Årsrapport 2025-04-30 Revisionspåtegning Regnskabsklasse C, mellemstor virksomhed Beierholm Langagervej 1 9220 Aalborg Ø Jacob Csizmadia Opinion Basis for Opinion 2025-04-30 2023-01-01 2023-12-31 2024-01-01 2024-12-31 31891035 CeramicSpeed Holding ApS Nørgårdsvej 3 7500 Holstebro Holstebro Beierholm 32895468 Resenvej 81 7800 Skive Danmark I have on this day presented the annual report for the financial year 01.01.24 - 31.12.24 for CeramicSpeed Holding ApS. The annual report is presented in accordance with the Danish Financial Statements Act. In my opinion, the consolidated financial statements and financial statements give a true and fair view of the group's and the parent's assets, liabilities and financial position as at 31.12.24 and of the results of the group’s and parent’s activities and of the group's cash flows for the financial year 01.01.24 - 31.12.24. I believe that the management's review includes a fair review of the matters dealt with in the management's review. The annual report is submitted for adoption by the general meeting. Holstebro 2025-04-30 Jacob Csizmadia To the shareholder of CeramicSpeed Holding ApS We have audited the consolidated financial statements and financial statements of CeramicSpeed Holding ApS for the financial year 01.01.24 - 31.12.24, which comprise income statement, balance sheet, statement of changes in equity and notes to the financial statements, including material accounting policy information for the group as well as for the parent company as well as the consolidated cash flow statement. The consolidated financial statements and financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion the consolidated financial statements and financial statements give a true and fair view of the group's and the company's financial position at 31.12.24 and of the results of the group's and the company's operations and consolidated cash flows for the financial year 01.01.24 - 31.12.24 in accordance with the Danish Financial Statements Act. We 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 consolidated financial statements and financial statements” section of our report. We are independent of the group and the company 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 the preparation of consolidated financial statements and 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 financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements and 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 consolidated financial statements and financial statements unless management either intends to liquidate the group and 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 consolidated financial statements and 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 financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the consolidated financial statements and 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 company'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 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 consolidated financial statements and 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 consolidated financial statements and financial statements, including the disclosures, and whether the consolidated financial statements and 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 expressing an opinion on the consolidated financial statements and 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. Management is responsible for the management’s review. Our opinion on the consolidated financial statements and financial statements does not cover the management’s review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements and financial statements, it is our responsibility is to read management’s review and, in doing so, consider whether management’s review is materially inconsistent with the consolidated financial statements or parent company 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 by law and regulations. Based on the work we have performed, we conclude that the management’s review is in accordance with the consolidated financial statements and financial statements and has been prepared in accordance with the requirements of Danish Financial Statements Act. We did not identify any material misstatement of the management’s review. Skive Bjørn Jakobsen Jakob Hove State Authorised Public Accountant mne24813 State Authorised Public Accountant mne49065 29764000 35801000 17391000 -1057000 -384000 -1061000 21493000 27490000 12993000 93341000 79354000 48095000 15099000 41402000 7493000 7421000 1895000 52230000 41494000 24183000 22.1 45.9 45.9 53.1 25.8 23.9 31.9 44.7 36.2 61 58.8 55.9 56 64.1 97 74 63 Primary activities The group's principal activities are the development, production and sale of ceramic ball bearings, components and lubricants. Development in activities and financial affairs The income statement for the period 01.01.24 - 31.12.24 shows a profit/loss of DKK 21,952k