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Roesgaard Godkendt Revisionspartnerselskab 7323 Revisionspåtegning 2024-06-01 8700 8700 Horsens 2025-09-25 2025-05-31 Vejlevej Give Danske Bank Roesgaard State Authorised Public Accountant 16 Kenneth Nielsen Leth false false false The board of directors and executive board have today discussed and approved the annual report of CJ Holding ApS for the financial year 1 June 2024 - 31 May 2025. The annual report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and parent financial statements give a true and fair view of the company and the group financial position at 31 May 2025 and of the results of the group and the company operations and consolidated cash flows for the financial year 1 June 2024 - 31 May 2025. In our opinion, management's review includes a fair review of the matters dealt with in the management's review. The Management recommends that the annual report should be adopted at the general meeting. Jens Risvig Pedersen CEO Carsten Risvig Pedersen chairman Jens Risvig Pedersen Morten Breum-Leer To the shareholders of CJ Holding ApS Opinion We have audited the consolidated financial statements and the parent company financial statements of CJ Holding ApS for the financial year 1 June 2024 - 31 May 2025, which comprise income statement, balance sheet, statement of changes in equi­ty and notes, including summary of significant accounting policies, for both the group and the parent company as well as consolidated cash flow statement. The consolidated financial statements and the parent company financial statements are prepared under the Danish Financial Statements Act.In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the group and the parent company's financial position at 31 May 2025 and of the results of the group and the parent company's operations and consolidated cash flows for the financial year 1 June 2024 - 31 May 2025 in accordance with the Danish Financial Statements Act. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor's responsibilities for the audit of the consolidated financial statements and parent company ” section of our report. 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 the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of consolidated financial statements and 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 the consolidated financial statements and the parent company financial statements that are free from material misstatement, whether due to fraud or error.In preparing the consolidated financial statements and parent company 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 consolidated financial statements and parent company financial statements unless management either intends to liquidate the group or the company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and parent company financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements and parent company financial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the consolidated financial statements and parent company financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's and the parent company's  internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.Conclude on the appropriateness of management's use of the going concern basis of accounting in preparing the consolidated financial statements and parent company financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's and the parent company's  ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements and parent company financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the group and the company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the consolidated financial statements and parent company financial statements, including the disclosures, and whether the consolidated financial statements and parent company financial statements represent the underlying transactions and events in a manner that gives a true and fair view.Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the Group Financial Statements and the Parent Company Financial Statements. We are responsible for the direction, supervision and review of the audit work performed for pourposes of the group audit. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on management's reviewManagement is responsible for management's review.Our opinion on the consolidated financial statements and parent company financial statements does not cover management's review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the consolidated financial statements and parent company financial statements, our responsibility is to read management's review and, in doing so, consider whether management's review is materially inconsistent with the consolidated financial statements and parent company financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether management's review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that management's review is in accordance with the consolidated financial statements and parent company financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of management's review. Horsens 2025-09-25 Roesgaard Søren Roesgaard State Authorised Public Accountant mne33225 Michael Mortensen State Authorised Public Accountant mne34108 Seen over a 5-year period, the development of the group may be described by means of the following financial highlights:    For definitions of financial ratios, see the summary of significant accounting policies. 