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2021-12-31 cmn:ConsolidatedMember 8 21054887 2020-01-01 2020-12-31 cmn:ConsolidatedMember 9 21054887 2024-01-01 2024-12-31 cmn:ConsolidatedMember 10 21054887 2023-01-01 2023-12-31 cmn:ConsolidatedMember 11 21054887 2022-01-01 2022-12-31 cmn:ConsolidatedMember 12 21054887 2021-01-01 2021-12-31 cmn:ConsolidatedMember 13 21054887 2020-01-01 2020-12-31 cmn:ConsolidatedMember 14 21054887 2022-12-31 cmn:ConsolidatedMember 21054887 2021-12-31 cmn:ConsolidatedMember 21054887 2020-12-31 cmn:ConsolidatedMember 21054887 2024-01-01 2024-12-31 cmn:ConsolidatedMember 0 21054887 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 iso4217:DKK xbrli:pure Regnskabsklasse C, mellemstor virksomhed 2024-01-01 2024-12-31 M2 Group ApS 8240 Risskov, Denmark Strandmarksvej 9 21054887 1998-08-05 Aarhus www.m2film.dk kontakt@m2film.dk 4570214020 2025-06-27 Dirigent <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Ledelsespåtegning</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Statement by the Executive Board</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Direktion har dags dato behand­let og godkendt årsrapporten for regnskabs­året 1. ja­nuar ‑ 31. december 2024 for M2 Group ApS.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>The Executive Board have today discussed and approved the annual report of M2 Group ApS for the financial year 1 January ‑ 31 December 2024.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Årsrapporten aflægges i overensstemmelse med årsregnskabsloven.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>The annual report is prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Det er vores opfattelse, at koncernregnskabet og årsregnskabet giver et retvisende billede af kon­cernens og selskabets aktiver, passiver og finan­sielle stil­ling pr. 31. december 2024 samt af resulta­tet af koncernens og selskabets akti­viteter samt af kon­cer­nens pengestrøm­me for regnskabs­året 1. januar ‑ 31. december 2024.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>In our opinion, the consolidated financial statements and the parent Company financial statements give a true and fair view of the Group's and the Company's financial position at 31 December 2024 and of the results of the Group's and the Company's operations and of the consolidated cash flows for the financial year 1 January ‑ 31 December 2024.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Det er endvidere vores opfattelse, at ledelses­beret­ningen indeholder en retvisende redegø­relse for de forhold, beretningen omhandler.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Årsrapporten indstilles til generalforsamlin­gens god­ken­del­se.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>We recommend the adoption of the annual report at the annual general meeting.</td></tr></table> Aarhus 2025-06-27 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Den uafhængige revisors revisionspåtegning</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Independent auditors' report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Til kapitalejeren i M2 Group ApS</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>To the shareholder of M2 Group ApS</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Konklusion</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Opinion</td></tr><tr><td>Vi har revideret koncernregnskabet og årsregn­skabet for M2 Group ApS for regnskabsåret 1. januar – 31. december 2024, der omfatter resul­tatopgørelse, balance, egenkapitalopgørelse og noter, herunder anvendt regnskabspraksis, for såvel koncernen som selskabet samt penge­strømsopgørelse for koncernen. Koncernregn­skabet og årsregnskabet udarbejdes efter års­regnskabsloven.</td><td /><td /><td>We have audited the consolidated financial statements and the parent company financial statements of M2 Group ApS for the financial year 1 January – 31 December 2024, which comprise an income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as a consolidated statement of cash flows. The consolidated financial statements and the parent company financial statements are prepared in accordance with the Danish Financial Statements Act.</td></tr><tr><td>Det er vores opfattelse, at koncernregnskabet og årsregnskabet giver et retvisende billede af kon­cernens og selskabets aktiver, passiver og finan­sielle stilling pr. 31. december 2024 samt af re­sultatet af koncernens og selskabets aktiviteter og koncernens pengestrømme for regnskabsåret 1. januar – 31. december 2024 i overensstem­melse med årsregnskabsloven.</td><td /><td /><td>In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2024 and of the results of the Group's and the Parent Company's operations as well as the consolidated cash flows for the financial year 1 January –31 December 2024 in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Grundlag for konklusion</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Basis for opinion</td></tr><tr><td>Vi har udført vores revision i overensstemmelse med internationale standarder om revision og de yderligere krav, der er gældende i Danmark. Vo­res ansvar ifølge disse standarder og krav er nærmere beskrevet i revisionspåtegningens af­snit ”Revisors ansvar for revisionen af koncern­regnskabet og årsregnskabet” (herefter benævnt ”regnskaberne”). Det er vores opfattelse, at det opnåede revisionsbevis er tilstrækkeligt og egnet som grundlag for vores konklusion.</td><td /><td /><td>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 company financial statements" (hereinafter collectively referred to as "the financial statements") section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Uafhængighed</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Independence</td></tr><tr><td>Vi er uafhængige af koncernen i overensstem­melse med International Ethics Standards Board for Accountants’ internationale retningslinjer for reviso­rers etiske adfærd (IESBA code) og de yderligere krav, der er gældende i Danmark, lige­som vi har op­fyldt vores øvrige etiske forpligtel­ser i henhold til disse regler og krav og IESBA Code.</td><td /><td /><td>We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these rules and requirements and IESBA Code.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Ledelsens ansvar for koncernregnskabet og årsregnskabet</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Management's responsibilities for the consolidated financial statements and the parent company financial statements</td></tr><tr><td>Ledelsen har ansvaret for udarbejdelsen af et koncernregnskab og et årsregnskab, der giver et retvisende billede i overensstemmelse med års­regnskabsloven. Ledelsen har endvidere ansva­ret for den interne kontrol, som ledelsen anser for nødvendig for at udarbejde regnskaberne uden væsentlig fejlinformation, uanset om denne skyldes besvigelser eller fejl.</td><td /><td /><td>Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td>Ved udarbejdelsen af regnskaberne er ledelsen ansvarlig for at vurdere koncernens og selska­bets evne til at fortsætte driften; at oplyse om forhold vedrørende fortsat drift, hvor dette er re­levant; samt at udarbejde regnskaberne på grundlag af regnskabsprincippet om fortsat drift, medmindre ledelsen enten har til hensigt at likvi­dere koncernen eller selskabet, indstille driften eller ikke har andet realistisk alternativ end at gøre dette.</td><td /><td /><td>In preparing the financial statements, Management is responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Revisors ansvar for revisionen af koncernregnskabet og årsregnskabet</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Auditor's responsibilities for the audit of the consolidated financial statements and the parent company financial statements</td></tr><tr><td>Vores mål er at opnå høj grad af sikkerhed for, om regnskaberne som helhed er uden væsentlig fejlinformation, uanset om denne skyldes besvi­gelser eller fejl, og at afgive en revisionspåteg­ning med en konklusion. Høj grad af sikkerhed er et højt niveau af sikkerhed, men er ikke en ga­ranti for, at en revision, der udføres i overens­stemmelse med internationale standarder om re­vision og de yderligere krav, der er gældende i Danmark, altid vil afdække væsentlig fejlinforma­tion, når sådan findes. Fejlinformationer kan op­stå som følge af besvigelser eller fejl og kan be­tragtes som væsentlige, hvis det med rimelighed kan forventes, at de enkeltvis eller samlet har indflydelse på de økonomiske beslutninger, som regnskabsbrugerne træffer på grundlag af regn­skaberne.</td><td /><td /><td>Our objectives are to obtain reasonable assurance as to 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 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 the financial statements.</td></tr><tr><td>Som led i en revision, der udføres i overens­stemmelse med internationale standarder om revision og de yderligere krav, der er gældende i Danmark, foretager vi faglige vurderinger og op­retholder professionel skepsis under revisionen. Herudover</td><td /><td /><td>As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional skepticism throughout the audit. We also</td></tr><tr><td>►     Identificerer og vurderer vi risikoen for væsentlig fejlinformation i årsregnskabet, uanset om denne skyldes besvigelser eller fejl, udformer og udfører revisionshandlinger som reaktion på disse risici samt opnår revisionsbevis, der er tilstrækkeligt og egnet til at danne grundlag for vores konklusion. Risikoen for ikke at opdage væsentlig fejlinformation forårsaget af besvigelser er højere end ved væsentlig fejlinformation forårsaget af fejl, idet besvigelser kan omfatte sammensværgelser, dokumentfalsk, bevidste udeladelser, vildledning eller tilsidesættelse af intern kontrol.</td><td /><td /><td>►     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.</td></tr><tr><td>►     Opnår vi forståelse af den interne kontrol med relevans for revisionen for at kunne udforme revisi­onshandlinger, der er passende efter omstændighederne, men ikke for at kunne udtrykke en kon­klusion om effektiviteten af selskabets interne kontrol.</td><td /><td /><td>►     Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.</td></tr><tr><td>►     Tager vi stilling til, om den regnskabspraksis, som er anvendt af ledelsen, er passende, samt om de regnskabsmæssige skøn og tilknyttede oplysninger, som ledelsen har udarbejdet, er rimelige.</td><td /><td /><td>►     Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td>►     Konkluderer vi, om ledelsens udarbejdelse af årsregnskabet på grundlag af regnskabsprincippet om fortsat drift er passende, samt om der på grundlag af det opnåede revisionsbevis er væsentlig usik­kerhed forbundet med begivenheder eller forhold, der kan skabe betydelig tvivl om selskabets evne til at fortsætte driften. Hvis vi konkluderer, at der er en væsentlig usikkerhed, skal vi i vores revisi­onspåtegning gøre opmærksom på oplysninger herom i årsregnskabet eller, hvis sådanne oplysnin­ger ikke er tilstrækkelige, modificere vores konklusion. Vores konklusion er baseret på det revisi­onsbevis, der er opnået frem til datoen for vores revisionspåtegning. Fremtidige begivenheder eller forhold kan dog medføre, at selskabet ikke længere kan fortsætte driften.</td><td /><td /><td>►     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 Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.</td></tr><tr><td>►     Tager vi stilling til den samlede præsentation, struktur og indhold af årsregnskabet, herunder noteoplysningerne, samt om årsregnskabet afspejler de underliggende transaktioner og begivenheder på en sådan måde, at der gives et retvisende billede heraf.</td><td /><td /><td>►     Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td>►     Planlægger og udfører vi revisionen af årsregnskabet for at opnå tilstrækkeligt og egnet revisionsbevis vedrørende de konsoliderede finansielle oplysninger for virksomhederne eller forretningsenhederne som grundlag for at udforme en konklusion om årsregnskabet. Vi er ansvarlige for at lede, føre tilsyn med og gennemgå det udførte revisionsarbejde. Vi er eneansvarlige for vores revisionskonklusion.</td><td /><td /><td>►     Plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion.</td></tr><tr><td>Vi kommunikerer med den øverste ledelse om bl.a. det planlagte omfang og den tidsmæssige placering af revisionen samt betydelige revisi­onsmæssige observationer, herunder eventuelle betydelige mangler i intern kontrol, som vi iden­tificerer under revisionen.</td><td /><td /><td>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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Udtalelse om ledelsesberetningen</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Statement on the Management's review</td></tr><tr><td>Ledelsen er ansvarlig for ledelsesberetningen.</td><td /><td /><td>Management is responsible for the Management's review.</td></tr><tr><td>Vores konklusion om regnskaberne omfatter ikke ledelsesberetningen, og vi udtrykker ingen form for konklusion med sikkerhed om ledelses­beretningen.</td><td /><td /><td>Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td>I tilknytning til vores revision af regnskaberne er det vores ansvar at læse ledelsesberetningen og i den forbindelse overveje, om ledelsesberetnin­gen er væsentligt inkonsistent med regnska­berne eller vores viden opnået ved revisionen el­ler på anden måde synes at indeholde væsentlig fejlinformation.</td><td /><td /><td>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 during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td>Vores ansvar er derudover at overveje, om le­delsesberetningen indeholder krævede oplysnin­ger i henhold til årsregnskabsloven.</td><td /><td /><td>Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td>Baseret på det udførte arbejde er det vores op­fattelse, at ledelsesberetningen er i overens­stemmelse med regnskaberne og er udarbejdet i overensstemmelse med årsregnskabslovens krav. Vi har ikke fundet væsentlig fejlinforma­tion i ledelsesberetningen.</td><td /><td /><td>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 of the Danish Financial Statements Act. We did not identify any material misstatement of the Management's review.</td></tr></table> Aarhus 2025-06-27 103603000 97919000 5095000 589000 0 -548000 9835000 3939000 5937000 181000 5756000 -836000 4920000 4872000 1200000 490000 2024 3359000 -4858000 0 732000 10100000 490000 -1300000 8549000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Anvendt regnskabspraksis</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Accounting policies</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Årsrapporten for M2 Group ApS for 2024 er af­lagt i overensstemmelse med årsregnskabslo­vens bestemmelser for en mellemstor klasse C-virksomhed.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>The annual report of M2 Group ApS for 2024 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium‑sized reporting class C enterprises.