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The annual report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the Group's and the Parent Company's assets, liabilities and financial position at 31 December 2020 and of the results of the Group's and the Parent Company's operations and consolidated cash flows for the financial year 1 January – 31 December 2020. Further, in our opinion, the Management's review gives a fair review of the development in the Group's and the Parent Company's operations and financial matters, of the results for the year and of the Group's and the Parent Company's financial position. We recommend that the annual report be approved at the annual general meeting.Høje Taastrup2021-05-27To the shareholder of Consolis Denmark A/SOpinionWe have audited the consolidated financial statements and the parent company financial statements of Consolis Denmark A/S for the financial year 1 January – 31 December 2020 comprising income statement, balance sheet, statement of changes in equity and notes, including accounting policies, for the Group as well as for the Parent Company and a cash flow statement for the Group. The consolidated financial statements and the parent company financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the Group's and the Parent Company's assets, liabilities and financial position at 31 December 2020 and of the results of the Group's and the Parent Company's operations and consolidated cash flows for the financial year 1 January – 31 December 2020 in accordance with the Danish Financial Statements Act.Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the consolidated financial statements and the parent company financial statements" section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these rules and requirements. 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 that Management determines is necessary to enable the preparation of consolidated financial statements and parent company financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements and the parent company financial statements, Management is responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the consolidated financial statements and the parent company financial statements unless Management either intends to liquidate the Group or the Company or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance as to whether the consolidated financial statements and the parent company financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements in Denmark will always detect a material misstatement when it exists. Misstatements may 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 made on the basis of these consolidated financial statements and parent company financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also — identify and assess the risks of material misstatement of the consolidated financial statements and parent company financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control. — obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the Parent Company's internal control. — evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. — conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the consolidated financial statements and the parent company financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parent Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements and the parent company financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and the Company to cease to continue as a going concern. — evaluate the overall presentation, structure and contents of the consolidated financial statements and the parent company financial statements, including the disclosures, and whether the consolidated financial statements and the parent company 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 the Management's review. Our opinion on the consolidated financial statements and the parent company financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements and the parent company financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the consolidated financial statements or the parent company financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the 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 of the Management's review.Copenhagen2021-05-27Martin EilerState Authorised Public Accountantmne32271The Group's principal activities The core activities of the Group are to develop, produce and erect concrete elements. It is the vision to be the preferred partner in all construction projects using concrete elements and to be the largest supplier of highly refined industrialized construction systems. This vision is pursued by focusing on innovation, high quality, and consistency of supply, combined with the ability to compete through value adding solutions, high productivity, and focus on costs. Results for the year and development The first thing to highlight, after a strange 2020, is the global COVID-19 pandemic. Here we as a company managed well despite having most of the white collar working from home during a majority of the year. We also managed to have all three factories and our assembly running throughout the year, which meant that we had no delays effecting