against DKK 17,415k for the period 01.01.23 - 31.12.23. The balance sheet shows equity of DKK 95,506k. 2024 was a satisfying year overall. The activity and interest in the group companies business areas have been positive. The earnings for 2024 are in line with the expectations for the year. We have invested in the business both internally and on the development of products. We have succeeded in develop and bringing new products to marked which have been a large influence on our good results. Outlook The company expects a profit before tax in the region of DKK 30,000 – 35,000k for the coming year. The company's investments in development of new products and the business are expected to support future results. Financial risks Price risks The group is exposed to commodity price risks, as the group's products contain various raw materials which are subject to fluctuating prices. Commodity price risks are not hedged. Previously, the impact on the group's results has been limited, as price fluctuations of the most important raw materials used are primarily passed on to the group's selling prices. Foreign currency risks The group is exposed to foreign currency risks primarily from EUR and USD due to purchase and sales transactions that are settled in currencies other than DKK. Interest rate risks The group has a large proportion of variable-rate assets and liabilities and is therefore exposed to interest rate risks. Credit risks The group's primary credit risk relates to trade receivables. Under the group's policy for assuming credit risk, all major customers and other business partners are subject to regular credit assessments. Subsequent events No important events have occurred after the end of the financial year. 96577000 82380000 -172000 -92000 57866000 52547000 0 0 7524000 4716000 0 0 31187000 25117000 -172000 -92000 0 0 9011000 9328000 218000 136000 2774000 2443000 2461000 1596000 8000 3000 28944000 23657000 11605000 11676000 6992000 6242000 680000 517000 21952000 17415000 10925000 11159000 4453000 7586000 0 0 448000 42000 0 0 6769000 8687000 0 0 11670000 16315000 0 0 65922000 53645000 0 0 166000 276000 0 0 4826000 3828000 0 0 0 1231000 0 0 70914000 58980000 0 0 0 0 3019000 3952000 256000 261000 0 0 184000 169000 0 0 440000 430000 3019000 3952000 83024000 75725000 3019000 3952000 23532000 22209000 0 0 4756000 3585000 0 0 14859000 7150000 6667000 2801000 43147000 32944000 6667000 2801000 20665000 14251000 0 0 0 0 69779000 73792000 0 908000 2856000 4194000 3003000 3585000 1188000 275000 1002000 505000 0 0 24670000 19249000 73823000 78261000 5698000 5903000 1918000 1175000 73515000 58096000 82408000 82237000 156539000 133821000 85427000 86189000 125000 125000 125000 125000 0 0 2079000 3012000 3167000 12692000 0 0 -1047000 -159000 0 0 65799000 44065000 66457000 56094000 1750000 2000000 1750000 2000000 69794000 58723000 70411000 61231000 25712000 19913000 0 0 95506000 78636000 70411000 61231000 3494000 2491000 0 0 3494000 2491000 0 0 26201000 7967000 0 0 0 0 0 206000 26201000 7967000 0 206000 1017000 176000 0 0 14451000 23151000 0 0 4862000 14216000 0 0 0 0 1332000 2464000 1884000 0 0 0 9034000 6146000 107000 3000 90000 1038000 13577000 22285000 31338000 44727000 15016000 24752000 57539000 52694000 15016000 24958000 156539000 133821000 85427000 86189000 -2000000 -9525000 11566000 -2041000 10168000 1750000 10034000 125000 0 3167000 65799000 1750000 25712000 125000 8969000 0 1500000 0 -5957000 500000 255000 -2000000 -1188000 10363000 1750000 125000 2079000 0 66457000 1750000 0 15241000 12203000 -10203000 4550000 -6331000 -3040000 -9354000 446000 10239000 992000 21544000 32566000 218000 29000 -2460000 -1564000 -3197000 -5563000 16105000 25468000 -7710000 -7848000 -15099000 -41402000 183000 0 -22626000 -49250000 -4059000 -6062000 19500000 8210000 -425000 -3306000 0 22509000 -8700000 0 6316000 21351000 -205000 -2431000 5903000 8334000 5698000 5903000 5698000 5903000 49908000 47045000 0 0 5775000 4375000 0 0 904000 772000 0 0 1279000 355000 0 0 106 102 0 0 0 0 2727000 2443000 218000 136000 47000 0 2461000 1596000 8000 3000 0 0 -1188000 -45336000 1750000 2000000 1750000 2000000 10034000 7217000 0 0 10168000 8198000 10363000 54495000 21660000 69000 8687000 188000 417000 1205000 435000 6070000 132000 -132000 23185000 504000 15042000 -14074000 -27000 0 -105000 -23000 -8273000 -4530000 -29000 -18732000 -56000 -8273000 4453000 448000 6769000 56628000 1283000 7953000 1230000 5000 29000 10485000 2183000 2431000 -298000 3661000 -3661000 70779000 1283000 9867000 0 -2983000 -1007000 -4125000 0 -14000 -1874000 -110000 -1070000 168000 -4857000 -1117000 -5041000 0 65922000 166000 4826000 0 940000 940000 3012000 255000 9011000 -1491000 2079000 3019000 CeramicSpeed Sport Americas LLC USA 71 CeramicSpeed Group ApS Holstebro 70 Maabjerg CS ApS Holstebro 70 CeramicSpeed Digital A/S Holstebro 36 CeramicSpeed A/S Holstebro 70 CeramicSpeed Bearings A/S Holstebro 48 CeramicSpeed Sport A/S