</td></tr></table> true <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Rapporteringsvaluta</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Reporting currency</td></tr><tr><td>Årsregnskabet er aflagt i danske kroner.</td><td /><td /><td>The financial statements are presented in Danish kroner.</td></tr><tr><td>Konsolidering</td><td /><td /><td>Consolidation</td></tr><tr><td>Koncernregnskabet omfatter modervirksomhe­den M2 Group ApS og virksomheder, hvori mo­der­virk­som­he­den har bestemmende ind­fly­delse. Bestemmende ind­fly­del­se antages at foreligge, når mo­der­virk­som­he­den di­rekte eller indirekte besidder mere end halv­de­len af stemmerettighe­derne. Bestemmende ind­fly­del­se kan til­lige fore­ligge via aftale el­ler vedtægter, el­ler fordi mo­dervirksomheden på anden måde har el­ler fak­tisk udøv­er bestemmende indflydelse i dat­ter­virk­somheden.</td><td /><td /><td>The consolidated financial statements comprise the parent, M2 Group ApS, and entities controlled by the parent. Control is presumed to exist when the parent owns, directly or indirectly, more than half of the voting power of an entity. Control may also exist by virtue of an agreement or articles of association or when the parent otherwise has a controlling interest in the subsidiary or actually exercises controlling influence over it.</td></tr><tr><td>Eksistensen og virkningen af potentielle stem­me­ret­tig­he­der, der aktuelt kan udnyttes eller konverteres, medtages ved vurderingen af, om bestemmende ind­fly­delse foreligger.</td><td /><td /><td>The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether control exists.</td></tr><tr><td>De konsoliderede virksomheders regnskaber ud­ar­bej­des efter den samme regnskabspraksis, som er be­nyt­tet i modervirksomheden. Kon­cern­regn­ska­bet ud­ar­bej­des ved at sammendrage regnskaber i de kon­so­li­de­re­de virk­somheder ved sammenlægning af regn­skabs­pos­ter med ensar­tet indhold. Koncerninterne ind­tæg­ter, omkost­nin­ger, avancer, tab, ejerandele, udbytter og mellemvæ­render elimineres. Kapitalandele i kon­soliderede virk­somheder udlignes med den for­holds­mæs­si­ge andel af den konsoliderede virk­som­heds dagsværdi af aktiver og forpligtel­ser på an­skaf­fel­ses­tids­punktet.</td><td /><td /><td>The consolidated entities' financial statements are prepared in accordance with the accounting policies applied by the parent. The consolidated financial statements are prepared on the basis of the financial statements of the consolidated entities by adding together like items. Intra‑group income, expenses, gains, losses, investments, dividends and balances are eliminated. Investments in consolidated entities are set off by the parent's proportionate share of the consolidated entity's fair value of assets and liabilities at the time of acquisition.</td></tr><tr><td>Nyerhvervede og solgte dattervirksomheder med­ta­ges i koncernresultatopgørelsen for den pe­rio­de, hvor bestemmende indflydelse forelig­ger. Sam­men­lig­nings­talle­ne korrigeres ikke for ny­er­hver­ve­de eller fra­solgte virk­somheder.</td><td /><td /><td>Recently acquired or sold subsidiaries are recognised in the consolidated income statement for the period in which the parent controls such entities. Comparative figures are not restated for recently acquired or sold entities.</td></tr><tr><td>Ved køb af dattervirksomheder anvendes over­tagel­ses­me­to­den. Anskaffelsessummen opgøres til nu­tids­værdi­en af det aftalte vederlag med til­læg af direkte henfør­bare omkostninger. Betin­gede betalinger ind­reg­nes med det beløb, der forventes betalt. Iden­ti­fi­cer­ba­re aktiver og for­pligtelser i de overtagne virk­som­he­der indreg­nes til dagsværdien på an­skaf­fel­ses­tids­punktet. I opgørelsen indregnes om­struk­tu­re­rings­hen­sæt­telser relateret til den overtagne virksomhed, såfremt omstruktureringen er besluttet på over­ta­gel­sestidspunktet. Der tages hen­syn til skaffe­effekten af de foretagne omvurderinger af akti­ver og for­plig­tel­ser. En resterende forskel mel­lem kostprisen og koncernens andel af dagsvær­dien af de iden­ti­fi­cer­ba­re aktiver og forpligtelser indregnes som goodwill eller negativ goodwill.</td><td /><td /><td>The purchase method of accounting is applied to the acquisition of subsidiaries. The cost is made up at the net present value of the consideration agreed plus directly attributable expenses. Conditional payments are recognised at the amount expected to be paid. Identifiable assets and liabilities in the acquired entities are recognised at the fair value at the time of acquisition. Provisions for restructuring expenses relating to the acquired entity are recognised if the restructuring has been decided at the time of acquisition. Allowance is made for the tax effect of revaluations of assets and liabilities. Any residual difference between the cost and the group’s share of the fair value of the identifiable assets and liabilities is recognised as goodwill or negative goodwill.</td></tr><tr><td>Køb og salg af minoritetsinteresser under fortsat bestemmende indflydelse indregnes direkte på egenkapitalen som en transaktion mellem kapitalejere.</td><td /><td /><td>Purchase and sale of minority interests under continued controlling interest is recognized in equity as a transaction between shareholders.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Minoritetsinteresser</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Minority interests</td></tr><tr><td>I koncernregnskabet indregnes dattervirksom­he­der­nes regn­skabsposter 100 %. Minoritetsin­teressernes forholdsmæssige andel af datter­virksomheders re­sul­tat og egenkapital indreg­nes som særskilte poster i re­sul­tatopgørelsen og balancen.</td><td /><td /><td>Accounting items attributable to subsidiaries are recognised in full in the consolidated financial statements. Minority interests' share of subsidiaries' profit or loss for the year and equity is recognised as separate items in the income statement and the balance sheet.</td></tr><tr><td>Virksomhedsovertagelse</td><td /><td /><td>Corporate acquisitions</td></tr><tr><td>Ved køb af nye dattervirksomheder eller aktivi­teter, som er selvstændige virksomheder, an­vendes overtagelsesmetoden. Kostprisen opgø­res til nutidsværdien af det aftalte vederlag med tillæg af direkte henførbare omkostninger. Be­tingede betalinger indregnes med det beløb, der forventes betalt. Identificerbare aktiver og for­pligtelser i de overtagne virksomheder indreg­nes til dagsværdien på anskaffelsestidspunktet. I opgørelsen indregnes omstruktureringshensæt­telser relateret til den overtagne virksomhed, såfremt omstruktureringen er besluttet på over­tagelsestidspunktet og forventes gennemført. Der tages hensyn til skatteeffekten af de fore­tagne omvurderinger af aktiver og forpligtelser. En resterende forskel mellem kostprisen og kon­cernens andel af dagsværdien af de identificer­bare aktiver og forpligtelser indregnes som goodwill eller negativ goodwill.</td><td /><td /><td>The takeover method is applied to the acquisition of new subsidiaries or activities which are separate businesses. The cost is made up at the net present value of the consideration agreed plus directly attributable expenses. Conditional payments are recognised at the amount expected to be paid. Identifiable assets and liabilities in the acquired entities are recognised at the fair value at the time of acquisition. Provisions for restructuring costs relating to the acquired entity are recognised if the restructuring has been decided at the time of acquisition and is expected to be carried through. Allowance is made for the tax effect of revaluations of assets and liabilities. Any residual difference between the cost and the group's share of the fair value of the identifiable assets and liabilities is recognised as goodwill or negative goodwill.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Valutaomregning</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Currency translation</td></tr><tr><td>Transaktioner i fremmed valuta omregnes til danske kroner efter transaktionsdagens kurs.</td><td /><td /><td>Transactions denominated in foreign currencies are translated into Danish kroner at the exchange rate at the date of the transaction.</td></tr><tr><td>Tilgodehavender, gæld og andre monetære akti­ver og forpligtelser i fremmed valuta omregnes til dan­ske kroner ef­ter balancedagens valutakur­ser. Realise­rede og urealiserede valutakursge­vinster og ‑tab ind­regnes i resultatopgø­relsen under finansielle indtæg­ter og omkostninger.</td><td /><td /><td>Receivables, payables and other monetary items denominated in foreign currencies are translated into Danish kroner at the exchange rate at the balance sheet date. Realised and unrealised exchange gains and losses are recognised in the income statement as financial income/expenses.</td></tr><tr><td>Udenlandske tilknyttede virksomheder</td><td /><td /><td>Foreign group entities</td></tr><tr><td>Selvstændige udenlandske virksomheder omreg­nes efter følgende principper</td><td /><td /><td>As regards integral foreign operations, the items in their financial statements are translated using the following principles</td></tr><tr><td>►     Balancen omregnes til valutakursen på ba­lan­ce­da­gen.</td><td /><td /><td>►     Balance sheet items are translated at the closing rate.</td></tr><tr><td>►     Resultatopgørelsen omregnes til transak­ti­ons­dagens kurs.</td><td /><td /><td>►     Items in the income statement are translated at the rate at the date of the transaction.</td></tr><tr><td>►     Den kursdifference, der opstår ved omreg­ning af egenkapitalen ved regnskabsårets begyndelse til valutakur­sen på balanceda­gen samt ved om­reg­ning af resultatopgørel­sen fra transaktionsdagens kurs til kursen på balan­ceda­gen, indregnes direkte på egenka­pitalen.</td><td /><td /><td>►     Any exchange differences resulting from the translation of the opening equity at the closing rate and the exchange adjustment of the items in the income statement from the rate at the date of the transaction to the closing rate are taken directly to equity.</td></tr><tr><td>Leasingaftaler</td><td /><td /><td>Leases</td></tr><tr><td>Leasingaftaler, hvor virksomheden ikke har alle væ­sentlige fordele og risici forbundet med ejen­doms­ret­ten, er ope­rationel leasing. Ydelser på opera­tionelle leasingaftaler indregnes i resultat­opgørelsen over kon­traktens løbetid.</td><td /><td /><td>Leases in respect of which the entity does not bear all significant risks and enjoy all significant benefits associated with the title to the assets are considered operating leases. Payments under operating leases are recognised in the income statement over the term of the lease.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Resultatopgørelsen</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Income statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Nettoomsætning</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Bruttoresultat</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Revenue</td></tr><tr><td>Koncernens nettoomsætning består af indtæg­ter fra salg af animeret underholdning, kommer­cielle film og kreativt indhold til andre plat­forme. Indtægter fra salg ind­regnes i nettoom­sætning på tidspunktet for levering og risiko­ens over­gang, såfremt indtægten kan opgø­res påli­deligt og forventes modtaget.</td><td /><td /><td>The Group’s revenue consists of income from production of animated entertainment, commercial films and creative content for other platforms. Income from sales activities is recognised in revenue at the time of delivery and when the risk passes to the buyer, provided that the income can be made up reliably and is expected to be received.</td></tr><tr><td>Indtægter fra igangværende arbejder, hvor kø­ber har haft væsentlig indflydelse på udformnin­gen af aktivet indreg­nes som nettoomsætning, i takt med at pro­duk­tio­nen udføres, hvorved net­toomsætningen svarer til salgsværdien af årets udførte entreprisearbejder (pro­duktionsmeto­den). Metoden anvendes, når de samle­de ind­tægter og om­kostnin­ger på kontrakten og fær­dig­gø­relsesgraden kan måles pålideligt.</td><td /><td /><td>Income from work in progress where the purchaser has significantly influenced the construction of the asset is recognised as revenue as the production activities are carried on, 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.</td></tr><tr><td>Når indtægter fra en igangværende arbejder ikke kan skøn­nes pålideligt, indregnes kun om­sætning sva­ren­de til de med­gåede omkostninger i det omfang, det er sand­synligt, at de vil blive betalt af modparten.</td><td /><td /><td>Where the income from work in progress cannot be estimated reliably, 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.</td></tr><tr><td>Nettoomsætning måles efter fradrag af alle for­mer for afgivne rabatter. Ligeledes fratrækkes moms og afgifter m.v. opkrævet på vegne af tredjemand.</td><td /><td /><td>Revenue is measured net of all types of discounts/rebates granted. Also, revenue is measured net of VAT and other indirect taxes charged on behalf of third parties.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Gross profit/loss</td></tr><tr><td>Posterne nettoomsætning, vareforbrug, andre eks­ter­ne omkostninger og andre driftsindtægter er med henvisning til årsregnskabslovens § 32 sammen­dra­get til en regnskabspost benævnt bruttoresultat.</td><td /><td /><td>With reference to section 32 of the Danish Financial Statements Act, the items 'Revenue', 'Cost of sale', 'Other external expenses' and 'Other operating income' are consolidated into one item designated 'Gross profit/loss'.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Andre driftsindtægter</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Other operating income</td></tr><tr><td>Andre driftsindtægter og ‑omkostninger indehol­der regnskabsposter af sekundær karakter i for­hold til virksomhe­dens hovedaktiviteter, herun­der fortjene­ste eller tab ved salg af anlægsakti­ver.</td><td /><td /><td>Other operating income and operating expenses comprise items of a secondary nature relative to the entity's core activities, including gains or losses on the sale of fixed assets.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Vareforbrug</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Cost of sale</td></tr><tr><td>Vareforbrug omfatter de om­kostninger til varer og hjælpematerialer, der er medgået til at opnå årets omsætning.</td><td /><td /><td>Cost of sale include expenses relating to cost of materials and consumables used in generating the year's revenue.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Andre eksterne omkostninger</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Other external expenses</td></tr><tr><td>Andre eksterne omkostninger omfatter omkost­nin­ger vedrørende virksomhedens primære akti­vitet, der er afholdt i årets løb, herunder om­kostninger til dis­tri­bu­tion, salg, reklame, admini­stration, lokaler, tab på de­bitorer, ydelser på operationelle leasingkon­trakter m.v.