272920542013-12-31272920542012-12-31272920542013-01-012013-12-31272920542012-01-012012-12-31272920542013-01-012013-12-31fsa:CompletedDevelopmentProjectsMember272920542013-01-012013-12-31fsa:DevelopmentProjectsInProgressMember272920542013-12-31fsa:CompletedDevelopmentProjectsMember272920542012-12-31fsa:CompletedDevelopmentProjectsMember272920542013-12-31fsa:AcquiredOtherSimilarRightsMember272920542012-12-31fsa:AcquiredOtherSimilarRightsMember272920542013-12-31fsa:DevelopmentProjectsInProgressMember272920542012-12-31fsa:DevelopmentProjectsInProgressMember272920542013-01-012013-12-31fsa:AcquiredOtherSimilarRightsMember272920542013-12-31fsa:FixturesFittingsToolsAndEquipmentMember272920542012-12-31fsa:FixturesFittingsToolsAndEquipmentMember272920542013-12-31fsa:LeaseholdImprovementsMember272920542012-12-31fsa:LeaseholdImprovementsMember272920542012-01-012012-12-31fsa:FixturesFittingsToolsAndEquipmentMember272920542013-01-012013-12-31fsa:FixturesFittingsToolsAndEquipmentMember272920542013-12-31fsa:InvestmentsInGroupEnterprisesMember272920542012-12-31fsa:InvestmentsInGroupEnterprisesMember272920542013-01-012013-12-31fsa:InvestmentsInGroupEnterprisesMember272920542013-01-012013-12-31fsa:RetainedEarningsMember272920542012-01-012012-12-31fsa:RetainedEarningsMember272920542013-01-012013-12-31fsa:RetainedEarningsMember272920542012-01-012012-12-31fsa:RetainedEarningsMember272920542013-12-31fsa:ContributedCapitalMember272920542012-12-31fsa:ContributedCapitalMember272920542013-12-31fsa:RetainedEarningsMember272920542012-12-31fsa:RetainedEarningsMember272920542013-01-012013-12-31fsa:ParentOfLargestGroupInWhichReportingEntityIsSubsidiaryMember272920542013-01-012013-12-31fsa:ParentOfSmallestGroupInWhichReportingEntityIsSubsidiaryMember272920542013-12-31Kapitalklasse 01272920542013-12-31cmn:PreviousYearMemberfsa:ContributedCapitalMember272920542013-12-31cmn:FourYearsAgoMemberfsa:ContributedCapitalMember272920542013-01-012013-12-31cmn:PreviousYearMemberfsa:ContributedCapitalMember272920542013-01-012013-12-31cmn:TwoYearsAgoMemberfsa:ContributedCapitalMember272920542013-01-012013-12-31cmn:ThreeYearsAgoMemberfsa:ContributedCapitalMember272920542013-01-012013-12-31cmn:FourYearsAgoMemberfsa:ContributedCapitalMember272920542013-12-31cmn:TwoYearsAgoMemberfsa:ContributedCapitalMember272920542013-12-31cmn:ThreeYearsAgoMemberfsa:ContributedCapitalMember272920542013-01-012013-12-31cmn:ConsolidatedMember272920542013-01-012013-12-31cmn:ConsolidatedMemberDirektionsmedlem 1272920542013-01-012013-12-31cmn:ConsolidatedMemberBestyrelsesmedlem 01272920542013-01-012013-12-31cmn:ConsolidatedMemberBestyrelsesmedlem 02272920542013-01-012013-12-31cmn:ConsolidatedMemberBestyrelsesmedlem 03272920542012-01-012012-12-31cmn:ConsolidatedMember272920542013-01-012013-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember272920542012-01-012012-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember272920542013-12-31cmn:ConsolidatedMember272920542012-12-31cmn:ConsolidatedMember272920542013-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember272920542012-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember272920542013-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember272920542012-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember272920542012-01-012012-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember272920542012-01-012012-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember272920542013-01-012013-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember272920542013-01-01cmn:ConsolidatedMember272920542012-01-01cmn:ConsolidatedMember272920542013-12-31cmn:ConsolidatedMemberfsa:FixturesFittingsToolsAndEquipmentMember272920542012-12-31cmn:ConsolidatedMemberfsa:FixturesFittingsToolsAndEquipmentMember272920542013-01-012013-12-31cmn:ConsolidatedMemberfsa:FixturesFittingsToolsAndEquipmentMember272920542012-01-012012-12-31cmn:ConsolidatedMemberfsa:FixturesFittingsToolsAndEquipmentMember272920542012-01-012012-12-31cmn:ConsolidatedMemberfsa:LeaseholdImprovementsMember272920542013-12-31cmn:ConsolidatedMemberfsa:LeaseholdImprovementsMember272920542012-12-31cmn:ConsolidatedMemberfsa:LeaseholdImprovementsMember272920542013-12-31cmn:ConsolidatedMemberfsa:CompletedDevelopmentProjectsMember272920542012-12-31cmn:ConsolidatedMemberfsa:CompletedDevelopmentProjectsMember272920542013-12-31cmn:ConsolidatedMemberfsa:AcquiredOtherSimilarRightsMember272920542012-12-31cmn:ConsolidatedMemberfsa:AcquiredOtherSimilarRightsMember272920542013-12-31cmn:ConsolidatedMemberfsa:DevelopmentProjectsInProgressMember272920542012-12-31cmn:ConsolidatedMemberfsa:DevelopmentProjectsInProgressMember272920542013-01-012013-12-31cmn:ConsolidatedMemberfsa:CompletedDevelopmentProjectsMember272920542012-01-012012-12-31cmn:ConsolidatedMemberfsa:CompletedDevelopmentProjectsMember272920542013-01-012013-12-31cmn:ConsolidatedMemberfsa:DevelopmentProjectsInProgressMember272920542012-01-012012-12-31cmn:ConsolidatedMemberfsa:DevelopmentProjectsInProgressMember272920542013-01-012013-12-31cmn:ConsolidatedMemberfsa:AcquiredOtherSimilarRightsMember272920542012-01-012012-12-31cmn:ConsolidatedMemberfsa:AcquiredOtherSimilarRightsMember272920542013-12-31cmn:ConsolidatedMemberfsa:OtherReceivablesMember272920542012-12-31cmn:ConsolidatedMemberfsa:OtherReceivablesMember272920542013-01-012013-12-31cmn:ConsolidatedMemberGeografisk