our customers. The area we did see an impact was on orders where initially it was a rapid drop in awarded projects in the total market, this however picked up during the year and we ended with strong order months. The income statement of the Group for 2020 shows a loss of DKK 7,232 thousand, and at 31 December 2020 the balance sheet of the Group shows a negative equity of DKK 413,176 thousand. The Group's revenue for the year amounted to DKK 696.3 million, which is a decrease compared to last year, when revenue amounted to DKK 722.5 million. The Company's revenue for the year is in line with the expected revenue according to the expectations stated in the annual report for 2019. The production volume for the year was slightly below last year. The production of concrete elements takes place from production facilities in Aalborg, Kolding and Vemmelev and constitutes the majority of the Group's activities. The headquarter is situated in Hedehusene. During 2020 we managed to significantly reduce our overhead costs compared to 2019 which was a key target going into the year. Redundancy cost amounts to DKK 5.0 million. In addition to this, the Company has spent DKK 2.2 million in preparation for the liquidation of its German subsidiary to reduce overheads. Because of this planned liquidation, the re-taxation liability has been reduced from DKK 11 million to zero. The Company has successfully managed to close a legal dispute with a favorable financial impact of DKK 10 million. Operating loss amounted to DKK 1.5 million, which is an improvement compared to last year when operating result was a loss of 24.3 million. The operating profit was in line with the expectations stated in the annual report for 2019. Net financials amounting to a negative DKK 20.7 million. The net result is considered satisfactory and in line with the ongoing turnaround process especially considering that we, like the rest of world, had to handle the challenges with the COVID-19 crisis. The Group The Group comprises the parent company, Spæncom A/S, as well as the subsidiary, Spaencom Betonfertigteile GmbH & Co KG (hereinafter named SBF). During the financial year, the land, buildings and production plant of SBF has been idle. The Company's risk exposure To some extent, the Group's costs depend on the development in raw material prices – especially the prices of steel, cement and energy – and to the largest possible extent, the Group attempts to hedge this risk by entering into long-term agreements with its suppliers. Similarly, the Group's production is relatively wage intensive, and consequently, the Group's costs are also influenced by the development in wages and salaries. In relation to its mortgage debt, the Group is subject to an interest rate risk. The interest rate exposure is related to fluctuations in the CIBOR rate. The Group's customers comprise a wide range of the operators in the Danish construction industry in particular, but with a considerable part of the revenue distributed among the large operators in the industry. As the Group predominantly contracts and invoices in accordance with AB92/AB18, projects and debts are normally secured by means of guarantees from reputable guarantors and by means of transports. The maximum credit risk that may occur for trade receivables and other receivables corresponds to the value at which they are recognised in the balance sheet. No single receivable constitutes a significant part. For the most part, debtor balances are insured. The Group contracts only with reputable financial institutions controlled by respected financial supervisory authorities. The Company's goals and policies for management of financial risks The Group's production and products are mainly based on well-known and thoroughly tested techniques, and the majority of the tasks are performed under well-known risks; the Group attempts to minimize the risks through certified quality assurance programmes. The development in liquidity proves that liquidity management should continuously be a focus area for the Group. However, based on budgeted results, Consolis and Spæncom expect that the current financial resources are adequate and that the short-term liquidity reserves are sufficient. These reserves include the parent Group's contribution of working capital, if necessary. Liquidity risks The development in liquidity proves that liquidity management should continuously be a focus area for the Group. However, based on budgeted results, Consolis and Spæncom expect that the current financial resources are adequate and that the short-term liquidity reserves are sufficient. These reserves include the parent Group's contribution of working capital, if necessary. Targets and expectations for the year ahead We expect a flat development of revenue and a positive EBIT is forecasted. COVID-19 is currently not foreseen to have any significant impact on the 2021 performance. The turnaround activities initiated in 2020 will continue and in addition, we foresee a significantly increased focus on sustainability. Development and research It is a continuous effort to develop processes, methods and products, which are of use to the Group and its stakeholders. This is done both