1349571000 1084307000 1059224000 542453000 457030000 397515000 72859000 102421000 53564000 -60311000 -28136000 7155000 -3630000 237718000 78911000 83882000 283974000 2040495000 1493726000 1278592000 -107687000 -489846000 -522215000 -192257000 -65322000 877954000 805712000 743729000 10.5 5.2 6.9 9.9 5.4 7.9 3.7 5.3 7.7 5.5 42.1 38.5 43.0 53.9 58.2 Business reviewThe group’s main areas of business in 2024/25 have been the wind turbine industry, technical products and woodwares. The parent company is the holding company of the CJ Holding Group. The company is responsible for group management and overall administration. Financial review The group's income statement for the year ended 31 May 2025 shows an EBITDA of DKK 269.4 million and a profit of DKK 96.6 million. The balance sheet at 31 May 2025 shows an equity of DKK 1,011.3 million. The EBITDA of the year exceeds expectations. This is mainly due to increased revenue and higher efficiency in manufacturing Welcon products than anticipated.   The EBITDA and profit of the year is considered overall satisfactory.   Our subsidiary companies have shown strength to a great extent facing various challenges throughout the year. Welcon, Superwood and Byggros have achieved satisfactory results despite these challenges.   Please refer to the specific annual reports for each of our subsidiaries, Welcon Group A/S, CVR no. 43 85 11 52, Superwood A/S, CVR no. 26 43 46 02, and Byggros Holding, CVR no. 18 26 25 84.Special risks including business and financial risksOperating risksThe group’s risks in relation to operations are mainly related to changes in revenue and contribution margin of products sold. The group regularly hedges operating risks by focusing on the group’s core competences regarding sales, purchase and production of high-quality products. Currency risksThe group’s customers are primarily invoiced in DKK or EUR whereas the group’s primary costs are in DKK or EUR. Currency risks are low and these risks are only hedged in special isolated cases. Credit risksCredit risks are related to the value of the current assets. Significant events occurring after the end of the financial yearNo events have occurred after the balance sheet date which could significantly affect the the group's financial position. Business outlooksManagement expects the financial statements for 2025/26 to show a revenue growth of 3-4 % and an EBITDA at unchanged high level. Management expects that the group’s current banking arrangements will be maintained at an unchanged level securing the group’s future financing. Statutory corporate social responsibility reportFor a more detailed overview of our ESG efforts and performance, we refer to the specific annual reports for each of our subsidiary companies, Welcon Group A/S, CVR no. 43 85 11 52, Superwood A/S, CVR no. 26 43 46 02, and Byggros Holding A/S, CVR no. 18 26 25 84 as well as separate sustainability reports published by Superwood A/S and Byggros Holding A/S. These reports provide insights into our progress and initiatives aimed at creating a positive impact on the environment, society, and corporate governance. The group's business modelThe group’s main activities are steel production of wind turbine towers and floating foundations, production of woodwares and sale of plant technical products. The group´s products are technologically specialized and support the urgent need for the green transition. The group's corporate social responsibility policiesThe group recognizes the UN's and ILO's declarations of human rights, labour rights, environment and anti-corruption. Written guidelines and the development of systems and procedures to help comply are not yet fully implemented.Policies on the environmentThe group’s activities take place in accordance with environmental approvals received. The group aims to reduce the environmental and climate impact as much as possible through relevant investment in new technologies and production of products that impact positively. The group’s production buildings are heated using biofuel. Most of the biofuel stems from Superwood, where woodchips and sawdust are waste products from the production. Superwood has installed a tablet press at their site, to reduce the density of the biofuel – the result is more efficient energy usage and decreased transportation between the sites. Welcon has also installed a stoker and pellet furnace utilizing broken pallets and other wooden waste from the production. The group focus on solar cells and the use of LED lighting in the group’s production facilities. By focusing on sustainability, the Superwood Group today is EPD, PEFC®, FSC® as well as Cradle to Cradle® certified and provides eco-friendly woodwares and future-proof solutions. BG Group drives green development and is today a specialized wholesaler within the construction industry with a large focus on environmentally friendly products and solutions.    Welcon Group is the world leader in offshore towers. Since 2012, Welcon has supplied 2,130 offshore towers, today producing more than 90,000 GWh annually. This equals the electricity consumption of 23 million private households.Social policiesThe wellfare of our employees is of high priority, and we strive to maintain a high safety standard and create a comfortable and inspiring workplace.    0.3 % absence ratio related to work accidents was registered in 2024/25 compared to 0.5 % in 2023/24. All small accidents are reported including accidents not leading to absence. Various initiatives to reduce workplace injuries are implemented on a continuous basis.    The group strives to achieve a sickness level of maximum 3.0 %. This year the level was 4.7 % compared to 4.7 % last year.    