Holstebro 50 Driven Technologies Inc. USA 56 261000 169000 -5000 15000 256000 184000 256000 184000 2491000 1819000 0 0 1003000 672000 0 0 -1017000 21642000 27218000 8143000 0 0 0 206000 7613000 4716000 -218000 -136000 2460000 1596000 6992000 6242000 -1553000 -215000 The annual report is presented in accordance with the provisions of the Danish Financial Statements Act for medium-sized groups and enterprises in reporting class C with application of provisions for a higher reporting class. The group’s accounting policies have been applied consistently with previous years. The accounting policies of the parent have changed which is stated in the ‘Change in accounting policies’ section. Change in accounting policies The company has changed its accounting policies in the following areas: Elimination of intercompany transactions In 2023, the company had an intercompany transaction relating to a down-stream transaction within the group. The parent company recognised this profit in the income statement as a result of the equity investment in group enterprise being written down to zero. The company has changed its accounting policies during the financial year so that the company has eliminated the profit in full. The excess portion of the elimination that cannot be included in the equity investment in group enterprise is presented under liabilities as deferred income. The change in accounting policy has no impact on the income statement for 2024. As at 31.12.24, equity is reduced by t.DKK 22,285 and the balance sheet total is unchanged. Except for the areas mentioned above, the accounting policies have been applied consistently with the previous year. Material error The company has identified a material error in the financial statements for 2023. Lack of elimination of result from equity investments in group enterprises The company has recognised profit share from equity investments in group enterprises of t.DKK 5,845. This recognition should not have been made in the income statement, as a result of the company's "down-stream transaction", where the excess part of the elimination is not recognized. This correction has a negative impact on the net profit for 2023. As at 31.12.23, equity is reduced by t.DKK 5,845 and the balance sheet total is reduced by t.DKK 5,845. Comparative figures for 2023 have been restated in the income statement, balance sheet, cash flow statement and notes. Basis of recognition and measurement Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including depreciation, amortisation, impairment losses and write-downs, are also recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the company, and the value of such assets can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company, and the value of such liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. On recognition and measurement, account is taken of foreseeable losses and risks arising before the date at which the annual report is presented and proving or disproving matters arising on or before the balance sheet date. CONSOLIDATED FINANCIAL STATEMENTS The consolidated financial statements comprise the parent and its subsidiaries in which the parent directly or indirectly holds more than 50% of the voting rights or by way of agreements exercises control. All financial statements used for consolidation are prepared in accordance with the accounting policies of the group. The consolidated financial statements consolidate the financial statements of the parent and its subsidiaries by adding together items of a uniform nature, eliminating intercompany income and expenditure, equity investments, intercompany balances and dividends as well as gains and losses resulting from transactions between the consolidated enterprises to the extent that the underlying assets and liabilities are not realised. Non-controlling interests The financial items of the subsidiaries are recognised in full in the consolidated financial statements. The non-controlling interests’ proportionate share of the subsidiaries’ equity is classified as a part of consolidated equity. The subsidiaries’ results are distributed proportionately to non-controlling interests and the parent’s equity interest. Purchase and sale of non-controlling interests in a subsidiary which do not result in changes in control of the subsidiary are treated in the consolidated financial statements as equity transactions, and the difference between the consideration and the carrying amount is allocated to the parent’s equity interest. CURRENCY The annual report is presented in Danish kroner (DKK). On initial recognition, transactions denominated in foreign currencies are translated using the exchange rates applicable at the transaction date. Exchange rate differences between the exchange rate applicable at the transaction date and the exchange rate at the date of payment are recognised in the income statement as a financial item. Receivables, payables