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The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view​of the Group's and the Parent's financial position at 30.06.2025and of the results of their operations and the consolidated cash flows for the financial year01.07.2024 -30.06.2025. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Søborg Rolf Carlsen Michael Gauguin Houghton-Larsen Jørgen Vilhelm Løvenørn Bardenfleth Rolf Carlsen Dan Højgaard Jensen Rasmus Ødum To the shareholders of CN3 Group ApS We have audited the consolidated financial statements and the parent financial statements of CN3 Group ApS for​the financial year 01.07.2024 - 30.06.2025, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements are prepared in accordance with the Danish Financial Statements Act. ​​ ​​In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view​of the Group's and the Parent's financial position at 30.06.2025 and of the results of their operations and the consolidated cash flows for the financial year 01.07.2024 - 30.06.2025 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional ​requirements applicable in Denmark. Our responsibilities under those standards and requirements are further ​​described in the "Auditor’s responsibilities for the audit of the consolidated financial statements and the parent financial statements" section of this auditor’s 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. Effective from this financial year, the Entity is required to have its consolidated financial statements and the parent financial statements audited. We point out that, as disclosed in the financial statements, the comparative figures in the consolidated financial statements and the parent financial statements have not been audited but subjected to extended review. 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. ​​ ​​In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and the Entity’s ability to continue ​as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going ​concern basis of accounting in preparing the​consolidated financial statements and the parent financial statements unless Management either intends to liquidate ​the Entity 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 the parent 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 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 the parent 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 Entity’s internal control.​Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates ​​and related disclosures made by Management.​Conclude on the appropriateness of Management’s use of the going concern basis of accounting in ​​preparing the consolidated financial statements and the parent 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 Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to ​draw attention in our auditor’s report to the related disclosures in the consolidated financial statements and the parent 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 ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures ​in the notes, and whether the consolidated financial statements and the parent 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 consolidated financial statements and the parent financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes 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 the management commentary. ​​ ​​Our opinion on the consolidated financial statements and the parent financial statements does not cover the management commentary, and we do not express ​any form of assurance conclusion thereon. ​​ ​​In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management ​commentary and, in doing so, consider whether the management commentary is materially inconsistent with ​the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. ​​​Moreover, it is our responsibility to consider whether the management commentary provides the information ​​required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with ​​the consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary. Copenhagen Deloitte Statsautoriseret Revisionspartnerselskab 33963556 René Winther Pedersen State Authorised Public Accountant mne34173 Financial highlights2024/25​DKK'0002023/24​DKK'000Key figuresGross profit/loss66,93857,261Operating profit/loss27,99825,012Net financials321(302)Profit/loss for the year22,33119,427Balance sheet total74,58470,447Investments in property, plant and equipment477426Equity50,34244,591Equity excl. minority interests47,99342,320Cash flows from operating activities27,12818,488Cash flows from investing activities(1,676)(2,594)Cash flows from financing activities(16,684)(8,036)RatiosEquity ratio (%)64.3560.07Financial highlights are defined and calculated in accordance with the current version of "Recommendations & ​Ratios" issued by the CFA Society Denmark.Equity ratio (%) :​Equity excl. minority interests * 100 ​​Balance sheet total Primary activitiesThe