43952277 2024-07-01 2025-06-30 cmn:ConsolidatedMember 43952277 2024-07-01 2025-06-30 cmn:ConsolidatedMember 1 43952277 2024-07-01 2025-06-30 cmn:ConsolidatedMember 2 43952277 2024-07-01 2025-06-30 cmn:ConsolidatedMember 3 43952277 2024-07-01 2025-06-30 cmn:ConsolidatedMember 4 43952277 2024-07-01 2025-06-30 cmn:ConsolidatedMember 1 43952277 2024-07-01 2025-06-30 cmn:ConsolidatedMember 2 43952277 2024-07-01 2025-06-30 cmn:ConsolidatedMember 3 43952277 2024-07-01 2025-06-30 cmn:ConsolidatedMember 4 43952277 2024-07-01 2025-06-30 cmn:ConsolidatedMember 5 43952277 2024-07-01 2025-06-30 cmn:ConsolidatedMember 6 43952277 2024-07-01 2025-06-30 cmn:ConsolidatedMember 1 43952277 2024-07-01 2025-06-30 cmn:ConsolidatedMember 2 43952277 2023-03-22 2024-06-30 cmn:ConsolidatedMember 43952277 2025-06-30 cmn:ConsolidatedMember 43952277 2024-06-30 cmn:ConsolidatedMember 43952277 2024-06-30 cmn:ConsolidatedMember fsa:ContributedCapitalMember 43952277 2024-06-30 cmn:ConsolidatedMember fsa:ReserveForCurrentValueOfHedgingMember 43952277 2024-06-30 cmn:ConsolidatedMember fsa:RetainedEarningsMember 43952277 2024-07-01 2025-06-30 cmn:ConsolidatedMember fsa:ContributedCapitalMember 43952277 2024-07-01 2025-06-30 cmn:ConsolidatedMember fsa:RetainedEarningsMember 43952277 2024-07-01 2025-06-30 cmn:ConsolidatedMember fsa:ReserveForCurrentValueOfHedgingMember 43952277 2025-06-30 cmn:ConsolidatedMember fsa:ContributedCapitalMember 43952277 2025-06-30 cmn:ConsolidatedMember fsa:ReserveForCurrentValueOfHedgingMember 43952277 2025-06-30 cmn:ConsolidatedMember fsa:RetainedEarningsMember 43952277 2023-03-21 cmn:ConsolidatedMember 43952277 2024-07-01 2025-06-30 cmn:ConsolidatedMember fsa:ManagementMember 43952277 2023-03-22 2024-06-30 cmn:ConsolidatedMember fsa:ManagementMember 43952277 2024-07-01 2025-06-30 cmn:ConsolidatedMember fsa:BoardOfDirectorsMember 43952277 2023-03-22 2024-06-30 cmn:ConsolidatedMember fsa:BoardOfDirectorsMember 43952277 2024-07-01 2025-06-30 cmn:ConsolidatedMember fsa:OtherShorttermPayablesMember 43952277 2024-07-01 2025-06-30 cmn:ConsolidatedMember fsa:ShorttermDeferredIncomeMember 43952277 2024-07-01 2025-06-30 43952277 2023-03-22 2024-06-30 43952277 2025-06-30 43952277 2024-06-30 43952277 2024-06-30 fsa:ContributedCapitalMember 43952277 2024-06-30 fsa:RetainedEarningsMember 43952277 2024-07-01 2025-06-30 fsa:ContributedCapitalMember 43952277 2024-07-01 2025-06-30 fsa:RetainedEarningsMember 43952277 2025-06-30 fsa:ContributedCapitalMember 43952277 2025-06-30 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Annual report 2025-10-28 George Benjamin Mitchell The Board of Directors and the Executive Board have today considered and approved the annual report of PR electronics Group Holdings ApS for the group for the financial year 01.07.2024 - 30.06.2025 and for the annual report for the parent for the financial year 01.07.2024 - 30.06.2025. The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view​of the Group's and the Parent's financial position at 30.06.2025as well as the groups results of their operations and the consolidated cash flows for the financial year 01.07.2024 - 30.06.2025 and of the results of their operations for the financial year01.07.2024 -30.06.2025. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Rønde Simon Bisbo Andreas Færk George Benjamin Mitchell Mikkel Skovsbøll Riisom Heiko von Dewitz Andreas Færk Anders Jonsson Christopher Sean Ashworth Emilie Bjørnekær Rosenkvist George Benjamin Mitchell To the shareholders of PR electronics Group Holdings ApS We have audited the consolidated financial statements and the parent financial statements of PR electronics Group Holdings ApS. The consolidated financial statements for the financial year 01.07.2024 - 30.06.2025 and the​parent financial statement for the financial year 01.07.2024 - 30.06.2025 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 give a true and fair view of the Group's financial position at 30.06.2025 and of the results of their operations and the consolidated cash flows for the financial year 01.07.2024 - 30.06.2025 in accordance with the Danish Financial Statements Act.​​In our opinion, the parent financial statements give a true and fair view of the Group's financial position at 30.06.2025 and of the results of their operations for the financial year 01.07.2024 - 30.06.2025 in accordance with​the Danish Financial Statements We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional ​requirements applicable in Denmark. Our responsibilities under those standards and requirements are further ​​described in the "Auditor’s responsibilities for the audit of the consolidated financial statements and the parent financial statements" section of this auditor’s report. We are independent of the Group in accordance ​with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional ​Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled ​our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of consolidated financial statements and parent financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines ​is necessary to enable the preparation of consolidated financial statements and parent financial statements that are free from material misstatement, ​whether due to fraud or error. ​​ ​​In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and the Entity’s ability to continue ​as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going ​concern basis of accounting in preparing the​consolidated financial statements and the parent financial statements unless Management either intends to liquidate ​the Entity or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent financial statements as a whole are ​free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes ​our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted ​in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material ​misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, ​individually or in the aggregate, they could reasonably be expected to influence the economic decisions of ​users taken on the basis of these consolidated financial statements and parent financial statements. ​​ ​​As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, ​​we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the consolidated financial statements and the parent financial statements, whether due to ​fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence ​that is sufficient and appropriate to provide a basis for our opinion. The risk of​not detecting a ​material misstatement resulting from fraud is higher than for one resulting from error, as fraud may ​involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.​Obtain an understanding of internal control relevant to the audit in order to design audit procedures ​​that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the ​​effectiveness of the Group's and the Entity’s internal control.​Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates ​​and related disclosures made by Management.​Conclude on the appropriateness of Management’s use of the going concern basis of accounting in ​​preparing the consolidated financial statements and the parent financial statements, and, based on the audit evidence obtained, whether a material ​uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to ​draw attention in our auditor’s report to the related disclosures in the consolidated financial statements and the parent financial statements or, if such ​​disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence ​​obtained up to the date of our auditor’s report. However, future events or conditions may cause the ​Group and the ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures ​in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and ​​events in a manner that gives a true and fair view.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. Management is responsible for the management commentary. ​​ ​​Our opinion on the consolidated financial statements and the parent financial statements does not cover the management commentary, and we do not express ​any form of assurance conclusion thereon. ​​ ​​In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management ​commentary and, in doing so, consider whether the management commentary is materially inconsistent with ​the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. ​​​Moreover, it is our responsibility to consider whether the management commentary provides the information ​​required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with ​​the consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary. Aarhus Deloitte Statsautoriseret Revisionspartnerselskab Deloitte Statsautoriseret Revisionspartnerselskab 33963556 33963556 Morten Gade Steinmetz State Authorised Public Accountant mne34145 Jonas Thøstesen Svensson State Authorised Public Accountant mne47824 Financial highlights2024/25​DKK'0002023/24​DKK'000Key figuresRevenue454,923471,685Gross profit/loss268,064256,645Operating profit/loss(97,632)(114,753)EBITDA107,624107,940Net financials(36,716)(36,396)Profit/loss for the year(129,751)(147,785)Balance sheet total2,084,4352,310,871Investments in property, plant and equipment6,208114,011Equity1,378,7581,512,047Cash flows from operating activities109,64650,796Cash flows from investing activities(18,821)(2,133,503)Cash flows from financing activities(93,743)2,180,506RatiosGross margin (%)58.9354.41Net margin (%)(28.52)(31.33)Equity ratio (%)66.1565.43Financial highlights are defined and calculated in accordance with the current version of "Recommendations & ​Ratios" issued by the CFA Society Denmark.Gross margin (%) :​Gross profit/loss * 100​​RevenueNet margin (%) : Profit/loss for the year * 100 ​​RevenueEquity ratio (%) :​Equity * 100 ​​​Balance sheet total Primary activitiesThe Group develops, produces, and sells electronic products. Development and production take place in PR electronics A/S, whereas the Group’s products are sold through its foreign sales subsidiaries and independent distributors as well as from PR electronics A/S directly. Development in activities and financesRevenue for the year amounted to DKK 454,923k compared to DKK 471,685k in the previous year, corresponding to a decrease of 3.6%. The decline in revenue was primarily driven by reduced market growth resulting from an overstocking phenomenon following a period of electrical component shortages, which mainly affected the first half of the financial year. ​ ​Other external expenses and staff costs decreased by a combined 1.2%, primarily reflecting lower other external expenses. The reduction in other external expenses was mainly due to significant advisory fees incurred in 2023/24 in connection with the acquisition of PR electronics A/S. This was partly offset by deliberate investments in strengthening the sales