and other monetary items denominated in foreign currencies are translated using the exchange rates applicable at the balance sheet date. The difference between the exchange rate applicable at the balance sheet date and at the date at which the receivable or payable arose or was recognised in the latest annual report is recognised under financial income or expenses in the income statement. Fixed assets, inventories and other non-monetary assets acquired in foreign currencies are translated using historical exchange rates. On recognition of independent foreign entities, the income statements are translated at the exchange rates applicable at the transaction date or approximate average exchange rates. The balance sheet items are translated using the exchange rates applicable at the balance sheet date. Foreign currency translation adjustments arising from the translation of equity at the beginning of the year using the exchange rates applicable at the balance sheet date and from the translation of income statements from average exchange rates to the exchange rates applicable at the balance sheet date are recognised directly in equity under the reserve for net revaluation according to the equity method in respect of investments measured according to the equity method, and otherwise under the foreign currency translation reserve. Translation adjustments of intercompany balances with independent foreign entities, measured using the equity method and where the balance is considered to be part of the overall investment, are recognised directly in equity under the foreign currency translation reserve. On the divestment of foreign entities, accumulated exchange differences are recognised in the income statement. LEASES Lease payments relating to operating leases are recognised in the income statement on a straight-line basis over the lease term. Gross result Gross result comprises revenue, other operating income, raw materials and consumables and cost of sales and other external expenses. Revenue Income from the sale of goods is recognised in the income statement if delivery has taken place and the risk has passed to the buyer before the end of the financial year and where the selling price can be determined reliably and is expected to be paid. Revenue is measured at fair value and is determined exclusive of VAT and other taxes collected on behalf of third parties and less discounts. Other operating income Other operating income comprises income of a secondary nature in relation to the enterprise’s activities, including rental income, Costs of raw materials and consumables Costs of raw materials and consumables comprise raw materials and consumables used for the year as well as any changes in inventories, including any inventory wastage. Write-downs of inventories of raw materials and consumables are also recognised under raw materials and consumables to the extent that these do not exceed normal write-downs. Cost of sales Cost of sales comprises cost of sales for the year measured at cost plus any changes in inventories, including write-downs to the extent that these do not exceed normal write-downs. Other external expenses Other external expenses comprise costs relating to distribution, sales and advertising and administration, premises and bad debts to the extent that these do not exceed normal write-downs. Staff costs Staff costs comprise wages and salaries as well as other staff-related costs. Depreciation, amortisation and impairment losses The depreciation and amortisation of intangible assets and property, plant and equipment aim at systematic depreciation and amortisation over the expected useful lives of the assets. Assets are depreciated and amortised according to the straight-line method based on the following expected useful lives and residual values: Land is not depreciated. The basis of depreciation and amortisation is the cost of the asset less the expected residual value at the end of the useful life. Moreover, the basis of depreciation and amortisation is reduced by any impairment losses. The useful life and residual value are determined when the asset is ready for use and reassessed annually. Intangible assets and property, plant and equipment are impaired in accordance with the accounting policies referred to in the ‘Impairment losses on fixed assets’ section. Other operating expenses Other operating expenses comprise costs of a secondary nature in relation to the enterprise’s activities, including costs relating to rental activities and losses on the sale of intangible assets and property, plant and equipment. Income from equity investments in group entreprises For equity investments in subsidiaries that in the parent are measured using the equity method, the share of the enterprises’ profit or loss is recognised in the income statement after elimination of unrealised intercompany profits and losses and less any goodwill amortisation and