Entity's primary activity is investments in group enterprises. ​ ​The Group’s activities comprise consultancy within construction, technology and management, as well as software development. Development in activities and financesFor 2024/25, the Group realised a profit of TDKK 22,331 compared to a profit of TDKK 19,427 in 2023/24. The Group’s equity amounts to TDKK 50,342 and the balance sheet total amounts to TDKK 74,584. ​ ​The volume of revenue has increased compared to last year, which has had a positive impact on the result. Profit/loss for the year in relation to expected developmentsThe result is higher than expected, which is primarily due to a higher activity level from the completion of major international projects and diversification in the Entity. ​ ​The management considers the result to be satisfactory. Uncertainty relating to recognition and measurementInvestments in subsidiaries are recognised at fair value in the parent company financial statements. The valuation is based on significant accounting estimates and judgements. Reference is made to note 5 in "Notes to parent financial statements" for a more detailed description of the methods and assumptions applied. OutlookThe Group's revenue is expected to remain at the current level in the coming financial year. Despite variations in project composition, management expects earnings to remain at a similar level to those realised in the current year, resulting in a profit of between MDKK 20-23. Use of financial instrumentsThe Group's business model is characterised by a combination of large, long-term construction projects and a substantial volume of smaller projects within the building and infrastructure sector in Northern Europe. On larger​projects, we deliver specialised Design to Manufacture (D2M) support for advanced construction, while simultaneously serving a broad customer base with smaller assignments. In addition, we have significant activity within software development, where we create tools and solutions to optimise construction processes. ​On large projects, we typically serve a few major clients at a time in each financial year, which entails a concentration risk, as delays, interruptions or loss of a single major project can significantly affect revenue and results in the year in question. ​The Group has built a solid track record and continuously works to ensure a pipeline of new projects. Our extensive portfolio of smaller assignments combined with our software development activities contribute to reducing vulnerability and creating a more diversified revenue base. Our specialisation in D2M for complex building and infrastructure projects as well as software solutions gives us a strong market position, but at the same time makes us dependent on the activity level in the construction and civil engineering sector. Furthermore,​the company is dependent on highly specialised employees with competencies in VDC, software development and advanced construction. Retention and recruitment of qualified employees are therefore central to the Group's continued development. ​Financial instruments are not used to hedge currency risks. Furthermore, the Group is not exposed to any special​risks beyond what is customary within the industry, which is why there are no other financial instruments. Research and development activitiesIn line with previous years, the Group has capitalised development costs amounting to MDKK 1.2 in the year relating to the development of new software for use in the construction and civil engineering industry, which is used both internally and for sale to external users. The development projects were completed at the balance sheet date and put into use after completion. ​In addition to the capitalised development costs, the Group has undertaken significant development efforts that have been expensed in the income statement. This reflects our continued commitment to innovation and development of new solutions for the construction industry. Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. Parent treasury shares NumberNominal ​​​value​DKKRecorded par ​​value​DKKShare of ​​contributed ​​capital ​​​%Employee share scheme2182182180.39Investments disposed of2182182180.39Treasury shares8208208201.46Holding of treasury ​shares 8208208201.46During the year, the company has disposed of a total of 665 treasury shares for cash and to existing capital owners by employee scheme. The disposal price of which is disclosed in the statement of changes in equity. During the year, the company has disposed of a total of 665 treasury shares for cash and to existing capital owners by employee scheme. The disposal price of which is disclosed in the statement of changes in equity. 