391892322024-01-012024-12-31391892322024-12-31391892322023-12-31fsa:ContributedCapitalMember391892322023-12-31fsa:RetainedEarningsMember391892322023-12-31fsa:ProposedDividendRecognisedInEquityMember391892322023-12-31391892322024-01-012024-12-31fsa:RetainedEarningsMember391892322024-01-012024-12-31fsa:ProposedDividendRecognisedInEquityMember391892322024-12-31fsa:ContributedCapitalMember391892322024-12-31fsa:RetainedEarningsMember391892322024-12-31fsa:ProposedDividendRecognisedInEquityMember391892322024-01-012024-12-31cmn:ConsolidatedMemberfsa:LiquidationAccountMember391892322024-01-012024-12-31cmn:ConsolidatedMember391892322024-01-012024-12-31cmn:ConsolidatedMember1391892322024-01-012024-12-31cmn:ConsolidatedMember1391892322024-01-012024-12-31cmn:ConsolidatedMember2391892322024-01-012024-12-31cmn:ConsolidatedMember3391892322024-01-012024-12-31cmn:ConsolidatedMember4391892322024-01-012024-12-31cmn:ConsolidatedMember5391892322024-01-012024-12-31cmn:ConsolidatedMember6391892322024-01-012024-12-31cmn:ConsolidatedMember1391892322024-12-31cmn:ConsolidatedMember391892322023-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember391892322023-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember391892322023-12-31cmn:ConsolidatedMemberfsa:ProposedDividendRecognisedInEquityMember391892322023-12-31cmn:ConsolidatedMember391892322024-01-012024-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember391892322024-01-012024-12-31cmn:ConsolidatedMemberfsa:ProposedDividendRecognisedInEquityMember391892322024-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember391892322024-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember391892322024-12-31cmn:ConsolidatedMemberfsa:ProposedDividendRecognisedInEquityMember391892322024-01-012024-12-31cmn:ConsolidatedMember1391892322023-01-012023-12-31391892322023-01-012023-12-31cmn:ConsolidatedMember391892322023-01-012023-12-31cmn:ConsolidatedMember1391892322022-12-31cmn:ConsolidatedMemberiso4217:DKKxbrli:pure39189232Årsrapport-477500020240-8769000-71270006245000The Board of Directors and the Executive Board have today considered and approved the annual report of Zafe ApS for the financial year 01.01.2024 - 31.12.2024.61830006183000-11020000The annual report is presented in accordance with the Danish Financial Statements Act.-149520009200066000In 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 31.12.2024 and of the results of their operations and the consolidated cash flows for the financial year
01.01.2024 - 31.12.2024.1163000-134020002903000We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.-295000-295000214522000We recommend the annual report for adoption at the Annual General Meeting.15803700015803700011000000Copenhagen0230006000Peter Zibrandtsen35000144317000195465000Niels Ravn1439180003193400043238000Lisbeth Neel Zibrandtsen31535000112383000152227000Niels Erik Blangstrup Zibrandtsen11238300000Peter Zibrandtsen1623000014000000Claus Zibrandtsen0046355000Anna Zibrandtsen400160000670099000To the shareholders of Zafe ApS6430910004001700061994000We have audited the consolidated financial statements and the parent financial statements of Zafe ApS for the financial year 01.01.2024 - 31.12.2024, 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 31.12.2024 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2024 - 31.12.2024 in accordance
with the Danish Financial Statements Act.25902000643091000792448000We 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.7106320000792448000Management 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.710632000259020000Our 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 ofnot 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.40400070901000024200000709010000892000Management 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.162380004040003312000166420000537667000Copenhagen44498900016392000537667000Thomas Rosquist Andersen444989000026499000mne314826396100016796000567478000State Authorised Public Accountant5255920004449890001359926000Financial highlights2024
DKK'0002023
DKK'0002022
DKK'0002021
DKK'0002020
DKK'000Key figuresGross profit/loss(3,890)(7,127)(3,245)(2,712)(9,858)Operating profit/loss(22,017)(13,402)(10,363)(7,219)(12,229)Net financials214,270158,014(21,300)280,14419,197Profit/loss for the year151,918112,383(29,900)216,30611,201Balance sheet total1,360,2201,236,8091,162,9271,211,700997,568Equity1,343,6501,223,3801,159,4471,191,974995,638Cash flows from operating activities17,71172,732(27,717)(48,875)(54,901)Cash flows from investing activities69,784368,06541,684(15,987)(11,662)Cash flows from financing activities(31,648)(48,450)(4,737)(19,967)(10,000)RatiosReturn on equity (%)11.849.43(2.54)19.781.13Equity ratio (%)98.7898.9199.7098.3799.81Financial 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 total123622400044498900050000Primary activitiesThe Group’s main activity is to hold securities and own long term investment in other companies.50000660140001291904000Development in activities and financesThe Company's Income Statement of the financial year 1 January 2024 - 31 December 2024 shows a result of
tDKK
151,918 and the Balance Sheet at 31 December 2024 a balance sheet total of tDKK 1,360,220
and an equity of
tDKK 1,343,650.