within the Consolis Denmark A/S Group and in cooperation with clients and advisors as well as in cooperation with the Consolis Group, which uses significant resources on the development of products and production methods. Consolis does not undertake actual research, but participates in various development projects together with universities, technological institutes, and other operators within the industry. Human capital To ensure the continuing growth of the Group and Spæncom A/S in particular, it is essential that the Group continuously attracts and maintains highly educated professionals, such as engineers, designers, and production staff. To ensure a high and a competitive product quality, the Group makes use of state-ofthe- art processes in the tender and design phase. Today, the Group possesses the highest expertise within design and project development in the concrete element industry. Environment/Climate With a constant focus on the environment and the development of new environmentally friendly production methods, Spæncom will be an industry leader in sustainability by focusing on minimizing the carbon footprint, reduce the consumption of energy, water and waste, reusing water and scrap concrete elements and focus on optimizing the concrete. As a company, we have adopted an Environmental Policy with the following principles:  Operating practices, which seek to minimize impact, prevent pollution and minimize the likelihood of environmental harm through work and management practices, continuous improvement, training and the use of new technology.  Compliance with all applicable environmental laws and regulations in both existing operations and new developments.  Ensure suppliers adhere to legislation regarding delivery of raw materials on-site.  Environmental assessment of existing operations and new projects.  Plan, review and assess our environmental performance against measurable targets and best practices to drive continuous improvement.  Report, monitor and analyze our environmental performance.  Maximize our energy and resource efficiency, lower our carbon intensity and reduce emissions by managing our usage of energy, water consumption and waste generation: 1) Waste management to minimize wastes, develop recycling opportunities, and ensure proper handling and disposal methods. 2) Product development, which seeks to combine commercial viability and efficient use of resources. Spæncom is among the first manufacturers to offer concrete elements with FutureCEM - a cement with up to 30 percent lower carbon footprint. We are also optimizing the entire design process by making use of digital tools and developing new solutions. This will lead to a reduction in use of reinforcement steel and concrete. To help our customers make the projects as green as possible, so they can achieve the certification that the developer wants, we are using EPDs (Environmental Product Declaration) which are used for verified documentation of environmental impacts, resource consumption and waste generation for a material / product / construction product. We also choose to make demands to our suppliers, so it’s the entire value chain that contributes to sustainable production and delivery The policy regarding environment is integrated in Spæncom A/S certified quality management system. The Group is operating in accordance with the environmental permits given by the municipalities, where the factories are located. The key environmental risks identified by the authorities are:  Energy consumption  Water consumption  Emission to water  Emission to air  Noise  Disposals These key areas are measured on a regular basis as a part of The Group’s environmental program and in compliance with authorities’ requirements. The Group does not have any open issues with the authorities in this respect. Human rights Consolis group's Code of Conduct is an integrated document of all white-collar employees’ contracts. The Code of Conduct covers among others equal rights for employees. The Group does not see any specific, material risks that violate human rights. Consequently, no systems, procedures, or due diligence processes are in place. However, Consolis launched a whistleblower program to facilitate that concerns about human rights violation may be raised. Social and staff matters The nature of work at the factories and on the assembly sites naturally contains latent risk of injuries, for which reason the Group is committed to providing a safe and healthy work environment for its employees and to conducting its business in a safe manner. Our Health and Safety Policy is one of the components of our business compliance, and it is directly linked to quality and operational excellence.  Our H&S management systems reflect our values and require visible and active engagement.  We protect the health and safety of our employees, sub-contractors and visitors; everyone is expected to behave with a safety mindset.  No priority or productivity can ever justify putting oneself or anyone else at risk.  We are committed to compliance with all health, safety, and environmental requirements wherever we operate.  