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Skous Vej 1 8000 Aarhus C Denmark 89 32 00 00 aarhus@pwc.dk 2023-03-22 Niels Poulsen Stenfeldt Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning The Executive Board and Board of Directors have today considered and adopted the Consolidated Financial Statements and Parent Company Financial Statements of Fox TopCo ApS for the financial year 1 January - 31 December 2022. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 31 December 2022 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2022. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Consolidated Financial Statements and Parent Company Financial Statements be adopted at the Annual General Meeting. 2023-03-22 Aarhus Jörg Bernhard Klasmeyer Manager Marco Sodi Jörg Bernhard Klasmeyer Marc-Antoine Olivier Léonard Andreoli To the shareholders of Fox TopCo ApS Opinion 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 2022 and of the results of the Group’s and the Parent Company’s operations and of consolidated cash flows for the financial year 1 January - 31 December 2022 in accordance with the Danish Financial Statements Act. We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Fox TopCo ApS for the financial year 1 January - 31 December 2022, which comprise 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 consolidated statement of cash flows (”the Financial Statements”). 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 Financial Statements” section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 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. 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. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the 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 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 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 Parent Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Management is responsible for Management’s Review. Our opinion on the 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 Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the 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, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the 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 in Management’s Review. Aarhus C 2023-03-22 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Christian Roding State Authorised Public Accountant mne33714 Martin Stenstrup Toft State Authorised Public Accountant mne42786 84.7 74.4 -4.5 -13.0 -1.1 -3.1 58.4 62.1 -5.1 -17.6 EBITDA 54366000 EBITDA 42580000 Key activities Boyum IT Solutions’ ambition is to be the leading SSP in SAP’s ecosystem and help our customers with the best software to solve real business problems in their industry. Our main activities are concentrated around development and sales of business-critical software solutions based on the ERP-platform SAP Business One. Today, the Group offers different software solutions incl. horizontal, manufacturing, and warehouse management solutions. In total, the Group has more than 240,000 daily users of its software solutions, distributed across more than 10,250 installations.The Group's development projects include the development of add-on modules for SAP Business One. The modules partly allow the users of SAP Business One to customize a large part of the user interface without the use of developers, while there are also modules aimed at production and logistics companies. The production and inventory management modules create management opportunities across all processes, where the production model is targeted at 14 specific industries, while the inventory management modules have a broader focus.B1 Usability Package: A software solution which gives daily users a unique possibility to customize SAP Business One to their specific needs, without the need for software developers. Beas Manufacturing: A software solution to manage complex processes in manufacturing businesses across 14 different industries. Produmex WMS: A software solution to ensure high-quality and efficient warehouse and inventory management which is crucial in many industries and a requirement in certain regulated industries.Paperflow: A software solution to capture data from documents and import directly to workflow or ERP system.Boyum IT Solutions sells it software solutions through more than 650 partners in 120 countries. The Group benefits from a strong brand within the global SAP Business One partner network. Market overview Development in the year In 2022, the Group’s regarding Boyum IT Solutions have increased its revenue by MDKK 8.0, corresponding to a 6% growth in a very difficult and competitive market. 2022 was affected by the current war in Ukraine, which had an big impact on the market situation. A big part of the EMEA region had an immediate reaction and the investment in new ERP stopped in Q2 2022. The markets outside EMEA did not have the same challenges and we have seen high growth in LATAM and APJ. For Boyum IT Solutions it is a key focus area to continue to work diligently towards creating a strong platform for future growth with point of departure in the software product portfolio that we have built up through historical acquisitions. With the acquisition of Produmex in 2018, the Group is in a very strong position and has become the world’s largest provider of “Supply Chain Management” solutions for SAP Business One, and the Group continues to focus on solidifying and strengthening this position by being able to offer more solutions within “Supply Chain Management”. Boyum IT Solutions is always looking