119168300052779900052006000Profit/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 2024.3164800012368090001343960000OutlookThe Group expects the financial result in 2025 to be in line with 2024 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 2025.122338100050000125000Events 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. 1210001191682000125000-38900001210003164800012620000655100087410001223380000322100011576000398100012100015841000-22017000127220001210001596600029030001284300022000135992600021427600012362240008741000500006000245450001191683000195156000327500013308000316480004323800013429000151918000807350001236809000033400092000316480000399600031648000334000-93140001002210000976500005200600046356000230006700990001558100050000247000727320001291904000619940002285900052006000778696000-259020007790300003711080001 Staff costs2024
DKK'0002023
DKK'000Wages and salaries6,0836,025Pension costs149144Other social security costs13146,2456,183Average number of full-time employees22Remunerationof
Manage- ment
2024
DKK'000Remunerationof Manage- ment
2023
DKK'000Total amount for management categories3,0563,2753,0563,275In accordance with the Danish Financial Statements Act §98b section 3, remuneration to Management is shown
combined across Management categories.036806500022420000-440797000Remunerationof
Manage- ment
2024
DKK'000Remunerationof Manage- ment
2023
DKK'000Total amount for management categories3,0563,2753,0563,27511600000484500003056000320000-484500002 Other financial income2024
DKK'0002023
DKK'000Financial income from group enterprises2500Other interest income14,20449,847Fair value adjustments118,38560,387Other financial income81,68347,803214,522158,037143400003923470003 Tax on profit/loss for the year2024
DKK'0002023
DKK'000Current tax44,61524,552Change in deferred tax(2,420)6,926Adjustment concerning previous years1,0435743,23831,5355376670001186560004 Proposed distribution of profit and loss2024DKK'0002023DKK'000Ordinary dividend for the financial year52,00631,648Retained earnings100,22180,735152,227112,383537667000511003000291830004449890001002210005811900002136022000032750005 Financial assetsInvestments in group enterprises
DKK'000Receivables from group enterprises
DKK'000Investments in associates
DKK'000Other investments
DKK'000Other receivables
DKK'000Cost beginning of year26,407050,053570,94125,902Additions025,0003,43627,00836,092Disposals(26,407)0000Cost end of year025,00053,489597,94961,994Revaluations beginning of year00072,1500Share of profit/loss for the year2670000Impairment losses for the year(267)0000Revaluations end of year00072,1500Impairment losses beginning of year(24,784)0(10,037)00Share of profit/loss for the year002,90300Impairment losses for the year0(11,000)000Reversal of impairment losses24,7840000Impairment losses end of year0(11,000)(7,134)00Carrying amount end of year014,00046,355670,09961,994A specification of investments in subsidiaries and associates is evident from the notes to the consolidated financial statements.Investments in
associatesRegistered inCorporate
formOwnership
%Zhinfra K/SFuresø, DenmarkK/S37.50500006 Deferred tax
Changes during the year2024DKK'0002023DKK'000Beginning of year06,926Recognised in the income statement2,420(6,926)End of year2,4200Deferred tax assetsDeferred tax relates to financial write downs of receivables, that are not realised.1291594000807350007 Non-current liabilities other than provisionsDue after
more than 12
months
2024
DKK'000Outstanding
after 5 years
2024
DKK'000Other payables125125125125520060008
Fair value informationListed Securities
DKK'000Non-listed securities
DKK'000Fair value end of year643,091444,989Unrealised fair value
adjustments recognised in
the income statement49,15812,93013436500009 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 (2025), there are commitments for 18.9 million DKK, and thereafter, there are additional commitments for a total of 91.4 million DKK in the future.12500010 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.125000Investments 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.
