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c:ConsolidatedMember 4 35634576 2022-01-01 2022-12-31 c:ConsolidatedMember 35634576 2021-01-01 2021-12-31 c:ConsolidatedMember 35634576 2022-12-31 c:ConsolidatedMember 35634576 2021-12-31 c:ConsolidatedMember 35634576 2024-07-01 2025-06-30 c:ConsolidatedMember 0 35634576 2023-07-01 2024-06-30 c:ConsolidatedMember 0 35634576 2022-01-01 2022-12-31 c:ConsolidatedMember 0 35634576 2021-01-01 2021-12-31 c:ConsolidatedMember 0 35634576 2024-07-01 2025-06-30 c:ConsolidatedMember 2 35634576 2023-07-01 2024-06-30 c:ConsolidatedMember 2 35634576 2022-01-01 2022-12-31 c:ConsolidatedMember 2 35634576 2021-01-01 2021-12-31 c:ConsolidatedMember 2 iso4217:DKK xbrli:pure Årsrapport 32285201 Martinsen, Statsautoriseret Revisionspartnerselskab Dandyvej, 3 B 7100, Vejle 2023-07-01 2024-06-30 2024-07-01 2025-06-30 35634576 TSFJ Holding ApS Kornmarken 7 7190 Billund 2014-01-09 Billund Martinsen, Statsautoriseret Revisionspartnerselskab 32285201 Jesper Hørby Jensen statsautoriseret revisor mne34103 Dandyvej 3 B 7100 Vejle Danmark 75 82 10 55 2025-08-21 Frank Buhl Madsen Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark anpartshaverne Vejle 2025-08-21 Billund 2025-08-21 Grundlag for konklusion Konklusion The key figures appearing from the survey have been calculated as follows:Acid test ratio                  Current assets x 100                 / Short term liabilities other than provisionsSolvency ratio Equity, closing balance x 100 / Total assets, closing balanceReturn on equity Net profit or loss for the year x 100 / Average equity 117170008 71354259 -1190813 -64250 26680405 25555083 0 0 1218435 1060960 0 0 89271168 44738216 -1190813 -64250 0 0 70819195 40790009 3832598 7610430 11782 49871 10224330 142409 6828923 177016 82879436 52206237 62811241 40598614 19955511 11574821 -112684 -32802 62923925 40631416 62923925 40631416 70819195 40790009 60000000 43558000 -67895270 -43716593 8770998 8451426 0 0 798378 1465543 0 0 9569376 9916969 0 0 0 0 74516289 43697094 0 0 74516289 43697094 9569376 9916969 74516289 43697094 29840230 10386931 0 0 29840230 10386931 0 0 30009497 40994811 0 0 6300011 4201065 0 0 0 0 20560992 12104906 3357395 7086559 0 20640 698459 510868 0 0 40365362 52793303 20560992 12125546 160492781 158432758 5920288 3571143 230698373 221612992 26481280 15696689 240267749 231529961 100997569 59393783 0 0 50000 50000 50000 50000 0 0 1096286 1077091 9876992 1077093 8780706 2 60000000 43558000 60000000 43558000 69926992 44685093 69926992 44685093 9258446 9576624 0 0 9819000 8285000 0 0 19077446 17861624 0 0 116494470 139981662 0 0 9484027 11569333 498250 31250 0 0 10670821 2807982 19901506 11869434 19901506 11869434 5383308 5562815 0 24 151263311 168983244 31070577 14708690 151263311 168983244 31070577 14708690 240267749 231529961 100997569 59393783 62923925 38418931 27189728 7084042 -31243363 18873651 58870290 64376624 3832598 4773898 10101123 142412 52601765 69008110 12225330 864824 40376435 68143286 839346 3689644 204960 0 -634386 -3689644 -5875974 -2023500 43558000 15000000 -37682026 -12976500 2060023 51477142 158432758 106955616 160492781 158432758 160492781 158432758 22656858 22257555 0 0 3623714 2926289 0 0 399833 371239 0 0 26680405 25555083 0 0 26 26 0 0 0 0 486091 144659 10224330 142409 6342832 32357 10224330 142409 6828923 177016 14083269 736351 14819620 2500000 2500000 8131843 416779 8548622 8770998 7483122 5758441 102995 610934 5250502 4292898 441993 -282767 4452124 798378 2620000 2620000 2620000 2620000 47441466 21651457 70819195 40790009 -40000000 -15000000 78260661 47441466 6364372 6364372 74516289 43697094 Lesni A/S Billund 100 -324683020 -433164645 50000 50000 50000 50000 50000 50000 50000 50000 0 0 1077091 287082 0 0 70819195 40790009 0 0 -70800000 -40000000 0 0 1096286 1077091 9876992 1077093 2 1693095 0 0 -67895270 -43716593 0 0 76675974 42023500 9876992 1077093 8780706 2 43558000 15000000 43558000 15000000 43558000 15000000 37682026 12976500 60000000 43558000 60000000 43558000 0 0 -5875974 -2023500 60000000 43558000 60000000 43558000 9576624 6799293 -318178 2777331 9258446 9576624 858772 834143 -3832598 -4773898 10224330 142410 20257402 8101082 -318178 2780305 -19453299 -825909 12427941 -12712050 -2264813 -2206426 -21953192 34618036 Today, the Board of Directors and the Managing Director have approved the annual report of TSFJ Holding ApS 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 consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 30 June 2025, and of the results of the Group and the Company's operations as well as the consolidated cash flows 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. Jan Ethelberg Hjort Souheil Maamari Frank Buhl Madsen Jan Ethelberg Hjort Kim Ove bæk We have audited the consolidated financial statements and the parent company financial statements of TSFJ Holding ApS for the financial year 1 July 2024 to 30 June 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes for both the Group the Parent Company, as well as consolidated statement of cash flows. The consolidated financial statements and the parent company financial statements are prepared under the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 30 June 2025, and of the results of the Group and the Company's operations as well as the consolidated cash flows 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 Consolidated Financial Statements and the Parent Company Financial Statements” section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ 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 company 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 company financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements and the parent company financial statements, Management is responsible for assessing the Group´s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the