into the market for products that can strengthen our position in the market.To make sure Boyum IT Solutions Group is progressing in the planned growth, an M&A of a small Danish company within machine learning was made in 2022. This to be able to deliver new independent products, but also to integrate into the current portfolio of products. In 2022, the focus on a strong organization and diligent management of operations has resulted in an EBITDA more than 10% above budget. Management is very satisfied with the result. In 2022, EBITDA was MDKK 54.3 and the Group’s results before taxes is a loss of MDKK 14.3, due to amortisation of intangible assets regarding business acquisitions. The past year and follow-up on development expectations from last year Management entered 2023 with an expectation of small growth in the SAP Business One market which is in line with the strategy. Boyum IT Solutions will enter into the Microsoft BC market with new products in 2023 and continue on making the products ERP-independent. This will expand the addressable market dramatically and be the driver of a significant two-digit revenue growth based on the development from 2023.It is expected that the good growth in 2023 will to be supported by additional investments in the organization in order to continue the development of the Group’s products as well as the development of new software solutions. There is a continued large demand for this type of products and management expects that organic growth must be supported by acquisitions of new, complimentary products, which are well-positioned in the market. Similarly, we see an increasingly larger demand for cloud products and, consequently, a large part of new product development will focus on this area. 144795000 144379000 0 0 133000 0 0 0 104000 73000 0 0 1156000 2306000 0 0 21218000 34656000 28000 453000 122658000 107490000 -28000 -453000 68292000 64910000 0 0 60818000 61278000 0 0 -6452000 -18698000 -28000 -453000 0 0 -18619000 -32644000 939000 4220000 0 0 8820000 10611000 0 11000 -14333000 -25089000 -18647000 -33108000 4308000 8010000 -6000 -9000 -18641000 -33099000 -18641000 -33099000 -18641000 -33099000 316887000 299849000 0 0 734000 68000 0 0 15844000 18999000 0 0 209236000 225435000 0 0 542701000 544351000 0 0 993000 1140000 0 0 993000 1140000 0 0 14749000 7031000 0 0 968000 907000 0 0 60643000 60618000 1225000 2517000 605257000 606881000 359058000 376921000 0 0 357833000 374404000 920000 772000 0 0 920000 772000 357833000 374404000 544614000 546263000 357833000 374404000 0 0 1212000 2500000 5544000 0 0 0 2263000 0 6000 9000 799000 557000 0 0 24323000 8495000 1218000 2509000 7000 7000 0 0 36313000 52116000 7000 8000 5116000 5116000 5116000 5116000 4379000 2331000 0 0 66747000 60832000 0 0 66747000 60832000 0 0 135114000 138705000 0 0 543000 0 0 0 135657000 138705000 0 0 3594000 11030000 0 0 53000 0 0 0 0 0 625000 310000 1504000 6898000 0 0 5115424 5116424 5115424 5116424 344152000 369144000 348531000 371475000 353647000 376591000 353647000 376591000 5844000 1748000 0 0 38211000 11077000 4786000 20000 49206000 30753000 5411000 330000 184863000 169458000 5411000 330000 605257000 606881000 359058000 376921000 A-shares 33087617 331 B-shares 3710683 1076 C-shares 370945000 3709 There have been no changes in the share capital in the past five years. On 3 October 2022, the Company acquired nominal DKK 3,711 A shares and nominal DKK 46,289 C shares , corresponding to 1%. The total payment for the shares amounted to TDKK 6,351, which has been transferred from retained earnings under equity. These shares have not been cancelled and are therefore held as treasury shares. The Company may choose to sell these shares at a later time. The shares have been acquired as part of the Company's strategy. The Company still holds the shares at the balance date. 5116000 2331000 369144000 5116000 371475000 0 2048000 0 0 2048000 0 0 -6351000 0 -6351000 0 0 -18641000 0 -18641000 5116000 4379000 344152000 5116000 348531000 -18641000 -33099000 74974000 77877000 -1329000 -28657000 55004000 16121000 795000 4220000 8820000 10608000 46979000 9733000 17208000 8983000 29771000 750000 939000 51000 442000 898000 16000 130000 3000 204000 26802000 349354000 -28196000 -350229000 11027000 5757000 6351000 0 0 407823000 0 -464000 -17378000 401602000 -15803000 52123000 52123000 0 36313000 52116000 7000 7000 36320000 52123000 0 0 Business acquisition Intangible assets 57453000 604763 Tangible assets 101000 1127 Financial assets 132000 644 Receivables 1024000 7257 Deferred tax -5591000 -65973 Corporation tax 0 -2729 Short term debt -7817000 -40246 Subtotal 45302000 504843 Total 26802000 349354 No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 65512000 57953000 0 0 2178000 1628000 0 0 275000 3719000 0 0 327000 1610000 0 0 68292000 64910000 0 0 94 83 0 0 60147000 60602000 0 0 671000 676000 0 0 9983000 12993000 -6000 -9000 -5664000 -5116000 0 0 -11000 104000 0 0 4308000 8010000 -6000 -9000 0 -29000 0 0 411343000 493000 22478000 242984000 605000 17000 0 0 65385000 0 79000 0 161000 744000 34000 0 477494000 1254000 22591000 242984000 111494000 425000 3479000 17549000 494000 23000 0 0 7965000 0 46000 0 40654000 72000 3222000 16199000 160607000 520000 6747000 33748000 316887000 734000 15844000 209236000 Amortised over 5-15 years 3-5 years 7 years 15 years The Group's development projects include the development of add-on modules for SAP Business One. The modules partly allow the users of SAP Business One to customize a large part of the user interface without the use of developers, while there are also modules aimed at production and logistics