5500012742000364800016445000165700001360220000500001191682000316480000316480003164800099912000520060005000012915940005200600011576000-32407000-4284800095891000600035326000177110000Net purchase of financial products-228940009267800069784000-8749500031648000-31648000558470005668500005376670001 Staff costs2024
DKK'0002023
DKK'000Wages and salaries6,3546,033Pension costs149144Other social security costs48146,5516,191Average number of full-time employees22Remunerationof management
2024
DKK'000Remunerationof management
2023
DKK'000Total amount for management categories3,0563,2753,0563,275In accordance with the Danish Financial Statements Act §98b section 3, remuneration to Management is shown
combined across Management categories.2Remunerationof management
2024
DKK'000Remunerationof management
2023
DKK'000Total amount for management categories3,0563,2753,0563,27530560002 Depreciation, amortisation and impairment losses2024
DKK'0002023
DKK'000Impairment losses on intangible assets11,5760Depreciation on property, plant and equipment09211,576923 Other financial income2024
DKK'0002023
DKK'000Other interest income14,20849,847Fair value adjustments118,38560,387Other financial income81,68347,803214,276158,0374 Other financial expenses2024DKK'0002023DKK'000Financial expenses from associates0(13)Other interest expenses6366235 Tax on profit/loss for the year2024
DKK'0002023
DKK'000Current tax44,61524,879Change in deferred tax(2,420)6,998Adjustment concerning previous years1,0435743,23831,9346 Proposed distribution of profit/loss2024
DKK'0002023
DKK'000Ordinary dividend for the financial year52,00631,648Retained earnings99,91280,735151,918112,383999120007 Intangible assetsAcquired intangible assets
DKK'000Goodwill
DKK'000Addition through business combinations etc011,576Additions3340Cost end of year33411,576Impairment losses for the year0(11,576)Amortisation and impairment losses end of year0(11,576)Carrying amount end of year33408 Financial assetsInvestments in group enterprisesDKK'000Investments in associatesDKK'000Other investmentsDKK'000DepositsDKK'000Other receivablesDKK'000Cost beginning of year050,052570,941025,902Additions03,43627,00824736,092Cost end of year053,488597,94924761,994Revaluations beginning of year0072,15000Share of profit/loss for the year2670000Impairment losses for the year(267)0000Revaluations end of year0072,15000Impairment losses beginningof year0(10,035)000Share of profit/loss for the year02,903000Impairment losses end of year0(7,132)000Carrying amount end of year046,356670,09924761,994Key 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, Denmark37.509 Deferred taxChanges during the year2024DKK'0002023DKK'000Beginning of year06,998Recognised in the income statement2,420(6,998)End of year2,4200Deferred tax assetsDeferred tax relates to temporary differences regarding property, plant and equipment and write down of receivables.10 Non-current liabilities other than provisionsDue after
more than 12
months
2024
DKK'000Outstanding
after 5 years
2024
DKK'000Other payables12512512512511 Changes in working capital2024
DKK'0002023
DKK'000Increase/decrease in receivables(31,547)2,789Increase/decrease in trade payables etc.(860)1,207(32,407)3,99612
Fair value informationListed
DKK'000Non-listed
DKK'000Fair value end of year 471,936735,830Unrealised fair value
adjustments recognised in
the income statement
60,69538,38813 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 (2025), there are commitments for 19,6 million DKK, and thereafter, there are additional commitments for a total of 156,4 million DKK in the future.14 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.15 SubsidiariesRegistered inCorporate
formOwnership
%MXNEY Finance ApSTaastrup, DenmarkApS100.00This 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.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.