consolidated financial statements and the parent company financial statements unless Management either intends to liquidate the Group or the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent company financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements 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 company 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 consolidated financial statements and the parent company financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group´s and the Company’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the consolidated financial statements and the parent company financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group´s and the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements and the parent company financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the consolidated financial statements and the parent company financial statements, including the disclosures, and whether the consolidated financial statements and the parent company financial statements represent the underlying transactions and events in a manner that gives a true and fair view. 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 company 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. Statement on Management’s ReviewManagement is responsible for Management’s Review. Our opinion on the consolidated financial statements and the parent company 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 consolidated financial statements and the parent company financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the consolidated financial statements and the parent company financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether 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. 45744000 29011000 17664000 5680000 -6392000 7468000 1083000 6861000 14355000 9736000 160823000 138505000 17030000 12923000 61770000 20958000 -1242000 -894000 -10248000 0 2060000 51477000 50280000 20064000 24 22 152.5 131.1 118.2 114.9 29.1 19.3 10.6 9.3 109.8 131.7 95.9 150.7 Development in activities and financial mattersThe gross loss for the parent compagny for the year totals DKK -1.191thousand against DKK -64thousand last year. Income or loss from ordinary activities after tax totals DKK 0thousand against DKK 40.631thousand last year. Management considers the net profit or loss for the year satisfactory. The gross profit for the group for the year totals DKK 117.170thousand against DKK 71.354thousand last year. Income or loss from ordinary activities after tax totals DKK 62.924thousand against DKK 40.631thousand last year. Management considers the net profit or loss for the year satisfactory. The group is exposed to risks associated with material prices and deliveries, as its products include a variety of materials and components with fluctuating prices and delivery reliability, mainly electrical components and supplies, stainless steel, and catalysts. Material price risks are not hedged. The impact on the group's result has so far been limited, as price developments for the most significant materials are predominantly passed on to the group's sales prices. In 2024/25, fluctuations have been less than the previous year but are a factor we have continuously addressed. Lesni has also been certified ISO 9001 and ISO 14001 in 2024/25, which is expected to give customers an even more positive approach to Lesni A/S. In 2024/25, the parent company’s cash and cash equivalents increased by DKK 2.349thousand, i.e. from DKK 3.571 to DKK 5.920thousand. In 2024/25, the group’s cash and cash equivalents increased by DKK 2.060thousand, i.e. from DKK 158.433 to DKK 160.493thousand. Development for the year relative to the expectationsIn the annual report 2023/24, a projected gross loss for the parent company for 2024/25 at a level of approximately DKK 0 and a profit or loss from ordinary activities after tax of DKK 0 were announced. The actual gross loss for 2024/25 amounts to DKK -1.191thousand and the actual profit or loss from ordinary activities after tax amounts to DKK 0. The primary reason for the deviation between the projected and actual gross profit for the parent company is that …….. The primary reason for the deviation between the projected and actual gross profit for the parent company is that …….. In the annual report 2023/24, a projected gross profit for the group for 2024/25 at a level of approximately DKK 0 and a profit or loss from ordinary activities after tax of DKK 0 were announced. The actual gross profit for 2024/25 amounts to DKK 71.354thousand and the actual profit or loss from ordinary activities after tax amounts to DKK 62.924. The primary reason for the deviation between the projected and actual gross profit for the group is that …….. The primary reason for the deviation between the projected and actual profit or loss from ordinary activities after tax for the group is that …….. Expected developmentsThe group expects a positive development in the level of activity in 2025/26, but political instability and unrest, especially in the American market, could shift expectations. Continued high activity is expected. IIt is expected that general inflation will be at a stable level, and therefore, inflation will not negatively affect the earnings on individual projects. The group also has a good team of employees, several of whom have considerable experience and long tenure, which positively impacts the result. Thus, a similarly positive result is expected in 2025/26 at roughly the level of 2024/25. One of our markets has, since the start of 2024, increased its attention to Lesni solutions, as our solution could meet very high demands, there is continued heightened interest in this segment and potential for increased activity, but political unrest has had a negative effect since early 2025. However, there