</td><td /><td /><td>Other external expenses include the year's expenses relating to the entity's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Personaleomkostninger</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Staff costs</td></tr><tr><td>Personaleomkostninger omfatter løn og gager, inklusive feriepenge og pensioner, samt andre omkostnin­ger til soci­al sikring m.v. til selskabets medarbejdere. I per­sonaleomkostninger er fra­trukket modtagne godt­gø­rel­ser fra of­fentlige myndigheder.</td><td /><td /><td>Staff 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.</td></tr><tr><td>Af‑ og nedskrivninger på immaterielle og materielle anlægsaktiver</td><td /><td /><td>Amortisation/depreciation and impairment of intangible assets and property, plant and equipment</td></tr><tr><td>Af‑ og nedskrivninger omfatter af‑ og nedskriv­ninger på immaterielle og materielle anlægsakti­ver.</td><td /><td /><td>The item comprises amortisation/depreciation and impairment of intangible assets and property, plant and equipment.</td></tr><tr><td>Goodwill afskrives lineært over den vurderede økono­mi­ske levetid, der fastsættes på baggrund af en vur­de­ring af bl.a. den overtagne virksom­heds karakter, ind­tjening, markedsposition, branchens stabilitet og af­hængighed af nøg­le­medarbejdere.</td><td /><td /><td>Goodwill is amortised over the expected economic life, measured by reference to an assessment of, among other factors, the nature, earnings and market position of the acquired entity as well as the stability of the industry and the dependence on key staff.</td></tr><tr><td>Kostprisen for erhvervede immaterielle rettighe­der og øvrige im­ma­terielle ret­tigheder afskrives lineært over den for­ven­tede brugstid. Erhver­vede immaterielle rettigheder om­fatter paten­ter, rettigheder og licenser, mens øvrige imma­terielle rettigheder omfatter egne oparbejdede rettigheder, f.eks. filmrettigheder.</td><td /><td /><td>The cost for acquired IP rights and other rights is amortised over the expected useful life. Acquired IP rights include patents, rights and licences, whereas other rights includes own accrued rights, e.g. film rights.</td></tr><tr><td>Den vurderede brugstid for immate­riel­le anlægs­aktiver udgør</td><td /><td /><td>The estimated useful lives for intangible assets are as follows</td></tr><tr><td>Brugstid (år)</td><td /><td /><td>Useful life (year)</td></tr><tr><td>Erhvervede immaterielle rettigheder 3‑5</td><td /><td /><td>Acquired IP rights 3-5</td></tr><tr><td>Øvrige immaterielle rettigheder 3‑5</td><td /><td /><td>Other rights 3-5</td></tr><tr><td>Goodwill 5</td><td /><td /><td>Goodwill 5</td></tr><tr><td>Materielle anlægsaktiver afskrives lineært over de en­kelte aktivers forventede brugstid.</td><td /><td /><td>Property, plant and equipment are depreciated on a straight‑line basis over the expected useful life of each individual asset</td></tr><tr><td>Afskrivningsgrundlaget opgøres under hensyn­tagen til aktivets restværdi og reduceres med eventuelle nedskrivninger. Afskrivningsperioden og restværdien fastsættes på anskaffelsestids­punktet og revurderes årligt. Overstiger rest­værdien aktivets regnskabsmæssige værdi, op­hører afskrivning.</td><td /><td /><td>The basis of depreciation is based on the residual value of the asset at the end of its useful life and is reduced by impairment losses, if any. The depreciation period and the residual value are determined at the time of acquisition and are reassessed every year. Where the residual value exceeds the carrying amount of the asset, no further depreciation charges are recognised.</td></tr><tr><td>Ved ændring i afskrivningsperioden eller rest­værdien indregnes virkningen for afskrivninger fremadrettet som en ændring i regnskabsmæs­sigt skøn.</td><td /><td /><td>In case of changes in the depreciation period or the residual value, the effect on the amortisation charges is recognised prospectively as a change in accounting estimates.</td></tr><tr><td>Aktivernes forventede brugstid udgør</td><td /><td /><td>The expected useful lives of the assets are as follows</td></tr><tr><td>Brugstid (år)</td><td /><td /><td>Useful life (year)</td></tr><tr><td>Andre anlæg, driftsmateriel og inventar 2‑7</td><td /><td /><td>Other fixtures and fittings, tools and equipment</td></tr><tr><td>Indtægter af kapitalandele i tilknyttede og kapitalinteresser i associerede virksomheder</td><td /><td /><td>Income from investments in subsidiaries and associates</td></tr><tr><td>Posten omfatter den forholdsmæssige andel af re­sul­tat efter skat i dattervirksomheder og asso­cierede virksomheder efter eliminering af in­terne avancer el­ler tab og fratrukket af‑ og ned­skrivning på goodwill og andre merværdi­er på erhvervelsestidspunktet.</td><td /><td /><td>The item includes the entity's proportionate share of the profit/loss for the year in subsidiaries and associates after elimination of intra‑group income or losses and net of amortisation and impairment of goodwill and other excess values at the time of acquisition.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Finansielle indtægter og omkostninger</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Financial income and expenses</td></tr><tr><td>Finansielle indtægter og omkostninger indreg­nes i re­sultatopgørelsen med de beløb, der ved­rører regn­skabs­året. Fi­nan­siel­le pos­ter om­fat­ter ren­te­ind­tæg­ter og -om­kostninger, kursgevin­ster- og tab vedrørende værdipapirer, gæld og trans­aktioner i fremmed valuta samt til­læg og godt­gø­rel­se un­der acon­to­skat­te­ord­nin­gen m.v.</td><td /><td /><td>Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses, gains and losses on securities, payables and transactions denominated in foreign currencies, as well as allowances and surcharges under the advance‑payment‑of‑tax scheme, etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Skat</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Tax</td></tr><tr><td>Skat af årets resultat omfatter aktuel skat af årets for­ventede skattepligtige indkomst og årets re­gu­le­ring af ud­skudt skat. Årets skat ind­regnes i re­sul­tat­op­gø­rel­sen med den del, der kan henføres til årets re­sul­tat, og i egenkapi­ta­len med den del, som kan henføres til trans­akti­oner indregnet i egenkapitalen.</td><td /><td /><td>Tax 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.</td></tr><tr><td>Moderselskabet og de danske tilknyttede virk­som­he­der er sambeskattede. Den danske sel­skabsskat for­deles mel­lem overskuds‑ og under­skudsgivende dan­ske selskaber i forhold til dis­ses skattepligtige ind­komst (fuld fordeling). Sel­skabet fungerer som ad­mi­ni­stra­tionsselskab for sambeskatningskredsen og fo­re­ta­ger afregning af skatter m.v. til de danske skatte­myn­dig­he­der.</td><td /><td /><td>The parent and all Danish group entities are jointly taxed. The Danish income tax charge is allocated between profit‑making and loss‑mak­ing Danish entities in proportion to their taxable income (full allocation method). The parent acts as a management company for all the entities encompassed by the joint taxation arrangement and is thus responsible for ensuring that tax charges, etc. are paid to the Danish tax authorities.</td></tr><tr><td>Sambeskattede selskaber med overskydende skat godtgøres som minimum i henhold til de gældende satser for ren­tegodtgørelser af admi­nistra­tions­sel­ska­bet, ligesom sambeskattede selskaber med restskat som maksimum be­taler et tillæg i henhold til de gæl­den­de satser for ren­tetillæg til administrations­sel­ska­bet.</td><td /><td /><td>Jointly taxed companies entitled to a tax refund are, as a minimum, reimbursed by the management company according to the current rates applicable to interest allowances, and jointly taxed companies having paid too little tax pay, as a maximum, a surcharge according to the current rates applicable to interest surcharges to the management company.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Balancen</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Balance sheet</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Immaterielle anlægsaktiver</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Intangible assets</td></tr><tr><td>Goodwill måles til kostpris med fradrag af akku­mule­re­de af‑ og nedskrivninger.</td><td /><td /><td>Goodwill is measured at cost less accumulated amortisation and impairment losses.</td></tr><tr><td>Andre immaterielle anlægsaktiver omfatter ret­tigheder og andre erhvervede immaterielle ret­tig­he­der.</td><td /><td /><td>Other intangible assets include rights and other acquired intangible rights.</td></tr><tr><td>Andre immaterielle anlægsaktiver måles til kost­pris med fradrag af akkumulerede af‑ og ned­skrivninger.</td><td /><td /><td>Other intangible assets are measured at cost less accumulated amortisation and impairment losses.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Materielle anlægsaktiver</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Property, plant and equipment</td></tr><tr><td>Materielle anlægsaktiver måles til kostpris med fra­drag af akkumulerede af‑ og nedskrivninger. Kost­pri­sen omfat­ter anskaffelsesprisen og om­kostninger di­rekte knyttet til anskaffelsen indtil det tidspunkt, hvor aktivet er klar til brug.</td><td /><td /><td>Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Kapitalandele i dattervirksomheder og kapitalinteresser i associerede virksomheder</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Investments in subsidiaries and associates</td></tr><tr><td>Kapitalandele i dattervirksomheder og associe­rede virksomheder måles efter den indre værdis metode til den for­holdsmæssigt ejede andel af virksomheder­nes egenkapital, med tillæg af kon­cerngoodwill og kon­cern­in­terne tab og fradrag af koncerninterne avancer og eventuel negativ goodwill. Kapitalandele i virk­som­he­der med ne­gativ in­dre værdi måles til 0 kr. Virk­som­he­dens forholdsmæssige andel af en eventu­el negativ egenkapital modregnes i tilgode­havender hos ka­pi­tal­an­de­len i det omfang, det er uerholdeligt. Beløb her­ud­over indregnes under posten hen­satte for­pligtelser i det omfang, modervirksom­heden har en retlig eller fak­tisk forpligtelse til at dække under­balan­cen.</td><td /><td /><td>Investments in subsidiaries are measured, using the equity method, at the parent's proportionate share of such entities' equity plus goodwill on consolidation and intra‑group losses and less in­tra‑group gains and negative goodwill, if any. Investments in entities whose net asset value is negative are measured at DKK 0. The entity's proportionate share of a deficit on equity, if any, is set off against receivables from the investment in so far as the deficit is irrecoverable. Amounts in excess thereof are recognised under ‘Provisions' in so far as the parent has a legal or constructive obligation to cover the deficit.</td></tr><tr><td>Nyerhvervede og solgte kapitalandele indregnes i års­regnskabet henholdsvis fra anskaffelsestids­punktet eller frem til afståelsestidspunktet.</td><td /><td /><td>Newly acquired and sold investments are recognised in the financial statements from the time of acquisition or until the time of sale, respectively.</td></tr><tr><td>Ved køb af virksomheder anvendes overtagel­sesme­to­den som beskrevet under virksomheds­overtagel­ser.</td><td /><td /><td>The purchase method of accounting is applied to corporate takeovers as described under ‘Business combinations'.</td></tr><tr><td>Kapitalandele i associerede virksomheder ind­regnes på baggrund af seneste aflagte årsregn­skab. Såfremt der endnu ikke er aflagt regnskab, måles kapitalandelene til kostpris.</td><td /><td /><td>Investments in associates is recognized on the basis of the latest published financial statement. In situations when no financial statement has yet been published, the investment is recognized at cost price.</td></tr><tr><td>Andre værdipapirer og kapitalandele</td><td /><td /><td>Other securities and investments</td></tr><tr><td>Andre værdipapirer og kapitalandele, indregnet under langfristede aktiver, består af kapitalan­dele i selskaber, hvor ejerandelen udgør en uvæ-sentlig andel af selskabets samlede kapital. An­dre værdipapirer og kapitalandele måles til kost­pris.</td><td /><td /><td>Other securities and investments, recognised under "Non-current assets", comprise shares in entities, where the possession of shares are im­material in proportion to the total equity of the entity. Other securities and investments are measured at cost.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Værdiforringelse af anlægsaktiver</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Impairment of fixed assets</td></tr><tr><td>Immaterielle og materielle anlægsaktiver samt ka­pi­talandele i dattervirksomheder og associe­rede virk­somheder vur­deres årligt for indikatio­ner på vær­di­for­ringelse. Såfremt der er indikati­oner på vær­di­for­rin­gelse, foretages ned­skriv­ningstest for hvert enkelt ak­tiv henholdsvis hver gruppe af aktiver, der ge­ne­re­rer uafhængige pengestrømme. Akti­verne nedskrives til genind­vindingsværdien, som udgør den højeste vær­di af kapitalværdien og nettosalgspri­sen (genind­vin­dings­pris), såfremt denne er lavere end den regn­skabs­mæs­si­ge værdi. Nedskrivning på en gruppe af ak­tiver forde­les således, at der først nedskrives på goodwill og der­efter forholds­mæssigt på de øvrige aktiver.</td><td /><td /><td>Every year, intangible assets and property, plant and equipment as well as investments in subsidiaries and associates are reviewed for impairment. Where there is indication of impairment, an impairment test is made for each individual asset or group of assets, respectively, generating independent cash flows. The assets are written down to the higher of the value in use and the net selling price of the asset or group of assets (recoverable amount) if it is lower than the carrying amount. Where an impairment loss is recognised on a group of assets, a loss must first be allocated to goodwill and then to the other assets on a pro rata basis.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Tilgodehavender</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Receivables</td></tr><tr><td>Tilgodehavender måles til amortiseret kostpris, der sædvanligvis svarer til nominel værdi. Der foretages nedskriv­ning til imødegåelse af tab ba­seret på en ob­jektiv indikation på, at et tilgode­ha­vende eller en grup­pe af tilgodeha­ven­der er værdiforringet. Ned­skriv­ning foretages til netto­realisationsværdi, så­fremt denne er lavere end regn­skabs­mæs­sig værdi.</td><td /><td /><td>Receivables are measured at amortised cost, which usually corresponds to the nominal value. Provisions are made for bad debts on the basis of objective evidence that a receivable or a group of receivables are impaired. Provisions are made to the lower of the net realisable value and the carrying amount.