66937570 57260756 37864482 31468694 1074797 780166 27998291 25011896 557584 342008 236364 643761 28319511 24710143 5988114 5282805 22331397 19427338 8682999 8413349 0 0 8682999 8413349 1074914 769536 1074914 769536 796122 766358 796122 766358 10554035 9949243 17987300 24437417 1394079 184992 1129049 1124481 20510428 25746890 43519754 34750954 64030182 60497844 74584217 70447087 56000 56000 22866 563 39913695 34263111 8000000 8000000 47992561 42319674 2349589 2271528 50342150 44591202 3388475 3617321 8600000 8600000 11988475 12217321 1506658 2613377 1506658 2613377 145948 227187 2279414 5071751 313193 436521 7613630 4680812 394749 608916 10746934 11025187 12253592 13638564 74584217 70447087 56000 563 34263111 0 8000000 477320 0 0 919926 0 8000000 0 10000000 22303 -22303 0 4275641 10000000 8000000 56000 22866 39913695 8000000 8000000 42319674 2271528 44591202 477320 0 477320 919926 0 919926 8000000 0 8000000 10000000 0 10000000 0 1 1 22275641 78060 22353701 47992561 2349589 50342150 1074797 780166 0 4000000 5162776 -6198109 34235864 23593953 559087 342114 237867 643867 7586407 4952413 157078 148100 27127755 18487887 1169342 2151337 476847 425662 Rent deposit and other receivables -29764 -17346 -1675953 -2594345 -25451802 -15893542 0 2088962 18000000 5100000 0 449138 919926 0 Dividends from teasury shares 477320 135241 Other payables -81239 -533245 -16683993 -8036104 8767809 7857438 34750954 26890896 991 2620 43519754 34750954 1 Staff costs2024/25​DKK2023/24​DKKWages and salaries35,697,99129,768,115Pension costs1,730,1411,372,158Other social security costs436,350328,42137,864,48231,468,694Average number of full-time employees6457Remuneration​of ​management​2024/25​DKKRemunerationof management​2023/24​DKKTotal amount for management categories2,041,9911,879,3242,041,9911,879,324 64 57 Remuneration​of ​management​2024/25​DKKRemunerationof management​2023/24​DKKTotal amount for management categories2,041,9911,879,3242,041,9911,879,324 2041991 1879324 2 Depreciation, amortisation and impairment losses2024/25​DKK2023/24​DKKAmortisation of intangible assets899,692654,903Depreciation on property, plant and equipment175,105125,2631,074,797780,166 3 Other financial income2024/25​DKK2023/24​DKKOther interest income557,584342,008557,584342,008 4 Other financial expenses2024/25​DKK2023/24​DKKOther interest expenses9,176373,823Exchange rate adjustments227,188269,938236,364643,761 5 Tax on profit/loss for the year2024/25​DKK2023/24​DKKCurrent tax6,395,7535,190,981Change in deferred tax(228,846)364,374Adjustment concerning previous years(178,793)(272,550)5,988,1145,282,805 6 Proposed distribution of profit/loss2024/25​DKK2023/24​DKKOrdinary dividend for the financial year8,000,0008,000,000Extraordinary dividend distributed in the financial year10,000,0000Retained earnings4,331,39711,427,33822,331,39719,427,338 8000000 8000000 10000000 0 4331397 11427338 22331397 19427338 7 Intangible assetsCompleted development projects​DKKDevelopment projects in progress​DKKCost beginning of year12,698,2440Transfers1,169,342(1,169,342)Additions01,169,342Cost end of year13,867,5860Amortisation and impairment losses beginning of year(4,284,895)0Amortisation for the year(899,692)0Amortisation and impairment losses end of year(5,184,587)0Carrying amount end of year8,682,9990 8 Development projectsDuring the year, the Company has further developed software for the daily operation and for the purpose of executing different processes and as a consequence hereof providing a financial benefit. The development work is expected to stretch over a longer period in step with the technological development. 9 Property, plant and equipmentOther fixtures and fittings, tools and equipment​DKKCost beginning of year1,507,585Exchange rate adjustments2,209Additions476,847Cost end of year1,986,641Depreciation and impairment losses beginning of year(738,049)Depreciation for the year(173,678)Depreciation and impairment losses end of year(911,727)Carrying amount end of year1,074,914 10 Financial assetsDeposits​DKKCost beginning of year766,358Additions29,764Cost end of year796,122Carrying amount end of year796,122 11 PrepaymentsPrepayments consist of other prepaid costs, including subscriptions relating to the financial year 2025/26. 12 Contributed capitalNumberPar value​DKKNominal ​​value​DKKShare capital 56,000156,00056,00056,000 13 Deferred tax2024/25​DKK2023/24​DKKIntangible assets3,615,2593,665,936Property, plant and equipment51,23423,501Receivables(64,835)(109,126)Liabilities other than provisions(440,000)0Tax losses carried forward0(178,783)Other taxable temporary differences226,817215,793Deferred tax3,388,4753,617,321​ ​​Changes during the year2024/25​DKK2023/24​DKKBeginning of year3,617,3213,252,947Recognised in the income statement(228,846)364,374End of year3,388,4753,617,321 14 Other provisions The due dates for the liabilities provided for are expected to be in 0-4 years. 15 Non-current liabilities other than provisionsDue after ​more than 12 ​months​2024/25​DKKTax payable1,506,6581,506,658 16 Deferred incomeDeferred income consist payment received, including subsidies relating to subsequent financial years. 