could be significant uncertainties as general industry unrest is expected due to tariffs, currency, and interest rate volatility as well as ongoing geopolitical tensions. Knowledge resourcesAs an engineering company, it is crucial that the company has the right skills in terms of the right employees. The company has historically been good at retaining employees and the majority of employees have more than 5 years of seniority, which has a positive impact on the company's result. Research and development activitiesContinuous development and optimization of the efficiency of the purification degree in the designed solutions are carried out. No actual research is conducted by the group. The costs thereof are recognized in the income statement. The annual report for TSFJ Holding ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class C enterprises (medium sized 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 group 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 group 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. 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. Gross profitGross profit comprises the revenue, changes in inventories of finished goods, and work in progress, own work capitalised, other operating income, and external costs. The enterprise will be applying IAS 11 as its basis of interpretation for the recognition of revenue. Contract work in progress concerning construction contracts is recognised in the revenue concurrently with the production process. Thus, the revenue corresponds to the selling price of the total yearly production (the production method). The revenue is recognised when the total income and costs of the contract and the stage of completion on the reporting date can be reliably validated and it is deemed probable that the financial benefits will flow to the company. When the results of a contract cannot be reliably validated, the revenue is recognised solely on a cost basis to the extent that it seems probable that the costs will be recovered. Cost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories. Other external expenses comprise expenses incurred for distribution, sales, advertising, administration, premises, and operational leasing costs. Depreciation, amortisation, and write-down for impairmentDepreciation, amortisation, and write-down for impairment comprise depreciation on, amortisation of, and write-down for impairment of intangible and tangible assets, respectively. Results from investment in group enterpriseAfter full elimination of intercompany profit or loss less amortised consolidated goodwill, the equity investment in the entity is recognised in the income statement of the parent as a proportional share of the entity’ post-tax profit or loss. Financial income and expensesFinancial income and expenses are recognized in the income statement with the amounts that relate to the financial year. Financial items include interest income and expenses, as well as realized and unrealized gains and losses on transactions in foreign currency. 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 parent and the Danish group enterprises are subject to Danish rules on compulsory joint taxation of Danish group enterprises. The parent acts as an administration company in relation to the joint taxation. This means that the total Danish income tax payable by the Danish group companies is paid to the tax authorities by the company. 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 equipmentLand and buildings is measured at cost plus revaluations and less accrued depreciation and write-down for impairment. Land is not subject to depreciation. Land and buildings is revaluated on the basis of regular, independent fair-value assessments. Net revaluation at fair value adjustment is recognised directly in equity less deferred tax and tied up in a particular revaluation reserve. Net impairment loss at fair value adjustment is recognised in the income statement. The depreciable amount is cost plus revaluations at fair value less expected residual value after the end of the useful life of the asset. The amortisation period is fixed at the acquisition date and reassessed annually. If the residual value exceeds the carrying mount of the asset, depreciation is discontinued. Reversal of previous revaluations and recognised deferred taxes concerning revaluations are recognised directly in company equity. Other property, plant, and equipment are measured at cost less accrued depreciation and write-down for impairment. 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. Depreciation is done on a straight-line basis according to an assessment of the expected useful life: Useful lifeBuildings10-33yearsOther fixtures and fittings, tools and equipment3-5years 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 group enterpriseInvestments in group enterprise is recognised and measured by applying the equity method. The equity method is used as a method of consolidation. Investments in group enterprise is 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 parent's accounting policies 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. In relation to material assets and liabilities recognised in group enterprise but are not represented in the parent, the following accounting policies have been applied. Property, plant, and equipment:Property, plant, and equipment are measured at cost less accrued depreciation and write-down for impairment. Property is measured at cost plus revaluations and less accrued depreciation and write-down for impairment. Land is not subject to depreciation. Inventories:Inventories are measured at cost according to the FIFO method. In cases when the net realisable value of the inventories is lower than the cost, the latter is written down for impairment to this lower value. Contract work