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Igangværende arbejder for fremmed regning</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Work in progress for third parties</td></tr><tr><td>Igangværende leverancer af serviceydelser og igang­værende produktioner måles til salgsværdien af det ud­førte arbejde fratrukket acontofakturerin­ger. Salgsværdien opgøres på grundlag af færdiggø­rel­ses­graden på balan­ceda­gen og de samlede forven­tede indtægter på det enkelte igangværende arbejde. Fær­diggørelses­graden opgø­res på grundlag af de af­holdte om­kostninger i forhold til de forventede sam­lede om­kostninger på det enkelte igang­væ­rende ar­bejde.</td><td /><td /><td>Ongoing service supplies and work in progress for third parties are measured at the market value of the work performed less advances received. The market value is calculated on the basis of the percentage of completion at the balance sheet date and the total expected income from the relevant contract. The percentage of completion is made up based on costs incurred relative to the expected, total expenses on each individual work in progress.</td></tr><tr><td>Når resultatet af en igangværende kontrakt ikke kan skønnes pålideligt, måles salgsværdien til de med­gå­ede om­kost­ninger i det omfang, disse for­ventes at bli­ve dækket af køber.</td><td /><td /><td>Where the outcome of contract work in progress cannot be made up reliably, the market value is measured at the costs incurred in so far as they are expected to be paid by the purchaser.</td></tr><tr><td>Hvis de samlede omkostninger på det igangvæ­rende arbejde forventes at overstige den sam­lede salgs­vær­di, ind­reg­nes det forventede tab som en tabsgivende aftale under hensatte for­pligtelse og omkost­nings­fø­res i resultat­opgø­rel­sen.</td><td /><td /><td>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.</td></tr><tr><td>Værdien af de enkelte igangværende arbejder med fra­drag af acontofaktureringer klassificeres som ak­tiver, når salgsværdien overstiger acon­tofak­tu­re­rin­ger, og som forpligtelser, når acon­tofaktureringer over­stiger salgsværdi­en.</td><td /><td /><td>The value of each contract in progress less prepayments is classified as assets when the market value exceeds prepayments and as liabilities when prepayments exceed the market value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Periodeafgrænsningsposter</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Prepayments</td></tr><tr><td>Periodeafgrænsningsposter indregnet under ak­tiver omfatter forudbetalte omkostninger vedrø­rende ef­ter­føl­gen­de regnskabsår.</td><td /><td /><td>Prepayments recognised under ‘Assets' comprise prepaid expenses regarding subsequent financial reporting years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Værdipapirer</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Securities and investments</td></tr><tr><td>Værdipapirer måles til dagsværdi på balanceda­gen.</td><td /><td /><td>Securities and investments consisting in listed shares and bonds are measured at fair value (market price) at the balance sheet date.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Likvider</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Cash and cash equivalents</td></tr><tr><td>Likvide beholdninger omfatter kontante behold­nin­ger og bankindeståender.</td><td /><td /><td>Cash comprises cash balances and bank balances.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Egenkapital</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Equity</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Foreslået udbytte</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Proposed dividends</td></tr><tr><td>Udbytte, som foreslås deklareret for regnskabs­året, præsenteres som en særskilt post under egen­ka­pi­ta­len.</td><td /><td /><td>Dividends proposed for the financial year are presented as a separate item under ‘Equity'.</td></tr><tr><td>Reserve for nettoopskrivning efter den indre værdis metode</td><td /><td /><td>Reserve for net revaluation according to the equity method</td></tr><tr><td>Reserven omfatter nettoopskrivning af kapital­andele i datter‑ og associerede virksomheder i forhold til kost­pris.</td><td /><td /><td>The reserve comprises net revaluations of investments in subsidiaries and associates compared to the cost price.</td></tr><tr><td>Aktuelle skatteforpligtelser og tilgodehavende skat indregnes i balancen som beregnet skat af årets for­ventede skat­tepligtige indkomst regule­ret for skat af tidligere års skattepligtige ind­komster samt betalte acontoskatter.</td><td /><td /><td>Current tax payable and receivable is recognised in the balance sheet as the estimated tax charge in respect of the taxable income for the year, adjusted for tax on prior years' taxable income and tax paid on account.</td></tr><tr><td>Hensættelse til udskudt skat beregnes efter den ba­lan­ceorienterede gældsmetode af alle midler­tidige for­skel­le mel­lem regnskabsmæssige og skattemæs­sige værdier af aktiver og forpligtel­ser, bortset fra mid­ler­ti­di­ge forskelle, som op­står på anskaffelsestids­punktet for aktiver og forpligtelser, og som hverken påvirker resultatet eller den skatte­pligtige indkomst, samt mid­ler­ti­di­ge forskelle på skattemæssigt ikke‑afskriv­nings­be­ret­tiget goodwill.</td><td /><td /><td>Provisions for deferred tax are calculated, based on the liability method, of all temporary differences between carrying amounts and tax values, with the exception of temporary differences occurring at the time of acquisition of assets and liabilities neither affecting the results of operations nor the taxable income, as well as temporary differences on non‑amortisable goodwill.</td></tr><tr><td>Udskudt skat måles på grundlag af de skattereg­ler og skattesatser, der med balancedagens lov­givning vil være gæl­dende, når den udskudte skat forventes ud­løst som aktuel skat. Udskudte skatteaktiver ind­reg­nes med den værdi, som de forventes at blive ud­nyt­tet med, enten ved ud­ligning i skat af fremtidig ind­tje­ning eller ved modregning i ud­skudte skatte­for­plig­tel­ser inden for samme jurisdiktion.</td><td /><td /><td>Deferred tax is measured according to the taxation rules and taxation rates in the respective countries applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the value at which they are expected to be utilised, either through elimination against tax on future earnings or through a set‑off against deferred tax liabilities within the same jurisdiction.</td></tr><tr><td>Som administrationsselskab i sambeskatnings­kred­sen overtages hæftelsen for dattervirksom­hedernes selskabs­skat­ter overfor skattemyndig­hederne i takt med dattervirksomhedernes beta­ling af sambeskat­nings­bidrag. Skyldi­ge el­ler til­godehavende sambeskat­nings­bidrag indregnes i balancen som tilgodehaven­de skat eller skyldig selskabs­skat.</td><td /><td /><td>As management company for all the entities in the joint taxation arrangement, the parent is liable for the subsisidaries' income taxes vis‑à‑vis the tax authorities as the subsidiaries pay their joint taxation contributions. Joint taxation contributions payable or receivables are recognised in the balance sheet as income tax receivable or payable.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Gældsforpligtelser</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Liabilities</td></tr><tr><td>Finansielle gældsforpligtelser indregnes ved lå­ne­op­ta­gel­se til det modtagne provenu efter fra­drag af af­hold­te trans­aktionsomkostninger. Ren­tebærende gæld må­les efterfølgende til amorti­seret kostpris op­gjort på ba­sis af den effek­tive rente. Låneomkostnin­ger, her­un­der kurstab ind­regnes som finansierings­omkostninger i resul­tat­op­gørelsen over lånets løbe­tid.</td><td /><td /><td>Financial liabilities are recognised on the raising of the loan at the proceeds received net of transaction costs incurred. Interest‑bearing debt is subsequently measured at amortised cost, using the effective interest rate method. Borrowing costs, including capital losses, are recognised as financing costs in the income statement over the term of the loan.</td></tr><tr><td>Andre gældsforpligtelser måles til nettorealisati­onsværdien.</td><td /><td /><td>Other liabilities are measured at net realisable value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Pengestrømsopgørelsen</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Cash flow statement</td></tr><tr><td>Pengestrømsopgørelsen viser virksomhedens pen­ge­strøm­me for året fordelt på drifts‑, inve­sterings‑ og finansieringsaktivitet, årets forskyd­ning i likvider samt selskabets likvider ved årets begyndelse og slutning.</td><td /><td /><td>The cash flow statement shows the entity's net cash flows, broken down by operating, investing and financing activities, the year's changes in cash and cash equivalents and the entity's cash and cash equivalents at the beginning and the end of the year.</td></tr><tr><td>Pengestrømme fra driftsaktivitet præsenteres in­di­rek­te og opgøres som årets resultat regule­ret for ikke‑kon­tante driftsposter, ændring i ar­bejdskapitalen, be­talte finansielle poster samt betalt selskabsskat.</td><td /><td /><td>Cash flows from operating activities are presented using the indirect method and are made up as the profit or loss for the year, adjusted for non‑cash operating items, changes in working capital, paid net financials and paid income taxes.</td></tr><tr><td>Pengestrømme fra investeringsaktivitet omfat­ter betalinger i forbindelse med køb og salg af anlægsaktiver, værdi­papirer henført til investe­ringsaktivitet samt betalinger i forbindelse med køb og salg af virk­somheder og aktivite­ter.</td><td /><td /><td>Cash flows from investing activities comprise payments in connection with purchase and sale of fixed assets, securities which are part of investment activities and payments in connection with purchase and sale of businesses and activities.</td></tr><tr><td>Pengestrømme fra finansieringsaktivitet omfat­ter be­taling af udbytte til kapitalejere, kapital­forhøjelser og -ned­sæt­telser samt optagelse af lån og afdrag på ren­te­bærende gæld.</td><td /><td /><td>Cash flows from financing activities comprise dividends paid to shareholders, capital increases and reductions, borrowings and repayments of interest‑bearing debt.</td></tr><tr><td>Likvider omfatter likvide beholdninger.</td><td /><td /><td>Cash and cash equivalents comprise cash.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Nøgletal</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Financial ratios</td></tr><tr><td>Nøgletal er beregnet således</td><td /><td /><td>Financial ratios are calculated as follows</td></tr><tr><td>Definitioner på nøgletal</td><td /><td /><td>Definition of financial ratios</td></tr><tr><td>Soliditetsgrad = Egenkapital ultimo / Passiver ultimo * 100</td><td /><td /><td>Equity ratio = Closing equity / Equity &amp; liabilities at year‑end * 100</td></tr><tr><td>Forrentning af egenkapitalen = Årets resultat / Gennemsnitlig egenkapital * 100</td><td /><td /><td>Return on equity = Profit/loss for the year / Average equity * 100</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="6" align="left" valign="middle" ><b></b></td></tr><tr><td width="9%" ></td><td width="37%" ></td><td width="20%" colspan="1" align="left" valign="middle" ><b>Koncern</b></td><td width="9%" colspan="1" align="left" valign="middle" ><b>Koncern</b></td><td width="11%" colspan="1" align="left" valign="middle" ><b>Moderselskab</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>Moderselskab</b></td></tr><tr><td width="9%" ></td><td width="37%" ></td><td width="20%" colspan="1" align="left" valign="middle" ><b>t.DKK</b></td><td width="9%" colspan="1" align="left" valign="middle" ><b>t.DKK</b></td><td width="11%" colspan="1" align="left" valign="middle" ><b>t.DKK</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>t.DKK</b></td></tr><tr><td width="9%" ></td><td width="37%" ></td><td width="20%" align="left" valign="middle" ><b>2024</b></td><td width="9%" align="left" valign="middle" ><b>2023</b></td><td width="11%" align="left" valign="middle" ><b>2024</b></td><td width="14%" align="left" valign="middle" ><b>2023</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="9%" align="right" valign="middle" ><b>2</b></td><td width="91%" colspan="5" align="left" valign="middle" ><b>Kapitalberedskab</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="9%" ></td><td width="91%" colspan="5" align="left" valign="middle" >De seneste års driftsunderskud, har påvirket koncernens samlede kapitalberedskab. Ledelsen i driftsselskaberne har i 2024 haft fokus på løbende at tilpasse deres kapacitet og øge deres produktionsfleksibilitet, således at kapaciteten i 2024 er tilpasset den nuværende efterspørgsel.</td></tr><tr><td width="9%" ></td><td width="91%" colspan="5" align="left" valign="middle" >Koncernens har i regnskabsåret styrket kapitalberedskabet, gennem delvis afståelse af andre kapitalandele og værdipapirer.</td></tr><tr><td width="9%" ></td><td width="91%" colspan="5" align="left" valign="middle" >Koncernens ledelse arbejder fortsat på at styrke kapitalberedskabet, herunder opretholdelse af kreditrammer samt udvidelse af lånemuligheder.</td></tr><tr><td width="9%" ></td><td width="91%" colspan="5" align="left" valign="middle" >Der er usikkerhed, da der endnu ikke er modtaget bindende tilsagn herom.</td></tr><tr><td width="9%" ></td><td width="91%" colspan="5" align="left" valign="middle" >Det er ledelsens vurdering på baggrund af igangværende forhandling samt dialog med kreditstillere, at likviditet vil blive sikret, samt at kapitalberedskabet derfor er tilstrækkeligt for at gennemføre planlagte handlinger og aktiviteter i 2025, herunder sikre indfrielse af koncernens forpligtelser i takt med de forfalder.</td></tr><tr><td colspan="6"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="11%" ></td><td width="49%" ></td><td width="27%" align="left" valign="middle" ><b>2024</b></td><td width="13%" align="left" valign="middle" ><b>2023</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" align="left" valign="middle" ><b>19</b></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Reguleringer, pengestrømsopgørelsen</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="49%" colspan="1" align="left" valign="middle" >Af‑ og nedskrivninger</td><td width="27%" align="left" valign="middle" >5.095</td><td width="13%" align="left" valign="middle" >2.788</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="49%" colspan="1" align="left" valign="middle" >Indtægter af kapitalandele i associerede virk­somheder</td><td width="27%" align="left" valign="middle" >548</td><td width="13%" align="left" valign="middle" >3.219</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="49%" colspan="1" align="left" valign="middle" >.Finansielle indtægter</td><td width="27%" align="left" valign="middle" >-9.835</td><td width="13%" align="left" valign="middle" >-4.327</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="49%" colspan="1" align="left" valign="middle" >Finansielle omkostninger</td><td width="27%" align="left" valign="middle" >3.939</td><td width="13%" align="left" valign="middle" >4.996</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="49%" colspan="1" align="left" valign="middle" >.Skat af årets resultat</td><td width="27%" align="left" valign="middle" >181</td><td width="13%" align="left" valign="middle" >1.951</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="49%" colspan="1" align="left" valign="middle" >Øvrige reguleringer</td><td width="27%" align="left" valign="middle" >-4.965</td><td width="13%" align="left" valign="middle" >676</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="49%" colspan="1" align="left" valign="middle" ><b>Reguleringer, pengestrømsopgørelsen i alt</b></td><td width="27%" align="left" valign="middle" >-5.037</td><td width="13%" align="left" valign="middle" >9.303</td></tr><tr><td colspan="4"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="11%" align="left" valign="middle" ><b>20</b></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Ændring i arbejdskapital, pengestrømsopgørelsen</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="49%" colspan="1" align="left" valign="middle" >Ændringer i omsætningsaktiver m.v.