26428424 2024-01-01 2024-12-31 26428424 2024-01-01 2024-12-31 1 26428424 2024-01-01 2024-12-31 2 26428424 2024-01-01 2024-12-31 1 26428424 2024-01-01 2024-12-31 3 26428424 2024-01-01 2024-12-31 1 26428424 2023-01-01 2023-12-31 26428424 2024-12-31 26428424 2023-12-31 26428424 2023-12-31 fsa:ContributedCapitalMember 26428424 2023-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 26428424 2023-12-31 fsa:RetainedEarningsMember 26428424 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 26428424 2024-01-01 2024-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 26428424 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 26428424 2024-12-31 fsa:ContributedCapitalMember 26428424 2024-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 26428424 2024-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Steen Hager Nielsen Chairman The Board of Directors and Executive Board have today considered and approved the annual report of ZÜBLIN A/S for the financial year 1 January - 31 December 2024.The annual report is prepared in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Company's financial position at 31 December 2024 and of the results of the Company's operations for the financial year 1 January - 31 December 2024.We believe that the management's review contains a fair review of the affairs and conditions referred to therein. Management recommends that the annual report should be approved at the annual general meeting. Steen Hager Nielsen Jens Michael Borgschulte Trige, Anders Medin Feldbæk Niklot Ulrich Joachim Curt Von Bülow Management's responsibilities for the financial statementsManagement is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the financial statements, Management is responsible for assessing the 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 financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:●Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.●Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the 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 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 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 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 Entity to cease to continue as a going concern.●Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.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. Opinion We have audited the financial statements of ZÜBLIN A/S 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. The financial statements are prepared in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Entity's financial position at 31.12.2024 and of the results of its operations for the financial year 01.01.2024 - 31.12.2024 in accordance with the Danish Financial Statements Act. Basis for opinionWe 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 financial statements" section of this auditor's report. We are independent of the Entity 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. To the shareholder of ZÜBLIN A/S Deloitte Statsautoriseret Revisionspartnerselskab 33963556 State Authorised Public Accountant mne30176 Jacob Nørmark Aarhus, Statement on the Management's reviewManagement is responsible for the Management's review.Our opinon on the 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 financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the 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's review provides the information required by relevant law and regulations.Based on the work we have performed, we conclude that the Management's review is in accordance with the 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's review. ZÜBLIN A/S Hæstvej 46D, 8380 Trige www.zueblin.dk 26428424 Aarhus Kommune Værkmestergade 2, 18. 8000 Aarhus C Seen over a 5-year period, the development of the Company may be described by means of the following financial highlights:20242023 2022 2021 2020TDKKTDKK TDKK TDKK TDKKKey figuresOutput volume 124 727 600 884 650 086 514 126 128 821 Revenue 124 933 601 069 650 560 485 443 128 865 Gross profit 11 208 -130 553 -537 348 -44 873 -13 182 Operating profit/loss -24 474 -205 947 -676 148 -229 157 -45 131 Net financials 905 -22 -494 -614 2 096 Profit/loss for the year -20 536 -203 695 -674 429 -227 510 -42 886 Balance sheet total 475 580 552 244 596 744 650 052 432 069 Investment in property, plant and 813 984 320 1 363 2 102 equipmentShare capital 1 000 1 000 1 000 1 000 1 000 Equity 44 005 36 952 -187 072 14 408 48 125 Financial ratiosGross margin 9,0% -21,7% -82,6% -9,2%-10,2%Operating margin -19,6% -34,3% -103,9% -47,2%-35,0%Current ratio 229,7% 237,5% 135,6% 119,7%243,8%Solvency ratio 9,3% 6,7% -31,3% 2,2%11,1%Return on equity -50,7% N/A N/A -472,3%-93,1%Average number of employees34 36 91 179 249For definitions, see the summary of significant accounting policies.Financial reviewIn 2024, the Company's revenue was DKK 128,865 thousand against DKK 124,933 thousand in 2023. The income statement for 2024 shows a loss of DKK 42,886 thousand against a loss of DKK 20,536 thousand in 2023, and the balance sheet at 31 December 2024 shows an equity of DKK 48,125 thousand.Profit was below expectations for 2024. The reason for this was mainly due to lack of turnover and provisions on some ongoing projects.In 2024 a capital contribution of DKK 47 million was given to the Company by the Group. The revenue and result for 2024 was lower than expected. The organisation is continuing