We measure and review our health and safety records, implement corrective actions, monitor our progress and target « zero accidents and zero occupational health problems ».  Our H&S management systems are based on continuous improvement and are fully integrated into our operational excellence initiatives.  It is everyone's responsibility to ensure that safety rules are applied. Our leadership team and employees receive regular training on health and safety. The principles associated with Health and Safety are what define us as a Group to our customers, our employees, and the communities where we conduct business. The high level of importance that we have assigned to these areas is reflected in our everyday actions. The specific implementation of the Health and Safety Policy contains a clear requirement of evaluating risks connected to new tasks and frequent safety inspections on all sites to secure that risks are identified and managed. Further, Spæncom has firm and clear instructions on the use of personal protective equipment, root cause analysis behind each accident, annual safety weeks, etc. During 2020, the accident rates have significantly decreased year-on-year reflecting our increased focus on safety and we landed the year on an all-time low level, which was excellent. Year FR 1 FR 2 2015 6,0 45 2016 3,0 19 2017 1,1 16 2018 5,7 20 2019 2020 6,5 0.0 FR 1: Accidents with lost time per million working hours 22 2 FR 2: Accidents (with and without lost time) per million working hours Finally, the policy regarding working environment is integrated in Spæncom A/S certified quality management system. Anti-corruption Consolis Denmark A/S and the Group comply with Consolis Group’s Anti Money Laundring Policy. Further, white-collar employees have Spæncom/Consolis Code of Conduct as an integrated document of their employment contract. The Code of Conduct covers, among other, anti-corruption and fair trade. In general, corruption is – according to Transparency International – very low in Denmark and Germany, where the Consolis Denmark group conducts its business. Therefore, the general risk level is rather low. The Group has a strong belief that the Code of Conduct and Anti-Money Laundering Policy are appropriate measures to avoid corrupt behavior among the Group’s employees. Events after the balance sheet date No events have occurred after the balance sheet date that materially affects the Group's financial position. Dividends and the annual general meeting The Board of Directors will recommend at the annual general meeting that no dividend should be distributed. The annual general meeting will be held on 27th May 2021 at the Company's premises in Hedehusene (Akacievej 1).Consolis Group has a Sustainability Policy that rests on the pillars:  Health & Safety  Environmental impact  Social responsibility that covers all relevant aspects of Corporate Social Responsibilities. The different aspects are described below. All policies are developed to secure full compliance with all applicable laws and regulations.Currently, the Group's supreme management body, the Board of Directors, consists of five members. Two of the members are female. It is the Group's target to have at least one female member on the Board, which is fulfilled. The goal has been set based on the Group's industry, in which the workforce consists primarily of men. The formal management consists of one person who is a female. The Group strives to maintain and fulfil the goals set for gender quotation at all management levels, but will always employ the best qualified candidate. Both male and female employees are encouraged to apply for internally advertised positions and to develop their competencies and careers. At the moment, 6 out 21 on all management levels are women. This is compared to the general gender composition of the Group, where about 10% are women.The annual report of Consolis Denmark A/S for 2020 has been prepared in accordance with the provisions applying to reporting class C large entities under the Danish Financial Statements Act. The accounting policies used in the preparation of the consolidated financial statements and parent company financial statements are consistent with those of last year. Consolidated financial statements The consolidated financial statements comprise the Parent Company, Consolis Denmark A/S, and subsidiaries in which they directly or indirectly holds more than 50% of the votes or over whom they in some other way exercises control. Entities in which the Group holds between 20% and 50% of the votes and exercises significant influence, but not control, are considered associates. On consolidation, intra-group income and expenses, shareholdings, intra-group balances and dividends and realised and unrealised gains and losses on intra-group transactions are eliminated. Investments in subsidiaries are set off against the proportionate share of subsidiaries' fair value of net assets and liabilities at the date of acquisition. Foreign currency translation On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. Upon recognition of foreign subsidiaries and associates that are independent entities, the income statements are translated into Danish kroner at average exchange rates for the month, and balance sheet items are translated