område 01272920542013-01-012013-12-31cmn:ConsolidatedMemberGeografisk område 02272920542013-01-012013-12-31cmn:ConsolidatedMemberGeografisk område 03272920542013-01-012013-12-31cmn:ConsolidatedMemberGeografisk område 04272920542013-01-012013-12-31cmn:ConsolidatedMemberGeografisk område 05272920542013-01-012013-12-31Geografisk område 01272920542013-01-012013-12-31Geografisk område 02272920542013-01-012013-12-31Geografisk område 03272920542013-01-012013-12-31Geografisk område 04272920542013-01-012013-12-31Geografisk område 05272920542013-01-012013-12-31cmn:ConsolidatedMemberRevisionsvirksomhed 01272920542013-01-012013-12-31cmn:ConsolidatedMemberRevisionsvirksomhed 01 Revisor 01272920542013-01-012013-12-31cmn:ConsolidatedMemberRevisionsvirksomhed 01 Revisor 02272920542013-01-012013-12-31cmn:ConsolidatedMemberRevisor 01272920542013-01-012013-12-31fsa:InvestmentsInAssociatesMember272920542012-01-012012-12-31fsa:InvestmentsInAssociatesMemberiso4217:DKKpureshares844104391160007958170001749593817600000904693784670008449001913300059571475270000241666483000276892025930007920412100035687574892000585371179700069592370900031268201366000464172352000356399680470005486548650001191307610000245699458600015783361986000408924356000411717994000-3331604-3797000-19844473055000-9435959-4817000-12770356-9252000-9692913-7901000470844047780003708993550001837181370002593080-2593080276892018124597155320002900000290000027689202593000-12167450-10262000-2658334-24170001905464241667382009382000125653126000-302805-261000-125653-12600041324Investments in group enterprises comprise: AM3D Japan Ltd, Japan, 100 % AM3D Korea Ltd, Korea, 100 %812054812000-3331604-812054-81200018024754089243360002000024830887700016340911700031268201366000-71600-15000222231313695923709000The Company has entered into operating lease contracts with an average annual lease payment of DKK 146k. The lease contracts’ time to maturity is up to 46 months with a total remaining payment of DKK 424k. The Company participates in a Danish joint taxation arrangement in which Aalborg Stiftstidende A/S serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Company is therefore liable from the financial year 2013 for income taxes etc for the jointly taxed companies and from 1 July 2012 also for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed companies.The Company has registered the following shareholders to hold more than 5% of the voting share capital or of the nominal value of the share capital:Nordjyske Kommunikation A/S, Aalborg, Denmark89677338346000792041210001749593817600000124177428111000948000094800002937742-1369000151420014420001514200144200035639968047000-9692913-7901000526305752700002188455260200030774431351000-9692913-7901000-9692913-7901000-9692913-7900000948000094800002937742-1369000413242147131Aalborg Stiftstidendes FondNordjyske Kommunikation A/SNordjyske Kommunikation A/SAalborg Stiftstidendes FondShares948000094800007920412100024166648300059571475270000276892025930004117179940001980000100000015000000300000480000200000-7500000152912916800001200000Årsrapport33963556Deloitte Statsautoriseret RevisionspartnerselskabGøteborgvej Postboks 70129200 Aalborg SV2013-01-012013-12-312014-03-2727292054AM3D A/SAalborg2014-03-27Finn NielsenCaus FalkClaus ChristensenClaus FalkMia Thorup HoltChairmanTo the owners of AM3D A/SWe have audited the consolidated financial statements and parent financial statements of AM3D A/S for the financial year01.01.2013 - 31.12.2013, which comprise the accounting policies, income statement, balance sheet, statement of changes in equity and notes for the Group as well as for the Parent and the consolidated cash flow statement. The consolidated financial statements and parent financial statements are prepared in accordance with the Danish Financial Statements Act.Management is responsible for the preparation of consolidated financial statements and parent financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control as Management determines is necessary to enable the preparation of consolidated financial statements and parent financial statements that are free from material misstatement, whether due to fraud or error.Aalborg2014-03-19AM3D is a global developer and supplier of world patented software-based audio technology as well as a provider of consultancy assistance in binaural technology, audio enhancements and other related business. The technology creates ground breaking sound improvement and 3D sound in modern consumer electronics and advanced communications solutions for both civilian and military industry. The technology is currently used in mobile phones, hearing aids, cars, bluetooth devices, radios, communications solutions, pilot helmets and other types of multimedia equipment. The company has subsidiaries in Tokyo, Japan and Seoul, Korea. In 2013 AM3D had a deficit of 9,7 mill. DKK., which is worse than expected and worse than in 2012. 