the strategy with more focus on acquiring new projects and controlled growth. The market in 2024 has not developed as expected and therefore the order backlog has not increased yet as foreseen.Recognition and measurement uncertaintiesIn connection with presentation of the annual report for 2024, the recognition and measurement of items in the financial statement are not subject to any significant uncertainties beyond what is considered usual for the sector, refer to note 2. Knowledge resourcesThe Company's most important knowledge resources are its employees and the Group's know-how.The Company works independently but in close cooperation with the Group regarding project planning and design, development and adjustment of materials and execution of the Company's projects. The Company also has close contact to affiliated companies in Sweden.Financial risksThe Company's projects involve a number of commercial and financial risks that may affect its development, operations and financial position. Commercial and financial risks are not deemed to vary significantly from other risks related to the business. The Group is managing the financial risks centrally with coordination of the groups cash management. Reference is made to the Group´s report and information regarding risk management at www.strabag.com (Strategy / Strategic Approach / Economic Responsibility).Price risksThrough its business foundation and policies laid down, Management at all levels actively addresses the risks deemed to be material to the business, including price fluctuations on significant materials.Foreign currency risksDue to the Company's activities, profit/loss, cash flows and equity are affected by the exchange rate and interest rate development of a number of currencies. It is company policy to hedge commercial foreign currency risks. The Company does not engage in any speculative currency transactions.Interest rate risksAs net interest bearing debt is immaterial, moderate changes in the interest rate level will not directly affect earnings. Interest positions to hedge interest rate risks are therefore not entered.OutlookThe turnover in 2025 will be at the same level as in 2024. The order backlog is at a low level and is expected to increase the coming years. The result in 2025 is expected to be around zero or slightly negative. ZÜBLIN A/S (the Company) is a wholly owned subsidiary of the Austrian group, STRABAG SE (the Group), which is a European-based technology partner, listed in Austria.The consolidated financial statements may be obtained on the Group's website, www.strabag.com.Together with the Group, the Company has a huge capacity and is a professional contractor and a competent partner on appropriate projects. The Company covers all areas of ground engineering, civil engineering, infrastructure and building construction with focus on complex ground engineering projects and standalone buildings as well as major construction projects carried out in cooperation with the Group or other partners.The Company’s revenue in 2024 were at the same level compared to 2023. Volume of orders at the end of 2024 amounted to approx. DKK 173 million (end of 2023: DKK 211 million). 128865000 124933000 5418000 12207000 118246000 89141000 0 5000 29219000 36796000 -13182000 11208000 30942000 34541000 914000 1141000 93000 0 -45131000 -24474000 2163000 1029000 67000 124000 -43035000 -23569000 -149000 -3033000 -42886000 -20536000 0 0 0 0 126000 179000 2206000 3577000 141000 88000 2473000 3844000 90415000 90415000 90415000 90415000 92888000 94259000 633000 46000 208000 3474000 841000 3520000 232089000 214612000 0 18877000 3755000 2710000 4167000 5670000 857000 1063000 240868000 242932000 97472000 134869000 339181000 381321000 432069000 475580000 1000000 1000000 -43290000 -47410000 90415000 90415000 48125000 44005000 244844000 265550000 244844000 265550000 29209000 34896000 17617000 37136000 1413000 531000 88696000 88635000 2165000 4827000 139100000 166025000 432069000 475580000 1000000 90415000 -47410000 44005000 0 0 -42886000 -42886000 0 0 47006000 47006000 1000000 90415000 -43290000 48125000 Accounting policiesThe annual report of ZÜBLIN A/S for 2024 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class C.The annual report for 2024 is presented in DKK thousands.Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as financial income or financial expenses.Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses.Income statementRevenueIncome from construction contracts where the purchaser has significantly influenced the construction of the asset is recognised as revenue as the production activities are carried out, implying that revenue corresponds to the market value of the contract work performed (production method). This method is used where the total income and expenses and the degree of completion of the contract can be made up reliably.Where the income from a construction contract cannot be estimated reliably, contract revenue corresponding to the expenses incurred is recognised only in so far as it is probable that such expenses will be recoverable from the counterparty.Income from the sale of services is recognised in revenue on a straight-line basis as the services are provided.Revenue is recognised net of VAT, duties and sales discount and is measured at fair value of the consideration fixed. Other operating income Other operating income comprises items of a secondary nature