xbrli:pureiso4217:DKK391892322023-01-012023-12-31cmn:ConsolidatedMember391892322023-01-012023-12-311cmn:ConsolidatedMember391892322023-01-012023-12-31fsa:LiquidationAccountMembercmn:ConsolidatedMember391892322023-01-012023-12-311cmn:ConsolidatedMember391892322023-01-012023-12-311391892322023-01-012023-12-312391892322023-01-012023-12-313391892322023-01-012023-12-314391892322023-01-012023-12-315391892322023-01-012023-12-316391892322023-01-012023-12-312cmn:ConsolidatedMember391892322022-01-012022-12-31cmn:ConsolidatedMember391892322023-01-012023-12-31391892322022-01-012022-12-31391892322023-01-012023-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember391892322023-01-012023-12-31fsa:ProposedDividendRecognisedInEquityMembercmn:ConsolidatedMember391892322023-01-012023-12-31fsa:RetainedEarningsMember391892322023-01-012023-12-31fsa:ProposedDividendRecognisedInEquityMember391892322023-12-31cmn:ConsolidatedMember391892322022-12-31cmn:ConsolidatedMember391892322023-12-31391892322022-12-31391892322023-01-01cmn:ConsolidatedMember391892322022-01-01cmn:ConsolidatedMember391892322023-01-01fsa:ContributedCapitalMembercmn:ConsolidatedMember391892322023-01-01fsa:RetainedEarningsMembercmn:ConsolidatedMember391892322023-01-01fsa:ProposedDividendRecognisedInEquityMembercmn:ConsolidatedMember391892322023-12-31fsa:ContributedCapitalMembercmn:ConsolidatedMember391892322023-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember391892322023-12-31fsa:ProposedDividendRecognisedInEquityMembercmn:ConsolidatedMember391892322023-01-01fsa:ContributedCapitalMember391892322023-01-01fsa:RetainedEarningsMember391892322023-01-01fsa:ProposedDividendRecognisedInEquityMember391892322023-01-01391892322023-12-31fsa:ContributedCapitalMember391892322023-12-31fsa:RetainedEarningsMember391892322023-12-31fsa:ProposedDividendRecognisedInEquityMember391892322023-01-012023-12-311cmn:ConsolidatedMember391892322022-01-012022-12-311cmn:ConsolidatedMember391892322023-01-012023-12-311cmn:ConsolidatedMember391892322022-01-012022-12-311cmn:ConsolidatedMember391892322023-01-012023-12-31fsa:ShorttermDeferredIncomeMembercmn:ConsolidatedMemberGrundlag for konklusionKonklusion2024-06-132024-06-1333963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegningRegnskabsklasse C, mellemstor virksomhed2022-12-312022-01-0133963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2023-12-312023-01-01Zafe ApS39189232ÅrsrapportKøbenhavn S23006WeidekampsgadeHøje-taastrupTaastrup2630 7Erik Husfeldts Vej0The Board of Directors and the Executive Board have today considered and approved the annual report of Zafe ApS for the financial year 01.01.2023 - 31.12.2023.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 31.12.2023 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2023 - 31.12.2023.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.CopenhagenPeter ZibrandtsenNiels RavnLisbeth Neel ZibrandtsenNiels Erik Blangstrup ZibrandtsenPeter ZibrandtsenClaus ZibrandtsenAnna ZibrandtsenTo the shareholders of Zafe ApSWe have audited the consolidated financial statements and the parent financial statements of Zafe ApS for the financial year 01.01.2023 - 31.12.2023, 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 31.12.2023 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2023 - 31.12.2023 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.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. 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.CopenhagenThomas Rosquist AndersenKasper Ørtoftmne31482mne49073State Authorised Public AccountantState Authorised Public AccountantFinancial highlights2023 DKK'0002022 DKK'0002021 DKK'0002020 DKK'0002019 DKK'000Key figuresGross profit/loss(7,127)(3,245)(2,712)(9,858)(7,126)Operating profit/loss(13,402)(10,363)(7,219)(12,229)(9,392)Net financials158,014(21,300)280,14419,197107,529Profit/loss for the year112,383(29,900)216,30611,20176,712Balance sheet total1,236,8091,162,9271,211,700997,5681,011,092Investments in property, plant and equipment00001,123Equity1,223,3801,159,4471,191,974995,638994,437Cash flows from operating activities72,732(27,717)(48,875)(54,901)92,957Cash flows from investing activities368,06541,684(15,987)(11,662)(56,966)Cash flows from financing activities(48,450)(4,737)(19,967)(10,000)0RatiosReturn on equity (%)9.43(2.54)19.781.138.02Equity ratio (%)98.9199.7098.3799.8198.35Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Return on equity (%) :Profit/loss for the year * 100 Average equityEquity ratio (%) :Equity * 100 Balance sheet totalPrimary activitiesThe Group’s main activity is to hold securities and own long term investment in other companies.Development in activities and financesThe Company's Income Statement of the financial year 1 January 2023 - 31 December 2023 shows a result of tDKK 112,383 and the Balance Sheet at 31 December 2023 a balance sheet total of tDKK 1,236,809 and an equity of tDKK 1,223,380 . Profit/loss for the year in relation to expected developmentsManagement finds the result of the year satisfied compared to the market, and in accordance with the plan for the year 2023.OutlookThe Group expects the financial result in 2024 to be in line with 2023 however highly dependent on the financial markets driven by several factors including geopolitics conflicts, interest rates and inflation. The Group will continue to follow its long-term investment strategy with focus on diversification by investing in a broad range of financial assets including listed securities and alternatives during 2024 .