The group employs 26 different nationalities. This diversity provides the possibility to gain from the benefits of having a multi-cultural workforce. Teamwork and partnership are very important factors, and we value people who appreciate teamwork, are knowledgeable and are not afraid to challenge the status quo and speak their mind.Policies on human rights, anti-corruption, and briberyThe group is deeply committed to the fundamental principles of human rights. Discrimination, harassment, and any form of unfair treatment are strictly prohibited. We prioritize creating an inclusive and respectful environment in which every employee, partner, and stakeholder is treated equally and with the respect they deserve. The group does not tolerate any kind of corruption and bribery. Our business activities are conducted with the highest level of integrity, reflecting our commitment to transparent and ethical conduct. Statement of policy for data ethics The group handles general data in the form of customer data and employee data. Data is processed in accordance with GDPR regulation and our internal policies for privacy and information security. Given the limited processing of data, it is the group's assessment that a policy on data ethics is presently unnecessary. The group will continuously evaluate whether a policy is a requirement going forward. The annual report of CJ Holding ApS for 2024/25 has been prepared in accordance with the provisions of the Danish Financial Statements Act ap­plying to large en­ter­pri­ses of re­por­ting class C .The accounting policies applied are consistent with those of last year.The annual report for 2024/25 is pre­sen­ted in DKK thousand. Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, are also recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the group and the parent company and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the group and the parent company and the value of the liability can be measured reliably.On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item.Certain financial assets and liabilities are measured at amortised cost using the effective interest method. Amortised cost is calculated as the historic cost less any installments and plus/less the accumulated amortisation of the difference between the cost and the nominal amount.On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date. The consolidated financial statements comprise the parent company CJ Holding ApS and subsidiaries in which the parent company, directly or indirectly, holds more than 50% of the voting rights or otherwise has a controlling interest. Entities in which the Group holds between 20% and 50% of the voting rights and over which it exercises significant influence, but which it does not control, are considered associates or participating interests, cf. the group chart.The consolidated financial statements are prepared as a consolidation of the parent company's and subsidiaries' financial statements by aggregating uniform accounting items. On consolidation, intra-group income and expenses, holdings of shares, intra-group balances and dividends as well as realised and unrealised gains and losses on intra-group transactions are eliminated.Investments in subsidiaries are set off against the proportionate share of the subsidiaries' fair value of net assets and liabilities at the acquisition date.Entities acquired or formed during the year are recognised in the consolidated financial statements from the date at which control is obtained. Entities sold during the year are recognised in the consolidated income statement until the date of disposal. Comparative figures are not restated for acquisitions or disposals.Business combinations are recognised according to the booked value method. Comparative figures are not adjusted. In the consolidated financial statements, the items of subsidiaries are recognised in full. The minority interests' proportionate share of subsidiaries' profit/loss and equity is presented separately under appropriation of profit and in a main item under equity. Information is provided on business segments. The segment information is provided in consideration of the group's accounting policies, risks and management control. The group only operates within one market. Income from services, comprising service contracts and extended warranties relating to products and contracts sold is recognised on a straight-line basis as the services are provided.Income from customised products is recognised as production is carried out, implying that revenue corresponds to the selling price of contracts completed in the year (percentage-of-completion method). This method is applied where the total income and expenses relating to the contract and the stage of completion at the balance sheet date can be estimated reliably and it is probable that future economic benefits will flow to the Company.Income from the sale of goods for resale and finished goods is recognised in the income statement, provided that the transfer of risk, usually on delivery to the buyer, has taken place and that the income can be measured reliably and is expected to be received.Revenue is measured at fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. Revenue is net of all types of discounts granted. Costs of raw materials and consumables include the raw materials and consumables used in generating the year’s revenue. Other operating income comprises items of a secondary nature relative to the company’s activities, including gains on the sale of intangible assets and items of property, plant and equipment. Other operating costs comprise items of a secondary nature relative to the company's activities, including losses on the sale of intangible assets and items of property, plant and equipment. Other external expenses include expenses related to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. Staff costs include wages and salaries, including holiday pay and pensions, as well as other social security contributions, etc. made to the entity's employees. Depreciation, amortisation and impairment of intangible assets and property, plant and equipment comprise the year's depreciation, amortisation and impairment of intangible assets and property, plant and equipment. The proportionate share of the profit/loss for the year of subsidiaries and associates is recognised in the income statement after full elimination of intra-group profits/losses.The fair value adjustment of participating interests is recognised in the income statement. Dividend