in progress:Contract work in progress is measured at the selling price of the work performed. The selling price is measured on the basis of the stage of completion on the reporting date and the total expected income from the individual work in progress. To the extent the equity exceeds the cost, the net revaluation of equity investment in group enterprise  transferred to the reserve under equity for net revaluation according to the equity method. Dividend from group enterprise expected to be adopted before the approval of this annual report are not subject to a limitation of the revaluation reserve. The reserve is adjusted by other equity movements in group enterprise. InventoriesInventories are measured at cost according to the FIFO method. In cases when the net realisable value of the inventories is lower than the cost, the latter is written down for impairment to this lower value. 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. PrepaymentsPrepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and on hand. EquityReserve 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 taxAs administration company, TSFJ Holding ApS is liable to the tax authorities for the subsidiaries' corporate income taxes. Current 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" 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. ProvisionsProvisions comprise expected costs of warranty commitments, loss on work in progress, restructuring, etc. Provisions are recognised when the group has a legal or actual commitment resulting from a previously occurred event and when it is probable that the settlement of the liability will result in consumption of the financial resources of the group. Provisions are measured at net realisable value or at fair value. If the fulfilment of a liability is expected to take place far in the future, the liability is measured at fair value. Guarantee liabilities comprise liabilities for repairs within the guarantee period of 1-5 years. Provisions for warranty commitments are measured on basis of the obtained experience with guarantee work. Provisions with an expected due date later than 1 year from the reporting date are discounted at a rate reflecting risk and maturity of the liability. Liabilities other than provisionsDebt obligations are measured at amortized cost, which usually corresponds to nominal value. The cash flow statement shows the cash flows of the group for the year, divided in cash flows deriving from operating activities, investment activities and financing activities, respectively, the changes in the liabilities, and group’ cash and cash equivalents at the beginning and the end of the year, respectively. A cash flow statement for the parent has not been prepared as the cash flows of the enterprise are included in the consolidated cash flow statement, cf. section 86, subsection 4, of the Danish Financial Statements Act. The effect on cash flows derived from the acquisition and sale of enterprises appears separately under cash flows from investment activities. In the statement of cash flows, cash flows derived from acquirees are recognised as of the date of acquisition, and cash flows derived from sold enterprises are recognised until the date of sale. Cash flows from operating activitiesCash flows from operating activities are calculated as the group's share of the profit adjusted for non-cash operating items, changes in the working capital, and corporate income tax paid. Dividend income from equity investments are recognised under “Interest income and dividend received”. Cash flows from investment activitiesCash flows from investment activities comprise payments in connection with the acquisition and sale of enterprises and activities as well as the acquisition and sale of intangible assets, property, plant, and equipment, and investments, respectively. Cash flows from financing activitiesCash flows from financing activities include changes in the size or the composition of the group's share capital and costs attached to it, as well as raising loans, repayments of interest-bearing payables and payment of dividend to shareholders. Cash and cash equivalentsCash and cash equivalents comprise cash on hand and demand deposits and short-term financial instruments with a term of less than 3 months, which can easily be converted into cash and cash equivalents and are associated with an insignificant risk of value change. Group 30/6 202530/6 2024 12.Provisions for deferred taxProvisions for deferred tax opening balance9.576.6246.799.293Deferred tax of the results for the year-318.1782.777.331 9.258.4469.576.624 14.Charges and securityThe company has issued mortgages registered to the owners totalling DKK 9.000.000 as security for bank loans. The mortgages registered to the owners provide security on the above land and buildings. 15.Contractual obligations and contingencies, etc.Contractual obligations and contingent liabilitiesLease liabilities:The grouphas entered into operational leases with an average annual lease payment of DKK 85.000. The leases have 8-51 months to maturity and total outstanding lease payments total DKK 150.000. Joint taxationThe company acts as administration company for the group of companies subject to the Danish scheme of joint taxation and is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, to pay the total corporation tax. The company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. Any subsequent adjustments of corporate taxes or withholding taxes, etc., may result in changes in the company's liabilities. 16.Related partiesControlling interest Lesni A/S, Kornmarken 7, 7190 Billund, DanmarkMajority shareholder TransactionsThe company has the following related party transactions: GroupParent 2024/252023/242024/252023/24 Interests00489.091144.659 Payables to group enterprises0010.670.8212.807.982