management organization to support future growth, expanding the commercial footprint through the establishment of new sales channels, and increasing R&D staffing to build a strong pipeline of new products. ​ ​Depreciation, amortization and impairment losses amount to DKK 205,182k compared to DKK 222,693k in 2023/2024. The decrease mainly reflects lower amortization of purchase allocation adjustments related to the acquisition of PR electronics A/S during 2023/2024. ​ ​The profit for the year amounts to DKK -129,751k compared to -147,785k in 2023/2024. Profit/loss for the year in relation to expected developmentsThe profit for the year is considered satisfactory, given the significant investments made to support future growth. The Group continuously takes measures and makes adjustments to ensure that its strategic plan for growth in both revenue and profitability is achieved. Uncertainty relating to recognition and measurementThe recognition and measurement of the company’s goodwill are subject to some uncertainty, but no indication of impairment has been identified. Look at note 2 for more comments. OutlookFounded in a continuously wider high-quality product range, increased activities to create market awareness and a larger sales force, the Group expects to continue its growth path. Increased profitability is expected through continued optimization of the Group’s internal value chains, including sourcing and production optimizations. ​ ​The company expects revenue to grow by 0-15% in 2025/2026 with an increased margin on profit before tax. Use of financial instrumentsOther matters ​The Group is strongly focused on financial management, including continuous assessment and hedging of the Group’s trading risks and financial risks, etc.​​Financial risks ​As a result of its operations, investments and financing, the Group is exposed to changes in exchange rates and interest levels. The Group manages the financial risks centrally and has central coordination of the Group’s cash management, including capital procurement and investment of excess liquidity.​ ​Foreign exchange risks ​Foreign exchange risks are primarily hedged by means of matching payments received and made in the same currency and by means of forward exchange contracts.​Credit risks ​Credit risks related to financial assets correspond to the values recognized in the balance sheet. The Group does not have any material risks relating to a single customer or cooperative partner. According to the Group’s policy for assuming credit risks, all major customers and other cooperative partners are credit rated on an ongoing basis. ​ ​According to the Group’s policy, capital procurement as well as investment of surplus liquidity shall be managed centrally by PR electronics A/S. ​​Interest risks ​It is the Group’s policy to hedge interest rate risks on Group loans if it is assessed that such interest payments can​be ensured at a satisfactory level compared to the related costs. At present, the Group has balanced debt compared to its activity level and balance sheet size. ​​Liquidity risks ​The Group has policies stipulating availability of minimum cash resources, which the Group must have at its disposal at any time. Research and development activitiesResearch and development activities are carried out in PR electronics A/S. The activities primarily comprise development of modules for electronic signal conditioning and related products. ​ ​Approx. 7.4% of revenue for the year is spent on research and development activities of which DKK 15.7m has been recognized under intangible assets. ​ ​For the next financial year, the Group expects that resources used for research and development activities will increase toward 10% of revenue. ​​Other matters ​The Group is strongly focused on financial management, including continuous assessment and hedging of the Group’s trading risks and financial risks, etc.​​Business risks ​The markets, in which the company operates, are mainly product-driven. Therefore, the company’s efforts in the research and development area contribute to securing the company’s long-term market position. Consequently, it​is important to retain and further enhance the company’s innovative potential and to be able to attract the best-qualified candidates. ​ ​Product risks primarily relate to potential delays in the launch of new products. The Company maintains a strong focus on all stages of product development and launch processes to minimize this risk. The supply chain is continuously monitored, supported by policies that ensure minimum inventory levels to mitigate the impact of short- and medium-term supply disruptions. Furthermore, significant resources are dedicated to continuously ensuring that the Company remains aligned with the latest technological developments, thereby safeguarding its competitiveness. ​​Management and employees ​The average number of employees (converted into full-time employees) was 232 in 2024/2025.