from participating interests is recognised in the financial year in which the dividend is declared. Financial income and expenses are recognised in the income statement at the amounts that relate to the financial year. Net financials include interest income and expenses, financial expenses relating to finance leases, realised and unrealised capital/exchange gains and losses on securities, liabilities and foreign currency transactions, amortisation of financial assets and liabilities and surcharges and allowances under the Danish Tax Prepayment Scheme, etc. The parent company is subject to the Danish rules on compulsory joint taxation of the Group's Danish subsidiaries. Subsidiaries participate in the joint taxation arrangement from the time when they are included in the consolidated financial statements and until the time when they withdraw from the consolidation.The parent company acts as management company for all jointly taxed entities and, in its capacity as such, pays all income taxes to the Danish tax authorities.On payment of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have been able to use tax losses to reduce their own taxable profits.Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity. GoodwillAcquired goodwill is measured at cost less accumulated amortisation and impairment losses.Goodwill is amortised over the expected economic life of the asset, measured by reference to management's experience in the individual business segments. Goodwill is amortised on a straight-line basis over the amortisation period, which is 5-20 years. The amortisation period is based on the assessment that the entities in question are strategically acquired entities with a strong market position and a long-term earnings profile.Software and patentsSoftware and acquired patents are measured at cost less accumulated amortisation and impairment losses. Software and acquired patents are amortised over the expected economic life. The amortisation period is usually 3-6 years.The useful life and residual value are re-assessed annually. A change is accounted for as an accounting estimate, and the impact on amortisation/depreciation is recognised going forward. Goodwill is amortised over the expected economic life of the asset, measured by reference to management's experience in the individual business segments. Goodwill is amortised on a straight-line basis over the amortisation period, which is 5-20 years. The amortisation period is based on the assessment that the entities in question are strategically acquired entities with a strong market position and a long-term earnings profile. Items of land and buildings, plant and machinery and fixtures, other fittings and tools and equipment are measured at cost less accumulated depreciation and impairment losses.The depreciable amount is cost less the expected residual value at the end of the useful life. Land is not depreciated.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use.Interest expenses on loans obtained specifically for the purpose of financing the manufacturing of items of property, plant and equipment are included in cost over the manufacturing period. All indirect, attributable borrowing costs are recognised in the income statement.Where individual components of an item have different useful lives, and the individual component is a significant part of the total cost, the cost is divided into separate components, which are depreciated separately.Straight-line depreciation is provided on the basis of the following estimated useful lives of the assets:  Useful life Buildings 10-50 years  Plant and machinery 2-25 years  Other fixtures and fittings, tools and equipment 2-25 years  The useful life and residual value are re-assessed annually. A change is accounted for as an accounting estimate, and the impact on amortisation/depreciation is recognised going forward.Gains or losses on the sale of items of property, plant and equipment are recognised in the income statement under other operating income or other operating costs, respectively. On acquisition, invest­ment pro­per­ties is measured at cost, comprising the purchase price, including purchase costs.On subsequent recognition, invest­ment pro­per­ties is measured at cost less the year's depreciation and impairment losses.  Leases for items of property, plant and equipment that transfer substantially all the risks and rewards incident to ownership to the company (finance leases) are recognised in the balance sheet as assets. On initial recognition, assets are measured at estimated cost, corresponding to the lower of fair value of the leased asset and the present value of the future lease payments. In calculating the net present value of the future lease payments, the interest rate implicit in the lease or the incremental borrowing rate is used as the discount factor. Assets held under finance leases are subsequently depreciated as the company's other non-current assets.The capitalised residual lease commitment is recognised in the balance sheet as a liability, and the interest element of the lease payment is recognised in the income statement over the term of the lease.All other leases are operating leases. Payments relating to operating leases and any other leases are recognised in the income statement over the term of the lease. The company's total liabilities relating to operating leases and other rent agreements are disclosed under 'Contingencies, etc.'