</td><td width="27%" align="left" valign="middle" >-7.393</td><td width="13%" align="left" valign="middle" >5.236</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="49%" colspan="1" align="left" valign="middle" >Ændringer i gæld til leverandører m.v.</td><td width="27%" align="left" valign="middle" >6.474</td><td width="13%" align="left" valign="middle" >6.873</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="49%" colspan="1" align="left" valign="middle" ><b>Ændring i arbejdskapital, pengestrømsopgørelsen i alt</b></td><td width="27%" align="left" valign="middle" >-919</td><td width="13%" align="left" valign="middle" >12.109</td></tr></table> 89383000 3594000 1042000 3900000 365 0 9835000 0 3939000 3939000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="9%" ></td><td width="37%" ></td><td width="20%" colspan="1" align="left" valign="middle" ><b>Koncern</b></td><td width="9%" colspan="1" align="left" valign="middle" ><b>Koncern</b></td><td width="11%" colspan="1" align="left" valign="middle" ><b>Moderselskab</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>Moderselskab</b></td></tr><tr><td width="9%" ></td><td width="37%" ></td><td width="20%" colspan="1" align="left" valign="middle" ><b>t.DKK</b></td><td width="9%" colspan="1" align="left" valign="middle" ><b>t.DKK</b></td><td width="11%" colspan="1" align="left" valign="middle" ><b>t.DKK</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>t.DKK</b></td></tr><tr><td width="9%" ></td><td width="37%" ></td><td width="20%" align="left" valign="middle" ><b>2024</b></td><td width="9%" align="left" valign="middle" ><b>2023</b></td><td width="11%" align="left" valign="middle" ><b>2024</b></td><td width="14%" align="left" valign="middle" ><b>2023</b></td></tr><tr><td width="9%" align="left" valign="middle" ><b>6</b></td><td width="91%" colspan="5" align="left" valign="middle" ><b>Skat af årets resultat</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="9%" ></td><td width="37%" colspan="1" align="left" valign="middle" >Beregnet skat af årets skattepligtige indkomst</td><td width="20%" align="left" valign="middle" >-746</td><td width="9%" align="left" valign="middle" >-1.875</td><td width="11%" align="left" valign="middle" >766</td><td width="14%" align="left" valign="middle" >209</td></tr><tr><td colspan="6"></td></tr><tr><td width="9%" ></td><td width="37%" colspan="1" align="left" valign="middle" >Anvendt underskud</td><td width="20%" align="left" valign="middle" >418</td><td width="9%" align="left" valign="middle" >0</td><td width="11%" align="left" valign="middle" >234</td><td width="14%" align="left" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="9%" ></td><td width="37%" colspan="1" align="left" valign="middle" >Årets regulering af udskudt skat</td><td width="20%" align="left" valign="middle" >147</td><td width="9%" align="left" valign="middle" >1.580</td><td width="11%" align="left" valign="middle" >0</td><td width="14%" align="left" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="9%" ></td><td width="37%" colspan="1" align="left" valign="middle" ><b>Skat af årets resultat i alt</b></td><td width="20%" align="left" valign="middle" >-181</td><td width="9%" align="left" valign="middle" >-295</td><td width="11%" align="left" valign="middle" >1.000</td><td width="14%" align="left" valign="middle" >209</td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="10%" align="right" valign="middle" >10</td><td width="90%" colspan="4" align="left" valign="middle" ><b>.Kapitalinteresser i associerede virksomheder</b></td></tr><tr><td width="10%" ></td><td width="42%" ></td><td width="48%" colspan="3" align="left" valign="middle" ><b>Kapitalinteresser i associerede virksomheder</b></td></tr><tr><td width="10%" ></td><td width="42%" ></td><td width="48%" colspan="3" align="left" valign="middle" ><b>t.DKK</b></td></tr><tr><td width="10%" ></td><td width="42%" ></td><td width="48%" colspan="3" align="left" valign="middle" ><b>Koncern</b></td></tr><tr><td colspan="5"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="13%" align="right" valign="middle" >11</td><td width="87%" colspan="2" align="left" valign="middle" ><b>.Andre værdipapirer og kapital­andele</b></td></tr><tr><td width="13%" ></td><td width="55%" ></td><td width="32%" colspan="1" align="left" valign="middle" ><b>Andre værdipapirer og kapital­andele</b></td></tr><tr><td width="13%" ></td><td width="55%" ></td><td width="32%" colspan="1" align="left" valign="middle" ><b>Koncern</b></td></tr><tr><td colspan="3"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="13%" align="right" valign="middle" >12</td><td width="87%" colspan="2" align="left" valign="middle" ><b>.Andre tilgodehavender</b></td></tr><tr><td width="13%" ></td><td width="55%" ></td><td width="32%" colspan="1" align="left" valign="middle" ><b>Andre tilgodehavender</b></td></tr><tr><td width="13%" ></td><td width="55%" ></td><td width="32%" colspan="1" align="left" valign="middle" ><b>Koncern</b></td></tr><tr><td width="13%" ></td><td width="55%" ></td><td width="32%" colspan="1" align="left" valign="middle" ><b>t.DKK</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="13%" ></td><td width="55%" colspan="1" align="left" valign="middle" >Saldo 1. januar 2024</td><td width="32%" align="left" valign="middle" >8.230</td></tr><tr><td colspan="3"></td></tr><tr><td width="13%" ></td><td width="55%" colspan="1" align="left" valign="middle" >Valutakursregulering</td><td width="32%" align="left" valign="middle" >31</td></tr><tr><td colspan="3"></td></tr><tr><td width="13%" ></td><td width="55%" colspan="1" align="left" valign="middle" >Tilgang i årets løb</td><td width="32%" align="left" valign="middle" >72</td></tr><tr><td colspan="3"></td></tr><tr><td width="13%" ></td><td width="55%" colspan="1" align="left" valign="middle" >Afgang i årets løb</td><td width="32%" align="left" valign="middle" >-551</td></tr><tr><td colspan="3"></td></tr><tr><td width="13%" ></td><td width="55%" colspan="1" align="left" valign="middle" ><b>Regnskabsmæssig værdi 31. december 2024</b></td><td width="32%" align="left" valign="middle" >7.782</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="19%" align="right" valign="middle" >13</td><td width="81%" colspan="1" align="left" valign="middle" ><b>Periodeafgrænsningsposter</b></td></tr><tr><td width="19%" ></td><td width="81%" colspan="1" align="left" valign="middle" ><b>Koncern</b></td></tr><tr><td width="19%" ></td><td width="81%" colspan="1" align="left" valign="middle" >Periodeafgrænsningsposter omfatter periodise­ring af omkostninger, der først vedrører efter­følgende år, herunder husleje og forsikringer.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="9%" align="right" valign="middle" >15</td><td width="91%" colspan="5" align="left" valign="middle" ><b>Udskudt skat</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="9%" ></td><td width="37%" ></td><td width="20%" colspan="1" align="left" valign="middle" ><b>Koncern</b></td><td width="9%" colspan="1" align="left" valign="middle" ><b>Koncern</b></td><td width="11%" colspan="1" align="left" valign="middle" ><b>Moderselskab</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>Moderselskab</b></td></tr><tr><td width="9%" ></td><td width="37%" ></td><td width="20%" colspan="1" align="left" valign="middle" ><b>t.DKK</b></td><td width="9%" colspan="1" align="left" valign="middle" ><b>t.DKK</b></td><td width="11%" colspan="1" align="left" valign="middle" ><b>t.DKK</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>t.DKK</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="9%" ></td><td width="37%" ></td><td width="20%" align="left" valign="middle" ><b>2024</b></td><td width="9%" align="left" valign="middle" ><b>2023</b></td><td width="11%" align="left" valign="middle" ><b>2024</b></td><td width="14%" align="left" valign="middle" ><b>2023</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="9%" ></td><td width="37%" colspan="1" align="left" valign="middle" ><b>Udskudt skat 1. januar</b></td><td width="20%" align="left" valign="middle" >147</td><td width="9%" align="left" valign="middle" >1.727</td><td width="11%" align="left" valign="middle" >0</td><td width="14%" align="left" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="9%" ></td><td width="37%" colspan="1" align="left" valign="middle" >Årets regulering af udskudt skat</td><td width="20%" align="left" valign="middle" >-147</td><td width="9%" align="left" valign="middle" >-1.580</td><td width="11%" align="left" valign="middle" >0</td><td width="14%" align="left" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="9%" ></td><td width="37%" colspan="1" align="left" valign="middle" ><b>Udskudt skat 31. december</b></td><td width="20%" align="left" valign="middle" >0</td><td width="9%" align="left" valign="middle" >147</td><td width="11%" align="left" valign="middle" >0</td><td width="14%" align="left" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="9%" ></td><td width="91%" colspan="5" align="left" valign="middle" >Der er som følge af usikkerhed omkring fremadrettet indtjening ikke indregnet udskudt skatteaktiv vedrørende underskud til fremførsel.</td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="19%" align="left" valign="middle" ><b>16</b></td><td width="81%" colspan="1" align="left" valign="middle" ><b>Sikkerhedsstillelser</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="19%" ></td><td width="81%" colspan="1" align="left" valign="middle" ><b>Koncern</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="19%" ></td><td width="81%" colspan="1" align="left" valign="middle" >Til sikkerhed for gæld til Sydbank er af­givet virk­somhedspant på nom. 20.000 t.DKK i aktiver med en samlet regnskabsmæssig værdi pr. 31. december 2024 på 17.726 t.DKK.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="19%" align="left" valign="middle" ><b>17</b></td><td width="81%" colspan="1" align="left" valign="middle" ><b>Eventualforpligtelser og andre økonomiske forpligtelser</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="19%" ></td><td width="81%" colspan="1" align="left" valign="middle" ><b>Koncern</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="19%" ></td><td width="81%" colspan="1" align="left" valign="middle" >M2 Group ApS, M2Film A/S, M2 Animation Group A/S, M2 Story Lab A/S og Duckling&Sonne ApS har stillet selvskyldnerkaution for bankgæld i selskaberne. Kautionen omfatter alt mellemvæ­rende mellem selskaberne og Sydbank. Bank­gælden til Sydbank i selskaberne udgør</td></tr><tr><td width="19%" ></td><td width="81%" colspan="1" align="left" valign="middle" >15.409 t.DKK pr. 31. december 2024, men en samlet trækningsret på 20.000 t.DKK.</td></tr><tr><td width="19%" ></td><td width="81%" colspan="1" align="left" valign="middle" >M2 Group ApS og M2 Animation Group A/S har desuden stillet selvskyldnerkaution for anden gæld med en låneramme på 2.000 t.DKK.</td></tr><tr><td width="19%" ></td><td width="81%" colspan="1" align="left" valign="middle" ><b>Andre økonomiske forpligtelser</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="19%" ></td><td width="81%" colspan="1" align="left" valign="middle" ><b>Koncern</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="19%" ></td><td width="81%" colspan="1" align="left" valign="middle" >Koncernen har indgået huslejeaftaler, som kan opsiges med op til 60 måneders varsel. Summen af huslejeforpligtelserne i opsigel­sesperioden udgør 3.629 t.DKK.</td></tr><tr><td width="19%" ></td><td width="81%" colspan="1" align="left" valign="middle" >Herudover har koncernen indgået operationelle leasingaftaler med en resterende løbetid på op til 1 år. Den samlede kontraktlige for­pligtelse for disse udgør 1.203 t.DKK.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="11%" align="left" valign="middle" ><b>18</b></td><td width="89%" colspan="3" align="left" valign="middle" ><b>.Nærtstående parter</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Nærtstående parter med bestemmende indflydelse</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="49%" colspan="1" align="left" valign="middle" ><b>Nærtstående part</b></td><td width="27%" colspan="1" align="left" valign="middle" ><b>Bopæl/Hjemsted</b></td><td width="13%" colspan="1" align="left" valign="middle" ><b>Grundlag for bestemmende indflydelse</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="49%" colspan="1" align="left" valign="middle" >Aktionær Mads Munk</td><td width="27%" colspan="1" align="left" valign="middle" >Aarhus</td><td width="13%" colspan="1" align="left" valign="middle" >Kapitalbesiddelse</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Ud over udlodning af udbytte og løn har der ikke været transaktioner med kapitalejeren eller bestyrelsesmedlemmer.</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Transaktioner med øvrige nærtstående parter omfatter</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Koncern</b></td></tr><tr><td width="11%" ></td><td width="49%" ></td><td width="40%" colspan="2" align="left" valign="middle" ><b>t.DKK</b></td></tr><tr><td width="11%" ></td><td width="49%" ></td><td width="27%" align="left" valign="middle" ><b>2024</b></td><td width="13%" ></td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="49%" colspan="1" align="left" valign="middle" >Tilgodehavender hos ass. virksomheder</td><td width="27%" align="left" valign="middle" >487</td><td width="13%" ></td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="49%" ></td><td width="27%" colspan="1" align="left" valign="middle" ><b>Koncern</b></td><td width="13%" colspan="1" align="left" valign="middle" ><b>Koncern</b></td></tr><tr><td width="11%" ></td><td width="49%" ></td><td width="27%" colspan="1" align="left" valign="middle" ><b>t.DKK</b></td><td width="13%" colspan="1" align="left" valign="middle" ><b>t.DKK</b></td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Hovedtal</td></tr></table> 732000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Nøgletal i %</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Ledelsesberetning</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Management's review</td></tr><tr><td>Beretning</td><td /><td /><td>Operating review</td></tr><tr><td>Indledning</td><td /><td /><td>Introduction</td></tr><tr><td>2024 markerede en væsentlig turnaround for M2 Group ApS. Efter flere udfordrende år har koncernen leveret et samlet overskud og opnået betydelige fremskridt både økonomisk og strategisk. Trods ekstraordinære omkostninger er vores forretningsmodel styrket gennem forenkling af strukturen, skærpet fokus og investeringer i teknologi, talent og salgsorganisation.