​​Knowledge resources ​The Group’s strategic objective of continued growth in revenue and profit requires maintenance of a high level of innovation through a flexible and knowledge-based organization. This is a sustained process, which is facilitated through the implementation of educational plans, encouragement to cooperation and by inspiring employees to take responsibility. ​ ​Maintenance of the Group’s leading technology edge requires core competencies amongst others within effective​project management, hardware design of analogue and digital electronics, design of solid and high-efficient embedded software as well as development of advanced signal conditioning algorithms. Furthermore, outstanding product quality and productivity of new products requires core competencies within development of high-precision calibration equipment and end test equipment with high production efficiency. ​ ​To maintain a leading edge in the development of new innovative technologies and products, the Group cooperates with several external consultants as well as design and development companies. Statutory report on corporate social responsibilityThe Group has focus on corporate social responsibility in relation to its activities and the following section describes policies, activities and results in relation hereto. Our business model is described in the section “Primary activities” above.​​Environmental performance ​The risk of negative impact on the external environment is low for the Group as only small quantities of dangerous substances are used in the production process. The Group is certified according to the DS/EN ISO 14001:2015 standard and has continuous focus on minimizing our environmental footprint. Specifically, the standard is used in setting procedures for daily work routines, and therefore new and existing employees are constantly made aware of and trained to live up to the specified standard. ​ ​Management concludes that the Group’s activities have contributed to minimizing its impact on environment as well as the climate in general in the fiscal year 2024/2025, and the Group will continue to improve its environmental footprint in 2025/2026. ​​Health and safety at work ​The Group takes responsibility for the working environment and focus on the health of its employees. Therefore, the Group is focusing on any potential risks related to work-related accidents and the employee’s general wellbeing. The working environment complies with the highest national standards, and the Group focuses on being a healthy workplace for the well-being of its employees. ​ ​Health and safety at work is closely monitored amongst others through health and safety related questions in the​yearly employee satisfactory survey as well as real time recording of work-related accidents and near-accidents. ​ ​Management concludes that the Group’s activities have contributed to maintaining a work environment compliant with the highest national standards in the fiscal year 2024/2025, and the Group will strive to maintain the highest national standards also in 2025/2026. ​​Society & Human rights ​The Group consents with the 10 UN Global Compact Principles in its day-to-day business operations and has particular focus on maintaining compliance with human rights and labor rights and hereby mitigating any risk of employees feeling discriminated or not treated equally. The Group has a zero tolerance in relation to discrimination of employees and any breaches concerning human and labor rights. To ensure focus amongst employees, the policy is part of the employee handbook, which has been distributed to all employees. ​ ​During fiscal year 2024/2025, the management is not aware of any breaches of human rights in the Group. The Group will in the next financial year continue with a high level of activities to secure a satisfying result of the employee surveys and ensure protection of human rights. ​​Anti-corruption & Bribery ​The Group does not operate in businesses and markets where corruption and bribery are considered a major risk​but as part of the Group’s overall approach to CSR, a code of conduct and anti-corruption policies are in place. ​ ​The Group has a zero tolerance in relation to corruption and bribery and has strong values and a shared vision of​professional business acumen. Additionally, internal controls and implemented authority matrix aim at ensuring and enhancing adherence. ​ ​Furthermore, the Group’s Code of Conduct policy is an integrated part of the employee handbook and employees​are made aware through their introductory training which also includes a Code of Conduct test and the employee’s signature on the Code of Conduct to certify adherence. Similar Code of Conduct programs are in place in relation to suppliers. ​ ​During the fiscal year 2024/2025, the management is not aware of any breaches regarding corruption and bribery​in the Group. This is also the target for next financial year, which is expected to be achieved through a continuation of training programs and awareness campaigns. Statutory report on data ethics policyThe Group has updated all relevant policies, including employee and data privacy policies, to ensure compliance with the GDPR regulations introduced in 2018. The Group has appointed a GDPR responsible individual per main GDPR area as well as a Group GDPR responsible person embedded with the task to maintain our group-wide GDPR documentations and compliance and to perform internal reviews. We have provided training to our employees – based on a risk-based approach – to ensure awareness and compliance with GDPR in their day-to-day work and on what actions are required in case a breach of sensitive data is detected. ​ ​In addition, we have developed and implemented a Data Ethics Policy in accordance with the Danish Financial Statements Act § 99d ("Redegørelse