78930128 2024-07-01 2025-06-30 2 78930128 2024-07-01 2025-06-30 3 78930128 2024-07-01 2025-06-30 78930128 2024-07-01 2025-06-30 1 78930128 2023-07-01 2024-06-30 78930128 2025-06-30 78930128 2024-06-30 78930128 2024-07-01 d:LandAndBuildingsMember 78930128 2025-06-30 d:LandAndBuildingsMember 78930128 2024-07-01 2025-06-30 d:LandAndBuildingsMember 78930128 2024-07-01 d:FixturesFittingsToolsAndEquipmentMember 78930128 2025-06-30 d:FixturesFittingsToolsAndEquipmentMember 78930128 2024-07-01 d:ParticipatingInterestsMember 78930128 2023-07-01 d:ParticipatingInterestsMember 78930128 2025-06-30 d:ParticipatingInterestsMember 78930128 2024-06-30 d:ParticipatingInterestsMember 78930128 2024-07-01 2025-06-30 d:ParticipatingInterestsMember 78930128 2023-07-01 2024-06-30 d:ParticipatingInterestsMember 78930128 2024-07-01 2025-06-30 d:OtherRelatedEntitiesMember 1 78930128 2025-06-30 d:OtherRelatedEntitiesMember 1 78930128 2024-07-01 2025-06-30 d:OtherRelatedEntitiesMember 2 78930128 2025-06-30 d:OtherRelatedEntitiesMember 2 78930128 2025-06-30 d:LongtermMortgageLoansMember 78930128 2024-07-01 d:ContributedCapitalMember 78930128 2023-07-01 d:ContributedCapitalMember 78930128 2025-06-30 d:ContributedCapitalMember 78930128 2024-06-30 d:ContributedCapitalMember 78930128 2024-07-01 d:ReserveForNetRevaluationAccordingToEquityMethodMember 78930128 2023-07-01 d:ReserveForNetRevaluationAccordingToEquityMethodMember 78930128 2024-07-01 2025-06-30 d:ReserveForNetRevaluationAccordingToEquityMethodMember 78930128 2023-07-01 2024-06-30 d:ReserveForNetRevaluationAccordingToEquityMethodMember 78930128 2025-06-30 d:ReserveForNetRevaluationAccordingToEquityMethodMember 78930128 2024-06-30 d:ReserveForNetRevaluationAccordingToEquityMethodMember 78930128 2024-07-01 d:RetainedEarningsMember 78930128 2023-07-01 d:RetainedEarningsMember 78930128 2024-07-01 2025-06-30 d:RetainedEarningsMember 78930128 2023-07-01 2024-06-30 d:RetainedEarningsMember 78930128 2025-06-30 d:RetainedEarningsMember 78930128 2024-06-30 d:RetainedEarningsMember 78930128 2024-07-01 d:ProposedDividendRecognisedInEquityMember 78930128 2023-07-01 d:ProposedDividendRecognisedInEquityMember 78930128 2024-07-01 2025-06-30 d:ProposedDividendRecognisedInEquityMember 78930128 2023-07-01 2024-06-30 d:ProposedDividendRecognisedInEquityMember 78930128 2025-06-30 d:ProposedDividendRecognisedInEquityMember 78930128 2024-06-30 d:ProposedDividendRecognisedInEquityMember 78930128 2024-07-01 2025-06-30 1 78930128 2024-07-01 2025-06-30 1 78930128 2024-07-01 2025-06-30 2 78930128 2024-07-01 2025-06-30 3 iso4217:DKK xbrli:pure Årsrapport 16119040 BUUS JENSEN, Statsautoriserede revisorer Lersø Parkalle, 112 2100, København Ø 2023-07-01 2024-06-30 2024-07-01 2025-06-30 78930128 Dan-Engineering A/S Toldbodgade 36B 1253 København 1985-09-16 København BUUS JENSEN, Statsautoriserede revisorer 16119040 Peter Leth Keller Statsautoriseret revisor mne47790 Lersø Parkalle 112 2100 København Ø Danmark 39 29 08 00 Buusjensen@buusjensen.dk 2026-01-02 Michael Erik Yde Marcussen Regnskabsklasse B Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark kapitalejerne København 2026-01-02 Copenhagen 2026-01-02 Grundlag for konklusion Konklusion 225475 2746216 874002 1344551 -648527 1401665 54574830 36721619 197569 257390 1382634 984043 569754 783894 54936752 38580823 79808 351260 54856944 38229563 21037458 18096513 19346501 19346501 14472985 786549 6668445 6697530 754443 754443 7422888 7451973 249537297 230813824 249537297 230813824 256960185 238265797 0 33048 49851133 37558498 699600 63000 11703781 0 62254514 37654546 0 753457 62254514 38408003 319214699 276673800 0 1803900 1803900 212704975 193981502 76311457 54491972 19346501 19346501 310166833 269623875 2032374 2196437 2032374 2196437 158019 137927 1267294 951855 234600 467618 379200 1855948 716408 414260 4259971 1025880 7015492 4853488 9047866 7049925 319214699 276673800 406610 596156 163144 187738 569754 783894 6904760 6904760 207230 29085 236315 6668445 978185 978185 223742 223742 754443 36832322 36832322 36832322 36832322 193981502 170305204 54574830 36721619 -33537372 -18625106 -2313985 5579785 212704975 193981502 249537297 230813824 Falcon Metals Limited Dubai 49.95 112148167 27283568 Fenix Metals Sp. Z o.o. Poland 49.95 387439851 81978283 158019 1365248 1803900 1803900 1803900 1803900 193981502 170305204 21037458 18096513 -2313985 5579785 212704975 193981502 54491972 46052818 14472985 786549 7346500 7652605 76311457 54491972 19346501 20152605 0 -7652605 19346501 12500000 19346501 19346501 19346501 19346501 9078033 7106261 308700 308700 32397 27221 9419130 7442182 4 5 Today, the Board of Directors and the Managing Director have approved the annual report of Dan-Engineering A/S for the financial year 1 July 2024 - 30 June 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and in our opinion, the financial statements give a true and fair view of the financial position of the Company at 30 June 2025 and of the results of the Company's operations for the financial year 1 July 2024 – 30 June 2025. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Per Bogner Michael Erik Yde Marcussen Carl Johan Greve af Rosenborg Per Bogner We have audited the financial statements of Dan-Engineering A/S for the financial year 1 July 2024 - 30 June 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes, for the Company. The financial statements are prepared under the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 30 June 2025, and of the results of the Company's operations for the financial year 1 July 2024 - 30 June 2025 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 Financial Statements” section of our report. We are independent of the Company 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 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 financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the 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 financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the 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 financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the 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 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 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 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 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 Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. Plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed. 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. Statement on Management’s ReviewManagement is responsible for Management’s Review. Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that Management’s Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of Management’s Review. Description of key activities of the companyLike previous years, the principal activities are to melt and refine metals, sell metals alloys and products therof, mainly containing tin and led and further to sell technology and production machinery connected there. Significant changes in the company's activities and financial mattersThere have been no significant changes in activities and financial matters. The gross profit for the year totals DKK 0,2m against DKK 2,7m last year. Profit or loss from ordinary activities after tax totals DKK 54,90m against DKK 38,2m last year. Management considers the net profit for the year satisfactory. Treasury sharesThe enterprise’s holding of treasury shares is 685.000 class B shares, orresponding to 37,98% of the capital contributed. The purchase of own shares was made with a view to a later capital reduction. Events occurring after the end of the financial yearNo events have occurred subsequent to the balance sheet date, which would have material impact on the financial position of the company. 12.Charges and securityAs collateral for mortgage loans, DKK 2,2m, security has been granted on land and buildings representing a carrying amount of DKK 6,7m at 30 June 2025. As collateral for bank loans, security on 4,5m has been granted on land and buildings representing a carrying amount of DKK 6,7m at 30 June 2025 and security on in equity investment in participating interests of DKK 56m at 30 June 2025. 13.Contractual obligations and contingencies, etc. Recourse guarantee commitments:The company has provided guarantees for the bank debts in participating interests wich on 30 June 2025 is maximized to DKK 19m (USD 3m). Joint taxationWith Sokami ApS, company reg. no 26 64 71 26 as administration company, the company is subject to the Danish scheme of joint taxation and is proportionally liable for tax claims within the joint taxation scheme. The company is proportionally liable for any obligations to withhold tax on interest, royalties, and dividends of the jointly taxed companies. The liabilities amount to a maximum amount corresponding to the share of the company capital, which is owned directly or indirectly by the ultimate parent company. The jointly taxed enterprises' total known net liability to the Danish tax authorities emerges from the financial statements of the administration company. Any subsequent adjustments of corporate taxes or withholding tax, etc., may result in changes in the company's liabilities. The annual report for Dan-Engineering A/S has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. The accounting policies are unchanged from last year, and the annual report is presented in DKK. Recognition and measurement in generalIncome is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, write-downs for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Foreign currency translationTransactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Fixed assets acquired and paid for in foreign currency are measured at the exchange rate prevailing at the date of  the transaction. Group enterprises abroad, associates, and equity investments are considered to be independent entities. The income statements are translated at an average exchange rate for the month, and the balance sheet items are translated at the closing rates. Currency translation differences, arising from the translation of the equity of group enterprises abroad at the beginning of the year to the closing rate and from the translation of income statements from average prices to the closing rate, are recognised directly in equity in the fair value reserve in the Consolidated Financial Statement. This also applies to