2013 was a very active year in terms of commercial activities and increased sales effort in Taiwan, U.S. and China. During 2013, AM3D has participated in a number of relevant trade shows, demonstration projects, exhibitions and customer events, such as Mobile World Conference, IFA, CES, DSEi, AUSA, Quad A, offset meetings and several Bluetooth seminars in Asia. The Vitus export program has also generated many commercial activities in China. In 2013, AM3D achieved the highest number of new customer contracts during one calendar year. The new customers belong to different business areas within consumer electronics, including smartphone, tablet and bluetooth manufactures, and several are global Tier 3 manufactures. Establishment of partnership and cooperation agreements with new key companies was also achieved. AM3D audio enhancement technology is now integrated on a variety of key platforms, such as Android, CSR Bluecore and NXP Dirana 3. New activities were initiated in 2013 to make AM3D solutions available for the Qualcomm Snapdragon platform, which is the most important smartphone and tablet platform. The increased number of customers and partnerships has combined resulted in an increased market awareness of AM3D. A very important event was also the release of the world’s first consumer product using 3D audio; the “Intelligent Headset” marketed by GN. AM3D has also worked continuously to create market awareness within its three major Mission Critical business areas: Avionics, Future Soldier and Combat Vehicles. Market awareness is high in the Avionic segment, where AM3D is partnering with Terma A/S. The technology has proven its ability to increase the human capability of the F16 fighter pilot and increasing the situational awareness. During 2013, the first product with AM3D´s new software solution Zirene 3D Sound Separation was delivered, and at the end of 2013, the first real life demonstration of AM3D´s Zirene 3D Positional Audio integrated into a soldier radio took place. AM3D has been pursuing a standardized product platform approach for many years now. Some of the key products are now available in its 4th generation. Zirene 4 is the Android based Audio Enhancement solution for smartphones and tablets, and it was released in 2013 with new functionality and features – such as Voice Enhancement for movie playback. The solutions for Car-fi and Bluetooth platforms have also been improved, providing promising outlook for business development in these segments. The lag time from new customer contracts to new licenses delivered has resulted in a number of sold licenses lower than expectations for 2013. Some key customers have decided to postpone product releases, and not fulfilled their own sales expectations for major product models with AM3D technology implemented. A number of leading defense contractors and systems integrators offer, development projects, but the projects have been impacted by delay. A climate change in this market will have a positive impact on 2014 for AM3D. Overall, the outlook for 2014 is promising, the reason being the increased number of new customers, and the fact that AM3D operates in market segments with prospects of continued growth. It is expected that aM3D will achieve an improved result in 2014, however still with a negative bottom line. No events have occurred after the balance sheet date to this date which would influence the evaluation of this annual report. The Board of Directors and the Executive Board have today considered and approved the annual report of AM3D A/S for the financial year 01.01.2013 - 31.12.2013.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2013 and of the results of its operations and cash flows for the financial year 01.01.2013 - 31.12.2013.We recommend the annual report for adoption at the Annual General Meeting.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.2014-03-19AalborgThe accounting policies applied for this consolidated financial statements and parent financial statements are consistent with those applied last year.This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class B enterprises with addition of certain provisions for reporting class C.Regnskabsklasse BAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.The consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence. Enterprises in which the Group, directly or indirectly, holds between 20% and 50% of the voting rights and exercises significant, but not controlling influence are regarded as associates.The consolidated financial statements are prepared on the basis of the financial statements of Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies. Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements. Minority interests’ pro rata shares of the profit/loss and the net assets are disclosed as separate items in the income statement and the balance sheet, respectively. Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the takeover date, with net assets having been calculated at fair value.Newly acquired or newly established enterprises are recognised in the consolidated financial statements from the time of acquiring or establishing such enterprises. Divested or wound-up enterprises are recognised in the consolidated income statement up to the time of their divestment or winding-up. The purchase method is applied at the acquisition of new enterprises, under which identifiable assets and liabilities of these enterprises are measured at fair value at the acquisition date. On acquisition of enterprises, provisions are made for costs relating to decided and published restructurings in the acquired enterprise. Allowance is made for the tax effect of restatements. Positive differences in amount (goodwill) between cost of the acquired share and fair value of the assets and liabilities taken over are recognised under intangible assets, and they are amortised systematically over the income statement based on an individual assessment of their useful life, however, no more than 20 years. Negative differences in amount (negative goodwill), corresponding to an estimated adverse development in the relevant enterprises, are recognised in the balance sheet under deferred income, and they are recognised in the income statement when such adverse development is realised. Profits or losses from divestment or winding-up of subsidiaries are calculated as the difference between selling price or settlement price and the carrying amount of the net assets at the time of divestment or winding-up, inclusive of non-amortised goodwill and estimated divestment or winding-up expenses-12789222469000790741780300007179806731500037089935600015497529800020173761000220156326540008310280004557641011000-11387902-8215000-9692913-7901000-9692913-7901000-9692913-790100017727324178400009283211868500018666818700018666818700084441139155000824268387950003579472517300010558587520004805335690002014303600001772732417840000124177428111000948000094800002937742-1369000379538282870003795382828700000119130761000018097222226000948000094800002937742-1369000-9692913-7901000207456134000Our responsibility is to express an opinion on the consolidated financial statements and parent financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing and additional requirements under Danish audit regulation. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether consolidated financial statements and parent financial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements and parent financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatements of the consolidated financial statements and parent financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation of consolidated financial statements and parent financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as the overall presentation of the consolidated financial statements and parent financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.Our audit has not resulted in any qualification.In our opinion, the consolidated financial statements and parent financial statements give a true and fair view of the Group’s and the Parent’s financial position at 31.12.2013, and of the results of their operations and the Group’s cash flows for the financial year 01.01.2013 - 31.12.2013 in accordance with the Danish Financial Statements Act.Pursuant to the Danish Financial Statements Act, we have read the management commentary. We have not performed any further procedures in addition to the audit of the consolidated financial statements and parent financial statement.On this basis, it is our opinion that the information provided in the management commentary is consistent with the consolidated financial statements and parent financial statement.1166561290001166561290001514200144200015142001442000312682013660004557641011000-11835356-919800021424431297000-6688172-6007000-7626152-6236000-27704-19000220156326550001377903-14000182283-662000831028000-458313-109600013879831297000-2768920-2593000400001400000050000004011117-4645000-504087-106600083102800042870843700027704-312052-30800048355The Company has entered into operating lease contracts with an average annual lease payment of DKK 146k. The lease contracts’ time to maturity is up to 46 months with a total remaining payment of DKK 