17 Changes in working capital2024/25​DKK2023/24​DKKIncrease/decrease in receivables5,236,462(8,340,194)Increase/decrease in trade payables etc.(73,686)2,142,0855,162,776(6,198,109) 18 Contingent liabilitiesThe Entity has entered into lease obligations, as at the time of the balance sheet consitute an annual rental payment of DKK ('000) 1,458 in the non-cancellation period, which expires on 30.11.2025. The lease obligation can​be terminated with 9 months notice.​​The Entity has entered an operational lease agreement with an average annual lease payment of DKK ('000) 93. The lease agreement has a time to maturity of 9,5 months with a total residual lease payment of DKK ('000) 74.​​Group employee shareholders obligations ​The Group has an obligation to buy the shares from group employee shareholders, which price depends on the scenario in which the group employee shareholder resigns in the subsidiary. If the employee resign as a "good leaver", the Entity will have to pay shareholder's share of the equity reduced by dividend. However, the price cannot exceed retained earnings. On the balance sheet date, 13.60 % of the shareholders were group employee shareholders.​​In addition, shares owned by employees in one of the Group's entities constitute 2.37 % of the equity, which amounted to DKK ('000) 12,083 on the balance sheet date. These shareholders do not have a share part in the Group's equity as descirbed above. 19 SubsidiariesRegistered inOwnership ​​​%CN3 A/S Denmark100.00BIMGenetic ApSDenmark82.36CN3 Consulting Engineers SRL - annual report 31.12.24 Romania100.00UAB CN3 Engineering - annual report 31.12.24Lithuania95.00CN3 B.V. Netherlands99.00 1300314 1105666 655557 154098 644757 951568 28000000 5160698 139858 5858 262 0 28784353 6118124 172585 231631 28611768 5886493 117226408 101501837 117226408 101501837 117226408 101501837 81719 974625 514502 0 1334063 2381746 1930284 3356371 15111515 2800925 17041799 6157296 134268207 107659133 56000 56000 100925784 85261784 23394999 11385926 8000000 8000000 132376783 104703710 1506658 2434594 0 178783 1506658 2613377 131826 18750 252940 323296 384766 342046 1891424 2955423 134268207 107659133 56000 85261784 11385926 0 8000000 477320 0 0 919926 0 8000000 0 10000000 0 0 -59 0 0 15664000 10611768 10000000 8000000 56000 100925784 23394999 0 8000000 104703710 477320 919926 8000000 10000000 -59 15664000 28611768 132376783 1 Staff costs2024/25​DKK2023/24​DKKWages and salaries578,475135,000Pension costs75,60018,900Other social security costs1,482198655,557154,098Average number of full-time employees11Information on management remuneration has been omitted in accordance with the exception provision in the Danish Financial Statements Act, section 98 b, subsection 3, no. 2. 1 1 2 Other financial income2024/25​DKK2023/24​DKKFinancial income from group enterprises539801Other interest income139,3194,951Exchange rate adjustments0106139,8585,858 3 Tax on profit/loss for the year2024/25​DKK2023/24​DKKCurrent tax172,595231,631Adjustment concerning previous years(10)0172,585231,631 4 Proposed distribution of profit and loss2024/25​DKK2023/24​DKKOrdinary dividend for the financial year8,000,0008,000,000Extraordinary dividend distributed in the financial year10,000,0000Retained earnings10,611,768(2,113,507)28,611,7685,886,493 8000000 8000000 10000000 0 10611768 -2113507 28611768 5886493 5 Financial assetsInvestments in group enterprises​DKKCost beginning of year16,240,053Exchange rate adjustments60Additions60,511Cost end of year16,300,624Revaluations beginning of year85,261,784Revaluations for the year15,664,000Revaluations end of year100,925,784Carrying amount end of year117,226,408Carrying amount if asset had not been revalued16,300,624A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.The investments in group enterprises are cf. the accounting policies, recognised and measured at fair value, which in nature are characterised by uncertainity as a result of the calculation based on a Discounted Cash Flow valuation model, which contains elements of estimation. 6 Non-current liabilities other than provisionsDue after ​more than 12 ​months​2024/25​DKKTax payable1,506,6581,506,658 7 Other payables2024/25​DKK2023/24​DKKVAT and duties203,740311,359Wages and salaries, personal income taxes, social security costs, etc. payable10,72511,937Holiday pay obligation38,4750252,940323,296 8 Contingent liabilitiesThe Entity has an obligation to buy the shares from group employee shareholders, which price depends on the ​scenario in which the group employee shareholder resigns in the subsidiary. If the employee resign as a "good ​leaver", the Entity will have to pay shareholder's share of the equity reduced by dividend. However, the price ​cannot exceed retained earnings. On the balance sheet date, 13.60 % of the shareholders were group employee ​shareholders.The Entity serves as the administration company in a Danish joint taxation arrangement. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc. for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for these entities. 