differences arising from translation of income statements from average exchange rate to closing rate. Translation adjustment of balances with group enterprises abroad that are considered part of the total investment in group enterprises are recognised directly in equity in the fair value reserve. Likewise, foreign exchange gains and losses on loans and derived financial instruments for currency hedging independent group enterprises abroad are recognised directly in equity. When recognising foreign group enterprises which are integral units, the monetary items are translated using the closing rate. Non-monetary items are translated using the exchange rate prevailing at the time of acquisition or at the time of the subsequent revaluation or write-down for impairment of the asset. Income statement items are translated using the exchange rate prevailing at the date of the transaction. However, items in the income statement derived from non-monetary items are translated using historical prices. Gross profitGross profit comprises revenue, production costs, and other operating income. The enterprise will be applying IAS 18 as its basis of interpretation for the recognition of revenue. Revenue comprises the value of services provided during the year, including outlay for customers less VAT and price concessions directly associated with the sale. Revenue is recognised in the income statement on the completion of sales. This is generally considered to be the case when:The service has been provided before the end of the financial yearA binding sales agreement existsThe sales price has been determinedPayment has been received, or is anticipated with a reasonable degree of certainty. This ensures that recognition does not take place until the total income and costs and stage of completion at the reporting date can be reliably validated and it seems probable that the economic benefits, including payments, will flow to the enterprise. Production costs include the manufacturing and procurement costs incurred to achieve the revenue for the year. irect and indirect manufacturing costs are recognized, including costs for raw materials and consumables, wages and salaries, energy consumption, maintenance, leasing and depreciation on production facilities, with adjustments for changes in finished goods inventories and work in progress. Administration expensesAdministration expenses comprise expenses incurred during the year concerning management and administration, including expenses concerning administrative staff, the executive board, office premises, stationery and office supplies, and depreciations. Results from participating interestAfter full elimination of intercompany profit or loss less amortised of consolidated goodwill, the investment in the individual participating interests are recognised in the income statement as a proportional share of the participating interest' post-tax profit or loss. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, financial expenses from financial leasing, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Property, plant, and equipmentProperty, plant, and equipment are measured at cost less accrued depreciation and write-down for impairment. Land is not subject to depreciation. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. If the amortisation period or the residual value is changed, the effect on amortisation will, in future, be recognised as a change in the accounting estimates. The cost comprises acquisition cost and costs directly associated with the acquisition until the time when the asset is ready for use. The cost of a total asset is divided into separate components. These components are depreciated separately, the useful lives of each individual components differing, and the individual component representing a material part of the total cost. Depreciation is done on a straight-line basis according to an assessment of the expected useful life and the residual value of the individual assets: Useful lifeResidual valueBuildings50years75 %Other fixtures and fittings, tools and equipment5years0 - 100 % Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement as other operating income or other operating expenses. Investments in associates/participating interestInvestments in associates which ar presented in the balance sheet as participating interest are recognised and measured by applying the equity method. The equity method is used as a method of consolidation. Investments in associates are recognised in the statement of financial position at the proportionate share of the enterprise's equity value. This value is calculated in accordance with the accounting policies of the owner compagny with deductions or additions of unrealised intercompany gains and losses as well as with additions or deductions of the remaining value of positive or negative goodwill calculated in accordance with the acquisition method. Negative goodwill is recognised in the income statement at the time of acquisition of the equity investment. If the negative goodwill relates to contingent liabilities acquired, negative goodwill is not recognised until the contingent liabilities have been settled or lapsed. Consolidated goodwill is