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. -7127000-3245000-8769000-3436000618300067520006183000675200092000366000-13402000-10363000-14952000-10188000-295000-5265000-295000-526500015803700094687000158037000946860002300011598700035000115978000144317000-36928000143918000-3692800031934000-702800031535000-7028000112383000-299000008073500031648000112383000-2990000080735000316480000229500000229500004001700040312000400160004031200064309100095381200064309100095381200025902000025902000070901000099412400071063300010185840007090100001017074000710633000101858400003450004040001570004040001910800006998000069260001639200018969000162380000061400006140000114000167960002719700016642000266480004449890001138350004449890001138350004449890001138350004449890001138350006601400048210001186560001094260006396100033370005277990001458530005255920001438200001236809000116292700012362250001162404000500005000050000500001191682000111094700011916820001110947000316480004845000031648000484500001223380000115944700050000111094700048450000115944700050000119168200031648000122338000011594470005000011109470004845000011594470005000011916820003164800003630001210001170001210001170001210004800001210001170002200016700087410000874100004545000271800039830002557000011500013308000300000012724000284000013429000348000012845000295700012368090001162927000123622500011624040000-48450000-484500000-48450000-484500009200036600039960001119000-9314000-8878000976500000-23000-774000-15581000-1806500072732000-27717000228590000071780000Net purchase of financial products-25902000-3009600037110800003680650004168400044079700013967000-48450000-2626000Loans to the Zibra Group0-2111000-48450000-473700039234700092300005110030001186560004449890001138350001 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.2 Staff costs2023 DKK'0002022 DKK'000Wages and salaries6,0336,595Pension costs144144Other social security costs1413Other staff costs(8)06,1836,752Average number of full-time employees22Remunerationof management 2022 DKK'000Total amount for management categories2,4592,459In accordance with the Danish Financial Statements Act §98b section 3, remuneration to Management is shown combined across Management categories.1 Staff costs2023 DKK'0002022 DKK'000Wages and salaries6,0336,599Pension costs144144Other social security costs1413Other staff costs(8)(4)6,1836,752Average number of full-time employees22Remunerationof Manage- ment 2023 DKK'000Remunerationof Manage- ment 2022 DKK'000Total amount for management categories3,2752,4593,2752,459In accordance with the Danish Financial Statements Act §98b section 3, remuneration to Management is shown combined across Management categories.2222Remunerationof management 2022 DKK'000Total amount for management categories2,4592,459Remunerationof Manage- ment 2023 DKK'000Remunerationof Manage- ment 2022 DKK'000Total amount for management categories3,2752,4593,2752,4592459000327500024590003 Depreciation, amortisation and impairment losses2023 DKK'0002022 DKK'000Depreciation on property, plant and equipment92366923664 Tax on profit/loss for the year2023 DKK'0002022 DKK'000Current tax24,8790Change in deferred tax6,998(6,926)Adjustment concerning previous years57(102)31,934(7,028)3 Tax on profit/loss for the year2023 DKK'0002022 DKK'000Current tax24,5520Change in deferred tax6,926(6,926)Adjustment concerning previous years57(102)31,535(7,028)5 Proposed distribution of profit/loss2023 DKK'0002022 DKK'000Ordinary dividend for the financial year31,64848,450Retained earnings80,735(78,350)112,383(29,900)4 Proposed distribution of profit and loss2023 DKK'0002022 DKK'000Ordinary dividend for the financial year31,64848,450Retained earnings80,735(78,350)112,383(29,900)80735000-7835000080735000-783500006 Property, plant and equipmentLand and buildings DKK'000Cost beginning of year24,838Disposals(24,838)Cost end of year0Depreciation and impairment losses beginning of year(1,888)Depreciation for the year(92)Reversal regarding disposals1,980Depreciation and impairment losses end of year0Carrying amount end of year07 Financial assetsInvestments in associates DKK'000Other investments DKK'000Other receivables DKK'000Cost beginning of year50,0521,001,3670Transfers0(430,426)0Additions0025,902Cost end of year50,052570,94125,902Revaluations beginning of