for politik for dataetik, jf. årsregnskabslovens § 99 d"). The policy stipulates how we collect, process, use, share and delete data, and is accessible on the company’s homepage, www.prelectronics.com Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 454923000 471685000 -16198000 -12581000 3303000 1661000 127859000 136113000 78501000 93169000 268064000 256645000 160514000 148705000 205182000 222693000 -97632000 -114753000 2473000 3797000 39189000 40193000 -134348000 -151149000 -4597000 -3364000 -129751000 -147785000 28549000 7731000 625606000 689931000 499000 760000 107390000 113356000 947325000 1065741000 29507000 39081000 1738876000 1916600000 67241000 69510000 24661000 28958000 4097000 4226000 95999000 102694000 616000 660000 616000 660000 1835491000 2019954000 47143000 82172000 10009000 11246000 11673000 8040000 68825000 101458000 71170000 71429000 8986000 15305000 5018000 4871000 85174000 91605000 64000 55000 64000 55000 94881000 97799000 248944000 290917000 2084435000 2310871000 223418000 223198000 -7520000 0 1162860000 1288849000 1378758000 1512047000 181581000 194487000 181581000 194487000 5727000 7392000 399062000 500444000 404789000 507836000 30335000 22161000 5022000 0 0 958000 28298000 28153000 12628000 10480000 9641000 4842000 32684000 29741000 699000 166000 119307000 96501000 524096000 604337000 2084435000 2310871000 223198000 0 1288849000 1512047000 220000 1272000 1492000 0 1286000 1286000 -3744000 0 -3744000 -3776000 3776000 0 0 -129751000 -129751000 223418000 -7520000 1162860000 1378758000 205182000 222693000 41082000 3354000 148632000 111294000 2472000 3870000 35858000 37313000 5600000 27055000 109646000 50796000 6208000 12267000 15692000 12076000 3079000 0 0 -2109160000 -18821000 -2133503000 -90825000 2082707000 -5022000 544398000 90213000 26682000 1492000 1662790000 -93743000 2180506000 -2918000 97799000 97799000 0 94881000 97799000 1 Events after the balance sheet dateAfter the balance sheet date a capital increase has been made. No other events have occured after the balance sheet date to this date, which would influence the evaluation of this annual report. 2 Uncertainty relating to recognition and measurement The recognition and measurement of the company’s goodwill are subject to some uncertainty, but no indication of impairment has been identified. ​ ​The valuation of goodwill has been accessed based on the following parameters. The assessment of the impairment of goodwill is based on a growth strategy expecting a revenue increase of 10-12% each year the next 10 years. The company has used a WACC on 11,6% in the assessment of the valuation. ​ ​The parameters may be affected by internal performance and external conditions why recognition and measurement can be subject to some uncertainty. 3 Revenue2024/25​DKK'0002023/24​DKK'000Denmark35,26634,313Other EU-contries224,436240,507Other countries195,221196,865Total revenue by geographical market454,923471,685All revenue relates to sale of electronical products. There are no separate business segment in terms of risk and return. 4 Fees to the auditor appointed by the Annual General Meeting2024/25​DKK'0002023/24​DKK'000Statutory audit services265265Other assurance engagements652240Other services0250917755 5 Staff costs2024/25​DKK'0002023/24​DKK'000Wages and salaries138,296128,460Pension costs9,5708,790Other social security costs12,64811,455160,514148,705Average number of full-time employees232227Remuneration​of ​management​2024/25​DKK'000Remunerationof management​2023/24​DKK'000Executive Board2,7113,833Board of Directors9393313,6504,164Special incentive programmesIn 2023/24, the company has implemented an incentive plan for key employees, providing the possibility to grant up to 19,241,011 options, of which 17,791,091 were granted at 30 June 2025. The options have an exercise price of DKK 6.7795. According to the incentive plan, the options can be exercised upon fulfilment of agreed conditions and will expire in July 2030. 232 227 Remuneration​of ​management​2024/25​DKK'000Remunerationof management​2023/24​DKK'000Executive Board2,7113,833Board of Directors9393313,6504,164 2711000 3833000 939000 331000 6 Depreciation, amortisation and impairment losses2024/25​DKK'0002023/24​DKK'000Amortisation of intangible assets193,417211,375Depreciation on property, plant and equipment11,76511,318205,182222,693 7 Other financial income2024/25​DKK'0002023/24​DKK'000Other interest income2,4713,866Other financial income2(69)2,4733,797 8 Other financial expenses2024/25​DKK'0002023/24​DKK'000Other interest expenses1611Other financial expenses39,17340,18239,18940,193 9 Tax on profit/loss for the year2024/25​DKK'0002023/24​DKK'000Current tax7,25314,189Change in deferred tax(11,850)(17,553)(4,597)(3,364) 10 Proposed distribution of profit/loss2024/25​DKK'0002023/24​DKK'000Retained earnings(129,751)(147,785)(129,751)(147,785) -129751000 -147785000 -129751000 -147785000 11 Intangible assetsCompleted development projects​DKK'000Acquired intangible assets​DKK'000Acquired patents​DKK'000Acquired trademarks ​DKK'000Goodwill​DKK'000Cost beginning of year21,556762,8381,021119,3221,184,157Transfers25,2660000Additions00000Cost end of year46,822762,8381,021119,3221,184,157Amortisation and impairment losses beginning of year(13,824)(72,907)(261)(5,966)(118,416)Amortisation for the year(4,449)(64,325)(261)(5,966)(118,416)Amortisation and impairment losses end of