companies. The production and inventory management modules create management opportunities across all processes, where the production model is targeted at 14 specific industries, while the inventory management modules have a broader focus.Intangible assets also contains positive differences arising on initial measurement of subsidiaries at net asset value. The company's investment in the subsidiaries is considered to be of strategic importance to the group. Taking the Group's expected plans for increasing activities and earnings into account, the useful life of goodwill recognised on initial measurement of business acquisitions is considered to be 7-15 years. The Group's development projects include the development of add-on modules for SAP Business One. The modules partly allow the users of SAP Business One to customize a large part of the user interface without the use of developers, while there are also modules aimed at production and logistics companies. The production and inventory management modules create management opportunities across all processes, where the production model is targeted at 14 specific industries, while the inventory management modules have a broader focus.Intangible assets also contains positive differences arising on initial measurement of subsidiaries at net asset value. The company's investment in the subsidiaries is considered to be of strategic importance to the group. Taking the Group's expected plans for increasing activities and earnings into account, the useful life of goodwill recognised on initial measurement of business acquisitions is considered to be 7-15 years. 3613000 -27000 139000 442000 -75000 4092000 2473000 -11000 38000 671000 -72000 3099000 993000 405181000 0 0 405181000 405181000 405181000 -30777000 0 2048000 2331000 -18619000 -32644000 0 -464000 -47348000 -30777000 Boyum IT Solutions Group ApS Denmark 100 - Boyum IT Solutions A/S Denmark 100 -- Boyum IT Solutions Inc. United States of America 100 -- beas Group AG Switzerland 100 -- Boyum IT Solutions Germany GmbH Germany 100 -- Boyum IT Solutions Spain S.L. Spain 100 -- Boyum IT Solutions Co., Ltd. China 100 -- Boyum IT Solutions BV Belgium 100 -- Boyum IT Solutions Hungary Kft. Hungary 100 - Paperflow ApS Denmark 100 -- Paperflow Service Center Bulgaria EOOD Bulgaria 100 772000 132000 16000 920000 Prepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Deferred tax liabilities at 1 January 60,832,000 0 Net effect from merger and acquisition 6,035 65,948 Amounts recognised in the income statement for the year -5,664,000 -5,116,000 Deferred tax liabilities at 31 December 61,203,000 60,832,000 The Group has per 31 December 2022 recognized a deferred tax asset of TDKK 5,444, which can primarily be attributed to tax losses carried forward. The deferred tax asset is recognized on the basis of expectations for tax results and the utilization of tax losses carried forward for the coming years. According to prepared budgets and the management's expectations, the tax asset will be fully utilized in 2025. Net effect from merger and acquisition 0 0 The Group has per 31 December 2022 recognized a deferred tax asset of TDKK 5,444, which can primarily be attributed to tax losses carried forward. The deferred tax asset is recognized on the basis of expectations for tax results and the utilization of tax losses carried forward for the coming years. According to prepared budgets and the management's expectations, the tax asset will be fully utilized in 2025. 116426000 122175000 0 0 18688000 16530000 0 0 3594000 11030000 0 0 138708000 149735000 0 0 0 0 0 0 543000 0 0 0 Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt. The debt falls due for payment as specified below: -939000 -4220000 8820000 10611000 60818000 61278000 4308000 8010000 -6997000 -1238000 5668000 -27419000 Charges and security The following assets have been placed as security with credit institutions As security for debt to credit institutions amounting to TDKK 138,707 a mortgage has been granted to Boyum IT Solutions Group ApS's investments in subsidiaries amounting to 545,619,000 508,797,000 0 0 Rental and lease obligations The Group has entered into leasing agreements with a non-cancellability of up to 44 months. The total lease obligation during the non-cancellation period amounts 1,768,000 3,416,000 0 0 The annual leasing obligations amonts 1,349,000 2,062,000 0 0 Other contingent liabilities Boyum IT Solutions A/S has submitted a statement of support to Boyum IT Solutions BV and Boyum IT Solutions Hungary Kft. until the general meeting for the approval of the annual report for 2023. Boyum IT Solutions Group ApS has submitted a statement of support to Paperflow ApS for the implementation of current plans and budgets, for a period of minimum of 12 months from the 1 January 2023. As security for engagement with Nordea, surety guarantees have been provided by the Group's subsidiaries. The Danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. Moreover, the Danish group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company’s liability. Controlling interest Volpi Capital II Link Lux S.