This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act ​governing reporting class C enterprises (large).The accounting policies applied to these consolidated financial statements and parent financial statements are consistent with those applied last year. Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic ​benefits will flow to the Entity, and the value of the asset can be measured reliably. ​ ​Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a ​result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the ​value of the liability can be measured reliably. ​ ​On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial ​recognition is effected as described below for each financial statement item. ​ ​Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm ​or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and ​measurement. ​ ​Income is recognised in the income statement when earned, whereas costs are recognised by the amounts ​attributable to this financial year. Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence. Enterprises in which the Group, directly or indirectly, holds between 20% and 50% of the voting rights and exercises significant, but not controlling, influence are regarded as associates.Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies.​​Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements. Minority interests’ pro rata shares of the profit/loss and the net assets are disclosed as separate items in Management's proposal for the distribution of net profit/loss and equity, respectively.​​Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the acquisition date,​with net assets having been calculated at fair value. RevenueRevenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue from the sale of manufactured goods is recognised in the income statement when delivery is made and risk has passed to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed. Own work capitalisedOwn work capitalised comprises staff costs and other costs incurred in the financial year and recognised in ​cost for proprietary intangible assets and property, plant and equipment. Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary ​activities. Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory writedowns. Other external expensesOther external expenses include expenses relating to the Entity’s normal activities, including expenses for ​premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of ​receivables recognised in current assets. Staff costsStaff costs comprise wages and salaries, and social security contributions, pension contributions, etc . for entity staff. Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment comprise depreciation, amortisation and impairment losses for the financial year. Other operating expensesOther operating expenses comprise expenses of a secondary nature as viewed in relation to the Entity’s primary activities, including loss from the sale of intangible assets and property, plant and equipment. Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of intra-group profits or losses. Income from investments in associatesIncome from investments in associates comprises the pro rata share of the individual associates’ profit/loss after pro rata elimination of intra-group profits or losses. Other financial incomeOther financial income comprises dividends etc. received on other investments, interest income, including ​​interest income on receivables from group enterprises, net capital or exchange gains on securities, payables ​​and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish ​​Tax Prepayment Scheme etc. Impairment losses on financial assetsImpairment losses on financial assets comprises impairment losses on financial assets which are not measured ​at fair value on a current basis. Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group ​enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies, ​amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc. Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the ​income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.The Parent is jointly taxed with all of its Danish group enterprises. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses). Other taxesThe item includes tax amounts calculated on a basis other than income for the year, which are not refunded ​to the Entity. Intellectual property rights etc.Intellectual property rights etc. comprise development projects completed and in progress.Development projects on clearly defined and identifiable products and processes, for which the technical rate ​of utilisation, adequate resources and a potential future market or development opportunity in the enterprise ​can be established, and where the intention is to manufacture, market or apply the product or process in question, are recognised as intangible assets. Other development costs are recognised as costs in the income ​statement as incurred. When recognising development projects as intangible assets, an amount equalling ​the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced ​as the development projects are amortised and written down. ​​ ​​The cost of development projects comprises costs such as salaries and amortisation that are directly and ​indirectly attributable to the development projects. ​​ Completed development projects are amortised on a straight-line basis using their estimated useful lives ​which are determined based on a specific assessment of each development project. If the useful life cannot ​be estimated reliably, it is fixed at 10 years. For development projects protected by intellectual property rights, the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation periods used are 5 years. ​ ​Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount. Property, plant and equipmentOther fixtures and fittings, tools and equipment are ​measured at cost less accumulated depreciation and impairment losses. Land is not depreciated. ​​​ ​​​Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the ​​asset until the time when it is ready to be put into operation. ​​​The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line ​depreciation is made on the basis of the following estimated useful lives of the assets:Useful life Buildings20Plant and machinery10Other fixtures and fittings, tools and equipment5Leasehold improvements5For leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed ​​the contract period. ​​ ​​Estimated useful lives and residual values are reassessed annually. ​​ ​​Items of property, plant and equipment are written down to the lower of recoverable amount and carrying ​​amount. Investments in associatesInvestments in associates are recognised and measured according to the equity method. This ​​means that investments are measured at the pro rata share of the associates’ equity value plus unamortised ​​goodwill