</td><td /><td /><td>2024 marked a significant turnaround for M2 Group A/S. After several challenging years, the Group delivered a consolidated profit and achieved notable progress both financially and strategically. Despite extraordinary costs, our business model has been strengthened through structural simplification, increased strategic focus, and continued investments in technology, talent, and sales capabilities.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Koncernens hovedaktiviteter</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Group Activities</td></tr><tr><td>M2 Group ApS er en global aktør inden for medie- og underholdningsindustrien med fokus på filmproduktion, animation og digitalt content. Koncernen består primært af M2 Film A/S og M2 Animation Group A/S – med aktiviteter i Danmark, USA og Thailand. Studiet i Indien blev i 2024 lukket som led i en fokuseret strategi, hvor vi samler kapacitet og investeringer i de stærkeste lokationer.</td><td /><td /><td>M2 Group A/S is a global player in the media and entertainment industry, with core activities in film production, animation, and digital content. The Group consists primarily of M2 Film A/S and M2 Animation Group A/S, operating across Denmark, the USA, and Thailand. In 2024, we closed the Indian studio to streamline operations and focus our investments on the most scalable and value-generating locations.</td></tr><tr><td>Vi tilbyder en komplet værdikæde fra strategisk rådgivning og kreativ udvikling til produktion og global distribution for en bred international kundebase.</td><td /><td /><td>We offer a complete value chain – from strategic advisory and creative development to production and international content delivery – for a global client base.</td></tr><tr><td>Ejerstruktur og investeringer</td><td /><td /><td>Ownership Structure and Investments</td></tr><tr><td>M2 Group ApS ejer M2 Film A/S og M2 Animation Group A/S samt øvrige investeringer og kapitalandele. I 2024 blev der gennemført frasalg af visse aktiver – herunder dele af Veo Angels – hvilket styrkede likviditeten og gav en regnskabsmæssig gevinst på 8,8 mio. kr. Koncernen har samtidig tilført yderligere kapital til M2 Animation Group, hvilket har bidraget til at sikre driften og den fremadrettede udvikling.</td><td /><td /><td>M2 Group A/S owns M2 Film A/S and M2 Animation Group A/S, as well as various other investments. In 2024, the Group divested selected assets – including shares in Veo Angels – generating a capital gain of DKK 8.8 million and improving liquidity. In addition, new capital was injected into M2 Animation Group to support ongoing operations and future development.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Økonomisk og aktivitetsmæssig udvikling</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Financial Performance</td></tr><tr><td>Koncernens resultat før skat for 2024 blev et overskud på 5,8 mio. kr., mod et underskud på 27,7 mio. kr. året før. Det positive resultat skyldes</td><td /><td /><td>The Group achieved a consolidated net profit of DKK 5.8 million in 2024, compared to a loss of DKK 27.7 million in 2023. Key drivers of this performance</td></tr><tr><td>-        M2 Animation Group A/S leverede et driftsmæssigt overskud trods engangsomkostninger ifm. nedlukning af studiet i Indien.</td><td /><td /><td>-        M2 Animation Group A/S returned to profitability despite one-off costs related to the closure of the Indian studio.</td></tr><tr><td>-        M2 Film A/S fastholdt og udbyggede sin transformation til ”M2 Film Agency” med højere direkte kundekontakt og forbedrede marginer.</td><td /><td /><td>-        M2 Film A/S continued its successful transition into a film agency, strengthening direct customer relationships and achieving higher margins.</td></tr><tr><td>Det realiserede resultat er lavere end de udmeldte forventninger om et positivt resultat før skat og avancer ved afståelse af kapitalandele på 3-5 mio. kr., hvilket primært kan henføres til øgede omkostninger ved accelereret turnarround.</td><td /><td /><td>The realized result is lower than the previously announced expectations of a positive result before tax and gains from the disposal of other investments amounting to 3-5 million DKK, which can primarily be attributed to increased costs associated with an accelerated turnaround.</td></tr><tr><td>Egenkapitalen er forbedret, men fortsat negativ. Der er dog gennemført en række foranstaltninger og kapitaltilførsler. Ledelsen finder det nuværende kapitalberedskab tilstrækkeligt.</td><td /><td /><td>Equity has improved but remains negative. However, a number of measures and capital contributions have been implemented. The management considers the current capital preparedness to be sufficient.</td></tr><tr><td>Strategisk Retning</td><td /><td /><td>Strategic Direction</td></tr><tr><td>Koncernen har en klar strategi for begge hovedselskaber</td><td /><td /><td>The Group pursues a clear and focused strategy across both main entities</td></tr><tr><td>-        M2 Animation har konsolideret Bangkok som primært studie og styrket fokus på teknologi-drevne workflows, realtime produktion og internationale kunder.</td><td /><td /><td>-        M2 Animation has consolidated its Bangkok studio as the core production hub and increased investments in AI-driven workflows, realtime pipelines, and original IP development.</td></tr><tr><td>-        M2 Film opererer nu som et reelt film-bureau (M2 Film Agency) med udgangspunkt i strategisk B2B rådgivning, partnerskaber og tættere relation til kunder. Produktionssamarbejdet med Thailand øger kapacitet og indtjening.</td><td /><td /><td>-        M2 Film is now operating as a true film agency (M2 Film Agency), focusing on strategic B2B advisory, long-term client partnerships, and closer collaboration with brand owners. Our production collaboration with Thailand enhances both capacity and profitability.</td></tr><tr><td>På koncernniveau har vi forenklet strukturen og optimeret vores kapitalanvendelse.</td><td /><td /><td>At group level, we have simplified the structure and optimized capital allocation.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Risikostyring</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Risk Management</td></tr><tr><td>Risikostyring er fortsat højt prioriteret. Koncernen har styrket værktøjer til håndtering af cybersikkerhed, finansielle risici og intern kontrol. Omstruktureringen i 2024 har reduceret driftsmæssig kompleksitet og øget gennemsigtighed. Revisionspåtegningen er uden bemærkninger.</td><td /><td /><td>Risk management remains a key priority. The Group has enhanced its internal tools and processes related to cybersecurity, financial control, and compliance. The 2024 restructuring has reduced complexity and improved transparency. The audit was completed without any material findings.</td></tr><tr><td>Kapitalberedskab</td><td /><td /><td>Capital Adequacy</td></tr><tr><td>Ledelsen vurderer samlet, at M2 Group har tilstrækkelig likviditet til at gennemføre planlagte aktiviteter i 2025, baseret på likviditetsbudget, kreditrammer og potentielle likviditetsfrembringelser – herunder salg af kapitalandele og lån fra EIFO. Oplysninger herom er inkluderet i regnskabets note 2.</td><td /><td /><td>Based on the approved liquidity forecast, available credit facilities, and ongoing financial dialogues, the Executive Management – with support from EY – concludes that liquidity is sufficient to carry out planned operations in 2025. Additional liquidity sources, including asset sales and loans (e.g. EIFO), are also being explored.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Fremtidsudsigter</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Outlook</td></tr><tr><td>Vi går ind i 2025 med et styrket fundament og ser frem mod fortsat vækst i både M2 Film og M2 Animation. Vores setup er enklere, teknologisk skarpere og ledelsesmæssigt stærkere end tidligere. Koncernen har en sund pipeline og tydelige strategier, som vi forventer vil løfte både toplinje og bundlinje i de kommende år.</td><td /><td /><td>We enter 2025 with strengthened foundations and a clear strategy. Both M2 Film and M2 Animation are positioned for continued growth. With an optimized global setup, focused leadership, and growing pipelines, we expect to further improve both top- and bottom-line performance.</td></tr><tr><td>For 2025 forventer vi et resultat før skat på 4-7 mio. kr. for M2 Film og en positiv drift i M2 Animation på omkring 1-3 mio. kr. Det samlede resultat for M2 Group i 2025 forventes dermed at ligge i niveauet 5-10 mio. kr. før skat.</td><td /><td /><td>For 2025, we expect a pre-tax profit of DKK 4-7 million for M2 Film and a positive operating result in M2 Animation of around DKK 1-3 million. The total profit for M2 Group in 2025 is therefore expected to be in the range of DKK 5-10 million before tax.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Bæredygtighed Og Samfundsansvar</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Sustainability and Social Responsibility</td></tr><tr><td>Koncernen har udvidet sine bæredygtighedsinitiativer med fokus på energieffektiv drift og affaldsreduktion. Mangfoldighed, etisk ledelse og ansvarlighed er grundlæggende principper i vores arbejde på tværs af lande og selskaber.</td><td /><td /><td>The Group has expanded its sustainability efforts, including energy-efficient operations and waste reduction initiatives. Diversity, ethics, and responsibility remain deeply embedded in our values and operations across all markets.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Begivenheder Efter Balancedagen</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td /><td /><td>Post balance sheet events</td></tr><tr><td>Der er ikke indtruffet væsentlige begivenheder efter balancedagen.</td><td /><td /><td>No significant events have occurred after the balance sheet date.</td></tr></table> Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1380.0, by EasyX Aps. www.easyx.eu 2023-01-01 2023-12-31 Revisionspåtegning Grundlag for konklusion Konklusion Mads Munk 79150000 96614000 4207000 -21671000 0 -791000 422000 5354000 -27394000 295000 -27689000 1825000 -25864000 2023 1800000 -9739000 1634000 3486000 0 1715000 12775000 -1904000 87224000 3845000 1259000 4286000 419 0 422000 0 5354000 5354000 1634000 3598000 4090000 0 -492000 -592000 -548000 8860000 3308000 3920000 -1000000 4920000 -1140000 6060000 -4311000 -859000 0 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="6" align="left" valign="middle" ><b></b></td></tr><tr><td width="9%" ></td><td width="37%" ></td><td width="20%" colspan="1" align="left" valign="middle" ><b>Koncern</b></td><td width="9%" colspan="1" align="left" valign="middle" ><b>Koncern</b></td><td width="11%" colspan="1" align="left" valign="middle" ><b>Moderselskab</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>Moderselskab</b></td></tr><tr><td width="9%" ></td><td width="37%" ></td><td width="20%" colspan="1" align="left" valign="middle" ><b>t.DKK</b></td><td width="9%" colspan="1" align="left" valign="middle" ><b>t.DKK</b></td><td width="11%" colspan="1" align="left" valign="middle" ><b>t.DKK</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>t.DKK</b></td></tr><tr><td width="9%" ></td><td width="37%" ></td><td width="20%" align="left" valign="middle" ><b>2024</b></td><td width="9%" align="left" valign="middle" ><b>2023</b></td><td width="11%" align="left" valign="middle" ><b>2024</b></td><td width="14%" align="left" valign="middle" ><b>2023</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="9%" align="right" valign="middle" ><b>2</b></td><td width="91%" colspan="5" align="left" valign="middle" ><b>Kapitalberedskab</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="9%" ></td><td width="91%" colspan="5" align="left" valign="middle" >De seneste års driftsunderskud, har påvirket koncernens samlede kapitalberedskab. Ledelsen i driftsselskaberne har i 2024 haft fokus på løbende at tilpasse deres kapacitet og øge deres produktionsfleksibilitet, således at kapaciteten i 2024 er tilpasset den nuværende efterspørgsel.</td></tr><tr><td width="9%" ></td><td width="91%" colspan="5" align="left" valign="middle" >Koncernens har i regnskabsåret styrket kapitalberedskabet, gennem delvis afståelse af andre kapitalandele og værdipapirer.</td></tr><tr><td width="9%" ></td><td width="91%" colspan="5" align="left" valign="middle" >Koncernens ledelse arbejder fortsat på at styrke kapitalberedskabet, herunder opretholdelse af kreditrammer samt udvidelse af lånemuligheder.</td></tr><tr><td width="9%" ></td><td width="91%" colspan="5" align="left" valign="middle" >Der er usikkerhed, da der endnu ikke er modtaget bindende tilsagn herom.</td></tr><tr><td width="9%" ></td><td width="91%" colspan="5" align="left" valign="middle" >Det er ledelsens vurdering på baggrund af igangværende forhandling samt dialog med kreditstillere, at likviditet vil blive sikret, samt at kapitalberedskabet derfor er tilstrækkeligt for at gennemføre planlagte handlinger og aktiviteter i 2025, herunder sikre indfrielse af koncernens forpligtelser i takt med de forfalder.</td></tr><tr><td colspan="6"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="11%" ></td><td width="49%" ></td><td width="27%" align="left" valign="middle" ><b>2024</b></td><td width="13%" align="left" valign="middle" ><b>2023</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" align="left" valign="middle" ><b>19</b></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Reguleringer, pengestrømsopgørelsen</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="49%" colspan="1" align="left" valign="middle" >Af‑ og nedskrivninger</td><td width="27%" align="left" valign="middle" >5.095</td><td width="13%" align="left" valign="middle" >2.788</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="49%" colspan="1" align="left" valign="middle" >Indtægter af kapitalandele i associerede virk­somheder</td><td width="27%" align="left" valign="middle" >548</td><td width="13%" align="left" valign="middle" >3.219</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="49%" colspan="1" align="left" valign="middle" >.Finansielle indtægter</td><td width="27%" align="left" valign="middle" >-9.835</td><td width="13%" align="left" valign="middle" >-4.327</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="49%" colspan="1" align="left" valign="middle" >Finansielle omkostninger</td><td width="27%" align="left" valign="middle" >3.939</td><td width="13%" align="left" valign="middle" >4.996</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="49%" colspan="1" align="left" valign="middle" >.Skat af årets resultat</td><td width="27%" align="left" valign="middle" >181</td><td width="13%" align="left" valign="middle" >1.951</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="49%" colspan="1" align="left" valign="middle" >Øvrige reguleringer</td><td width="27%" align="left" valign="middle" >-4.965</td><td width="13%" align="left" valign="middle" >676</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="49%" colspan="1" align="left" valign="middle" ><b>Reguleringer, pengestrømsopgørelsen i alt</b></td><td width="27%" align="left" valign="middle" >-5.037</td><td width="13%" align="left" valign="middle" >9.303</td></tr><tr><td colspan="4"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="11%" align="left" valign="middle" ><b>20</b></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Ændring i arbejdskapital, pengestrømsopgørelsen</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="49%" colspan="1" align="left" valign="middle" >Ændringer i omsætningsaktiver m.v.