impairment losses. Income from equity investments in equity investments in subsidiaries also comprises gains and losses on the sale of equity investments. Other net financials Interest income and interest expenses, foreign exchange gains and losses on transactions denominated in foreign currencies etc. are recognised in other net financials. Amortisation of capital losses and borrowing costs relating to financial liabilities is recognised on an ongoing basis as financial expenses. Tax on profit/loss for the year The current and deferred tax for the year is recognised in the income statement as tax on the profit/loss for the year with the portion attributable to the profit/loss for the year, and directly in equity with the portion attributable to amounts recognised directly in equity. The company is jointly taxed with Danish consolidated enterprises. The parent is the administration company for the joint taxation and thus settles all income tax payments with the tax authorities. In connection with the settlement of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed enterprises in proportion to their taxable incomes. This means that enterprises with a tax loss receive joint taxation contributions from enterprises which have been able to use this loss to reduce their own taxable profit. Property, plant and equipment Property, plant and equipment comprise land and buildings, leasehold improvements as well as other fixtures and fittings, tools and equipment. Property, plant and equipment are measured in the balance sheet at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and expenses resulting directly from the purchase until the asset is ready for use. Interest on loans arranged to finance production is not included in the cost. The total cost of an asset is decomposed into separate components that are depreciated separately if the useful lives of the individual components vary. Property, plant and equipment are depreciated using the straight-line method based on useful lives and residual values, which are stated in the ‘Depreciation, amortisation and impairment losses' section. Property, plant and equipment under construction Property, plant and equipment under construction are measured at cost. Costs incurred on property, plant and equipment under construction are transferred to the relevant asset category when the asset is ready for use. Gains and losses on the disposal of property, plant and equipment Gains and losses on the disposal of property, plant and equipment are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal less any costs of disposal. Equity investments in group entreprises Equity investments in subsidiaries are recognised and measured according to the equity method in the balance sheet of the parent. For equity investments in subsidiaries, the equity method is considered a measurement method. On initial recognition, equity investments measured according to the equity method are measured at cost. Transaction costs directly attributable to the acquisition are recognised in the cost of equity investments. However, transaction costs on the acquisition of subsidiaries are recognised in the income statement in the consolidated financial statements at the date incurred. On subsequent recognition and measurement of equity investments according to the equity method, equity investments are measured at the proportionate share of the enterprises' equity value, determined according to the accounting policies of the parent, adjusted for the remaining value of goodwill and gains and losses on transactions with the enterprises in question. Equity investments, where information for recognition according to the equity method is not known, are measured at cost. Equity investments with a negative carrying amount are measured at DKK 0. Receivables that are considered part of the combined investment in the enterprises in question are impaired by any remaining negative equity value. Other receivables from such enterprises are impaired to the extent that such receivables are considered uncollectible. Provisions to cover the remaining negative equity value are recognised to the extent that the parent has a legal or constructive obligation to cover the liabilities of the enterprise in question. Goodwill recognised under equity investments is amortised according to the straight-line method based on an individual assessment of the useful life of the asset. The useful life of goodwill has been determined at 10 years for equity investments in subsidiaries. The useful life has been determined in consideration of the expected future net earnings of the enterprise to which the goodwill relates. Gains or losses on disposal of equity investments are determined as the difference between the disposal consideration and the carrying amount of net assets at the time of sale, including non-amortised goodwill, as well as the expected costs of divestment or discontinuation. Gains