year(18,273)(137,232)(522)(11,932)(236,832)Carrying amount end of year28,549625,606499107,390947,325Development projects in progress​DKK'000Cost beginning of year39,081Transfers(25,266)Additions15,692Cost end of year29,507Amortisation and impairment losses beginning of year0Amortisation for the year0Amortisation and impairment losses end of year0Carrying amount end of year29,507 12 Development projectsThe Company’s development projects relate to development of new products to be used in industrial applications ​and control systems within the process industry, among others. Development of new products is made on the basis of an identified market need, a commercial long-term need for new technology or an identified need for production optimisation. All projects are assessed on the basis of a business case before they are initiated. Development projects are recognised in the balance sheet when it is assessed that the products derived from the ​project will yield a future financial benefit. The projects and their values are assessed on a continuous basis, and no indication of impairment of the carrying amount is found to exist. 13 Property, plant and equipmentLand and buildings​DKK'000Plant and machinery​DKK'000Other fixtures and fittings, tools and equipment​DKK'000Cost beginning of year71,29237,0315,675Additions6554,2981,255Disposals(1,138)00Cost end of year70,80941,3296,930Depreciation and impairment losses beginning of year(1,782)(8,073)(1,449)Depreciation for the year(1,786)(8,595)(1,384)Depreciation and impairment losses end of year(3,568)(16,668)(2,833)Carrying amount end of year67,24124,6614,097 14 Financial assetsDeposits​DKK'000Cost beginning of year660Disposals(44)Cost end of year616Carrying amount end of year616 15 PrepaymentsPrepayments cover substantially prepaid insurance, licenses, lease payments etc. 16 Deferred tax​ ​​Changes during the year2024/25​DKK'0002023/24​DKK'000Beginning of year194,4870Recognised in the income statement(11,851)(17,553)Recognised directly in equity(1,055)(1,065)Additions through business combinations etc.014,496Additions through business combinations - deferred tax of goodwill0198,609End of year181,581194,487 17 Non-current liabilities other than provisionsDue within 12 ​months​2024/25​DKK'000Due within 12 ​​months​2023/24​DKK'000Due after ​more than 12 ​months​2024/25​DKK'000Mortgage debt1,7451,7425,727Bank loans28,59020,419399,06230,33522,161404,789 18 Derivative financial instrumentsThe group has entered into an interest rate swap agreement to secure the interest rate on the group's bank loans. The agreement ensures the group a fixed interest rate on the bank loans instead of a variable interest rate. ​The agreement applies for the next 1 year. The value is recognized on the basis of market data from the group's bank. 19 Other payables2024/25​DKK'0002023/24​DKK'000VAT and duties10,5049,318Wages and salaries, personal income taxes, social security costs, etc. payable15,53114,943Other costs payable6,6495,48032,68429,741 20 Deferred incomeDeferred income cover prepaid rental. 21 Changes in working capital2024/25​DKK'0002023/24​DKK'000Increase/decrease in inventories32,63318,974Increase/decrease in receivables6,43212,205Increase/decrease in trade payables etc.146(28,251)Other changes1,87142641,0823,354 22 Assets charged and collateralThe group has received an overdraft facility maximized to EUR 7,5 mio. PR electronics A/S og PR electronics Group ​have put up a shared guarentee of payment as collateral for the overdraft facility. ​ ​Bank loans are secured by investmenst in group enterprises. Investments in group enterprises include PR electronics A/S and the carrying amount is TDKK 1.779.080. 23 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report.​ No such transactions were conducted during the financial year. 24 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group: ​PR electronic Group Holdings ApS, Lerbakken 10, 8410 Rønde, CVR-Nr.: 43952277Name and registered office of the Parent preparing consolidated financial statements for the smallest group: ​PR electronic Group Holdings ApS, Lerbakken 10, 8410 Rønde, CVR-Nr.: 43952277 25 SubsidiariesRegistered inCorporate ​​formOwnership ​​​%PR electronics Group ApSRøndeApS100.00PR electronics A/SRøndeA/S100.00PR electronics SARLFranceSARL100.00PR electronics ABSwedenAB100.00PR electronics SrlItalySrl100.00PR electronics GmbHGermanyGmbH100.00PR electronics S.L.SpainS.L100.00PR electronincs inc.USAInc100.00PR electronics Ltd.ChinaLtd.100.00PR electronics UKScotlandLtd.100.00PR electronics Lyon SciFranceSci100.00PR electronics Holding ApSRøndeApS100.00PR electronics Trading Company LLCSaudi ArabiaLLC100.00 1094000 30000 -1094000 -30000 939000 331000 -2033000 -361000 -128073000 -147500000 173000 0 36000 4000 -129969000 -147865000 -218000 -80000 -129751000 -147785000 1373262000 1506365000 1373262000 1506365000 1373262000 1506365000 11671000 10358000 11671000 10358000 5646000 6198000 17317000 16556000 1390579000 1522921000 223418000 223198000 1155340000 1288849000 1378758000 1512047000 62000 31000 356000 384000 11374000 10278000 29000 181000 11821000 10874000 11821000 10874000 1390579000 1522921000 223198000 1288849000 1512047000 220000 1272000 1492000 0 1287000 1287000 -3743000 -3743000 -129751000 -129751000 223418000 1155340000 1378758000 1 Staff costs2024/25​DKK'0002023/24​DKK'000Wages and salaries939331939331Average number of full-time employees00Staff