. Investments in subsidiaries and associates are measured at the proportionate share of the net asset value of the entities, calculated on the basis of the group's accounting policies, plus or less unrealised intra-group gains or losses and plus or less any remaining value of positive or negative goodwill stated according to the purchase method. The company uses the equity method as consolidation method.Investments in participating interests are recognised at cost and are after initial recognition measured at fair value. The fair value is determined based on accepted valuation methods and reasonable estimates made on the basis of non-observable market information and on the basis of previous transactions made between independent parties. Fair value adjustment is recognised in the income statement.Investments in subsidiaries and associates with a negative net asset value are measured at DKK 0 thousand, and the carrying amount of any receivables from these entities is reduced to the extent that they are considered irrecoverable. If the parent company has a legal or constructive obligation to cover a deficit that exceeds the receivable, the balance is recognised under provisions.Net revaluations of investments in subsidiaries and associates are taken to the net revaluation reserve according to the equity method in so far as that the carrying amount exceeds the cost. Dividends from subsidiaries which are expected to be declared before the annual report of  CJ Holding ApS is adopted are not taken to the net revaluation reserve.The company uses the equity method as a consolidation method. Other financial assets, which consist of non-current receivables and deposits, are measured at amortised cost and are written down to a lower recoverable amount. The carrying amount of intangible assets, items of property, plant and equipment and investments in subsidiaries, associates and participating interests is tested annually for impairment, other than what is reflected through normal amortisation and depreciation.Where there is evidence of impairment, an impairment test is performed for each individual asset or group of assets. Write-down is made to the lower of the recoverable amount and the carrying amount.The recoverable amount is the higher of the net present value and the value in use less expected costs to sell. The net present value is determined as the present value of the anticipated net cash flows from the use of the asset or group of assets and the anticipated net cash flows from the disposal of the asset or group of assets after the end of their useful life. Stocks are mea­sured at cost using the FIFO method.  Where the net realisable value is lower than the cost, inventories are recognised at this lower value.The cost of goods for resale, raw materials and consumables comprises the purchase price plus delivery costs.The cost of finished goods and work in progress includes the cost of raw materials, consumables, direct cost of labour and production/production overheads.Production overheads include the indirect cost of materials, wages and salaries as well as maintenance and depreciation of production machinery, buildings and equipment and expenses relating to plant administration and management. Borrowing costs are not recognised in the cost.The net realisable value of stocks is calculated as the expected selling price less direct costs of completion and expenses incurred to effect the sale. The net realisable value is determined taking into account marketability, obsolescence and expected selling price movements. Receivables are measured at amortised cost.An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable is impaired, an impairment loss for that individual asset is recognised. Contract work in progress is measured at the selling price of the work performed. The selling price is measured by reference to the stage of completion at the balance sheet date and the expected aggregate income from the individual work in progress. The stage of completion is determined as the share of the expenses incurred relative to the expected total expenses for the individual work in progress.Where the selling price of work in progress cannot be estimated reliably, the selling price is measured at the lower of costs incurred and net realisable value.The individual work in progress is recognised in the balance sheet under receivables or payables. Net assets comprise the sum of work in progress where the selling price of the work performed exceeds invoicing on account. Net liabilities comprise the sum of work in progress where invoicing on account exceeds the selling price.Selling costs and costs incurred in securing contracts are recognised in the income statement as incurred. Prepayments recognised under 'Current assets' comprises expenses incurred concerning subsequent financial years. Securities and investments, which consist of listed shares and bonds, are measured at fair value at the balance sheet date. Non-listed securities are measured at fair value on the basis of the estimated value in use. Cash and cash equivalents comprise cash and deposits at banks. Reserve for net revaluation according to the equity methodThe reserve for net revaluation according to the equity method in the company's financial statements comprises net revaluation of investments in subsidiaries and associates relative to the cost.DividendsProposed dividends are disclosed as a separate item under equity. Dividends are recognised as a liability when declared by the annual general meeting of shareholders. Provisions comprise expected expenses relating to service and warranty commitments, etc. Provisions are recognised when, as a result of a past event, the group has a legal or constructive obligation and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation.Provisions - except for provisions for deferred tax - are measured at net asset value.Warranty commitments include expenses for remedial action within the warranty period of 1-5 years. The warranty period for wind turbine towers and foundations is 5 years. Provisions for warranty commitments are measured and recognised based on experience gained from guarantee work. Provisions with an expected maturity of more than one year from the balance sheet date are discounted using a rate that reflects the risk and maturity of the liability. As management company, CJ Holding ApS is liable for payment of the subsidiaries' corporate income taxes to the tax authorities.Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account.The company and all its Danish group entities are taxed on a joint basis. The current income tax charge is allocated between the jointly taxed entities relative to their taxable income. Tax losses are allocated based on the full absorption method. The jointly taxed entities are eligible for the Danish Tax Prepayment Scheme.Joint taxation contributions payable and receivable are recognised in the balance sheet as 'Joint taxation contributions receivable' or 'Joint taxation contributions payable'.Deferred tax is measured according to the liability method in respect of temporary differences between the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use of the asset and settlement of the liability, respectively. Deferred tax is measured at net realisable value.Adjustment is made to deferred tax resulting from elimination of unrealised intra-group profits and losses.Deferred tax assets, including the tax base of tax losses allowed for carry forward, are measured at the value to which the asset is expected to be realised, either as a set-off against tax on future income or as a set-off against deferred tax liabilities within the same legal tax entity. Any deferred net tax assets are measured at net realisable value. Financial liabilities are recognised on the raising of the loan at the proceeds received net of transaction costs incurred. On subsequent recognition, the financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest method. Accordingly, the difference between the net proceeds and the nominal value is recognised in the income statement over the term of the loan.Mortgage debt is thus measured at amortised cost, which for cash loans corresponds to the outstanding debt. For bond loans, amortised cost corresponds to an outstanding debt calculated as the underlying cash value of the loan at the time of borrowing, adjusted by amortisation of the value adjustment of the loan at the time of borrowing.Other liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value. Deferred income recognised under 'Current liabilities' comprises payments received concerning income in subsequent financial years. On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as financial income or financial expenses. If foreign currency instruments are considered cash flow hedges, any unrealised value adjustments are taken directly to a fair value reserve under ‘Equity’.Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. Fixed assets acquired in foreign currencies are translated at the exchange rate at the transaction date.Foreign subsidiaries are considered separate entities. The income statements are translated at the average exchange rates for the month, and the balance sheet items are translated at the exchange rates at the balance sheet date. Foreign exchange differences arising on translation of such entities opening equity at closing rate and on translation of the income statements from the exchange rates at the transaction date to closing rate are taken directly to 'Equity' in the consolidated financial statements. The cash flow state­ment shows the group's cash flows for the year, broken down under cash flows from operating, investing and financing activities, the year's changes in cash and cash equivalents and the group's cash and cash equivalents at the beginning and at the end of the year.The cash flow effect of additions and disposals of entities is shown separately under cash flows from investing activities. The cash flow statement includes cash flows from acquired entities from the time of acquisition, and cash flows from sold entities are included until the date of sale.Cash flows from ope­ra­ting ac­ti­vi­tiesCash flows from operating activities are stated as the group's profit or loss for the year, adjusted for non-cash operating items, changes in working capital and paid income taxes.Cash flows from in­ves­ting ac­ti­vi­tiesCash flows from investing activities comprise payments related to the acquisition and sale of entities and activities as well as intangible assets, property, plant and equipment and investments.Cash flows from fi­nan­cing ac­ti­vi­tiesCash flows from financing activities comprise costs relating to the raising of loans, repayment of interest-bearing debt and payment of dividends to shareholders.Cash and cash equi­va­lentsCash and cash equivalents comprise cash and short-term securities whose remaining life is less than three months and which are readily convertible into cash and which are subject only to insignificant risks of changes in value. EBIT marginEarnings before interest and taxes (EBIT) x 100RevenueReturn on assetsEarnings before interest and taxes (EBIT) x 100Average assetsSolvency ratioEquity at year end x 100Total assets 1786886000 1580892000 20051000 19786000 11182000 3282000 0 0 825946000 686948000 0 0 173857000 180074000 7810000 7113000 798265000 717152000 12241000 12673000 528824000 572951000 18693000 17445000 77258000 60770000 229000 204000 4138000 762000 0 0 188045000 82669000 -6681000 -4976000 0 0 106694000 41401000 0 561000 0 0 -4944000 2440000 0 0 2454000 6139000 25792000 22793000 57821000 37276000 34610000 20050000 127734000 54533000 91195000 39168000 31127000 12109000 -2971000 -409000 96607000 42424000 94166000 39577000 2401000 3893000 0 0 4059000 0 0 0 5562000 7558000 0 0 0 3276000 0 0 12022000 14727000 0 0 918457000 868056000 0 0 494206000 471730000 0 0 36203000 41007000 812000 780000 0 14692000 0 0 5593000 7915000 0 0 10630000 42764000 0 0 1465089000 1446164000 812000 780000 0 0 1043519000 928659000 435035000 433309000 0 0 100000 3175000 0 0 0 0 42498000 42073000 6537000 6409000 0 0 123000 2167000 0 0 441795000 445060000 1086017000 970732000 1918906000 1905951000 1086829000 971512000 