at the exchange rates at the balance sheet date. Foreign exchange differences arising upon translation of foreign subsidiaries' opening equity and results at the exchange rates at the balance sheet date are recognised directly in equity. Foreign exchange adjustments of balances with independent foreign subsidiaries considered part of the total investment in the subsidiary are recognised directly in equity. Similarly, foreign exchange gains and losses on loans and derivative financial instruments taken out for the purpose of hedging investments in foreign subsidiaries are recognised directly in equity. Upon recognition of foreign subsidiaries that are integrated entities, monetary items are translated at the exchange rates at the balance sheet date. Non-monetary items are translated at the exchange rates at the date of acquisition or the date of subsequent revaluations of the asset. Income statement items are translated at the exchange rates at the transaction date, whereas items derived from non-monetary items are translated at historical exchange rates for the non-monetary item.Revenue 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 Company. Contract work in progress (Construction contracts) is recognised at the rate of completion, which means that revenue equals the selling price of the work completed for the year (percentage-of-completionmethod). This method is applied when total revenues and expenses in respect of the contract 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 company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the contract. 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 Company. 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. Production costs Production costs comprise costs, including depreciation, amortisation, wages and salaries, incurred to generate revenue for the year. Commercial entities recognise their cost of sales, whereas production entities recognise production costs incurred to generate revenue for the year. Such costs include direct and indirect costs for raw materials and consumables, wages and salaries, rent and leases and depreciation of production plant. Production costs also comprise research and development costs that do not qualify for capitalisation and amortisation of capitalised development costs. In addition, provisions for bad debts on contract work are recognised. Distribution costs Distribution costs comprise costs incurred to distribute goods sold during the year and to conduct sales campaigns, etc., including costs relating to sales staff, advertising and exhibitions as well as depreciation. Administrative expenses Administrative expenses comprise expenses incurred during the year for management and administration of the Group, including expenses for administrative staff, Management, office premises, office expenses and depreciation. Other operating income Other operating income comprises items secondary to the activities of the entity, including gains on the disposal of intangible assets and property, plant and equipment. Income from equity investments in group entities and associates 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 Financial income and expenses comprise interest income and expense, gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc. Dividends from equity investments measured at cost are recognised as income in the Parent Company's income statement in the financial year when dividends are declared Tax on profit/loss for the year The Parent Company is subject to the Danish rules on compulsory joint taxation of the Group's Danish subsidiaries. Tax for the year comprises current corporation tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement, and the tax expense relating to amounts directly recognised in equity is recognised directly in equity.Intangible assets Patents and licences are measured at the lower of cost less accumulated amortisation and recoverable amounts. Patents are amortised over the remaining patent period, and licenses are amortised over the licence period, however, not exceeding 2-10 years. Property, plant and equipment Land and buildings, plant and machinery and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use. Indirect production overheads and borrowing costs are not recognised in cost. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately. The basis of depreciation is cost less any projected residual value after the end of the useful life. Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful lives are as follows: Buildings 25-50 years Plant and Machinery 3-25 years Fixtures and fittings, tools and equipment 3-10 years The useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively. Fixed assets under construction are recognised and measured at cost at the balance sheet date. Upon entry into service, the cost is transferred to the relevant group of property, plant and equipment. Depreciation is recognised in the income statement as production costs, distribution costs and administrative expenses, respectively. Gains and losses on the disposal of property, plant and equipment are stated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively. Impairment of fixed assets The carrying amount of intangible assets and property, plant and equipment as well as equity investments in group entities and associates is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount. The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as the present value of the forecast net cash flows from the use of the asset or the group of assets, including forecast net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Equity investments in group entities and associates The item "Investment in group entities" 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 aquisition 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. Inventories Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value. Goods for resale and raw materials and consumables are measured at cost, comprising purchase price plus delivery costs. Finished goods and work in progress are measured at cost, comprising the cost of raw materials, consumables, direct wages and salaries and indirect production overheads. Indirect production overheads comprise indirect materials and wages and salaries as well as the maintenance of depreciation of production machinery, buildings and equipment as well as factory administration and management. Borrowing costs are not included in cost. The net realisable value of inventories is calculated as the sales amount less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and development in expected selling price. Receivables Receivables are measured at amortised cost. Write-down is made for bad debt losses where there is an objective indication that a receivable or a portfolio of receivables has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis. Receivables with no objective indication of individual impairment are assessed for objective indication of impairment on a portfolio basis. The portfolios are primarily based on the debtors' registered offices and credit rating in accordance with the Company's credit risk management policy. The objective indicators used in relation to portfolios are determined on the basis of historical loss experience. Write-downs are calculated as the difference between the carrying amount of receivables and the present value of forecast cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Construction contracts Construction contracts are measured at the selling price of the work performed less progress billings and expected losses. The selling price is measured on the basis of the stage of completion at the balance sheet date and the projected income from the individual construction contract. The stage of completion is stated as the share of costs incurred in proportion to estimated total costs relating to the individual construction contract. When the selling price of a construction contract cannot be estimated reliably, the selling price is measured at the lower of costs incurred and net realisable value. The individual construction contract is recognised in the balance sheet as receivables or payables, respectively. Net assets comprise the total of construction contracts where the selling price of the work performed exceeds progress billings. Net liabilities comprise the total of construction contracts where progress billings exceed the selling price. Costs arising from sales work and contracting are recognised in the income statement as incurred. Corporation tax and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities based on the planned use of the asset or settlement of the liability. However, deferred tax is not recognised on temporary differences relating to goodwill non-deductible for tax purposes and on office premises and other items where the temporary differences arise at the date of acquisition without affecting either profit/loss or taxable income. Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Any deferred net assets are measured at net realisable value. Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively. Prepayments Prepayments comprise prepayment of costs incurred relating to subsequent financial years. Cash and cash equivalents Cash and cash equivalents comprise cash and short-term marketable securities with a term of three months or less, which are easily convertible into cash and which are subject to only an insignificant risk of changes in value. Liabilities other than provisions Financial liabilities are recognised at cost at the date of borrowing, corresponding to the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost using the effective interest method. Accordingly, the difference between cost and the nominal value is recognised in the income statement over the term of the loan together with interest expenses. Other liabilities are measured at net realisable value.The cash flow statement shows the Group's cash flows from operating, investing and financing activities for the year, the year's changes 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 Cash flows from operating activities are calculated as the Group's share of profit/loss for the year adjusted for non-cash operating items, changes in working capital and corporation tax paid. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents. Cash flows from investing activities Cash flows from investing activities comprise payments in connection with acquisitions and disposals of entities and activities, intangible assets, property, plant and equipment and investments. Cash flows from financing activities Cash flows from financing activities comprise changes in cash flows from raising and repayment of longterm debt as well as payments to and from shareholders. Segment information Segment information is provided on business segments and geographical markets. The segment information is in line with the Group's accounting policies, risks and internal financial management.69633800072254000072047600074724100068026600072254000000-7232000-38388000-696000013046000-1703000-38388000-7232000-38388000-7232000-38388000-7232000-383880000000000000-7232000-38388000-7232000-38388000443942000513643000518962000478181000361936000513643000155786000148946000-413176000-405944000-367556000-360756000-383811000-405944000-413176000-405944000400000004000000040000000400000004000000040000000183568000183568000183568000183568000000-43840000-629512000-586740000-629512000-591124000-453176000-453176000-405944000-367556000-405944000-3675560003132800032004000-30801000307590002429300032004000-4739000-12681000-12432000-25453000-9839000-12681000-26617000-1933000042468000-507460008776000-19330000Loss from financial income and expensesLoss from financial income and expensesLoss from financial income and expensesLoss from financial income and expensesLoss from financial income and expenses-20747000-20735000-21539000-22873000-17642000533529505530508529000.1790.1550.2250.2240.199-0.002-0.0330.0260.0490.027-0.931-0.790-0.708-0.754-1.060The financial ratios have been calculated as follows: Gross margin Gross profit/loss x 100/ Revenue Operating margin Operating profit/loss x 100/ Revenue Solvency ratio Equity ex. non-controlling interests at year-end x 100/ Total equity and liabilities at year-end571722000610345000009440004990000012461600011219500000692680006164700000568080007480000065000355000-1460000-24252000-65000-355000003500000-23269000798000249000632000021545000209840001471200014761000-21263000-44488000-10645000-38385000-14031000-6100000-34130003000182400028570000018240002857000008823400093334000004157600044925000001056000162200000180200013770000013266800014125800000001291970001256980000866000904000086600090400012919700012569800013535800014501900012919700012569800025632000186880000025250002335000002815700021023000001086980001510570000060290001038100000777000023922000261010002283600046000440000015355500015974700016800086000301700012140000027911500034636500026269000229220007520006480000056000058800032000032600030858400036862400026589000232480004000000040000000400000004000000001835680000183568000-453176000-629512000-453176000-629512000154800015579000001225000117150000027730002729400000331080003772800000406343000408014000406343000408014000439451000445742000406343000408014000663920001113710000049693000595900000016899000015058300016241900014667600080136000546410002000002000004748000477400000449350006559200000414894000446551000162619000146876000854345000892293000568962000554890000443942000513643000155786000148946000000160000160000004384000-4384000000-183568000-1835680000183568000183568000001429600014374000-10490000105000004878500051618000-3426000-135140004535900038104000-14031000-610000048490001288200072000286000053000DepositsDeposits38000-3200045005000352200046200004671000-627200001673600018044000Increase of receivables from group entitiesIncrease of receivables from group entities0-29181000-28000-7000588000595000560000588000Segment information Geografical segments Revenue, Denmark 696,337 722,541 0 0 Business segments Own production 505,609 528,584 0 0 Erection, freight and external deliveries 190,728 193,957 0 0 696,337 722,541 0 0Wages and salaries 247,592 258,310 0 0 Pensions 21,009 20,264 0 0 Other social security costs 1,954 1,802 0 0 270,555 280,376 0 0 Staff costs recognised as follows: Production costs 247,592 240,750 0 0 Distribution costs 21,009 9,887 0 0 Administration costs 1,954 29,739 0 0 270,555 280,376 0 0Staff costs include remuneration of the Company's Executive Board and Board of Directors of DKK 2,800 thousand (2019: DKK 4,185 thousand).Interest income from group entities 0 147 0 0 Other financial income 798 102 632 0 798 249 632 0Interest expense to group entities 11,044 15,553 11,044 14,084 Other financial costs 10,499 5,431 3,666 677 21,545 20,984 14,712 14,761Current tax for the year 0 0 -3,413 0 Deferred tax for the year -2,874 -6,103 0 0 Adjustment of tax concerning previous years -11,157 3 0 3 -14,031 -6,100 -3,413 3Fee for statutory audit 333 317 90 78 Fee for tax advisory services 75 18 25 18 Fee for other services 86 125 33 73 494 460 148 169Acquired patents Cost at 1 January 2020 9,071 Additions for the year 67 Cost at 31 December 2020 9,138 Amortisation and impairment losses at 1 January 2020 -6,214 Amortisation for the year -1,100 Amortisation and impairment losses at 31 December 2020 -7,314 Carrying amount at 31 December 2020 1,824Land and buildings Plant and machinery Fixtures and fittings, tools and equipment Property, plant and equipment in progress Total Cost at 1 January 2020 304,047 205,717 22,627 1,377 533,768 Additions for the year 559 3,865 0 425 