costs consists of board fees. 0 0 2 Other financial income2024/25​DKK'0002023/24​DKK'000Other interest income17301730 3 Other financial expenses2024/25​DKK'0002023/24​DKK'000Other financial expenses364364 4 Tax on profit/loss for the year2024/25​DKK'0002023/24​DKK'000Refund in joint taxation arrangement(218)(80)(218)(80) 5 Proposed distribution of profit and loss2024/25​DKK'0002023/24​DKK'000Retained earnings(129,751)(147,785)(129,751)(147,785) -129751000 -147785000 -129751000 -147785000 6 Financial assetsInvestments in group enterprises​DKK'000Cost beginning of year1,656,850Cost end of year1,656,850Impairment losses beginning of year(150,485)Exchange rate adjustments(1,287)Adjustments on equity(3,743)Share of profit/loss for the year(128,073)Impairment losses end of year(283,588)Carrying amount end of year1,373,262A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements. 7 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. 8 Assets charged and collateralBank loans are secured by investments in group enterprises. Investments in group enterprises include PR electronics Group ApS and the carrying amount is TDKK 1.373.403. Bank Loans amounts TDKK 427.652.​ ​The company has put up a guarentee of payment as collateral for the overdraft facility maximized to TDKK 55,957. 9 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report.​ No such transactions were conducted during the financial year. This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act ​​governing reporting class C enterprises (large).The accounting policies applied to these consolidated financial statements and parent financial statements are consistent with those applied last year. Non-comparabilityAs last year was the company's first financial year, consisting of the period 22.03.2023 - 30.06.2024, there is non-comparability with prior period. 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. Minority interests’ pro rata shares of the profit/loss and the net assets are disclosed as separate items in Management's proposal for the distribution of net profit/loss and equity, respectively.​​Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the acquisition 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. RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement ​​when delivery is made and 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. Own work capitalisedOwn work capitalised comprises staff costs and other costs incurred in the financial year and recognised in ​​cost for proprietary intangible assets. Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary ​​activities. Costs of raw materials and consumablesCosts of raw materials and consumables comprise the consumption of raw materials and consumables for the ​financial year after adjustment for changes in inventories of these goods from the beginning to the end of the ​year. This item includes shrinkage, if any, and normal writedowns of the relevant inventories. Other external expensesOther external expenses include expenses relating to the Entity’s normal activities, including expenses for ​​premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of ​​receivables recognised in current assets. Staff costsStaff costs comprise wages and salaries, and social security contributions, pension contributions, etc . for entity ​staff. Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating toproperty, plant and equipment and intangible ​​assets comprise depreciation, amortisation and impairment losses for the financial year. 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. Other financial incomeOther financial income comprises dividends etc. received on other investments, interest income, including ​​interest income on receivables from group enterprises, net capital or exchange gains on securities, payables ​​and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish ​​Tax Prepayment Scheme etc. Other financial expensesOther financial expenses compriseinterest 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 Parent is jointly taxed with all of its Danish group enterprises and other Danish consolidated companies. The current Danish income tax is allocated among the jointly taxed companies 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 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. Intellectual property rights etc.Intellectual property rights etc. comprise development projects completed and in progress with related ​intellectual property rights, acquired intellectual property rights and prepayments for intangible assets.Development projects on clearly defined and identifiable products and processes, for which the technical rate ​​of utilisation, adequate resources and a potential future market or development opportunity in the enterprise ​​can be established, and where the intention is to manufacture, market or apply the product or process in ​question, are recognised as intangible assets. Other development costs are recognised as costs in the income ​​statement as incurred. When recognising development projects as intangible assets, an amount equalling ​​the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced ​​as the development projects are amortised and written down. ​​​ ​​​The cost of development projects comprises costs such as salaries and amortisation that are directly and ​​indirectly attributable to the development projects. ​​​ ​​​Completed development projects are amortised on a straight-line basis using their estimated useful lives ​​which are determined based on a specific assessment of each development project. If the useful life cannot ​​be estimated reliably, it is fixed at 10 years. For development projects protected by intellectual property rights, ​the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation periods ​used are 5-20years. 