year(9,740)(47,555)0Exchange rate adjustments0(10,121)0Transfers0105,2620Fair value adjustments(295)24,5640Revaluations end of year(10,035)72,1500Carrying amount end of year40,017643,09125,902 Key assumptions Other investments consists primarily of investments in unlisted shares and investments through mutual funds and is considered illiquid in the short term. Other investments through mutual funds are based on valuations of net asset value provided by external portfolio managers. Management and Zafe ApS are continually monitoring the external portfolio managers and evaluating valuations AssociatesRegistered inOwnership %Zhinfra K/SFuresø, Denmark37.50Zhinfra General Partner ApSFuresø, Denmark40.505 Financial assetsInvestments in group enterprises DKK'000Investments in associates DKK'000Other investments DKK'000Other receivables DKK'000Cost beginning of year26,40850,0531,001,3670Transfers00(430,426)0Additions00025,902Cost end of year26,40850,053570,94125,902Revaluations beginning of year00(47,555)0Exchange rate adjustments00(10,121)0Transfers00105,2620Fair value adjustments0024,5640Revaluations end of year0072,1500Impairment losses beginning of year(1,947)(9,742)00Share of profit/loss for the year1,163(295)00Dividend(24,000)000Impairment losses end of year(24,784)(10,037)00Carrying amount end of year1,62440,016643,09125,902A specification of investments in subsidiaries and associates is evident from the notes to the consolidated financial statements.8 Deferred tax Changes during the year2023 DKK'0002022 DKK'000Beginning of year6,99872Recognised in the income statement(6,998)6,926End of year06,9986 Deferred tax Changes during the year2023 DKK'0002022 DKK'000Beginning of year6,9260Recognised in the income statement(6,926)6,926End of year06,9269 PrepaymentsPrepayments consist of accrued expenses.10 Non-current liabilities other than provisionsDue after more than 12 months 2023 DKK'000Other payables1211217 Non-current liabilities other than provisionsDue after more than 12 months 2023 DKK'000Outstanding after 5 years 2023 DKK'000Other payables12112112112111 Deferred incomeDeferred income consist of deferred rental charges.12 Changes in working capital2023 DKK'0002022 DKK'000Increase/decrease in receivables2,789(62)Increase/decrease in trade payables etc.1,2071,1813,9961,11913 Fair value informationListed DKK'000Non-listed DKK'000Fair value end of year 438,675618,972Unrealised fair value adjustments recognised in the income statement (63,852)40,4548 Fair value informationListed Securities DKK'000Non-listed securities DKK'000Fair value end of year643,091444,989Unrealised fair value adjustments recognised in the income statement49,15812,93014 Arrangements not recognised in the balance sheetThe Group has entered into investment agreements where there are commitments for future investments that have not been recognized in the balance sheet. Within the next 12 months (2024), there are commitments for 34 million DKK, and thereafter, there are additional commitments for a total of 74 million DKK in the future.9 Arrangements not recognised in the balance sheetThe company has entered into investment agreements where there are commitments for future investments that have not been recognized in the balance sheet. Within the next 12 months (2024), there are commitments for 34 million DKK, and thereafter, there are additional commitments for a total of 74 million DKK in the future.15 Contingent liabilitiesThe 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.10 Contingent liabilitiesThe 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 also for obligations, if any, relating to the withholding of tax on interest, royalties and dividends for these entities.16 SubsidiariesRegistered inCorporate formOwnership %Bjarkesvej 3 ApSFuresø, DenmarkApS100.001163000-18300016240002446000002830002 Other financial income2023 DKK'0002022 DKK'000Other interest income49,84772,166Fair value adjustments60,38722,520Other financial income47,8030158,03794,686This 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.falseRecognition 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. 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. 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. 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.Gross profit or lossThe Company has decided to aggregate certain items of the Income Statement in accordance with the provisions of Section 32 of the Danish Financial Statements Act. RevenueRevenue from the sale of goods and services in the income statement when the risk has passed to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration ﬁxed.Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary activities, including profit from the sale of intangible assets and property, plant and equipment, and salary refunds.