amortised over its estimated useful life, which is determined on the basis of the management's experience with the individual business areas. Consolidated goodwill is amortised on a straight-line basis over the amortisation period, which represent 5-20 years. The depreciation period is determined on the basis of an assessment that these are strategically acquired enterprises with a strong market position and a long-term earnings profile. Investments in associates with a negative equity value are measured at DKK 0, and any accounts receivable from these enterprises are written down to the extent that the account receivable is uncollectible. To the extent that the owner compagny has a legal or constructive obligation to cover a negative balance that exceeds the account receivable, the remaining amount is recognised under provisions. To the extent the equity exceeds the cost, the net revaluation of investments in associates  transferred to the reserve under equity for net revaluation according to the equity method. The reserve is adjusted by other equity movements in associates. Newly acquired or newly established companies are recognised in the financial statement as of the time of acquisition. Sold or liquidated companies are recognised until the date of disposal. Impairment loss relating to non-current assetsThe carrying amount of tangible fixed assets as well as equity investments in participating interest are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. write-down for impairment is done to the recoverable amount if this value is lower than the carrying amount. The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life. Previously recognised impairment losses are reversed when conditions for impairment no longer exist. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. In order to meet expected losses, impairment takes place at the net realisable value. The company has chosen to use IAS 39 as a basis for interpretation when recognising impairment of financial assets, which means that impairments must be made to offset losses where an objective indication is deemed to have occurred that an account receivable or a portfolio of accounts receivable is impaired. If an objective indication shows that an individual account receivable has been impaired, an impairment takes place at individual level. Accounts receivable for which there is no objective indication of impairment at the individual level are evaluated at portfolio level for objective indication of impairment. The portfolios are primarily based on the debtors' domicile and credit rating in accordance with the company's and the group's credit risk management policy. Determination of the objective indicators applied for portfolios are based on experience with historical losses. Impairment losses are calculated as the difference between the carrying amount of accounts receivable and the present value of the expected cash flows, including the realisable value of any securities received. The effective interest rate for the individual account receivable or portfolio is used as the discount rate. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and on hand. EquityTreasury sharesPurchase prices and sales prices of own shares are recognised directly in equity. The capital reduction arising from the cancellation of own shares will reduce the share capital by an amount corresponding to the nominal value of the shares and increase the results brought forward, respectively. The dividend of own shares is recognised directly in equity under retained earnings. Reserve for net revaluation according to the equity methodThe reserve for net revaluation according to the equity method comprises net revaluation of equity investments in subsidiaries, associates and equity interests proportional to cost. The reserve may be eliminated in the event of losses, realisation of equity investments, or changes in the accounting estimates. The reserve cannot be recognised by a negative amount. DividendDividend expected to be distributed for the year is recognised as a separate item under equity. Income tax and deferred taxCurrent tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Tax receivables from group enterprises" or "Income tax payable to group enterprises" According to the rules of joint taxation, Dan-Engineering A/S is proportionally liable to pay the Danish tax authorities the total income tax, including withholding tax on interest, royalties, and dividends, arising from the jointly taxed group of companies. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Adjustments take place in relation to deferred tax concerning elimination of unrealised intercompany gains and losses. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Liabilities other than provisionsMortgage loans and bank loans are thus measured at amortised cost which, for cash loans, corresponds to the outstanding payables. For bond loans, the amortised cost corresponds to an outstanding payable calculated as the underlying cash value at the date of borrowing, adjusted by amortisation of the market value on the date of the borrowing effectuated over the repayment period. Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value.