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. Property, plant and equipmentLand and buildings, plant and machinery, and other fixtures and fittings, tools and equipment are ​measured at ​​cost less accumulated depreciation and impairment losses. Land is not depreciated. ​​​ ​​​Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the ​​asset until the time when it is ready to be put into operation. For assets held under finance ​​leases, cost is the lower of the asset’s fair value and present value of future lease payments.​​ ​​ ​​The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line ​depreciation is made on the basis of the following estimated useful lives of the assets:Useful life Buildings50Plant and machinery5Other fixtures and fittings, tools and equipment3-5​Estimated useful lives and residual values are reassessed annually. ​​ ​​Items of property, plant and equipment are written down to the lower of recoverable amount and carrying ​​amount. Investments in group enterprisesInvestments in group enterprises are recognised and measured in the parent financial statements 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 the reserve for net revaluation according to the equity method in equity. ​​ ​​Goodwill is the difference between cost of investments and fair value of the pro rata share 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 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 10years. ​​ ​​Investments in group enterprises are written down to the lower of recoverable amount and carrying amount. InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value. ​​ ​​Cost consists of purchase price plus delivery costs. ​​ ​​Indirect production costs comprise indirect materials and labour costs, costs of maintenance of, depreciation ​​on machinery, factory buildings and equipment used in the manufacturing ​process, and costs of factory administration and management. Finance costs are not included in cost. ​​The net realisable value of inventories is calculated as the estimated selling price less completion costs and ​​costs incurred to execute sale. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and ​​doubtful debts. Joint taxation contributions payable or receivable Current joint taxation contributions payable or receivable are recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are expected to be used under the joint taxation arrangement.Tax payable or receivable Current tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's ​​taxable income, adjusted for prepaid tax. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​​cost. Other investments (current assets)Other current asset investments comprise listed securities measured at fair value (market price) at the ​​balance sheet date. CashCash comprises bank deposits. 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 carryforwards, 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. ​ Mortgage debtAt the time of borrowing, mortgage debt to mortgage credit institutions is measured at cost which corresponds ​​to the proceeds received less transaction costs incurred. Mortgage debt is subsequently measured at amortised ​cost. This means that the difference between the proceeds at the time of borrowing and the nominal repayable ​amount of the loan is recognised in the income statement as a financial expense over the term of the loan ​applying the effective interest method.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the ​​goods agreed or completion of the service agreed. Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income ​​is measured at cost. Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash ​​and cash equivalents at the beginning and the end of the financial year. ​​ ​​Cash flows from operating activities are presented using the indirect method and calculated as the operating ​​profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax 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. ​​ ​​Cash flows from financing activities comprise changes in the size or composition of the contributed capital ​​and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend. ​​ ​​Cash and cash equivalents comprise cash less short-term bank debt. 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 financial income, financial expenses and income tax 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. ​​ ​​Cash flows from financing activities comprise changes in the size or composition of the contributed capital ​​and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend. ​​ ​​Cash and cash equivalents comprise cash less short-term bank debt. true Grundlag for konklusion Konklusion 2025-10-28 2025-10-28 Revisionspåtegning Regnskabsklasse C, stor virksomhed 2024-06-30 2023-03-22 33963556 Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab 2300 København S 2025-06-30 2024-07-01 PR electronics Group Holdings ApS 43952277 Aarhus C 8000 2 City Tower, Værkmestergade Syddjurs Rønde 8410 10 Lerbakken