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 write-downs of receivables recognised in current assets.Property costsProperty costs include costs incurred to operate the Entity’s properties in the financial year, including repair and maintenance costs, property tax and electricity, water and heating, which are not charged directly from the lessee.Staff costsStaﬀ costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staﬀ. Repayments from public authorities are deducted from staff costs. 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, and gains and losses from the sale of intangible assets and property, plant and equipment.Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ proﬁt/loss after full elimination of intra-group proﬁts or losses. Income from investments in associatesIncome from investments in associates comprises the pro rata share of the individual associates’ profit/loss after elimination of internal profits or losses. Other financial incomeOther ﬁnancial income comprises dividends etc received on other investments, interest income, including interest income on receivables from group enterprises, net capital or exchange gains on securities, 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, net capital or exchange losses on securities, 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).Property, plant and equipmentLand and buildings, plant and machinery, and other ﬁxtures and ﬁttings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Land is not depreciated. 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. For self-constructed assets, cost comprises direct and indirect costs of materials, components, sub suppliers and labour costs. 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 Buildings20Estimated useful lives and residual values are reassessed annually. Impairment of fixed assets The carrying amount of tangible fixed assets is reviewed annually to determine whether there is an indication of impairment beyond the annual depreciation. If this is the case, a write-down is made to the lower of recoverable amount and carrying amount. Investments in group enterprisesInvestments 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 value plus unamortised goodwill and plus or minus unrealised intra-group proﬁts or losses. Group enterprises with negative equity value are measured at DKK 0. Any receivables from these enterprises are written down to net realisable value based on a speciﬁc assessment. If the Parent has a legal or constructive obligation to cover the liabilities of the relevant enterprise, and it is probable that such obligation will involve a loss, a provision is recognised that is measured at present value of the costs necessary to settle the obligations at the balance sheet date. 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 in equity. Investments in associatesInvestments in associates are recognised and measured according to the equity method. This means that investments are measured at the pro rata share of the enterprises' equity values plus unamortised goodwill and plus or minus unrealised pro rata intra-group profits and losses. Investments in associates fall within the definitions of both participating interests and associates, yet in these consolidated financial statements they have been presented as investments in associates because this designation reflects more accurately the Group’s involvement in the relevant entities. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and doubtful debts.Other investmentsOther investments comprise listed securities which are measured at fair value (market price) at the balance sheet date, and unlisted equity investments measured at the lower of cost and net realisable value.Deferred taxDeferred 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 carry forwards, 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. Tax payable or receivableCurrent 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.Other investments (current assets)Other investments comprise listed securities which are measured at fair value (market price) at the balance sheet date, and unlisted equity investments measured at the lower of cost and net realisable value.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.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 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 taxes 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, 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, and the raising of loans, inception of finance leases, repayments of 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 loans. The cash flow statement shows 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 taxes 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, 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, and the raising of loans, inception of finance leases, repayments of 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 loans. 2024-06-13Alex Pløger