and plus or minus unrealised pro rata intra-group profits and losses. Reference is made to the above section on ​business combinations for more details about the accounting policies applied to acquisitions of investments in ​associates. ​​ ​Associates with negative equity value are measured at DKK 0. Any receivables from these associates are ​written down to net realisable value based on a specific assessment. If the Parent has a legal or constructive ​​obligation to cover the liabilities of the relevant associate, and it is probable that such obligation will involve ​​a loss, a provision is recognised that is measured at present value of the costs necessary to settle the ​​obligations at the balance sheet date. ​​ ​​Upon distribution of profit or loss, net revaluation of investments in associates is transferred to the reserve for ​​net revaluation according to the equity method in equity. ​​ ​Goodwill is the difference between cost of investments and fair value of the pro rata share of assets and liabilities​arising from acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on​the experience gained by Management for each business area. For goodwill it has not been possible to estimate useful life reliably, for which reason such useful life has been set at 10 years.​​ ​​Investments in associates are written down to the lower of recoverable amount and carrying amount. Investments in participating interestsInvestments in participating interests are measured at cost. Investments are written down to the lower of recoverable amount and carrying amount. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and ​doubtful debts. Other investmentsOther investments comprise unlisted equity investments through mutual funds, which are measured at fair value (market price) at the balance sheet date, which is considered illiquid in the short term. Other investments also comprise unlisted equity investments measured at the lower of cost and net realisable value. InventoriesInventories are measured at the lower of cost using the standard cost method and net realisable value. ​ ​Cost consists of purchase price plus delivery costs. Cost of manufactured goods and work in progress consists ​of costs of raw materials, consumables, direct labour costs and indirect production costs. ​ ​Indirect production costs comprise indirect materials and labour costs, costs of maintenance of, depreciation ​on machinery, factory buildings and equipment used in the manufacturing ​process, and costs of factory administration and management. Finance costs are not included in cost. ​The net realisable value of inventories is calculated as the estimated selling price less completion costs and ​costs incurred to execute sale. Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of ​assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset.​However, no deferred tax is recognised for amortisation of goodwill disallowed for tax purposes and temporary ​differences arising at the date of acquisition that do not result from a business combination and that do not have ​any effect on profit or loss or on taxable income. ​​ ​​Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at ​​their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets. Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's ​taxable income, adjusted for prepaid tax.Joint taxation contributions payable or receivable Current joint taxation contributions payable or receivable are recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are expected to be used under the joint taxation arrangement. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​cost. Other investments (current assets)Other current asset investments comprise listed securities measured at fair value (market price) at the ​balance sheet date. CashCash comprises cash in hand and bank deposits. Minority interestsOn initial recognition, minority interests are measured at the minority interests’ share of the acquiree’s net assets measured at fair value. No goodwill related to the minority interests’ equity interests in the acquiree is recognised. Other provisionsOther provisions comprise anticipated costs of non-recourse guarantee commitments, returns, loss on ​contract work in progress, decided and published restructuring, etc. ​ ​Other provisions are recognised and measured as the best estimate of the expenses required to settle the ​liabilities at the balance sheet date. Provisions that are estimated to mature more than one year after the ​balance sheet date are measured at their discounted value. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the ​goods agreed or completion of the service agreed. Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income ​is measured at cost. Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash ​​and cash equivalents at the beginning and the end of the financial year. ​​ ​​Cash flows from operating activities are presented using the indirect method and calculated as the operating ​​profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid. ​​ ​​Cash flows from investing activities comprise payments in connection with acquisition and divestment of ​ enterprises, activities and fixed asset investments, and purchase, development, improvement and sale, ​​etc. of intangible assets and property, plant and equipment. ​​ ​​Cash flows from financing activities comprise changes in the size or composition of the contributed capital ​​and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend. ​​ ​​Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk. The cash flow statement shows cash flows from operating, investing and financing activities, and cash ​and cash equivalents at the beginning and the end of the financial year. ​ ​Cash flows from operating activities are presented using the indirect method and calculated as the operating ​profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid. ​ ​Cash flows from investing activities comprise payments in connection with acquisition and divestment of ​ enterprises, activities and fixed asset investments, and purchase, development, improvement and sale, ​etc. of intangible assets and property, plant and equipment. ​ ​Cash flows from financing activities comprise changes in the size or composition of the contributed capital ​and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend. ​ ​Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk. true Grundlag for konklusion Konklusion 2025-06-18 2025-06-18 33963556 Deloitte Statsautoriseret Revisionspartnerselskab Revisionspåtegning Regnskabsklasse C, stor virksomhed 2023-12-31 2023-01-01 33963556 Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab 2300 København S 2024-12-31 2024-01-01 Clausen Engineering ApS 10031265 Årsrapport København S 2300 6 Weidekampsgade Copenhagen Copenhagen 1411 23 Langebrogade 2025-06-18 Rikkekatrine Larsen