in relation to the Company's main activity, including profits on the sale of intangible assets and tangible fixed assets.Construction materials, consumables and services usedExpenses for construction materials, consumables and services used include both direct and indirect costs incurred to generate revenue for the year as well as expected losses on ongoing construction work.Net income from investment in joint venturesThe proportionate share of the profit or loss of the individual joint venture is recognised as operating result in the income statement under the item "Net income from investments in joint ventures".Other external expensesOther external expenses include expenses related to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc., including profits on the sale of intangible assets and tangible fixed assets.Staff costsStaff costs include wages and salaries, including compensated absence and pensions, as well as other social security contributions, etc. made to the entity's employees. The item is net of refunds made by public authorities.Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise the year's amortisation, depreciation and impairment of intangible assets and property, plant and equipment.Other operating expensesOther operating expenses comprises items of a secondary nature in relation to the Company's main activity, including losses on the sale and retirements of intangible assets and tangible fixed assets.Financial income and expensesFinancial income and expenses are recognised in the income statement at the amount relating to the financial year. Net financials include interest income and expenses, realised and unrealised capital/exchange gains and losses on securities and foreign currency transactions, and surcharges and allowances under the advance-payment-of-tax scheme, etc.TaxTax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity.Balance sheetIntangible assetsIntangible assets including software are measured at cost less accumulated amortisation and impairment losses. Software is amortised on a straght-line basis over 3 years.The depreciable amount is cost during the useful life.Gains and losses on the disposal of intangible assets are determined as the difference between the selling price less costs to sell and the carrying amount at the date of disposal. Gains or losses are recognised in the income statement as other operating income or other operating costs, respectively.Tangible assetsItems of plant and machinery, other fixtures and fittings, tools and equipment, and leasehold improvements are measured at cost less accumulated depreciation and impairment losses.Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the assets until the item 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: Plant and machinery 3 - 5 yearsOther fixtures and fittings, tools and equipment 3 - 10 yearsLeasehold improvements 2 - 3 yearsEstimated useful lives and residual values are reassessed annually. Gains and losses from the sale of the tangible assets are calculated as the difference between selling price less selling costs and carrying amount at the time of sale. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively. Joint arrangementsJoint arrangements are entities over which the company exercises joint control together with one or more companies. Joint control exists when the determination of the financial and operating policies requires the unanimous consent of all parties to the joint control. Joint arrangements are classified as either joint ventures or joint operations. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement.Investments in joint ventures are recognised and measured using the equity method.The proportionate share of the profit or loss of the individual joint venture is recognised as operating result in the income statement.In the balance sheet investments in joint ventures are measured at the proportionate share of the net asset value of joint ventures, calculated on the basis of the Company's accounting policies, less or plus unrealised intra-group gains or losses.Investments in joint ventures with a negative net asset value are measured at DKK 0, and the carrying amount of any receivables from these entities is reduced to the extent that they are considered irrecoverable. If the Company has a legal or constructive obligation to cover a deficit that exceeds the receivable, the balance is recognised.Net revaluations of investments in joint ventures are taken to the net revaluation reserve according to the equity method to the extent that the carrying amount exceeds the cost.Joint operations are recognized and measured according to the interest in the arrangement. In accordance with the contractual share of assets, liabilities, revenue and expenses joint operations are accounted for as an integrated part of the financial statement (line by line).Referring to section 5 of the Danish Financial Statements Act the joint arrangements, including the jointventures in note 11 and the joint operation Lindø Port of Odense I/S, did not submit an annual report.StocksStocks are measured using the FIFO-method. Where the net realisable value is lower than the cost, inventories are recognised at this lower value.Raw materials and consumables are measured at cost, comprising purchase price plus delivery costs.Impairment of fixed assetsIntangible assets, property, plant and equipment are subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted in respect of indvidual assets or groups of assets generating separate cash flows when there are indications of impairment. The assets are written down to the higher of the value in use net realisable value (recoverable amount) of the asset or group of assets if this is lower than the carrying amount. As for group of assets, impairment losses are first recognised in respect of goodwill and thereafter proportionately in respect of the other assets.Receivables Receivables are measured at amortised cost.An impairment loss is recognised if there is objective indication that a receivable is impaired, which is measured on an indvidual basis.Contract work in progressContract work in progress is measured at the market value of the work performed. The market value is measured based on the percentage of completion at the balance sheet date and the expected aggregate income from the individual work in progress. The percentage of completion is determined as the share of the costs incurred relative to the expected total costs for the individual work in progress.Where the market value of work in progress cannot be reliably determined, the market value is measured at the lower of costs incurred and net realisable value.Where the total expenses relating to the work in progress are expected to exceed the total market value, the expected loss is recognised as a loss-making agreement under "Provisions" and is expensed in the income statement.The individual work in progress is recognised in the balance sheet under receivables or payables. Net assets comprise the sum of work in progress where the selling price of the work performed exceeds payments on account. Net liabilities comprise the sum of work in progress where payments on account exceeds the selling price.PrepaymentsPrepayments comprise costs incurred concerning subsequent financial years.CashCash comprises bank deposits.ProvisionsProvisions comprise expected expenses relating to guarantee commitments, losses on work in progress, rebuildings, claims etc. Provisions are recognised when the Company has a legal or constructive obligation as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation.Provisions are measured at net realisable value or at fair value if the obligation concerned is expected to be settled far into the future.Warranties comprise obligations to repair any defects within the warranty period of one to five years. Provisions for warranties are measured at net realisable value and recognised based on past experience.If it is likely that total costs will exceed total income from contract work in progress, a provision is made for the total loss anticipated on the contract.Income tax and deferred taxCurrent tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account.Deferred tax is measured according to the liability method in respect of temporary differences between the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use of the asset and settlement of the liability, respectively.Financial liabilitiesFinancial liabilities are measured at net realisable value.Segment informationReference is made to the Management's review, page 6, where segment information is disclosed. true Omission to present a cash flow statementZÜBLIN A/S is recognised in the consolidated financial statements of STRABAG SE. Referring to section 86(4) of the Danish Financial Statements Act, ZÜBLIN A/S has decided not to prepare any cash flow statement for the Company, as the Group´s total cash flows have been consolidated into the group STRABAG SE. Financial HighlightsDefinitions of financial ratios.Gross Profit x 100Gross marginRevenueOperating profit/loss x 100Operating marginRevenueCurrent assets total x 100Current ratioCurrent liabilitiesEquity at year end x 100Solvency ratioTotal assetsNet profit/loss for the year x 100Return on equityAverage equityOutput volume Revenue including the proportional revenue of joint ventures. 2024 2023TDKK TDKKStaff costsWages and salaries 28 039 31 130Pensions 2 081 2 337Other social security costs 282 395Other staff costs 540 67930 942 34 541 34 36 Financial income Other financial income 2 124 891Exchage rate differences 39 1382 163 1 029 Remuneration to members of management:Board of Directors 0 00 0Referring to section 98b (3) of the Danish Financial Statements Act, remuneration to the Executive Board are not disclosed for since the management category have only one member. Uncertainty in the recognition and measurementThe measurement of the net asset value of certain assets and liabilities requires an estimate of the effect of future events on these assets and liabilities on the balance sheet date.The applied estimates are based on conditions considered reasonable by Management; however, these estimates will inherently be uncertain and unpredictable. The conditions might be incomplete or inaccurate, or unexpected events or circumstances might occur. Furthermore, the Company is subject to risks and uncertainties that could lead to the actual results deviating from these estimates.Estimates, which are important to the presentation of the annual report, relate mainly to measurement of the market value of contract work in progress, which among other things are assessed on the basis of anticipated remaining costs and income. Changes to the assumptions regarding time schedule, prices and deliveries could have a material impact. Furthermore, it depends on the outcome of disputes concerning claims for additional payment, etc., which is determined among other things by the stage of negotiations with the counterpart as well as by an assessment of the probability of the outcome. 