à.r.l.Luxembourg Ultimate shareholder of Fox TopCo ApS Transactions The Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(7) of the Danish Financial Statements Act. The Annual Report of Fox TopCo ApS for 2022 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C. The accounting policies applied remain unchanged from last year. The Consolidated Financial Statements and the Parent Company Financial Statements for 2022 are presented in TDKK. 1 Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the 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 out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Basis of consolidation The Consolidated Financial Statements comprise the Parent Company, Fox TopCo ApS, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates. On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises. The Parent Company's investments in the consolidated subsidiaries are set off against the Parent Company's share of the net asset value of subsidiaries stated at the time of consolidation. Business combinations Business acquisitions carried through on or after 1 July 2018 Acquisitions of subsidiaries are accounted for using the purchase method under which the identifiable assets and liabilities of the entity acquired are measured at fair value at the time of acquisition. Acquired contingent liabilities are recognised at fair value in the Consolidated Financial Statements to the extent that the value can be measured reliably. The time of acquisition is the time when the Group obtains control of the entity acquired. The cost of the entity acquired is the fair value of the consideration agreed, including consideration contingent on future events. Transaction costs directly attributable to the acquisition of subsidiaries are recognised in the income statement as incurred. Positive differences between the cost of the entity acquired and identifiable assets and liabilities are recognised as goodwill in intangible assets in the balance sheet and are amortised in the income statement on a straight-line basis over their estimated useful lives. Where the differences are negative, they are recognised immediately in the income statement. Where the purchase price allocation is not final, positive and negative differences from acquired subsidiaries due to changes to the recognition and measurement of identifiable net assets may be adjusted for up to 12 months after the time of acquisition. These adjustments are also reflected in the value of goodwill or negative goodwill, including in amortisation already made. Where cost includes contingent consideration, this is measured at fair value at the time of acquisition. Contingent consideration is subsequently measured at fair value. Any value adjustments are recognised in the income statement. In respect of step acquisitions, any previously held investments in the entity acquired are remeasured at fair value at the time of acquisition. The difference between the carrying amount of the investment previously held and the fair value is recognised in the income statement. Leases in terms of which the Group assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets of the Group. The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement. All other leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. Danish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognised in financial income and expenses in the income statement; however, see the section on hedge accounting. Income statements of foreign subsidiaries and associates that are separate legal entities are translated at transaction date rates or approximated average exchange rates. Balance sheet items are translated at the exchange rates at the balance sheet date. Exchange adjustments arising on the translation of the opening equity and exchange adjustments arising from the translation of the income statements at the exchange rates at the balance sheet date are recognised directly in equity. Income statements of enterprises that are integrated entities are translated at transaction date rates or approximated average exchange rates; however, items derived from non-monetary balance sheet items are translated at the transaction date rates of the underlying assets or liabilities. Monetary balance sheet items are translated at the exchange rates at the balance sheet date, whereas non-monetary items are translated at transaction date rates. Exchange adjustments arising on the translation are recognised in financial income and expenses in the income statement. Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Group. Services are recognised at the rate of completion of the service to which the contract relates by using the percentage-of-completion method, which means that revenue equals the selling price of the service completed for the year. This method is applied when total revenues and expenses in respect of the service and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Group. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the service. Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Expenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve the consolidated revenue for the year. Other external expenses comprise expenses for premises, sales as well as office expenses, etc. 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. Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Group, including gains and losses on the sale of intangible assets and property, plant and equipment. The item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year. Financial income and expenses comprise interest, financial expenses in respect of finance leases, realised and unrealised exchange adjustments, price adjustment of securities, amortisation of mortgage loans as well as extra payments and repayment under the on-account taxation scheme. Tax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. Any changes in deferred tax due to changes to tax rates are recognised in the income statement. The Company is jointly taxed with danish subsidiaries. The tax effect of the joint taxation with the subsidiaries is allocated to Danish enterprises showing profits or losses in proportion to their taxable incomes (full allocation with credit for tax losses). Goodwill is amortised on a straight-line basis over the estimated useful life of 15 years, determined on the basis of Management’s experience with the individual business areas. Costs of development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities. Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs. Development projects that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred. Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognised development costs is allocated to the equity item 'Reserve for development costs'. The reserve comprises only development costs recognised in financial years beginning on or after 1 January 2016. The reserve is reduced by amortisation of and impairment losses on the development projects on a continuing basis. As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work. The amortisation period is 5-15 year. Licences and rights are measured at cost less accumulated amortisation and less any accumulated impairment losses or at a lower value in use. Software licences and rights are amortised over the period of the agreements, which is 3-5 years and 7 years, respectively. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Other fixtures and fittings, tools and equipment 3-7 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually. The carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. The recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where a recoverable amount cannot be determined for the individual asset, the assets are assessed in the smallest group of assets for which a reliable recoverable amount can be determined based on a total assessment. Goodwill, head office buildings and other assets for which a separate value in use cannot be determined as the asset does not on an individual basis generate future cash flows are reviewed for impairment together with the group of assets to which they are attributable. Investments in subsidiaries are recognised and measured under the equity method. The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises. The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries. Subsidiaries with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. Fixed asset investments, which consist of listed bonds and shares, are measured at their fair values at the balance sheet date. Fair value is determined on the basis of the latest quoted market price. Investments which are not traded in an active market are measured at the lower of cost and recoverable amount. Other fixed asset investments consist of deposits. Inventories are measured at the lower of cost under the FIFO method and net realisable value. The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price. The cost of raw materials and consumables equals landed cost. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Current Asset Investments, which consist of listed bonds and shares, are measured at their fair values at the balance sheet date. Fair value is determined on the basis of the latest quoted market price. Purchase and sales prices for treasury shares are recognised directly in retained earnings under equity. A reduction of capital by cancellation of treasury shares reduces the share capital by an amount equal to the nominal value of the shares and increases retained earnings. Dividend on treasury shares is recognised directly in equity under retained earnings. Deferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised in respect of temporary differences concerning goodwill not deductible for tax purposes and other items - apart from business acquisitions - where temporary differences have arisen at the time of acquisition without affecting the profit for the year or the taxable income. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities. Deferred tax assets and liabilities are offset within the same legal tax entity. Current tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously. Loans, such as loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period. Mortgage loans are measured at amortised cost, which for cash loans corresponds to the remaining loan. Amortised cost of debenture loans corresponds to the remaining loan calculated as the underlying cash value of the loan at the date of raising the loan adjusted for depreciation of the price adjustment of the loan made over the term of the loan at the date of raising the loan. Other debts are measured at amortised cost, substantially corresponding to nominal value. Deferred income comprises payments received in respect of income in subsequent years. The cash flow statement shows the Group’s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group’s cash and cash equivalents at the beginning and end of the year. Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents. Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments. Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders. Cash and cash equivalents comprise ”Cash at bank and in hand” and ”Current asset investments”. ”Current asset investments” consist of short-term securities with an insignificant risk of value changes that can readily be turned into cash. The cash flow statement cannot be immediately derived from the published financial records. Gross margin Gross profit x 100 / Revenue Profit margin Profit before financials x 100 / Revenue Return on assets Profit before financials x 100 / Total assets at year end Solvency ratio Equity at year end x 100 / Total assets at year end Return on equity Net profit for the year x 100 / Average equity