9 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report.​ No such transactions were conducted during the financial year. This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act ​governing reporting class C enterprises (medium).The accounting policies applied to these consolidated financial statements and parent financial statements are consistent with those applied last year.Effective from this financial year, the Entity can no longer opt for extended review, for which reason the consolidated financial statements and the parent financial statements have been audited. The comparative figures in the consolidated financial statements and the parent financial statements, including disclosures in the notes, have not been audited but subjected to extended review. Recognition and measurementAssets 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. Consolidated financial statementsThe 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. Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the 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 Management's proposal for the distribution of net profit/loss and equity, respectively.​​Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the acquisition date,​with net assets having been calculated at fair value. Gross profit or lossGross profit or loss comprises revenue and other external expenses. RevenueRevenue 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. Own work capitalisedOwn work capitalised comprises staff costs and other costs incurred in the financial year and recognised in ​cost for proprietary intangible assets and property, plant and equipment. Other operating incomeOther operating income includes items of a secondary nature in relation to the enterprises' principal activities, including profit from sale of intangible and tangible assets, operating loss and conflict compensations, as well as salary refunds. Compensations are recognised when the income is estimated to be realisable. Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory ​writedowns. Other external expensesOther 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 writedowns of ​receivables recognised in current assets. Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc . for entity staff. Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible ​assets comprise depreciation, amortisation and impairment losses for the financial year. Income from investments in group enterprisesIncome from investments in group enterprises comprises dividends etc. received from the individual group enterprises in the financial year. Other financial incomeOther financial income comprises interest income, including interest income on receivables from group enterprises, payables and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish Tax Prepayment Scheme etc. Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group ​enterprises, payables and transactions in foreign currencies, amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc. Tax on profit/loss for the yearTax 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.The Entity is jointly taxed with all Danish group enterprises. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses). Intellectual property rights etc.Intellectual property rights etc. comprise development projects completed and in progress.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. When recognising development projects as intangible assets, an amount equalling ​the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced ​as the development projects are amortised and written down. ​ ​The cost of development projects comprises costs such as salaries and amortisation that are directly and ​indirectly attributable to the development projects. ​ ​Completed development projects are amortised on a straight-line basis using their estimated useful lives ​which are determined based on a specific assessment of each development project. If the useful life cannot ​be estimated reliably, it is fixed at 10 years. For development projects protected by intellectual property rights, the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation periods used are 20 years. ​ ​Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount. Property, plant and equipmentOther 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:Useful life Other fixtures and fittings, tools and equipment3-10 yearsEstimated useful lives and residual values are reassessed annually. ​ ​Items of property, plant and equipment are written down to the lower of recoverable amount and carrying ​amount. Investments in group enterprisesInvestments in group enterprises are recognised and measured at fair value. ​ ​The fair value is calculated based on a Discounted Cash Flow valuation model, where the fair value is partly based ​on the value of the future cash flows in a 5-year budget period and partly on the value in the terminal period, which is after the budget period. ​ ​Revaluations of capital shares in subsidiaries are recognized in equity in the reserve for revaluations, to the extent that the fair value exceeds the cost price. ​ ​When buying companies, the takeover method is used with revaluation of all identified assets and liabilities at fair ​value on the acquisition date. The fair value is calculated on the basis of trades on an actively marked, alternatively calculated using generally accepted valuation models. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and ​​doubtful debts. Joint taxation contributions payable or receivable Current joint taxation contributions payable or receivable are recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are expected to be used under the joint taxation arrangement.Tax payable or receivable Current tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's ​​taxable income, adjusted for prepaid tax. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​​cost. CashCash comprises cash in hand and bank deposits. DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for ​​the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial ​​year is recognised directly in equity when distributed and disclosed as a separate item in Management's ​​proposal for distribution of profit/loss. Treasury sharesAcquisition and selling prices and dividends of treasury shares are classified directly as equity in retained ​​earnings. Gains and losses from sale are not recognised in the income statement. Minority interestsOn initial recognition, minority interests are measured at the minority interests’ share of the acquiree’s net assets measured at fair value. No goodwill related to the minority interests’ equity interests in the acquiree is recognised. Deferred tax Deferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value 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. Other provisionsOther provisions comprise anticipated costs of non-recourse guarantee commitments, returns, loss on ​contract work in progress, decided and published restructuring, etc. ​ ​Other provisions are recognised and measured as the best estimate of the expenses required to settle the ​liabilities at the balance sheet date. Provisions that are estimated to mature more than one year after the ​balance sheet date are measured at their discounted value. ​ ​Non-recourse guarantee commitments comprise commitments to remedy defects and deficiencies within ​the guarantee period of 1-3 years. ​ ​Once it is probable that total costs will exceed total income from a contract in progress, provision is made ​for the total loss estimated to result from the relevant contract. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income ​​is measured at cost. Cash flow statementThe cash flow statement shows cconsolidated cash flows from operating, investing and financing activities, and 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 financial income, financial expenses and income tax paid. ​​ ​​Cash flows from investing activities comprise payments in connection with acquisition and divestment of ​ enterprises, activities and fixed asset investments, and purchase, development, improvement and sale, ​​etc. of intangible assets and property, plant and equipment. ​​ ​​Cash flows from financing activities comprise changes in the size or composition of the contributed capital ​​and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend. ​​ ​​Cash and cash equivalents comprise cash.​​No cash flow statement has been prepared for the Parent as its cash flows are included in the consolidated cash flow statement, refer to section 86(4) of the Danish Financial Statements Act. The cash flow statement shows cconsolidated cash flows from operating, investing and financing activities, and 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 financial income, financial expenses and income tax paid. ​​ ​​Cash flows from investing activities comprise payments in connection with acquisition and divestment of ​ enterprises, activities and fixed asset investments, and purchase, development, improvement and sale, ​​etc. of intangible assets and property, plant and equipment. ​​ ​​Cash flows from financing activities comprise changes in the size or composition of the contributed capital ​​and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend. ​​ ​​Cash and cash equivalents comprise cash.​​No cash flow statement has been prepared for the Parent as its cash flows are included in the consolidated cash flow statement, refer to section 86(4) of the Danish Financial Statements Act. true Grundlag for konklusion Konklusion 2025-11-06 2025-11-06 Revisionspåtegning Regnskabsklasse C, mellemstor virksomhed 2024-06-30 2023-07-01 33963556 Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab 2300 København S 2025-06-30 2024-07-01 CN3 Group ApS 35836101 København S 2300 6 Weidekampsgade Gladsaxe Søborg 2860 38 Telefonvej