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.Business combinationsNewly acquired or newly established enterprises are recognised in the financial statements from the time
of acquiring or establishing such enterprises. Divested or wound-up enterprises are recognised in the income
statement up to the time of their divestment or winding-up.
The purchase method is applied at the acquisition of new enterprises, under which identifiable assets and
liabilities of these enterprises are measured at fair value at the acquisition date. Provisions for costs of
restructuring of the enterprise acquired are only made in so far as such restructuring was decided by the
enterprise acquired prior to acquisition. Allowance is made for the tax effect of restatements.Positive differences in amount (goodwill) between cost of the acquired share and fair value of the assets
and liabilities taken over are recognised in intangible assets, and they are amortised systematically over
the income statement based on an individual assessment of their useful lives. If the useful life cannot be
estimated reliably, it is fixed at 10 years. Useful life is reassessed annually. Negative balances (negative
goodwill) are recognised as income in the income statement.The uniting-of-interests method is applied on acquisition of enterprises, mergers, demergers, contributions
of assets and exchanges of shares, etc. in which the enterprises concerned are controlled by the Parent,
under
which method the combination is considered completed at the date of acquisition without restatement
of
comparative figures. Under the uniting-of-interests method, the acquiree’s assets and liabilities are
recognised at
their carrying amounts, adjusted for any differences in accounting policies and accounting
estimates. The
difference between the consideration agreed and the carrying amount of the acquiree is
recognised in equity.Profit or loss from divestment of enterprisesProfits or losses from divestment or winding-up of enterprises are calculated as the difference between selling
price or settlement price and the carrying amount of the net assets at the time of divestment and winding-up,
respectively, including any non-amortised goodwill and estimated selling or winding-up expenses.Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the
transaction
date. Receivables, payables and other monetary items denominated in foreign currencies that
have not been
settled at the balance sheet date are translated using the exchange rate at the balance
sheet date. Exchange
differences that arise between the rate at the transaction date and the rate in effect
at the payment date, or the
rate at the balance sheet date, are recognised in the income statement as
financial income or financial expenses.
Exchange adjustments of outstanding accounts with independent foreign subsidiaries, which are considered
part of the total investment in the subsidiary in question, are recognised directly in the translation reserve in equity.When recognising foreign subsidiaries that are integral entities, monetary assets and liabilities are
translated
using the exchange rates at the balance sheet date. Non-monetary assets and liabilities are
translated at the
exchange rate at the time of acquisition or the time of any subsequent revaluation or writedown.
The items of the
income statement are translated at the average rates of the months; however, items
deriving from non-monetary
assets and liabilities are translated using the historical rates applicable to the
relevant non-monetary items.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.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 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.Impairment losses on financial assetsImpairment losses on financial assets comprises impairment losses on financial assets which are not measured
at fair value on a current basis.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).GoodwillGoodwill is the positive difference between cost and fair value of assets and liabilities arising from
acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by
Management for each business area. For one amount of goodwill, it has not been
possible to estimate useful
life reliably, for which reason such useful life has been set at 10 years. For other
amounts of goodwill, useful life
has been determined based on an assessment of whether the enterprises
are strategically acquired enterprises
with a strong market position and a long-term earnings profile and whether the amount of goodwill includes
intangible resources of a temporary nature that cannot be
separated and recognised as separate assets. Useful
lives are reassessed annually. The amortisation periods
used are 10 years.
Goodwill is written down to the lower of recoverable amount and carrying amount.Intellectual property rights etc.Intellectual property rights etc. comprise acquired intellectual property rights.Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are
amortised
on a straight-line basis over their remaining duration, and licences are amortised on a straight-line basis over the term of the agreement.
Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.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.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.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.
trueGrundlag for konklusionKonklusion2025-06-122025-06-1233963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegningRegnskabsklasse C, mellemstor virksomhed2023-12-312023-01-0133963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2024-12-312024-01-01Zafe ApS39189232ÅrsrapportKøbenhavn S23006WeidekampsgadeHøje-taastrupTaastrup26307Erik Husfeldts Vej2025-06-12Alex Pløger