and losses are recognised in the income statement under income from equity investments. Impairment losses on fixed assets The carrying amount of fixed assets which are not measured at fair value is assessed annually for indications of impairment over and above what is reflected in depreciation and amortisation. If the company's realised return on an asset or a group of assets is lower than expected, this is considered an indication of impairment. If there are indications of impairment, an impairment test is conducted of individual assets or groups of assets. The assets or groups of assets are impaired to the lower of recoverable amount and carrying amount. The higher of net selling price and value in use is used as the recoverable amount. The value in use is determined as the present value of expected net cash flows from the use of the asset or group of assets as well as expected net cash flows from the sale of the asset or group of assets after the expiry of their useful lives. Impairment losses are reversed when the reasons for the impairment no longer exist. Inventories Inventories are measured at cost calculated according to the FIFO-method. Inventories are written down to the lower of cost and net realisable value. The cost of raw materials and consumables as well as goods for resale is determined as purchase prices plus expenses resulting directly from the purchase. The cost of manufactured finished goods and work in progress is determined as the value of direct material and labour costs. Interest on loans arranged to finance production is not included in the cost. The net realisable value of inventories is determined as the selling price less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and the expected development in the selling price. Receivables Receivables are measured at amortised cost, which usually corresponds to the nominal value, less write-downs for bad debts. Write-downs for bad debts are determined based on an individual assessment of each receivable if there is no objective evidence of individual impairment of a receivable. Deposits recognised under assets comprise deposits paid to the lessor under leases entered into by the company. Prepayments Prepayments recognised under assets comprise costs incurred in respect of subsequent financial years. Cash Cash includes deposits in bank accounts as well as operating cash. Equity The net revaluation of equity investments measured according to the equity method is recognized in the financial statements of the parent in the net revaluation reserve in equity according to the equity method to the extent that the carrying amount exceeds the cost. Dividends from subsidiaries which are adopted before adoption of the annual report for CeramicSpeed Holding ApS are not tied up in the revaluation reserve (simultaneous principle). An amount equivalent to internally generated development costs in the balance sheet is recognised in the financial statements of the parent in equity under reserve for development costs. The reserve is measured less deferred tax and reduced by amortisation and impairment losses on the asset. If impairment losses on development costs are subsequently reversed, the reserve will be restored with a corresponding amount. The reserve is dissolved when the development costs are no longer recognized in the balance sheet, and the remaining amount will be transferred to retained earnings. Unrealised foreign currency gains and losses from the translation of the net investment in independent foreign entities are recognised in equity under the foreign currency translation reserve. The reserve is dissolved when the independent foreign entities are disposed of. The proposed dividend for the financial year is recognised as a separate item in equity. Current and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the basis of the taxable income for the year, adjusted for tax paid on account. Joint taxation contributions payable and receivable are recognised as income tax under receivables or payables in the balance sheet. Deferred tax liabilities and tax assets are recognised on the basis of all temporary differences between the carrying amounts and tax bases of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is non-amortisable for tax purposes and other items where temporary differences, except for acquisitions, have arisen at the date of acquisition without affecting the net profit or loss for the year or the taxable income. In cases where the tax value can be determined according to different taxation rules, deferred tax is measured on the basis of management’s intended use of the asset or settlement of the liability. Deferred tax assets are recognised, following an assessment, at the expected realisable value through offsetting against deferred tax liabilities within the same tax jurisdiction or elimination in tax on future earnings. Deferred tax is measured on the basis of the