2024 2023TDKK TDKKFinancial costs Financial costs, group 0 0Other financial costs 17 28Exchage rate differences 50 9667 124 Tax on profit/loss for the yearCurrent tax for the year -783 -3 033Deferred tax for the year 0 0Adjustment of tax concerning previous years 634 0-149 -3 033Paid company tax0 0 0 0 -42886000 -20536000 Intangible assetsSoftwareCost at 1 January617Additions for the year0Disposals for the year-105Cost at 31 December512Depreciation at 1 January 617Amortisation for the year0Disposals for the year-105Depreciation at 31 December512Carrying amount at 31 December 0 Tangible assetsOther fixtures and fittings, Plant and tools and Leasehold machineryequipmentimprovementsCost at 1 January366 10 961 1 114Additions for the year0 625 188Disposals for the year -120 -5 789 -768Cost at 31 December246 5 797 534Depreciation at 1 January187 7 384 1 026Depreciation for the year 52 793 69Disposals for the year -119 -4 586 -702Depreciation at 31 December 120 3 591 393Carrying amount at 31 December 126 2 206 141 Investments in joint venturesCost at 1 January 0 0Additions for the year 0 0Cost at 31 December 0 0Revaluations at 1 January 90 415 90 415Revaluations disposals 0 0Net profit/loss for the year 0 0Received dividend 0 0Revaluations at 31 December 90 415 90 415Carrying amount at 31 December 90 415 90 415Investments in joint ventures are specified as follows:Place of Nameregistered officeOwnership/VotesMetNord JV I/S Copenhagen 60%/50% Contract work in progressWork in progress, selling price 139 342 187 645Work in progress, payments received on account -156 959 -205 904-17 617 -18 259Recognised in the balance sheet as follows:Contract work in progress under assets 0 18 877Contract work in progress under liabilities -17 617 -37 136-17 617 -18 259 Receivables from group companies Receivables from group companies consists of balances on intercompany accounts. PrepaymentsPrepayments consists primarily of prepaid services, insurances and lease costs. EquityThe share capital comprise 1,000 shares of a nominal value of DKK 1,000. No shares carry any special rights. There have been no changes in the share capital during the last 5 years. ProvisionsProvisions comprise provision for warranty commitment, totalling DKK 50,306 thousand (2023: DKK 68,154 thousand), provisions for losses on construction contracts in progress totalling DKK 9,192 thousand (2023: DKK 0 thousand). Other provisions totalling DKK 185,346 thousand (2023: DKK 197,396 thousand). Provisions are expected to mature with DKK 175,430 thousand within 1 year, DKK 58,502 thousand within 1-5 years and DKK 10,912 after 5 years. Rental agreements and lease commitmentsRental and lease commitmentsWithin 1 year 343 1 135Between 1 and 5 years 2 713 2 6763 056 3 811In addition, the Company also have rental and lease commitments of machinery and equipment related to contract work in progress. Consolidated financial statementsThe Company is included in the group annual report of STRABAG SE, Austria.The group annual report of STRABAG SE, Austria, may be obtained at the following address: www.strabag.com. Contingent assets, liabilities and other financial obligationsThe Company is jointly taxed with the other Danish enterprises in the STRABAG Group. As administrative company, the Company has joint and several unlimited liability together with the other enterprises for Danish coorporation taxes and withholding taxes on dividends, interest and royalties within the joint taxation unit. The jointly taxed enterprises' total known net liability for coorporation taxes and withholding taxes on dividends, interest and royalties amounted to DKK 0 at 31 December 2024. Any subsequent corrections to the joint taxation income or withholding taxes, etc. may entail the Company's liability will increase.The Company is part of various legal and arbitration cases, which are not expected to adversely affect the Company's financial position.For contract works the Company has provided collateral by bank guarantees totalling DKK 392 million (2023: DKK 423 million). The Company participates in joint ventures with joint and several liability, where collateral is also provided by bank guarantees totalling DKK 26 million (2023: DKK 26 million). Related parties and ownershipZüblins A/S' related parties comprise the following:Controlling interestZüblin Spezialtiefbau GmbH, Albstadtweg 1, D-70567 Stuttgart, GermanyTransactionsTransactions with related parties comprise transactions with companies within the STRABAG SE group including joint ventures in Denmark.Work and services performed DKK 4,400 thousand (2023: DKK 5,268 thousand)Work and services received DKK 8,372 thousand (2023: DKK 12,941 thousand)Receivables as at 31 December 2024 DKK 3,755 thousand (2023: DKK 2,710 thousand)Liabilities as at 31 December 2024 DKK 90,109 thousand (2023: 89,166 thousand)Remuneration/fees to members of the Executive Board and the Board of Directors are reflected in note 3. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2024-01-01 2024-12-31 2023-01-01 2023-12-31 2025-05-07 Reporting class C, medium-size enterprise 2002-01-01 2025-04-28 39537257 STRABAG BRVZ A/S Hæstvej 46D, 8380 Trige Opinion Basis for Opinion 2025-04-28