</td><td width="27%" align="left" valign="middle" >-7.393</td><td width="13%" align="left" valign="middle" >5.236</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="49%" colspan="1" align="left" valign="middle" >Ændringer i gæld til leverandører m.v.</td><td width="27%" align="left" valign="middle" >6.474</td><td width="13%" align="left" valign="middle" >6.873</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="49%" colspan="1" align="left" valign="middle" ><b>Ændring i arbejdskapital, pengestrømsopgørelsen i alt</b></td><td width="27%" align="left" valign="middle" >-919</td><td width="13%" align="left" valign="middle" >12.109</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Personaleomkostninger</td></tr><tr><td /><td>Personaleomkostninger er opgjort således</td></tr><tr><td /><td /><td>Koncern</td><td>Koncern</td><td>Moderselskab</td><td>Moderselskab</td></tr><tr><td /><td /><td>t.DKK</td><td>t.DKK</td><td>t.DKK</td><td>t.DKK</td></tr><tr><td /><td /><td>2024</td><td>2023</td><td>2024</td><td>2023</td></tr></table> 4090000 0 0 0 1 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>I henhold til årsregnskabslovens § 98b, stk. 3, oplyses der ikke om vederlag til ledelsen.</td></tr><tr><td /><td /><td>Koncern</td><td>Koncern</td><td>Moderselskab</td><td>Moderselskab</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td></td></tr></table> 60000 8800000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Finansielle omkostninger</td></tr></table> 150000 3158000 3308000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="9%" ></td><td width="37%" ></td><td width="20%" colspan="1" align="left" valign="middle" ><b>Koncern</b></td><td width="9%" colspan="1" align="left" valign="middle" ><b>Koncern</b></td><td width="11%" colspan="1" align="left" valign="middle" ><b>Moderselskab</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>Moderselskab</b></td></tr><tr><td width="9%" ></td><td width="37%" ></td><td width="20%" colspan="1" align="left" valign="middle" ><b>t.DKK</b></td><td width="9%" colspan="1" align="left" valign="middle" ><b>t.DKK</b></td><td width="11%" colspan="1" align="left" valign="middle" ><b>t.DKK</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>t.DKK</b></td></tr><tr><td width="9%" ></td><td width="37%" ></td><td width="20%" align="left" valign="middle" ><b>2024</b></td><td width="9%" align="left" valign="middle" ><b>2023</b></td><td width="11%" align="left" valign="middle" ><b>2024</b></td><td width="14%" align="left" valign="middle" ><b>2023</b></td></tr><tr><td width="9%" align="left" valign="middle" ><b>6</b></td><td width="91%" colspan="5" align="left" valign="middle" ><b>Skat af årets resultat</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="9%" ></td><td width="37%" colspan="1" align="left" valign="middle" >Beregnet skat af årets skattepligtige indkomst</td><td width="20%" align="left" valign="middle" >-746</td><td width="9%" align="left" valign="middle" >-1.875</td><td width="11%" align="left" valign="middle" >766</td><td width="14%" align="left" valign="middle" >209</td></tr><tr><td colspan="6"></td></tr><tr><td width="9%" ></td><td width="37%" colspan="1" align="left" valign="middle" >Anvendt underskud</td><td width="20%" align="left" valign="middle" >418</td><td width="9%" align="left" valign="middle" >0</td><td width="11%" align="left" valign="middle" >234</td><td width="14%" align="left" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="9%" ></td><td width="37%" colspan="1" align="left" valign="middle" >Årets regulering af udskudt skat</td><td width="20%" align="left" valign="middle" >147</td><td width="9%" align="left" valign="middle" >1.580</td><td width="11%" align="left" valign="middle" >0</td><td width="14%" align="left" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="9%" ></td><td width="37%" colspan="1" align="left" valign="middle" ><b>Skat af årets resultat i alt</b></td><td width="20%" align="left" valign="middle" >-181</td><td width="9%" align="left" valign="middle" >-295</td><td width="11%" align="left" valign="middle" >1.000</td><td width="14%" align="left" valign="middle" >209</td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Immaterielle anlægsaktiver</td></tr><tr><td /><td /><td>Koncern</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Materielle anlægsaktiver</td></tr><tr><td /><td /><td>Koncern</td><td>Moder</td></tr><tr><td /><td /><td>t.DKK</td><td>t.DKK</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="10%" align="right" valign="middle" >9</td><td width="90%" colspan="4" align="left" valign="middle" ><b>.Kapitalandele i tilknyttede virksomheder</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="42%" ></td><td width="48%" colspan="3" align="left" valign="middle" ><b>Kapitalandele i tilknyttede virksomheder</b></td></tr><tr><td width="10%" ></td><td width="42%" ></td><td width="48%" colspan="3" align="left" valign="middle" ><b>t.DKK</b></td></tr><tr><td width="10%" ></td><td width="42%" ></td><td width="48%" colspan="3" align="left" valign="middle" ><b>Moder</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Saldo 1. januar 2024</td><td width="23%" align="left" valign="middle" >3.428</td><td width="10%" ></td><td width="15%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Tilgang i årets løb</td><td width="23%" align="left" valign="middle" >8.500</td><td width="10%" ></td><td width="15%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Afgang i årets løb</td><td width="23%" align="left" valign="middle" >-8</td><td width="10%" ></td><td width="15%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" ><b>Kostpris 31. december 2024</b></td><td width="23%" align="left" valign="middle" >11.920</td><td width="10%" ></td><td width="15%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Saldo 1. januar 2024</td><td width="23%" align="left" valign="middle" >-21.943</td><td width="10%" ></td><td width="15%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Afgang i årets løb</td><td width="23%" align="left" valign="middle" >719</td><td width="10%" ></td><td width="15%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Transaktioner minoritetsejere</td><td width="23%" align="left" valign="middle" >-1.050</td><td width="10%" ></td><td width="15%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Valutakursregulering</td><td width="23%" align="left" valign="middle" >-4.311</td><td width="10%" ></td><td width="15%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Andel af årets resultat</td><td width="23%" align="left" valign="middle" >-592</td><td width="10%" ></td><td width="15%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" ><b>Værdireguleringer 31. december 2024</b></td><td width="23%" align="left" valign="middle" >-27.177</td><td width="10%" ></td><td width="15%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" ><b>Bogført værdi 31. december 2024</b></td><td width="23%" align="left" valign="middle" >-15.257</td><td width="10%" ></td><td width="15%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" ><b>Kapitalandele med negativ indre værdi 1. januar 2024</b></td><td width="23%" align="left" valign="middle" >55.248</td><td width="10%" ></td><td width="15%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Årets regulering</td><td width="23%" align="left" valign="middle" >-1.113</td><td width="10%" ></td><td width="15%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" ><b>Kapitalandele med negativ indre værdi 31. december 2024</b></td><td width="23%" align="left" valign="middle" >54.135</td><td width="10%" ></td><td width="15%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" ><b>Kapitalandele i tilknyttede virksomheder 31. december 2024</b></td><td width="23%" align="left" valign="middle" >38.878</td><td width="10%" ></td><td width="15%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="90%" colspan="4" align="left" valign="middle" >Kapitalandele med negativ indre værdi er indregnet således</td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Modregnet i tilgodehavender</td><td width="23%" align="left" valign="middle" >37.222</td><td width="10%" ></td><td width="15%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Overført til hensatte forpligtelser</td><td width="23%" align="left" valign="middle" >16.913</td><td width="10%" ></td><td width="15%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="90%" colspan="4" align="left" valign="middle" ><b>Nærstånde parter</b></td></tr><tr><td width="10%" ></td><td width="90%" colspan="4" align="left" valign="middle" ><b>Moderselskab</b></td></tr><tr><td width="10%" ></td><td width="42%" ></td><td width="23%" colspan="1" align="left" valign="middle" ><b>Retsform</b></td><td width="10%" colspan="1" align="left" valign="middle" ><b>Hjemsted</b></td><td width="15%" colspan="1" align="left" valign="middle" ><b>Ejerandel %</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="90%" colspan="4" align="left" valign="middle" ><b>Dattervirksomheder</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" >M2Film A/S</td><td width="23%" colspan="1" align="left" valign="middle" >A/S</td><td width="10%" colspan="1" align="left" valign="middle" >Aarhus</td><td width="15%" align="left" valign="middle" >90</td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Duckling&Sonne ApS</td><td width="23%" colspan="1" align="left" valign="middle" >ApS</td><td width="10%" colspan="1" align="left" valign="middle" >København</td><td width="15%" align="left" valign="middle" >51</td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" >M2 Animation Group A/S</td><td width="23%" colspan="1" align="left" valign="middle" >A/S</td><td width="10%" colspan="1" align="left" valign="middle" >Aarhus</td><td width="15%" align="left" valign="middle" >88</td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" >M2 Animation A/S</td><td width="23%" colspan="1" align="left" valign="middle" >A/S</td><td width="10%" colspan="1" align="left" valign="middle" >Aarhus</td><td width="15%" align="left" valign="middle" >100</td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" >M2 Animation Studio, Ltd.</td><td width="23%" colspan="1" align="left" valign="middle" >Ltd.</td><td width="10%" colspan="1" align="left" valign="middle" >Thailand</td><td width="15%" align="left" valign="middle" >100</td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" >M2 Story Lab A/S</td><td width="23%" colspan="1" align="left" valign="middle" >A/S</td><td width="10%" colspan="1" align="left" valign="middle" >Aarhus</td><td width="15%" align="left" valign="middle" >100</td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" >M2 Tremblay Holding Inc.</td><td width="23%" colspan="1" align="left" valign="middle" >Inc.</td><td width="10%" colspan="1" align="left" valign="middle" >USA</td><td width="15%" align="left" valign="middle" >50</td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" >M2 Tremblay Entertainment Inc.</td><td width="23%" colspan="1" align="left" valign="middle" >Inc.</td><td width="10%" colspan="1" align="left" valign="middle" >USA</td><td width="15%" align="left" valign="middle" >50</td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" >M2 Animation Mumbai Private Limited</td><td width="23%" colspan="1" align="left" valign="middle" >Ltd.</td><td width="10%" colspan="1" align="left" valign="middle" >Indien</td><td width="15%" align="left" valign="middle" >100</td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" >M2 Media Group Inc.</td><td width="23%" colspan="1" align="left" valign="middle" >Inc.</td><td width="10%" colspan="1" align="left" valign="middle" >USA</td><td width="15%" align="left" valign="middle" >100</td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" >M2 Entertainment Inc.</td><td width="23%" colspan="1" align="left" valign="middle" >Inc.</td><td width="10%" colspan="1" align="left" valign="middle" >USA</td><td width="15%" align="left" valign="middle" >100</td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" >M2 Entertainment Ltd.</td><td width="23%" colspan="1" align="left" valign="middle" >Ltd.</td><td width="10%" colspan="1" align="left" valign="middle" >England</td><td width="15%" align="left" valign="middle" >90</td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" >M2 Film Inc.</td><td width="23%" colspan="1" align="left" valign="middle" >Inc.</td><td width="10%" colspan="1" align="left" valign="middle" >USA</td><td width="15%" align="left" valign="middle" >90</td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" >MM Music and Entertainment Ltd.</td><td width="23%" colspan="1" align="left" valign="middle" >Ltd.</td><td width="10%" colspan="1" align="left" valign="middle" >England</td><td width="15%" align="left" valign="middle" >90</td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" >MM Talent Ltd.</td><td width="23%" colspan="1" align="left" valign="middle" >Ltd.