tax rules and at the tax rates in the respective countries which, according to the legislation in force at the balance sheet date, will be applicable when the deferred tax is expected to crystallise as current tax. Payables Long-term payables are measured at cost at the time of contracting such liabilities (raising of the loan). The payables are subsequently measured at amortised cost where capital losses and loan expenses are recognised in the income statement as a financial expense over the term of the payable on the basis of the calculated effective interest rate in force at the time of contracting the liability. Short-term financial payables are measured at amortised cost, normally corresponding to the nominal value of such payables. Other short-term payables are measured at net realisable value. Deferred income Deferred income under liabilities comprises payments received in respect of income in subsequent financial years. The cash flow statement is prepared using the indirect method, showing cash flows from operating, investing and financing activities as well as cash and cash equivalents at the beginning and end of the year. Cash flows from operating activities comprise the net profit or loss for the year, adjusted for non-cash operating items, income tax paid and changes in working capital. Cash flows from investing activities comprise payments in connection with the acquisition and divestment of companies and financial assets as well as the purchase, development, improvement and sale of intangible assets and property, plant and equipment. Cash flows from financing activities comprise changes in the parent’s share capital and associated costs and financing from and dividends paid to shareholders as well as the arrangement and repayment of long-term payables. Cash and cash equivalents at the beginning and end of the year comprise cash. Referring to section 86(4) of the Danish Financial Statements Act a cash flow statement has not been prepared for the parent as the parent is included in the consolidated cash flow statement. Ratios definitions Return on equity: Profit/loss for the year x 100 Average equity Return on invested capital: EBITA x 100 Avg. invested capital excl. goodwill EBITA: Operating profit plus amortisation and im-pairment losses on goodwill. Invested capital excl. goodwill: Sum of intangible operating assets and property, plant and equipment (excl. goodwill) as well as net working capital. Solvency ratio: Equity, end of year x 100 Total assets Figures in DKK '000 Contributed capital Reserve for net revaluation according to the equity method Reserve for development costs Foreign currency translation reserve Retained earnings Proposed dividend for the financial year Equity attributable to owners of the parent Non-controlling interests Total equity Group: Statement of changes in equity for 01.01.24 - 31.12.24 Balance as at 01.01.24 125 0 12,692 -159 44,065 2,000 58,723 19,913 78,636 Foreign currency translation adjustment of foreign enterprises 0 0 0 -888 0 0 -888 -135 -1,023 Dividend paid 0 0 0 0 0 -2,000 -2,000 -2,059 -4,059 Transfers to/from other reserves 0 0 -9,525 0 11,566 0 2,041 -2,041 0 Net profit/loss for the year 0 0 0 0 10,168 1,750 11,918 10,034 21,952 Balance as at 31.12.24 125 0 3,167 -1,047 65,799 1,750 69,794 25,712 95,506 Figures in DKK '000 Contributed capital Reserve for net revaluation according to the equity method Reserve for development costs Foreign currency translation reserve Retained earnings Proposed dividend for the financial year Equity attributable to owners of the parent Non-controlling interests Total equity Parent: Statement of changes in equity for 01.01.24 - 31.12.24 Balance as at 01.01.24 125 8,969 0 -206 78,973 1,500 89,361 0 89,361 Net effect of changed accounting policies 0 0 0 0 -22,285 0 -22,285 0 -22,285 Net effect of correction of material errors 0 -5,957 0 206 -594 500 -5,845 0 -5,845 Adjusted balance as at 01.01.24 125 3,012 0 0 56,094 2,000 61,231 0 61,231 Foreign currency translation adjustment of foreign enterprises 0 255 0 0 0 0 255 0 255 Dividend paid 0 0 0 0 0 -2,000 -2,000 0 -2,000 Net profit/loss for the year 0 -1,188 0 0 10,363 1,750 10,925 0 10,925 Balance as at 31.12.24 125 2,079 0 0 66,457 1,750 70,411 0 70,411 With reference to section 98b(3) no. 2 of the Danish Financial Statements Act, remuneration for the management is not disclosed for 2024 and 2023, as information would otherwise lead to amounts being shown for a single member of management. The group's development projects relate to the development of new projects to complement the company's existing product lines. The projects are progressing as planned using the resources that management has set aside for development. 