20422000 13928000 0 0 157452000 169586000 0 0 66795000 57930000 0 0 244669000 241444000 0 0 193311000 171585000 0 0 5295000 0 0 0 0 0 536338000 377982000 7121000 13965000 213000 1378000 1826000 3520000 1826000 3520000 0 0 35937000 14323000 14218000 21197000 1376000 2014000 221771000 210267000 575690000 399217000 10615000 15833000 10615000 15833000 10615000 15833000 10615000 15833000 6392000 3403000 7000 9000 483447000 470947000 586312000 415059000 2402353000 2376898000 1673141000 1386571000 4000000 4000000 4000000 4000000 0 0 294788000 185679000 973477000 879745000 678689000 694235000 33776000 32160000 0 0 1011253000 915905000 977477000 883914000 51073000 37034000 352000 354000 0 0 2269000 0 2307000 0 0 0 3012000 3247000 0 0 56392000 40281000 2621000 354000 13042000 32795000 0 0 310070000 263278000 0 0 234514000 235700000 0 0 16374000 0 16374000 0 0 0 9488000 12256000 24790000 24273000 178000 167000 598790000 556046000 26040000 12423000 76194000 59360000 0 0 201893000 92662000 183727000 71456000 117958000 210933000 0 0 235013000 398862000 25117000 2417000 0 7329000 0 0 0 0 427573000 409271000 0 365000 0 0 269000 633000 0 0 0 0 10574000 5959000 103448000 88673000 20012000 777000 1143000 5849000 0 0 735918000 864666000 667003000 489880000 1334708000 1420712000 693043000 502303000 2402353000 2376898000 1673141000 1386571000 4000000 879745000 32160000 0 -434000 130000 0 0 -955000 94166000 2441000 4000000 973477000 33776000 4000000 185679000 694235000 0 -603000 0 110095000 -15929000 -383000 383000 4000000 294788000 678689000 96607000 42424000 164419000 101060000 -264743000 53389000 -3717000 196873000 2454000 6139000 -57821000 -37276000 -59084000 165736000 616000 -2010000 -58468000 163726000 -1943000 -2901000 -82982000 -252527000 20323000 8027000 -3545000 0 804000 0 -7251000 0 1916000 868000 -72678000 -246533000 -20114000 -204625000 -12050000 -25385000 50146000 192715000 109231000 83119000 -368000 -4740000 2072000 -940000 128917000 40144000 -2229000 -42663000 3403000 50065000 15833000 11834000 19236000 61899000 17007000 19236000 6392000 3403000 10615000 15833000 Wind turbine industry 1,447,2171,255,14000Facility technical products 236,528236,70500Travel activities 6,31115,70400Other revenue 8,20441400Wood products 88,62672,92900Intra-group revenue 0020,05119,7861,786,8861,580,89220,05119,786 481328000 523451000 17213000 16000000 41281000 43479000 1377000 1342000 6215000 6021000 103000 103000 528824000 572951000 18693000 17445000 3105000 3079000 3105000 3079000 796 904 14 14 Current asset investmentsFair value at 1 June 2024 15,83311,83415,83311,834Fair value adjustments recognised in the income statement (5,218)3,999(5,218)3,999Fair value at 31 May 2025 10,61515,83310,61515,833 Current asset investments 15833 11834 15833 11834 -5218 3999 -5218 3999 10615 15833 10615 15833 0 0 25483000 18585000 2454000 6139000 309000 4208000 2454000 6139000 25792000 22793000 0 0 21305000 16600000 57821000 37276000 13305000 3450000 57821000 37276000 34610000 20050000 17065000 142000 -2969000 -491000 14039000 11899000 -2000 13000 23000 68000 0 69000 0 0 110095000 41830000 94166000 39408000 -15929000 -2253000 2441000 3016000 0 0 9890000 0 92587000 3276000 0 0 -799000 0 222000 0 938000 783000 0 4059000 0 -4059000 10112000 4059000 92726000 0 -5997000 0 -85029000 0 -1714000 0 -2709000 0 -7711000 0 -87164000 0 2401000 4059000 5562000 0 1058938000 691774000 62270000 18387000 7915000 42764000 88000 0 38000 0 0 0 77824000 20841000 1158000 0 324000 7540000 0 -60000 -1139000 -19099000 0 0 3208000 39158000 1364000 712000 -2646000 -39674000 1140058000 751713000 63691000 0 5593000 10630000 190882000 220044000 21263000 3695000 0 0 39000 0 85000 0 0 0 28559000 37523000 6278000 475000 0 0 0 -60000 -138000 -4170000 0 0 2121000 0 0 0 0 0 221601000 257507000 -27488000 0 0 0 918457000 494206000 36203000 0 5593000 -10630000 0 2300000 0 0 0 0 346991000 0 0 0 1316000 261000 1577000 536000 229000 -765000 812000 742980000 742980000 7251000 0 -1500000 0 748731000 742980000 185679000 199701000 697000 0 -603000 158000 106694000 41401000 -383000 -56010000 2269000 0 435000 429000 294788000 185679000 1043519000 928659000 NameRegistered officeOwnership interestEsEstate A/S (Under frivillig likvidation)Vejle100%Esinvest A/SVejle100%Welcon Group A/SVejle100% - Welcon A/SVejle100% - Brande Investerings- og Finansieringsselskab A/SVejle100% - Conwel A/SVejle100%Nordvest A/SVejle97%Welcon USA IncDelaware, USA100%Welconsult ApSVejle100%Welteam ApSVejle74%Superwood Holding A/SVejle100% - Superwood A/SIkast-Brande80%    - Superwood AS, NorgeSpydeberg, Norway80%    - Superwood Sverige ABMalmø, Sweden80%    - Superwood Holzfassaden GmbHPinneberg, Germany80% - Superwood Technologies ApSIkast-Brande80%Genvest Capital Invest A/SVejle100% - Byggros Holding A/SOdense55%    - Byggros A/SOdense55%    - BG Burcharth A/SOdense55%    - BG Termic Plus ApSOdense55%    - Millag ApSOdense55%    - BG Flux ApSOdense55%    - Byggros AS, NorgeOslo, Norway55%    - Byggros AB, SverigeMalmø, Sweden55%    - BG Group Ejendomme ApSOdense55%    - Vexti ApSOdense55%The fair value is determined based on transactions made and generally accepted valuation methods and reasonable estimates made on the basis of non-observable market information based on future cash flows the participating interest is expected to generate discounted with a WACC. A change in the expected cash flow in the participating interest or a change in the required rate of return may have a significant effect on the fair value.   