4,849 Disposals for the year -21,650 -26,821 -4,679 0 -53,150 Cost at 31 December 2020 282,956 182,761 17,948 1,802 485,467 Depreciation and impairment losses at 1 January 2020 -210,713 -160,792 -21,005 0 -392,510 Depreciation for the year -5,615 -7,186 -568 0 -13,369 Depreciation and impairment losses for the year on assets sold 21,606 26,793 4,681 0 53,080 Depreciation and impairment losses at 31 December 2020 -194,722 -141,185 -16,892 0 -352,799 Carrying amount at 31 December 2020 88,234 41,576 1,056 1,802 132,668Investments in subsidiaries Cost at 1 January 2020 575,515 Cost at 31 December 2020 575,515 Revaluations at 1 January 2020 -449,817 Net profit/loss for the year 3,499 Revaluations 31 December 2020 -446,318 Carrying amount at 31 December 2020 129,197 Investments comprise: Spæncom A/S, Denmark, Hedehusene Spaencom Betonfertigteile GmbH & Co KG, Germany, LuckauConstruction contracts selling price 954,740 922,966 0 0 Construction contracts received on account -993,646 -978,177 0 0 -38,906 -55,211 0 0 Construction contracts recognised as assets 6,029 10,381 0 0 Construction contracts recognised in liabilities -44,935 -65,592 0 0 -38,906 -55,211 0 0Prepayments, DKK 3,017 thousand (2019: DKK 1,214 thousand), consist of prepaid expenses concerning rent, insurance premiums, subscriptions, and interests.The contributed capital consists of 4,000,000 shares of a nominal value of DKK 10 each. All shares rank equally. There have been no changes in the share capital during the last 5 years.Provision for deferred tax at 1 January 15,579 21,682 0 0 Amounts recognised in the income statement for the year -14,031 -6,103 0 0 1,548 15,579 0 0Provision for clean up of contamination 1,215 1,215 0 0 Disputes 10 10,500 0 0 1,225 11,715 0 0Payments due within 1 year are recongnised in short term debt. Other debt is recongnised in long-term debt. DKK'000 2019 Total debt at 31/12 2020 Repayment, first year Outstanding debt after five years Mortgage loans 42,502 37,856 4,748 14,819 42,502 37,856 4,748 14,819 The loan agreements have expired. The ultimate parent company has issued a support letter delaying repayment at least until the approval of the annual report for 2021, and consequently the loans are considered long-termed.Consolis Denmark A/S' related parties comprise the following: Control Bain Capital Holdings LP is the ultimate beneficial owner of the Consolis Denmark A/S group. Addtek Holding International AB, Stockholm, Sweden is the immediate parent Company and holds the entire contributed capital in the Company. Consolis Denmark A/S is part of the consolidated financial statements of Compact (BC) Sarl, Luxembourg, which is the smallest and largest group, in which the Company is included as a subsidiary. The consolidated financial statements of Compact (BC) Sarl, can be obtained by contacting Cosolis Denmark A/S at Akacievej 1, 2640 Hedehusene Denmark. Other related parties Spæncom A/S (Subsidiary) Spaencom Betonfertigteile GmbH (Subsidiary) Spaencom Verwaltungs GmbH (Subsidiary) Anders Henning Laurén Executive Management and (Board of Directors) Daniel Per Erik Andreas Wanholtz (Board of Directors) Emmanuelle Claire Cochard (Board of Directors) Related party transactions DKK'000 2020 2019 2020 2019 Purchase of services -6,578 -8,884 0 0 Management fees -14,251 -15,441 0 0 Sale of services 0 74 0 0 Purchase of goods -14,536 9,376 0 0 Remuneration to the Parent Company's Executive Board and Board of Directors is disclosed in note 3. Intercompany balances are shown in the balance sheet and associated interests in note 4 and 5.Consolis Denmark A/S group is party to a few pending lawsuits. Management believes that the outcome of these lawuits will not affect the Groups financial position beyond the receivables and obligations recognised in the balance sheet at 31 December 2020. The Group's Danish entities are jointly and severally liable for tax on the Group's jointly taxed income and for certain withholding taxes such as dividend tax and royalty tax. Any subsequent corrections of the taxable income subject to joint taxation or withholding taxes on dividends, etc., may entail an increase in the entities' liability. The Group as a whole is not liable to any other parties Operating lease obligations Lease obligations under operating leases. Total future lease payments: Group Parent Company DKK'000 2020 2019 2020 2019 Within 1 year 7,420 4,504 0 0 Between 1 and 5 years 10,494 5,519 0 0 After 5 years 5,119 438 0 0 23,033 10,461 0 0The following assets have been placed as securities with mortgage credit institutions: Land and building at net book value of DKK 82,583 thousand for 2020 (2019: DKK 86,700 thousand) Performance guarantees amount to DKK 137,015 thousand for 2020 (2019: DKK 105,176 thousand) The Company has provided a letter of support to the subsidiary Spaencom Betonfertigteile GmbH. The maximum risk is estimated in the level of DKK 5 million. The following properties have been provided as collateral for mortgage debt of DKK 76,762 thousand:  Borgergade 102, title no. 0009a, Tjæreby By, Tårnborg  Letvadvej 37, Title no. 003df, Sofiendal By Skalborg  Letvadvej 37, title no. 002gz, Sofiendal By Skalborg  Soneberg 7, title no. 0002d, Rådvad by, Harte