424k8979887836900059693015293000-9692913-7901000171721532084835524830887700093500031268201366000-1006600-6900022223125653126000-125653-126000-3600024166648300010558587520002456994586000AM3D supports employee training and education by offering financial support and other needed tools and courses. Innovation is crucial to a company that deals with cutting edge technology. The company has worked actively with innovation for several years, which has led to groundbreaking audio products, patents and several types of IPR. This work continues. AM3D is a responsible global employer that offers good working conditions in both the parent company and subsidiaries. The company takes responsibility for employees and their working conditions. It is vital to emphasize that bribery is not acceptable in any form. AM3D makes a great effort to communicate openly with stakeholders and the general public through various communication and reporting forms.We expect a smaller loss in the coming year due to continued investment in customer service and continued development of core platforms and products in AM3D's product range, as well as the continually tough market conditions in Asia. On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the one in effect at the payment date, or the rate at the balance sheet date are recognised in the income statement as financial income or financial expenses. Property, plant and equipment, intangible assets, inventories and other non-monetary assets that have been purchased in foreign currencies are translated using historical rates.Gross profit or loss comprises revenue, changes in inventories of finished goods and work in progress, own work capitalised, other operating income, cost of raw materials and consumables and external expenses.Revenue from the sale of manufactured goods and goods for resale is recognised in the income statement when delivery is made and risk has passed to the buyer. Revenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.Other financial income comprises dividends etc received on other investments, interest income, including interest income on receivables from group enterprises, net capital gains on securities, payables and transactions in foreign currencies, amortisation of financial assets as well as tax relief under the Danish Tax Prepayment Scheme etc.Other financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, net capital losses on securities, payables and transactions in foreign currencies, amortisation of financial liabilities as well as tax surcharge under the Danish Tax Prepayment Scheme etc.Other external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes write-downs of receivables recognised in current assets.Tax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.Staff costs comprise salaries and wages as well as social security contributions, pension contributions, etc for entity staff.Amortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment comprise amortisation, depreciation and impairment losses for the financial year, calculated on the basis of the residual values and useful lives of the individual assets and impairment testing as well as gains and losses from the sale of intangible assets as well as property, plant and equipment. The cash flow statement shows cash flows from operating, investing and financing activities as well as cash and cash equivalents at the beginning and the end of the financial year. Cash flows from operating activities are presented using the indirect method and calculated as the operating profit/loss adjusted for non-cash operating items, working capital changes and income taxes paid. Cash flows from investing activities comprise payments in connection with acquisition and divestment of enterprises, activities and fixed asset investments as well as purchase, development, improvement and sale, etc of intangible assets and property, plant and equipment, including acquisition of assets held under finance leases. Cash flows from financing activities comprise changes in the size or composition of the contributed capital and related costs as well as the raising of loans, inception of finance leases, instalments on interest-bearing debt, purchase of treasury shares, and payment of dividend. Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk less short-term bank debt.Intellectual property rights etc comprise development projects completed and in progress with related intellectual property rights, acquired intellectual property rights and prepayments for intangible assets.Development projects on clearly defined and identifiable products and processes, for which the technical rate of utilisation, adequate resources and a potential future market or development opportunity in the enterprise can be established, and where the intention is to manufacture, market or apply the product or process in question, are recognised as intangible assets. Other development costs are recognised as costs in the income statement as incurred. The cost of development projects comprises costs such as salaries and amortisation that are directly and indirectly attributable to the development projects. Indirect production costs in the form of indirect attributable staff costs and amortisation of intangible assets and depreciation on property, plant and equipment used in the development process are recognised in cost based on time spent on each project. Completed development projects are amortised on a straight-line basis using the estimated useful lives of the assets. The amortisation period is five years. For development projects protected by intellectual property rights, the maximum amortisation period is the remaining duration of the relevant rights. Development projects are written down to the lower of recoverable amount and carrying amount.Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are amortised over their remaining duration, and licences are amortised over the term of the agreement, but over no more than 20 years. Intellectual property rights etc are written down to the lower of recoverable amount and carrying amount.Plant and machinery as well as other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets: Other fixtures and fittings, tools and equipment 6 years Leasehold improvements 3-20 years Plant and equipment are written down to the lower of recoverable amount and carrying amount. Assets costing less than DKK 25k per unit are recognised as costs in the income statement at the time of acquisition.Receivables are measured at amortised cost, usually equalling nominal value less write-downs for bad and doubtful debts.Investments in group enterprises are recognised and measured according to the equity method. This means that investments are measured at the pro rata share of the enterprises’ equity plus or minus unamortised positive, or negative, goodwill and minus or plus unrealised intra-group profits or losses. Group enterprises with negative equity are measured at DKK 0, and any receivables from these enterprises are written down by the Parent’s share of such negative equity value if it is deemed irrecoverable. If the negative equity value exceeds the amount receivable, the remaining amount is recognised under provisions if the Parent has a legal or constructive obligation to cover the liabilities of the relevant enterprise. Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to Reserve for net revaluation according to the equity method under equity. Goodwill is calculated as the difference between cost of the investments and fair value of the assets and liabilities acquired. Goodwill is amortised over its estimated useful life which is normally 5 years, however, in certain cases it may be up to 20 years for strategically acquired enterprises with a strong market position and a long-term earnings profile if the longer amortisation period is considered to give a better reflection of the benefit from the relevant resources. Investments in group enterprises are written down to the lower of recoverable amount and carrying amount.Receivables are measured at amortised cost, usually equalling nominal value less write-downs for bad and doubtful debts.Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.Cash comprises cash in hand and bank deposits.Other financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Current tax payable or receivable is recognised in the balance sheet, stated as tax calculated on this year's taxable income, adjusted for prepaid tax.Deferred tax is recognised on all temporary differences between the carrying amount and tax-based value of assets and liabilities, for which the tax-based value of assets is calculated based on the planned use of each asset. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.Deferred tax relating to re-taxation of previously deducted losses of foreign subsidiaries is recognised based on a specific assessment of the purpose of the individual subsidiary. 27689202593000-9692913-7901000-2796624-2572000964165991410001568635620001560186-676000181549851556200029000002900000276892025930002593080-2593080492768920-12185684-10269000-2658334-241700019115412416672416664830005969301529300027689202593000116656129000186668187000Geografisk område 01Geografisk område 02Geografisk område 03Geografisk område 04Geografisk område 05Geografisk område 01Geografisk område 02Geografisk område 03Geografisk område 04Geografisk område 05180972222260001578336198600094800009480000Langagervej69220Aalborg Øst33963556Deloitte Statsautoriseret RevisionspartnerselskabGøteborgvej189200Aalborg SVDenmark98 79 60 00Lars Birner SørensenTorben Toft KristensenState Authorised Public AccountantState Authorised Public AccountantStedUnderskrivende revisor 1statsautoriseret revisor4141000-435834101400000014000000