</td><td width="10%" colspan="1" align="left" valign="middle" >England</td><td width="15%" align="left" valign="middle" >90</td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" >By Rikkemai ApS</td><td width="23%" colspan="1" align="left" valign="middle" >ApS</td><td width="10%" colspan="1" align="left" valign="middle" >Aarhus</td><td width="15%" align="left" valign="middle" >90</td></tr><tr><td colspan="5"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="10%" align="right" valign="middle" >10</td><td width="90%" colspan="4" align="left" valign="middle" ><b>.Kapitalinteresser i associerede virksomheder</b></td></tr><tr><td width="10%" ></td><td width="42%" ></td><td width="48%" colspan="3" align="left" valign="middle" ><b>Kapitalinteresser i associerede virksomheder</b></td></tr><tr><td width="10%" ></td><td width="42%" ></td><td width="48%" colspan="3" align="left" valign="middle" ><b>t.DKK</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="42%" ></td><td width="48%" colspan="3" align="left" valign="middle" ><b>Moderselskab</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Saldo 1. januar 2024</td><td width="23%" align="left" valign="middle" >10.837</td><td width="10%" ></td><td width="15%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" ><b>Kostpris 31. december 2024</b></td><td width="23%" align="left" valign="middle" >10.837</td><td width="10%" ></td><td width="15%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="90%" colspan="4" align="left" valign="middle" ><b>Værdireguleringer</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Saldo 1. januar 2024</td><td width="23%" align="left" valign="middle" >-12.394</td><td width="10%" ></td><td width="15%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Andel af årets resultat</td><td width="23%" align="left" valign="middle" >-548</td><td width="10%" ></td><td width="15%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" ><b>Værdireguleringer 31. december 2024</b></td><td width="23%" align="left" valign="middle" >-12.942</td><td width="10%" ></td><td width="15%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" ><b>Bogført værdi 31. december 2024</b></td><td width="23%" align="left" valign="middle" >-2.104</td><td width="10%" ></td><td width="15%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" ><b>Kapitalinteresser med negativ indre værdi 1. januar 2024</b></td><td width="23%" align="left" valign="middle" >2.201</td><td width="10%" ></td><td width="15%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Årets regulering</td><td width="23%" align="left" valign="middle" >527</td><td width="10%" ></td><td width="15%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" ><b>Kapitalinteresser med negativ indre værdi 31. december 2024</b></td><td width="23%" align="left" valign="middle" >2.728</td><td width="10%" ></td><td width="15%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" ><b>Kapitalinteresser i associerede virksomheder 31. december 2024</b></td><td width="23%" align="left" valign="middle" >624</td><td width="10%" ></td><td width="15%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="90%" colspan="4" align="left" valign="middle" >Kapitalinteresser med negativ indre værdi er indregnet således</td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Modregnet i tilgodehavender</td><td width="23%" align="left" valign="middle" >2.728</td><td width="10%" ></td><td width="15%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="90%" colspan="4" align="left" valign="middle" ><b>Nærtstående parter</b></td></tr><tr><td width="10%" ></td><td width="42%" ></td><td width="23%" colspan="1" align="left" valign="middle" ><b>Retsform</b></td><td width="10%" colspan="1" align="left" valign="middle" ><b>Hjemsted</b></td><td width="15%" colspan="1" align="left" valign="middle" ><b>Ejerandel %</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="42%" colspan="1" align="left" valign="middle" ><b>Associerede virksomheder</b></td><td width="23%" colspan="1" align="left" valign="middle" >ApS</td><td width="10%" colspan="1" align="left" valign="middle" >København</td><td width="15%" align="left" valign="middle" >33</td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="90%" colspan="4" align="left" valign="middle" >Holdingselskabet af 1. maj 2017 ApS</td></tr><tr><td width="10%" ></td><td width="42%" ></td><td width="23%" colspan="1" align="left" valign="middle" >A/S</td><td width="10%" colspan="1" align="left" valign="middle" >Haderslev</td><td width="15%" align="left" valign="middle" >50</td></tr><tr><td colspan="5"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="13%" align="right" valign="middle" >11</td><td width="87%" colspan="2" align="left" valign="middle" ><b>.Andre værdipapirer og kapital­andele</b></td></tr><tr><td width="13%" ></td><td width="55%" ></td><td width="32%" colspan="1" align="left" valign="middle" ><b>Andre værdipapirer og kapital­andele</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="13%" ></td><td width="55%" ></td><td width="32%" colspan="1" align="left" valign="middle" ><b>Moderselskab</b></td></tr><tr><td width="13%" ></td><td width="55%" ></td><td width="32%" colspan="1" align="left" valign="middle" ><b>t.DKK</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="13%" ></td><td width="55%" colspan="1" align="left" valign="middle" >fkSaldo 1. januar 2024</td><td width="32%" align="left" valign="middle" >8.400</td></tr><tr><td colspan="3"></td></tr><tr><td width="13%" ></td><td width="55%" colspan="1" align="left" valign="middle" >fAfgang i årets løb</td><td width="32%" align="left" valign="middle" >-1.300</td></tr><tr><td colspan="3"></td></tr><tr><td width="13%" ></td><td width="55%" colspan="1" align="left" valign="middle" ><b>fRegnskabsmæssig værdi 31. december 2024</b></td><td width="32%" align="left" valign="middle" >7.100</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Aktiekapital</td></tr><tr><td /><td>Moderselskabet</td></tr><tr><td /><td>Moderselskabets aktiekapital</td></tr><tr><td /><td>Aktiekapitalen består af 500 aktier a kr. 1.000.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="9%" align="right" valign="middle" >15</td><td width="91%" colspan="5" align="left" valign="middle" ><b>Udskudt skat</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="9%" ></td><td width="37%" ></td><td width="20%" colspan="1" align="left" valign="middle" ><b>Koncern</b></td><td width="9%" colspan="1" align="left" valign="middle" ><b>Koncern</b></td><td width="11%" colspan="1" align="left" valign="middle" ><b>Moderselskab</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>Moderselskab</b></td></tr><tr><td width="9%" ></td><td width="37%" ></td><td width="20%" colspan="1" align="left" valign="middle" ><b>t.DKK</b></td><td width="9%" colspan="1" align="left" valign="middle" ><b>t.DKK</b></td><td width="11%" colspan="1" align="left" valign="middle" ><b>t.DKK</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>t.DKK</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="9%" ></td><td width="37%" ></td><td width="20%" align="left" valign="middle" ><b>2024</b></td><td width="9%" align="left" valign="middle" ><b>2023</b></td><td width="11%" align="left" valign="middle" ><b>2024</b></td><td width="14%" align="left" valign="middle" ><b>2023</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="9%" ></td><td width="37%" colspan="1" align="left" valign="middle" ><b>Udskudt skat 1. januar</b></td><td width="20%" align="left" valign="middle" >147</td><td width="9%" align="left" valign="middle" >1.727</td><td width="11%" align="left" valign="middle" >0</td><td width="14%" align="left" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="9%" ></td><td width="37%" colspan="1" align="left" valign="middle" >Årets regulering af udskudt skat</td><td width="20%" align="left" valign="middle" >-147</td><td width="9%" align="left" valign="middle" >-1.580</td><td width="11%" align="left" valign="middle" >0</td><td width="14%" align="left" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="9%" ></td><td width="37%" colspan="1" align="left" valign="middle" ><b>Udskudt skat 31. december</b></td><td width="20%" align="left" valign="middle" >0</td><td width="9%" align="left" valign="middle" >147</td><td width="11%" align="left" valign="middle" >0</td><td width="14%" align="left" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="9%" ></td><td width="91%" colspan="5" align="left" valign="middle" >Der er som følge af usikkerhed omkring fremadrettet indtjening ikke indregnet udskudt skatteaktiv vedrørende underskud til fremførsel.</td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="19%" align="left" valign="middle" ><b>17</b></td><td width="81%" colspan="1" align="left" valign="middle" ><b>Eventualforpligtelser og andre økonomiske forpligtelser</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="19%" ></td><td width="81%" colspan="1" align="left" valign="middle" ><b>Moderselskab</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="19%" ></td><td width="81%" colspan="1" align="left" valign="middle" >Selskabet er som administrationsselskab sambe­skattet med øvrige danske tilknyttede virksom­he­der. De sambeskattede selskaber hæfter i henhold til selskabsskattelovens regler solida­risk for skat af koncernens sambeskattede ind­komst m.v. De sambeskattede selskaber hæfter endvidere solidarisk for danske kildeskatter i form af udbytteskat, royaltyskat og renteskat. De selskaber, som ikke er 100 % ejede af de sambeskattede selskaber, hæfter kun subsidiært og begrænset til deres ejerandel.</td></tr><tr><td width="19%" ></td><td width="81%" colspan="1" align="left" valign="middle" >Selskabet har afgivet en støtteerklæring over for de tilknyttede virksomheder, der fremgår af oversigten i note 9. Derudover er der afgivet støtteerklæring over for den associerede virk­somhed Tradeahead A/S. De afgivne støtteer­klæringer forpligter M2 Group ApS til på anfor­dring i perio­den indtil 31. de­cember 2023 at til­føre selskaberne den li­kviditet, som måtte være nødvendig for, at virk­somhederne kan indfri de­res forpligtelser i takt med, at de for­falder.</td></tr><tr><td width="19%" ></td><td width="81%" colspan="1" align="left" valign="middle" >Selskabet har endvidere stillet garanti i forbin­delse med produktioner i tilknyttede virksomhe­der.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="11%" align="left" valign="middle" ><b>18</b></td><td width="89%" colspan="3" align="left" valign="middle" ><b>.Nærtstående parter</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Nærtstående parter med bestemmende indflydelse</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="49%" colspan="1" align="left" valign="middle" ><b>Nærtstående part</b></td><td width="27%" colspan="1" align="left" valign="middle" ><b>Bopæl/Hjemsted</b></td><td width="13%" colspan="1" align="left" valign="middle" ><b>Grundlag for bestemmende indflydelse</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="49%" colspan="1" align="left" valign="middle" >Aktionær Mads Munk</td><td width="27%" colspan="1" align="left" valign="middle" >Aarhus</td><td width="13%" colspan="1" align="left" valign="middle" >Kapitalbesiddelse</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Ud over udlodning af udbytte og løn har der ikke været transaktioner med kapitalejeren eller bestyrelsesmedlemmer.</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Transaktioner med øvrige nærtstående parter omfatter</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Moderselskab</b></td></tr><tr><td width="11%" ></td><td width="49%" ></td><td width="40%" colspan="2" align="left" valign="middle" ><b>t.DKK</b></td></tr><tr><td width="11%" ></td><td width="49%" ></td><td width="27%" align="left" valign="middle" ><b>2024</b></td><td width="13%" ></td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="49%" colspan="1" align="left" valign="middle" >Salg af ydelser til dattervirksomheder</td><td width="27%" align="left" valign="middle" >3.840</td><td width="13%" ></td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="49%" colspan="1" align="left" valign="middle" >Renteomkostninger til tilknyttede virksomheder</td><td width="27%" align="left" valign="middle" >150</td><td width="13%" ></td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="49%" colspan="1" align="left" valign="middle" >Tilgodehavender hos tilknyttede virksomhe­der</td><td width="27%" align="left" valign="middle" >7.031</td><td width="13%" ></td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="49%" colspan="1" align="left" valign="middle" >Tilgodehavender hos ass. virksomheder</td><td width="27%" align="left" valign="middle" >487</td><td width="13%" ></td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="49%" colspan="1" align="left" valign="middle" >Gæld til tilknyttede virksomheder</td><td width="27%" align="left" valign="middle" >40.340</td><td width="13%" ></td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Foruden ovennævnte transaktioner har aktionæren personligt kautioneret for gæld til banker samt en andel af anden gæld.</td></tr><tr><td colspan="4"></td></tr></table> 2344000 2988000 0 -644000 -23492000 -791000 31000 1177000 -26073000 -209000 -25864000 -24282000 -1582000 2988000 0 0 0 1 0 31000 23000 1154000 1177000 0 0 0 274000 274000 38878000 624000 7100000 0 46602000 46876000 0 0 0 7031000 487000 0 1202000 1319000 0 10039000 180000 5387000 15606000 62482000 500000 0 0 -4141000 0 -3641000 0 16913000 16913000 0 0 0 0 40340000 0 0 8870000 49210000 49210000 62482000 0 0 0 274000 274000 36726000 641000 8400000 0 45767000 46041000 0 0 0 1600000 951000 0 192000 0 0 2743000 7123000 1184000 11050000 57091000 500000 0 0 -5609000 0 -5109000 0 49413000 49413000 0 0 0 0 4775000 0 0 8012000 12787000 12790000 57091000 2026000 2026000 1859000 1859000 0 624000 7100000 7782000 15506000 19391000 0 0 16541000 0 487000 1808000 3551000 16383000 3598000 42368000 180000 12799000 55347000 74738000 500000 -2185000 0 -1956000 0 -625000 -4266000 0 0 0 3466000 3466000 15409000 9345000 0 31366000 968000 18450000 75538000 79004000 74738000 4236000 4236000 4134000 4134000 0 641000 8400000 8230000 17271000 25641000 5000 5000 16474000 0 951000 0 788000 10490000 2663000 31366000 7123000 4076000 42570000 68211000 500000 2126000 0 -7735000 0 -751000 -5860000 147000 0 147000 3601000 3601000 16562000 7761000 0 28700000 1199000 16101000 70323000 73922000 68211000 500000 -7735000 2126000 0 -751000 -5860000 4076000 171000 0 0 0 0 0 4920000 859000 0 4311000 0 0 0 0 0 0 561000 836000 341000 490000 500000 -1956000 -2185000 0 -625000 500000 0 -5609000 0 -5109000 0 0 0 0 -4311000 -1140000 -859000 4592000 0 6060000 0 -4592000 0 0 0 0 500000 0 -4141000 0 Årets resultat 5756000 Årets resultat -27689000 Reguleringer -5037000 Reguleringer 12262000 Ændring i arbejdskapital -919000 Ændring i arbejdskapital 12109000 Pengestrømme fra primær drift før finansielle poster -200000 Pengestrømme fra primær drift før finansielle poster -3318000 Finansielle indtægter modtaget 1036000 Finansielle indtægter modtaget 422000 Finansielle omkostninger betalt -2335000 Finansielle omkostninger betalt -5043000 Køb/salg af værdipapirer 5339000 Køb/salg af værdipapirer 180000 Pengestrømme fra investeringsaktiviteten 14707000 Pengestrømme fra investeringsaktiviteten -4940000 Ændring i tilgodehavender fra salg til minoritetsinteresser 343000 Ændring i tilgodehavender fra salg til minoritetsinteresser 1533000 Ændring i gæld til banker -1153000 Ændring i gæld til banker 12957000 6058000 -78000 12411000 8175000 101000 0 0 164000 2147000 0 12512000 10486000 2026000 31672000 27538000 274000 0 1594000 732000 1653000 2948000 0 0 0 0 0 0 33998000 32139000 1859000 274000 0 274000 89796000 -13092000 3507000 403 0.285 76477000 855000 3148000 276 0.529 58752000 -6301000 364000 239 0.688 Finansielle poster, netto 5896000 Finansielle poster, netto -4932000 Finansielle poster, netto -669000 Finansielle poster, netto 517000 Finansielle poster, netto 1732000 Årets resultat 5756000 Årets resultat -27689000 Årets resultat -19112000 Årets resultat -2694000 Årets resultat -7410000 Balancesum 74738000 Balancesum 68211000 Balancesum 76669000 Balancesum 77647000 Balancesum 66850000 21723000 41049000 47127000 EY Godkendt Revisionspartnerselskab 30700228 Søren Jensen statsaut. revisor mne34132 Benjamin Ditlevsen statsaut. revisor mne51491 30700228 EY Godkendt Revisionspartnerselskab