7. Property, plant and equipment Figures in DKK '000 Land and buildings Leasehold improvements Other fixtures and fittings, tools and equipment Property, plant and equipment under construction Group: Cost as at 01.01.24 56,628 1,283 7,953 1,230 Foreign currency translation adjustment of foreign enterprises 5 0 29 0 Additions during the year 10,485 0 2,183 2,431 Disposals during the year 0 0 -298 0 Transfers during the year to/from other items 3,661 0 0 -3,661 Cost as at 31.12.24 70,779 1,283 9,867 0 Depreciation and impairment losses as at 01.01.24 -2,983 -1,007 -4,125 0 Foreign currency translation adjustment of foreign enterprises 0 0 -14 0 Depreciation during the year -1,874 -110 -1,070 0 Reversal of depreciation of and impairment losses on disposed assets 0 0 168 0 Depreciation and impairment losses as at 31.12.24 -4,857 -1,117 -5,041 0 Carrying amount as at 31.12.24 65,922 166 4,826 0 8. Equity investments in group enterprises Figures in DKK '000 Equity investments in group enterprises Parent: Cost as at 01.01.24 940 Cost as at 31.12.24 940 Depreciation and impairment losses as at 01.01.24 3,012 Foreign currency translation adjustment of foreign enterprises 255 Net profit/loss from equity investments 9,011 Dividend relating to equity investments -1,491 Elimination of intra-group profit -8,708 Depreciation and impairment losses as at 31.12.24 2,079 Carrying amount as at 31.12.24 3,019 Name and registered office: Ownership interest Subsidiaries: CeramicSpeed Sport Americas LLC, USA 71 CeramicSpeed Group ApS, Holstebro 70 Maabjerg CS ApS, Holstebro 70 CeramicSpeed Digital A/S, Holstebro 36 CeramicSpeed A/S, Holstebro 70 CeramicSpeed Bearings A/S, Holstebro 48 CeramicSpeed Sport A/S, Holstebro 50 Driven Technologies Inc., USA 56 11. Deferred tax Deferred tax as at 01.01.24 2,491 1,819 0 0 Deferred tax recognised in the income statement 1,003 672 0 0 Deferred tax as at 31.12.24 3,494 2,491 0 0 13. Contingent liabilities Group: Lease commitments The company has concluded lease agreements with terms to maturity of 2-34 months and total lease payments of t.DKK 668. Recourse guarantee commitments The following assets have been pledged as security for bank: As security for the company's balance with credit institutions, a company pledge of t.DKK 10,000 has been pledged in receivables, operating equipment, intellectual property rights and inventory. Parent: Other contingent liabilities The company is taxed jointly with the other Danish companies in the group and has joint, several and unlimited liability for income taxes and any obligations to withhold tax at source on interest, royalties and dividends for the jointly taxed companies. The liability also includes any subsequent corrections to the calculated tax liability as a consequence of changes made to the jointly taxable income etc. 14. Charges and security Group: Land and buildings with a carrying amount of t.DKK 63,859 have been provided as security for mortgage debt of t.DKK 27,218. The following assets have been pledged as security for bank: As security for the company's balance with credit institutions, a company pledge of t.DKK 10,000 has been pledged in receivables, operating equipment, intellectual property rights and inventory. Parent: The company has not provided any security over assets. Controlling influence Basis of influence Jacob Csizmadia Holds the majority of the contributed capital in the company Related party transactions are not disclosed, as all transactions are entered into in the ordinary course of business at arms’ length. Intangible assets Completed development projects and development projects in progress Development projects are recognised in the balance sheet where the project aims at developing a specific product or a specific process, intended to be produced or used, respectively, by the company in its production process. On initial recognition, development projects are measured at cost. Cost comprises the purchase price plus expenses resulting directly from the purchase, including wages and salaries directly attributable to the development projects until the asset is ready for use. Interest on loans arranged to finance development projects in the development period is not included in the cost. Other development projects and development costs are recognised in the income statement in the year in which they are incurred. Development projects in progress are transferred to completed development projects when the asset is ready for use. Development projects are subsequently measured in the balance sheet at cost less accumulated amortisation and impairment losses. Completed development projects are amortised using the straight-line method based on useful lives, which are stated in the ‘Depreciation, amortisation and impairment losses’ section. Acquired rights Aquired rights are measured in the balance sheet at cost less accumulated amortisation and impairment losses. Acquired rights are amortised using the straight-line method based on useful lives, which are stated in the ‘Depreciation, amortisation and impairment losses’ section. 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