During the fiscal year, a transaction involving Stiesdal A/S shares between independent parties has been completed, confirming the value applied. EsEstate A/S (Under frivillig likvidation) Vejle 100 Esinvest A/S Vejle 100 Welcon Group A/S Vejle 100  - Welcon A/S Vejle 100  - Brande Investerings- og Finansieringsselskab A/S Vejle 100  - Conwel A/S Vejle 100 Nordvest A/S Vejle 97 Welcon USA Inc Delaware, USA 100 Welconsult ApS Vejle 100 Welteam ApS Vejle 74 Superwood Holding A/S Vejle 100  - Superwood A/S Ikast-Brande 80     - Superwood AS, Norge Spydeberg, Norway 80     - Superwood Sverige AB Malmø, Sweden 80     - Superwood Holzfassaden GmbH Pinneberg, Germany 80  - Superwood Technologies ApS Ikast-Brande 80 Genvest Capital Invest A/S Vejle 100  - Byggros Holding A/S Odense 55     - Byggros A/S Odense 55     - BG Burcharth A/S Odense 55     - BG Termic Plus ApS Odense 55     - Millag ApS Odense 55     - BG Flux ApS Odense 55     - Byggros AS, Norge Oslo, Norway 55     - Byggros AB, Sverige Malmø, Sweden 55     - BG Group Ejendomme ApS Odense 55     - Vexti ApS Odense 55 137488000 137523000 -581000 -35000 7251000 0 144158000 137488000 295821000 293381000 -4944000 2440000 290877000 295821000 435035000 433309000 125000 125000 0 0 -25000 0 0 0 100000 125000 0 0 3050000 2489000 0 0 -3050000 0 0 0 0 561000 0 0 0 3050000 0 0 100000 3175000 0 0 TIMBUY A/S Viborg 20 6409000 2167000 128000 4006000 0 -6050000 6537000 123000 6537000 123000 43046000 860000 43906000 973000 435000 1408000 42498000 Work in progress, selling price 267,655173,14500Work in progress, payments received on account (262,360)(180,474)00 0 7329000 0 0 Prepayments comprise prepaid expenses regarding rent, insurance premiums, subscriptions and prepaid suppliers. The share capital consists of 4,000,000  shares  of a nominal value of DKK 1. No shares carry any special rights.There have been no changes in the share capital during the last 5 years. 4000000 1 Provision for deferred tax  37,03425,135354341Deferred tax recognised in income statement 14,03911,899(2)13Provision for deferred tax  51,07337,034352354 Balance  3,2474,18700Applied in the year (235)(940)00Balance  3,0123,24700The expected due dates of other provisions are: Between 1 and 5 years 3,0123,24700 3,0123,24700Other provisions relate to warranty costs on goods sold. Provisions are assessed annually and based on historical data. 3247000 4187000 0 0 3012000 3247000 0 0 3012000 3247000 0 0 38416000 18302000 5260000 2751000 279111000 329257000 19187000 225959000 273606000 286261000 51747000 10586000 0 16374000 0 0 24273000 24790000 0 0 0 16374000 0 0 12256000 9488000 0 167000 178000 0 0 Deferred income consists of payments received in respect of income in subsequent financial years. Parent company The company is part of a joint VAT registration with its subsidiaries, EsInvest A/S, Conwel A/S, EsEstate A/S, Brande Investerings- og Finansieringsselskab A/S, Superwood Holding A/S, Welcon A/S, Nordvest A/S, Welconsult ApS and Genvest Capital Invest A/S and is jointly and severally liable with the other companies for the payment of VAT.The company is part of the CJ Holding Aps cash pool arrangement. All participant in the cash pool arrangement are jointly and severally liable. As of 31 May 2025 the net balance in the cash pool arrangement amounts to DKK (183,704) thousand.The company is as management company jointly taxed with other Danish group entities, and jointly and severally liable with other jointly taxed entities for payment of income taxes as well as for payment of withholding taxes on dividends, interest and royalties.Other obligationsThe company has entered into operating leases with a total commitment as of 31 May 2025 of DKK 414 thousand. DKK 408 thousand is due within one year.GroupOther obligationsThe group has entered into operating leases with a total commitment as of 31 May 2025 of DKK 56,011 thousand. DKK 16,857 thousand is due within one year.The group has entered into lease obligation of land and buildings with a total commitment as of 31 May 2025 of DKK 380 thousand. DKK 240 thousand is due within one year.   The group has entered into service agreements on truck services with a total commitment as of 31 May 2025 of DKK 6,179 thousand. DKK 1,686 thousand is due within one year.   In addition to the other obligations listed above, the group has entered into agreements for deliveries with suppliers within the group's ordinary course of business. Parent companyThe company has issued a surety to the banks as a security for the bank debt for the subsidiaries Welcon Group A/S, Welcon A/S, Brande Investerings- og Finansieringsselskab A/S and Conwel A/S.The company has provided a guarantee of DKK 7,500 thousand in favour of third party.GroupLand and buildings at a carrying amount of DKK 901,391 thousand at 31 May 2025 have been provided as security for mortgage debt totalling DKK 329,257 thousand. The pledge also includes production facilities and machinery belonging to the properties.As security for bank debt, the group has issued owner’s mortgages, totalling DKK 232,077 thousand in the same land and buildings.The group has provided a guarantee of DKK 7,500 thousand in favour of third party.As security for bank debt, the group has provided company charges of DKK 85,137 thousand. The company charges include claims, inventories, operating equipment and intangible rights. Booked value of the assets included amounts to DKK 558,178 thousand at 31 May 2025. As security for debt to credit institutions, totalling DKK 25,874 thousand, the group has provided security in the shares in Byggros Holding A/S' subsidiaries at a booked value of DKK 68,172 thousand.The group has provided a guarantee to third parties. As of 31 May 2025, the obligation amounts to DKK 142,221 thousand. The company has chosen only to disclose transactions which have not been conducted on an arm's length basis in accordance with section 98c(7) of The Danish Financial Statements Act.   The parent company has made a contribution to Welcon USA Inc. of DKK 7,251 thousand. 1262000 1070000 195000 195000 90000 73000 82000 73000 1036000 606000 782000 422000 -2454000 -6139000 57821000 37276000 77258000 60770000 -4277000 45000 0 -561000 4944000 -2440000 31127000 12109000 2223000 9721000 -11991000 39043000 -254975000 4625000 -264743000 53389000